The same factors hurting department stores and Sears stores in particular are affecting retailers north of the Canadian border as well: Today Sears Canada announced that it’s applied for creditors protection, the equivalent of Chapter 11 bankruptcy, and plans to reorganize and shed some of its current stores. [More]
bankruptcy
Wells Fargo Accused Of Adding Years To Modified Mortgages Without Telling Borrowers
By 6.15.17
As the country tried to crawl out of the last recession, homeowners all across America sought mortgage modifications to make their home loans more manageable. However, some homeowners say that Wells Fargo not only modified their loans without asking, but that this lower rate added years — perhaps decades — to the terms of their mortgages. [More]
Here Are The 81 Stores Payless ShoeSource Wants To Close Next
By 6.14.17
Payless ShoeSource is the nation’s leading provider of shoes that look just enough like Chuck Taylor All-Stars but that are buy one, get one free. The chain is now in Chapter 11 bankruptcy, hoping to trim its store fleet and its substantial debt. In a recent court filing, the chain listed 81 more locations that it may or may not close, pending negotiations with its landlords. [More]
Gymboree Files For Bankruptcy, To Close Hundreds Of Stores
By 6.12.17
Retail-watchers have predicted the impending bankruptcy of children’s clothing store Gymboree, and the filing has finally arrived. The chain, which has 1,281 stores between its Gymboree, Gymboree Outlet, Janie and Jack, and Crazy 8 chains, said in a bankruptcy court filing that it plans to close as many as 450 of its stores, but stay in business while cutting its substantial debt. [More]
BCBG Max Azria Avoids Death Sentence, Saved By Owners Of Juicy Couture, Body Glove
By 6.12.17
After filing for Chapter 11 bankruptcy protection and closing 120 stores, apparel retailer BCBG Max Azria had hopes that some bigger company would swoop in and save them from oblivion. Turns out there were actually two companies willing to rescue BCBG. [More]
Joe’s Crab Shack Owner Files For Bankruptcy, Preps For Sale Of Chain
By 6.7.17 — Updated: 6.9.17
A year after its failed no-tipping policy experiment and a month after rumors began swirling that Joe’s Crab Shack parent company Ignite Restaurants was prepping for bankruptcy, the company has done just that and revealed plans to sell itself to a private equity firm. [More]
Here’s The Official List Of Payless Stores That Are Closing Next
By 6.1.17
While Payless ShoeSource is waiting to hear back from the court and its landlords about more than 400 stores that it may close without a break on rent, the discount shoe chain has released a list of 112 stores that definitely are closing next. [More]
RadioShack Closed All But 70 Stores This Weekend
By 5.30.17
Unless you happened to walk or drive past a RadioShack this weekend, you may not have realized that Memorial Day weekend 2017 marked the end of almost all of the chain’s stores. It once had more than 7,300 locations, and now it’s down to 70 corporate stores and a few hundred franchisees. [More]
hhgregg Stores Are Down To Mangled Stoves And Fixtures
By 5.25.17
We are in the final days of hhgregg, the bankrupt appliance, electronics, and furniture retailer, conjuring that mixture of sadness and aggressive bargain-hunting that happens at the end of any retail operation. What’s left in the stores? If the one in Cincinnati is any indication, there’s nothing left but appliances that are dented or even mangled. [More]
Here Are The 408 Stores Payless ShoeSource Wants To Close Next
By 5.25.17 — Updated: 6.14.17
Payless ShoeSource, the world’s most reliable source for glitter-covered ballet flats for under $10, filed for Chapter 11 bankruptcy protection in April, and immediately began the closing process for 400 stores, around 10% of its footprint. Now the chain has asked the bankruptcy court for permission to close an additional 408 stores — and we have the list. [More]
Soy Butter Company Behind 12-State E. Coli Outbreak Goes Bankrupt
By 5.17.17
SoyNut Butter Co., the company behind contaminated soy butter that made at least 32 people sick with E. coli and triggered a nationwide recall has filed for Chapter 7 bankruptcy, meaning it has no intention of sticking around. [More]
New Owner Of Gander Mountain Releases Updated List Of 63 Stores Staying Open
By 5.12.17 — Updated: 5.25.17
Outdoors and hunting store Gander Mountain found a new owner after filing for bankruptcy in March, and what remains of the brand will become part of the Camping World chain of RV dealerships and camping supply stores. It’s a messy, painful process and the list of which Gander Mountain locations will remain open continues to change, based on the latest list released by the company’s new owners. [More]
Report: Gymboree Could Close 350 Stores, Bankruptcy May Come Next Week
By 5.5.17
Kids’ clothing chain Gymboree isn’t failing, exactly, but it’s doing business under a massive debt load. Now “people familiar with the matter” say that the chain is planning to close up to 350 of its 1,300 stores, and that its bankruptcy filing could come as soon as next week. [More]
Report: Owner Of Joe’s Crab Shack Prepping For Bankruptcy
By 5.4.17 — Updated: 5.5.17
Sure, the first part of the year has been littered with a number of retail bankruptcies, but it wasn’t long ago that several restaurant chains were dealing with similar financial issues. Now, it appears we’re revisiting that trend: A year after its failed no-tipping policy experiment at Joe’s Crab Shack, Ignite Restaurant Group is reportedly prepping for bankruptcy. [More]
The Retailer I Work For Just Went Bankrupt. What Are My Rights?
By 5.2.17 — Updated: 5.10.17
The outlook is really, really bad for retailers this year. As many large stores filed for bankruptcy in the first quarter of 2017 alone as in all of 2016, and analysts are concerned that we could see a record number of chains shutter this year. And while it’s bad for consumers to lose a place to shop, it’s worse for workers, who are out of a job — but maybe not entirely out of luck. [More]
Bankrupt Gander Mountain Could Have A Buyer, Allowing Stores To Stay Open
By 4.25.17
When specialty sporting goods retailer Gander Mountain recently went bankrupt, the future of the company’s physical locations was in doubt. Now comes a report that there may be a buyer for Gander Mountain that could keep some of the chain’s stores open. [More]
Eastern Mountain Sports, Bob’s Purchased By UK Retailer Sports Direct
By 4.21.17
After their parent company went bankrupt twice in one year, sporting goods chains Bob’s and Eastern Mountain Sports have a new owner: Sports Direct, which already operates hundreds of stores in Europe and has had its eye on U.S. expansion for a while. [More]
Payless Delays Severance Pay For Employees Until At Least May 9
By 4.12.17
Employees of Payless ShoeSource who lost their jobs before the company’s bankruptcy filing have received some really difficult news: They won’t be receiving their severance payments for at least another month, as the company waits for its next hearing in federal bankruptcy court. [More]
