The year 2017 was engraved upon the tombstones of numerous retailers. Fifty major chains went bankrupt, including Toys “R” Us and Payless Shoes. That’s up from 47 filings in 2016 and just 30 in 2014. Department stores and other longtime retailers have been decimated by Amazon and Walmart. The retail implosion likely isn’t going away any time soon. Retailers are filing for bankruptcy at record-high rates as shopping habits change. The retail carnage has continued into 2018.
Nine West Holdings filed for bankruptcy in April. The women’s clothing and footwear company said it filed for Chapter 11 bankruptcy protection to help facilitate the sale of its Nine West and Bandolino businesses. The company listed debts of more than $1 billion.
The jewelry chain Claire’s filed for bankruptcy in March. The company said plunging customer traffic to shopping malls led to its decline. The retailer plans to close 92 stores, most of which are located in malls.
The shoe seller The Walking Company, which operates 208 stores in the US, filed for Chapter 11 bankruptcy protection in March.
The Bon-Ton Stores owns multiple department store chains including Bon-Ton, Bergner’s, Boston Store, Carson’s, Elder-Beerman, Herberger’s, and Younkers. The company, which filed for bankruptcy in February, is winding down its business after two liquidation firms — Great American Group and Tiger Capital Group — won an auction for the company’s assets.
Remington Outdoor filed for Chapter 11 bankruptcy protection in March amid slowing gun sales. The 202-year-old company, which owns gun manufacturers including Bushmaster and Marlin, said its sales fell 30% last year to $600 million.
Women’s apparel and accessories retailer A’Gaci filed for Chapter 11 bankruptcy in January. The company said at the time that it planned to close 49 of its 76 stores.
Cosmetics retailer Kiko USA Inc filed for Chapter 11 bankruptcy protection in January and said it would close all but four of its 29 stores and shut down its New York headquarters.
Italian casual-dining chain Bertucci’s filed for Chapter 11 bankruptcy protection in April and closed 15 restaurants. The company, which has 59 restaurants in the US, said it had agreed to sell its assets to Right Lane Dough Acquisitions LLC for nearly $20 million.
Southeastern Grocers, the parent company of the grocery chains Winn-Dixie, Harveys, and Bi-Lo, filed for Chapter 11 bankruptcy protection in March. As part of the bankruptcy proceedings, the company is closing 94 grocery stores.
Tops Markets operates 174 supermarkets — called Tops Friendly Markets — in New York, Pennsylvania, and Vermont. The company filed for bankruptcy protection in February and recently filed a petition to close “a few” stores.