J.C. Penney Cuts Outlook, Sparks Fears of Next Big Retail Bankruptcy in 2017 Forget Sears Canada Inc (TSE:SCC) for a minute. Another big department store chain is feared to bite the dust in the ongoing retail apocalypse. J C Penney Company Inc (NYSE:JCP) has become the latest victim of the great retail apocalypse. Wall Street (more…)
Denver, Colorado-based casual dining restaurant Romano’s Macaroni Grill has filed for Chapter 11 bankruptcy after closing over three-dozen locations across the country. Romano’s Macaroni Grill bankruptcy follows an industry-wide change in consumer trends, most notably the shift of American Millennials towards quick-serve restaurants.
It’s difficult to say that the retail Armageddon is being overblown when you consider 2017 is the worst year on record for store closures. In the first half of 2017, more than 300 retailers filed for bankruptcy; a 31% increase year-over-year. Since the start of the year, U.S. retailers have shuttered 6,700 stores.
Oil and Gas Companies Dominate 2017 List of Biggest Bankruptcies in United States Despite assertions that the U.S. economy is firing on all cylinders, the economic environment continues to be challenging. Whether it’s retail, finance, energy, or any other sector, 2017 has been a difficult year, and an alarming number of American businesses have filed (more…)
Island Air Filed Chapter 11 Bankruptcy Hawaii’s second-largest airline filed for Chapter 11 bankruptcy this week, thus becoming the latest U.S. airline to go bankrupt in 2017. Island Air has been forced to seek bankruptcy protection amid fears of legal action from its aircraft lessors.
Another American retailer bites the dust as the retail apocalypse continues. America’s largest specialty retailer of fragrances, Perfumania Holdings, Inc. (NASDAQ:PERF), has announced that it is going private after getting delisted from the stock exchange by NASDAQ.
Gymboree Exits Bankruptcy But Will Reduce Its Footprint by Shuttering Hundreds of Stores Across the U.S. Gymboree Group Inc, the children’s apparel retailer, is another casualty in the retail industry massacre that the U.S. has experienced in 2017. The company exits Chapter 11 bankruptcy but will experience about 330 Gymboree stores closing, with some areas (more…)
American Paper Industry’s Decline Forces Appleton-Based Papermaker into Bankruptcy America’s paper industry is facing a decline. The rise of digital media and smart devices is rendering print media almost obsolete. Bearing the brunt of declining paper sales are the paper manufacturers, who are now finding it hard to make both ends meet. Appleton, Wisconsin-based Appvion, (more…)
More Retailers Filing for Chapter 11 Bankruptcy for their Second Time We’re witnessing an alarming trend in the American retail industry. An increasing number of retailers are filing Chapter 11 bankruptcies for the second time, in what the industry is calling “Chapter 22” bankruptcies (as in 11 + 11).
The U.S.’s Largest Toy Store Files for Chapter 11 Bankruptcy Protection Toys “R” Us, facing mounting financial pressure and unable to revive itself since a buyout saddled it with over $5.0-billion in debt more than a decade ago, has filed for Chapter 11 bankruptcy protection.