The coronavirus has seemingly spared no one in its devastation of the U.S. economy, speeding up the demise of iconic department stores, gyms, and entertainment giants.A temporary closed sign shows at the Neiman Marcus department store in Northbrook, Ill., Friday, May 8, 2020.Nam Y. Huh / APMay 15, 2020, 3:40 PM UTC / Updated Nov. 23, 2020, 10:32 PM UTCBy Emily Pandise
From iconic department stores to entertainment giants, the coronavirus has seemingly spared no one in its devastation of the U.S. economy.
Falling consumer demand, reduced entertainment spending, and stay-at-home orders mandating certain businesses stay closed continue to take their toll on a retail industry that has been struggling for the past several years as consumers pivot to online shopping.
Even as the economy slowly reopens, social distancing measures are impacting restaurant and store capacity, creating longer-term problems.
While bankruptcy doesn’t inherently mean that a company will go out of business — it’s more a financial restructuring — it does spell news of changes to come.
Here’s a list of all the major companies to have filed for bankruptcy so far since the start of coronavirus.
Dean & Deluca
The New York City-based gourmet foods retailer filed for bankruptcy on March 31, one of the first businesses to show signs of trouble due to coronavirus impact. The company was founded in 1977 and was acquired by Pace Food Retail in 2014.
Apex Parks, which owns and operates 14 family entertainment and water parks in New Jersey, California, and Florida, filed for Chapter 11 bankruptcy on April 8. A release from the company indicated that they do not intend to close.
FoodFirst, Bravo and Brio Restaurant Parent
FoodFirst Global Holdings, the parent company of restaurant chains Bravo Cucina Italiano and Brio Tuscan Grille, filed for Chapter 11 bankruptcy on April 10. FoodFirst acquired the brands in 2018.
True Religion Apparel
True Religion, a clothing brand known for its jeans, filed for Chapter 11 bankruptcy on April 13. The company, whose trendy denim rose to popularity in the 2000s, also filed for bankruptcy in 2017.
CMX Cinemas, a chain of movie theaters with dine-in options, filed for Chapter 11 bankruptcy on April 25. The theaters, owned by parent company Cinemex Holdings, was in the process of acquiring the Star Cinema Grill, a deal that was inked only six weeks prior.
Rubie’s Costume Company
Rubie’s, which manufactures costumes, wigs, and other festive gear, filed for Chapter 11 bankruptcy on April 30. Rubie’s claims to be the world’s largest designer and manufacturer of Halloween costumes.
The preppy retailer worn by celebrities and shoppers alike filed for bankruptcy on May 4. The company also owns Madewell, a women’s clothing and accessory brand.
Gold’s Gym, which owns and operates over 700 gyms in the U.S. and internationally, filed for Chapter 11 bankruptcy on May 4. The company said in a release they hope to be through the filing by Aug. 1, “if not sooner.”
Luxury department store Neiman Marcus filed for Chapter 11 bankruptcy on May 7. The century-old retailer is one of several traditional department stores that could be headed for trouble.
Stage Stores, (Bealls, Goody’s, Palais Royal, Peebles, Gordman’s, and Stage Parent)
Stage Stores, which owns and operates almost 800 locations in smaller and more rural communities, filed for Chapter 11 bankruptcy on May 10. The brands sell a variety of goods, including apparel, cosmetics, and home goods.
Based in Plano, Texas, the retailer was founded more than a century ago as one of the country’s first department stores. But it has been on a downturn as people turn to online retailers and fast fashion to shop. JCPenney has faced financial trouble for several years, and filed for Chapter 11 on May 15. The retailer said it will announce the first phase of store closures in the coming weeks.
Pier 1 Imports
Home goods retailer Pier 1 Imports, which filed for Chapter 11 bankruptcy in February, announced May 19 that it is seeking bankruptcy court approval and plans to start a wind-down of business as soon as possible. The company was unable to find a buyer due to coronavirus impact. Pier 1 operates more than 900 stores nationwide.
The Hertz Corporation, known for its car rental services, filed for Chapter 11 bankruptcy on May 22. Hertz, which owns other brands including Dollar and Thrifty, underwent a CEO change last week, its fourth in six years.
Discount homewares retailer Tuesday Morning filed for Chapter 11 bankruptcy on May 27. The Texas-based company operates almost 700 stores in 39 states.
Le Pain Quotidien
French-inspired bakery and café chain Le Pain Quotidien filed for Chapter 11 bankruptcy on May 27. The company’s U.S.-based unit, PQ New York, is selling its locations to Aurify Brands, which owns fast casual chains The Little Beet and Five Guys Burgers, among others.
24 Hour Fitness
24 Hour Fitness, a chain of gyms, filed for Chapter 11 bankruptcy on June 14. The company is planning to reopen many of its locations during the coronavirus reopening, but 133 locations will permanently close as part of the restructuring.
The vitamin and supplement chain GNC filed for Chapter 11 bankruptcy on June 23. GNC operates almost 3,000 stores nationwide; the company stated in a press release that this filing will “accelerate” the planned closing of 800-1,200 stores.
