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1) J.C. Penney
J.C. Penney is considering filing for bankruptcy protection as the retailer grapples with the fallout from the coronavirus pandemic and its own long-in-the-making struggles.
2) J. Crew Group
J. Crew filed for Chapter 11 bankruptcy protection on Monday, May 4, after years of struggling with too much debt.
The company, which leases all of its stores, disclosed in a court filing that it had hired a real estate consultancy and liquidator to help it evaluate its leases and negotiate rent relief. Permanent store closings are possible.
3) Neiman Marcus
The luxury department store chain filed for Chapter 11 bankruptcy protection on Thursday, May 7, after dealing with too much debt.
4) Forever 21
Forever 21 filed for Chapter 11 bankruptcy in September with plans to close roughly 100 struggling stores and save the rest of the business. The company then finished a deal on Feb. 19 to sell most of its remaining assets to a group of investors led by Authentic Brands and mall owner Simon Property Group, which had previously used a similar model to rescue fashion retailer Aéropostale.
5) Sears and Kmart
These sibling chains have been out of bankruptcy for about 15 months, but it was hard to envision a return to greatness before the pandemic, let alone after it.
6) Jo-Ann Stores
The fabrics chain was already under pressure due to the effect of President Donald Trump's trade war with China, which led to tariffs on many of the goods the company sells. Now, temporary store closings have worsened things.
7) Steak n Shake
The restaurant chain has been ailing for years. With a term loan due March 19, 2021, the timing of the coronavirus couldn't have been worse.
S&P rates the company as a significant risk to default further on its debts.
8) California Pizza Kitchen
Trouble was mounting for this restaurant chain well before the pandemic began.
S&P had predicted that the company would "breach its financial maintenance
covenants" without a last-minute financial maneuver, such as relief from lenders.
9) David’s Bridal
David’s Bridal survived Chapter 11 bankruptcy, emerging from the process in January 2019 and charting plans to cut prices, improve its digital operations and add additional selections.
10) Ascena Retail Group
The company's stores include Lane Bryant, Justice, Loft and Ann Taylor. And like other apparel retailers with a heavy commitment to shopping malls, Ascena was grappling with declining foot traffic long before the pandemic.
11) GNC Holdings
Listed by Moody's as among the most distressed retailers, GNC had already announced at least 304 store closures this year by the time the pandemic began, according to Coresight Research.
On March 20, S&P Global Ratings downgraded the credit rating for the chain of nutrition-product stores to CC. It cited the company’s “likely inability to repay debt.”
12) Pier 1 Imports
Pier 1 Imports announced in January that it would close up to 450 stores, or nearly half of its locations. Then the company filed for Chapter 11 bankruptcy protection in February.
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