10 retailers file for bankruptcy in 2017


Retailers have closed hundreds of stores, filed for bankruptcy protection, and reorganized massive debt loads throughout 2017.

Companies like The Limited and Gander Mountain announced this year that they would file bankruptcy — shuttering stores and laying off thousands of workers. Some of the companies to announce bankruptcies this year include:

1. The Limited

The women’s clothing store announced in early January that it would close all brick-and-mortar stores, and later its parent company filed for bankruptcy. The parent company of women’s clothing store The Limited filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Court, and the store website has been taken offline.

2. Gymboree

Children’s clothing retailer Gymboree Corp. filed for Chapter 11 bankruptcy protection in June, the latest sign of traditional retailers’ struggles as shoppers shun stores and buy online. The San Francisco-based company says it is seeking to reduce its debt by $900 million. It expects to operate its business and majority of its 1,300 stores during the restructuring.

3. BCBGMAXAZRIA

The company, which owns BCBGMAXAZRIA, said in March it filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company obtained a commitment of $45 million from loan lenders in new financing and filed its plan of reorganization.

4. Wet Seal

Teen clothing retailer Wet Seal abruptly closed all of its 148 brick-and-mortar stores in early 2017. According to a letter obtained by The Wall Street Journal, the retailer is permanently shutting down and will lay off all of its workers. The company is headquartered in California. Back in 2015, Wet Seal closed 338 of its 511 stores and filed for bankruptcy protection. Versa Capital then acquired the brand for $7.5 million in April 2015.

5. RadioShack

The chain retailer announced in March it was filing bankruptcy and closing about 200 of its stores and evaluating what to do with the remaining 1,300. This isn’t the first time RadioShack has filed for bankruptcy. Electronics retailer RadioShack announced it would close more than 30 stores in Ohio, including local ones in Kettering, Springfield, Columbus and Cincinnati.

6. hhgregg

Appliance store hhgregg announced in March it was closing 88 stores and laying off 1,500 employees, and four locations in Ohio will be impacted. A month later the company received court approval to close its remaining stores and liquidate its assets.

7. Gander Mountain

Sporting goods retailer Gander Mountain Company, which had a location in Huber Heights, filed for bankruptcy in March. Gander Mountain and some of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code after the retailer “experienced traffic patterns and shifts in consumer demand resulting from increased direct-to-customer sales by key vendors and accelerated growth of e-commerce,” according to a company statement.

8. MC Sports

MC Sports, legally known as Michigan Sporting Goods Distributors, announced in February its plans to begin liquidation sales of all of its 68 stores. Two local stores were impacted.

9. Aerosoles

AGI HoldCo Inc., which owns Aerosoles stores, has filed bankruptcy and plans to keep just four stores open in New York and New Jersey. The stores sell women’s shoes, and currently has 80 stores. The store had as many as 125 stores in 2012, and the company expects the restructuring process to be completed in approximately four months.

10. Payless

Payless ShoeSource announced in April that it would close 12 stores in Ohio after filing for bankruptcy. The Kansas-based retailer said it would close nearly 400 underperforming locations in the U.S. Payless’ North American entities, and two of its Hong Kong-based entities, filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Eastern District of Missouri.

FIVE FAST BUSINESS READS

Chicago in minutes? Columbus named as finalist for Hyperloop

INSIDE LOOK: Check out this sneak peek of the HomeGoods spinoff store

Chip and Joanna Gaines will open “little shops” at Target stores

Store openings and closings: What’s going on in local retail?

5 new restaurants and retailers coming to The Greene



Reader Comments ...


Next Up in Business

FAA will require inspections of engines made by Butler County company
FAA will require inspections of engines made by Butler County company

The Federal Aviation Administration said Wednesday evening it will require inspections of aircraft engines made by a Butler County company involved in the emergency that killed at least one passenger on Southwest Flight 1380. “The FAA will issue an airworthiness directive within the next two weeks that will require inspections of certain CFM56-7B...
Pier 1 Imports to close up to 25 stores
Pier 1 Imports to close up to 25 stores

Pier 1 Imports Inc. will close up to 25 stores in the next two years, the company announced during its quarterly earnings call. Net sales decreased 1.4 percent to $469.2 million, according to a company statement. Alasdair James, president and CEO, said the company’s financial performance was impacted by the hurricanes in Texas and Florida. E-commerce...
Elder-Beerman store closings: Everything we know now about local impact
Elder-Beerman store closings: Everything we know now about local impact

After several last ditch attempts to save one of America’s oldest retailers, Bon-Ton Stores Inc. joined the ranks of companies that have succumbed to the retail apocalypse. Bon-Ton Stores Inc. officials announced on Wednesday morning that a joint bidder, including a group of the bankrupt retail chain’s bondholders, won the auction...
P&G makes acquisition, reports solid quarter
P&G makes acquisition, reports solid quarter

On the heels of announcing a major acquisition, Cincinnati-based household goods powerhouse Procter & Gamble Co. (P&G) is reporting a solid quarter. The company reported fiscal year third quarter 2018 net sales of $16.3 billion, four percent above the same point in the prior year. Diluted net earnings per share were 95 cents, an increase of two percent...
15 memories at Elder-Beerman that influenced your lives
15 memories at Elder-Beerman that influenced your lives

It’s official: Elder-Beerman’s parent company is headed for liquidation. Bon-Ton Stores Inc. officials announced a joint bidder, including a group of the bankrupt retail chain’s bondholders, won an auction for the company’s asset. The retailer, established 135-years-ago in Dayton and the city’s last hometown department...
More Stories