Recent changes for the company include the departure of CEO Marvin Ellison, who left his leadership position in 2018 to head up the home improvement powerhouse Lowes. The Los Angeles-based company was popular among millennial and Gen Z consumers and entered into public collaborations with music artists Doja Cat and Iggy Azalea in 2021 however, it struggled to reach profitability. on has made it difficult for some Americans to afford household items. Summary: Papaya Clothing joined many of its mall-based peers earlier in June after facing financial difficulties from e-commerce and fast fashion competition, along with a badly timed expansion plan. Moving forward, the company plans to revampits brand, decrease its store footprint, and increase omnichannel initiatives. The company initially declared bankruptcy in 2019 and was set to emerge as a new company called Knoa Pharma that would still make the painkiller. Bebe has now moved to a fully e-commerce business, paying $65 million to close all the companys physical retail stores. Summary:2018s first retail apocalypse victim, Texas-based fashion retailer Agaci, filed for Chapter 11 bankruptcy protection in January 2018 due to poor financial performance, which stemmed froma badly planned physical retailexpansion, hurricane damages, and other internal issues. The deal, however, was finalized in August, with Rockport agreeing to pay Adidas $8M from the proceeds of its sale. IHOP and Applebee's will permanently close more restaurants Revenue fell 40% in 2020, giving way to Junes bankruptcy. Summary: The high-end candy brand Sugarfina filed for Chapter 11 bankruptcy in September. In 2017, Bluestem reported a 10.9% decrease in net sales compared to the first quarter of the fiscal year 2017. Covid-induced supply chain disruption proved to further compound the issue, making it more difficult for the company to manage its debt load. On January 5, Morphe released a statement on their Twitter account saying, "We have made the difficult decision to close all Morphe stores in the U.S. We are forever grateful to our store teams for their passion, talent, and dedication over the years.". While the population is overjoyed that the height of the pandemic is behind us, it has caused some major issues for the struggling business. A shift in popularity away from ballet flats, heels and sandals in recent years has affected Nine Wests sales, and this change in consumer interest has Nine West refocusing. Please check to see if your questions are answered here first before sending us an email. This content includes information from experts in their field and is fact-checked to ensure accuracy. Business Liquidations, Company Relocation's, FF&E Removal and Going Out Of Business Sales. Party City could emerge from bankruptcy with a much smaller brick-and-mortar footprint while it aims to keep some of its stores open, it is exploring store closures amid bankruptcy proceedings. On Sunday, the housewares chain filed for Chapter . The company was previously under Mehul Choksi, who has been under fire for alleged bank fraud along with his nephew Nirav Modi. In February, however, a judge granted the founder approval to buy Beauty Brands for a minimum of $4.65M. The newly refocused Bon-Ton is sleeker and streamlined for e-commerce. Shop products from small business brands sold in Amazon's store. These Retailers Are on Bankruptcy & Closure Watch for 2021 At the time of its filing, the company was behind on $15M in rent and was looking to exit 29 burdensome leases where its sales had fallen, claiming its rent at those locations no longer reflect the market.In August, the company announced that it had completed restructuring and planned to emerge from Chapter 11 proceedings by the end of the month. FINAL SALE. In contrast, JCPenney has been hard at work trying to turn things around. cool, i am glad it all got squared away. Date: February 2017. While it narrowly avoided bankruptcy in February thanks to a share sale, it was unable to uphold the terms of the agreement. But it failed to adapt quickly enough to the changing tastes of young people and did not downsize its store footprint fast enough to avoid bankruptcy protection. I spoke to the guy from tad 1 888 phone number that's all. A large majority of its sales (around, come from wholesaling to major retailers like Macys, Nordstrom, Bloomingdales, and Costco, which left it vulnerable to the decline of retail store foot traffic and consumer spending brought on by the pandemic. Purdue Pharma, which has been accused of fueling the opioid epidemic, was all set to be dissolved and re-formed as a different company after it agreed to declare bankruptcy to pay out $4.5 billion to help those affected by opioids. The company continued operating through its bankruptcy, which it emerged from in September. The i3 had a much lower driving range than other electric cars, despite being more expensive than more popular models like the Chevrolet Bolt and Hyundai Kona Electric. While the company grew its physical footprint considerably in the aughts, it lagged behind competitors like Target, Amazon, and Walmart in building out its e-commerce presence. It is set to emerge from bankruptcy this year, after selling plus-sized apparel brand Catherines. The company pointed to consumers shift away from the grain-fee, high-protein dog food sold in its stores as contributing to its financial difficulties. I placed an order for H1 waist pack. Summary: Another mall-based womens clothing store known for special occasion dresses, BCBG had a distinct and widely loved brand but still failed to differentiate its apparel from other department and specialty stores. With a renewed focus on plus size fashion, The Limited recentlylaunched a new website with plans to bring back The Limited storefronts to malls.