11 largest bankruptcies of 2020: mostly retailers affected - ForumDaily
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11 Biggest Bankruptcies of 2020: Mostly Retailers Affected

As of August 9, 424 companies filed for bankruptcy, according to S&P Global Market Intelligence, allowing the United States to reach its highest annual rate in a decade. Writes about it Business Insider.

Photo: Shutterstock

More than 100 of these companies are large retailers.

These companies were also some of the most prominent companies to file for bankruptcy, accounting for 11 of the 35 largest bankruptcies this year.

With the temporary closings of nonessential retail stores and with many people reconsidering their spending, consumer-oriented companies will be among the hardest hit during the pandemic.

According to S&P, these are the largest retail bankruptcies this year, each with more than $ 1 billion in liabilities at the time of filing.

Chinos Holdings, the parent company of J. Crew and Madewell, filed for bankruptcy on May 4 and said it would close some stores.

  • Liabilities at the time of filing: more than $ 1 billion
  • Assets at the time of filing: $ 75 million

Neiman Marcus filed for bankruptcy on May 7. She later announced that she would close four department stores and 17 Last Call stores.

  • Liabilities at time of filing: $ 5,3 billion
  • Assets at time of filing: $ 5,1 billion

Department store chain JCPenney filed for bankruptcy on May 15 and said it would likely have to close about 30% of its store base.

  • Liabilities at the time of filing: more than $ 1 billion
  • Assets at the time of filing: more than $ 1 billion

Brand licensing company Centric Brands filed for bankruptcy on May 18. In addition to owning Hudson, Robert Graham, Swims, Zac Posen and Avirex, she licenses over 100 brands including Calvin Klein, Tommy Hilfiger, and Nautica.

  • Liabilities at time of filing: $ 1,5446 billion
  • Assets at the time of filing: nil

Gyms chain 24 Hour Fitness filed for bankruptcy on June 14 and said it would permanently close more than 130 gyms.

  • Liabilities at the time of filing: more than $ 1 billion
  • Assets at the time of filing: more than $ 1 billion

On the subject: 22 large companies closing stores in the US due to bankruptcy

Pyxus International, a tobacco company, filed for bankruptcy on June 15.

  • Liabilities at the time of filing: more than $ 1 billion
  • Assets at the time of filing: more than $ 1 billion

CEC Entertainment, the parent company of Chuck E. Cheese, filed for bankruptcy on June 24.

  • Liabilities at the time of filing: more than $ 1 billion
  • Assets at the time of filing: more than $ 1 billion

NPC International, the largest company with 1600 Pizza Hut and Wendy's, filed for bankruptcy on July 1. It is planned to close up to 300 Pizza Hut establishments.

  • Liabilities at the time of filing: more than $ 1 billion
  • Assets at the time of filing: more than $ 1 billion

WorldStrides, a travel company that organizes educational trips for hundreds of thousands of students every year, filed for bankruptcy on July 20.

  • Liabilities at the time of filing: more than $ 1 billion
  • Assets at the time of filing: more than $ 1 billion

Ascena Retail Group, owner of Ann Taylor, LOFT, Lou & Gray, Lane Bryant, Justice, Catherines and Cacique, filed for bankruptcy on 23 July. She said she would close about 1100 stores.

  • Liabilities at the time of filing: more than $ 1 billion
  • Assets at the time of filing: more than $ 1 billion

Tailored Brands, owner of Men's Wearhouse, Jos. A. Bank, Moores Clothing for Men and K&G filed for bankruptcy on August 2 and said it could close up to 500 stores.

  • Liabilities at the time of filing: more than $ 1 billion
  • Assets at the time of filing: more than $ 1 billion

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