JCPenny is moving forward with closing 144 of the outlined 242 brick-and-mortar closures announced five months ago, as it seeks to exit Chapter 11 bankruptcy.
Restaurant chain Ruby Tuesday joins the growing list as another restaurant filing for bankruptcy during the pandemic. The company filed for bankruptcy on October 7th, hoping to restructure and return financially stronger. Citing being overcome by financial pressures brought on by the pandemic, Ruby Tuesday has filed for Chapter 11 bankruptcy protection and announced that 185 of its 421 restaurants that temporarily closed this year would remain closed for good.
The retail industry has been on a tumultuous up and down journey since the evolution of online shopping. Tie in the recent coronavirus pandemic and most retailers have been thwarted into a crisis. Many have faced a pivot or perish fate, however, in the landlocked southern state of Tennessee some retailers are still expanding. Here’s a list of five retailers expanding in Tennessee.
Luby’s, the Texas cafeteria style dining restaurant, spent years trying to rebuild in a crowded marketplace, announcing that the company was up for sale in June 2020. As of September, the 70-plus year old company has announced that no buyer has been found and they will begin liquidating assets and dissolving.
Sizzler President Chris Perkins said in a statement. "Our current financial state is a direct consequence of the pandemic's economic impact due to long-term indoor dining closures and landlords' refusal to provide necessary rent abatements."
Century 21, a pioneer of discounted designer goods, became the latest retailer to file for bankruptcy citing the coronavirus pandemic. Known for its deals on clothes and accessories, they opened their first location in 1961 in downtown Manhattan, New York, situated directly behind the Twin Towers. The business is no stranger to unforeseen events, however, the pandemic outbreak mixed with changing consumer habits hastened its fall. It will be closing all thirteen of its locations across New York, New Jersey, Pennsylvania, and Florida after failing to receive $175 million from its insurers.
With the increase in retail bankruptcies, the largest mall owner in the U.S. has been taking some severe hits due to the coronavirus (COVID-19) pandemic. With many anchor department stores defaulting on their leases and leaving vacant units, the group is reportedly in talks for a way to recover from the ailing department stores.
Brooks Brothers, “America’s oldest clothing retailer,” was among the latest retailers to feel the coronavirus pandemic’s hit, filing for bankruptcy last month after more than two centuries in business. The retailer filed for Chapter 11 protection from creditors last month and sought out a buyer.