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.
On Thursday, more than 500 movie theaters will go dark as a result of Regal Cinemas’ announcement to temporarily close all US locations. The difficult decision to close after many of the theaters have been open since the end of August is largely due to the complications COVID-19 has created for the movie theater industry.
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.
Nordstrom is certainly not the only department store that has taken a hit from COVID-19, but their reputation as having highly experiential retail and in-depth customer service and engagement mean it can be harder to open during a highly contagious pandemic.
In 2016, Glossier was an irresistible force in the beauty and personal care industry. In March of 2020, company Founder and CEO Emily Weiss announced in a blog that the company would temporarily shutter its New York, Los Angeles and London retail locations; the shut-down became permanent in August, 2020; information that was shared in another Weiss-authored blog.
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.
The term “Retail Apocalypse” is trending. When you’re looking to fill vacancies, other words like “mass closures” or “bankruptcy” could also elicit an immediate “No thanks!” about certain brands. You may already be facing challenges to your business, and it makes sense that you wouldn’t want to take on a struggling tenant.
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.