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.
NPC, the largest Pizza Hut franchisee in the country, filed for chapter 11 bankruptcy on July 1. At the time of the filing, they owned 1,227 Pizza Hut locations and announced they were permanently closing 300 locations.
The North Carolina based chain K&W Cafeteria has filed for Chapter 11 bankruptcy. The brand said they experienced an 80% decline in revenue during the Covid-19 pandemic, which was exacerbated by their traditionally older customer demographic.
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.