CEC Entertainment, the parent company of kid-friendly Chuck E. Cheese restaurants, filed for Chapter 11 bankruptcy on June 24. The Texas-based company operates over 700 Chuck E. Cheese and Peter Piper’s Pizza locations, which offer dining and entertainment options for families.
Cirque du Soleil
Cirque du Soleil, the Canadian-based acrobatics and entertainment group, filed for Chapter 15 bankruptcy on June 29. The company said via press release that their financial restructuring is due to pandemic-related cancellations and closures. The company also announced layoffs for almost 3,500 of its already furloughed employees.
Denim and apparel retailer Lucky Brand filed for Chapter 11 bankruptcy on July 3. The company, founded in 1993, has been acquired by SPARC Group, which owns retailers such as Aeropostale and Nautica. In a press release, interim CEO Matthew A. Kaness cited COVID-19’s impact on business as a contributing factor to the filing.
Classic suiting brand Brooks Brothers filed for Chapter 11 bankruptcy on July 8. The centuries-old retailer has been considering a potential sale for the past year, but, according to a company spokesperson, the pandemic “became immensely disruptive.”
Sur La Table
Sur La Table, the French-inspired cookware retailer, filed for Chapter 11 bankruptcy on July 8. The Seattle-based company, which was founded in 1972, plans to close 56 of its over 125 stores.
The American arm of Japanese-owned Muji filed for Chapter 11 bankruptcy on July 11. The lifestyle retailer, known for its minimalist aesthetic, operates 18 stores in the United States, and plans to close some of them as part of its reorganizing.
Ascena Retail Group, which owns several women’s and girls’ clothing brands, filed for Chapter 11 bankruptcy on July 23. Ascena, which operates Ann Taylor, LOFT, Lane Bryant, Lou & Grey, and Justice, said via press release that it would close a “significant” number of the tween-targeted Justice stores and a “select” number of its adult-facing brands’ locations.
California Pizza Kitchen
California Pizza Kitchen, the casual-fare restaurant chain, filed for Chapter 11 bankruptcy on July 30. According to a letter from CEO Jim Hyatt, the company does not plan to close any of its 200-plus locations as part of the restructuring.
Lord & Taylor
Lord & Taylor, the nation’s oldest department store, filed for Chapter 11 bankruptcy on Aug. 2. The company sold to French retailer Le Tote and sold its 11-story New York City flagship location last year. The chain operates dozens of locations nationwide.
Tailored Brands, which owns suiting chains Jos. A. Bank and Men’s Wearhouse, filed for Chapter 11 bankruptcy on Aug. 2. In a press release, President and CEO Dinesh Lathi cited the pandemic as a factor, saying, “the unprecedented impact of COVID-19 requires us to further adapt and evolve.”
Off-price department store Stein Mart filed for Chapter 11 bankruptcy on August 12. The chain, which was founded in 1908, plans to close most, if not all, of their 281 brick and mortar locations. In a press release, CEO & CFO Hunt Hawkins, cited “the combined effects of a challenging retail environment coupled with the impact of the coronavirus pandemic.”
Century 21 Department Stores
Off-price retailer Century 21 filed for Chapter 11 bankruptcy on Sept. 10. The department store chain, which operates 13 locations in four states, has been offering shoppers low prices on designer goods since 1961. Co-CEO Raymond Gindi cited lack of insurance funding as a reason for the business closure.
Town Sports International
Town Sports International, parent of gym chain New York Sports Club and similarly named franchises in Boston, Washington D.C., and Philadelphia, filed for Chapter 11 bankruptcy on Sept. 14. The company says customers should not plan to see a break in service, and that employees will still receive wages and benefits.
Sizzler USA, the operator of the casual steakhouse chain, filed for Chapter 11 bankruptcy on Sept. 21. The 62-year-old brand cited the filing as a direct result of pandemic financial strain and said it plans to keep all of its 14 company-owned locations open, according to a press release. Sizzler also has more than 90 franchised locations.
Ruby Tuesday, the 100-year-old dining franchise, filed for Chapter 11 bankruptcy Oct. 7. “This announcement does not mean ‘Goodbye, Ruby Tuesday,’” CEO Shawn Lederman said via press release. The company says it intends to run its nearly 600 restaurants as usual during restructuring.
Friendly’s parent company, FIC Restaurants, filed for Chapter 11 bankruptcy on Nov. 1. The company, founded in 1935, operates ice cream restaurants on the East Coast. “We believe the voluntary bankruptcy filing and planned sale to a new, deeply experienced restaurant group will enable Friendly’s to rebound from the pandemic as a stronger business,” CEO George Michel said. All 130 company-owned locations are expected to stay open and jobs will be preserved.
Music product retailer Guitar Center filed for Chapter 11 bankruptcy on Nov. 21. The 60-year-old company does not plan to close stores during the reorganization. In a press release, CEO Ron Japinga said the filing will “enhance our ability to reinvest in our business to support long-term growth,” but did not give an explicit reason for financial strain.
This list will be updated on a weekly basis.