Skillsoft, a corporate e-learning and talent development servicer, filed on June 14 to reduce its debt to $410 million from about $2 billion. California Resources Corp., the largest oil and natural gas producer in California, filed on July 15 to wipe out more than $5 billion in debt. , which operates 30 newspapers in 14 states. to Aldi, Publix and other winning bidders. Chesapeake’s market cap exceeded $30 billion prior to the 2008 financial crisis under the leadership of its controversial, free-spending, billionaire cofounder, the late Aubrey McClendon. and announced it was laying off 3,480 workers after the pandemic forced it to stop performing. The following answers are provided by members of Young Entrepreneur Council (YEC), an invite-only organization comprised of the world’s most promising young entrepreneurs.In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and … Here is a look at how technology has changed the world since 2010. U.K.-based Italian restaurant chain Carluccio’s entered administration on March 30, shortly after its 73 locations were required to close. McKinsey & Company. General. to reduce its debt by more than $400 million. Luxury department store Lord & Taylor and its owner, Le Tote Inc., joined the growing list of major retailers going bankrupt on August 2. Its 38 locations have been closed since March. These are the companies on Retail Dive's bankruptcy "watch list" for 2020, based on data from CreditRiskMonitor. Demand for auto parts has sunk during the pandemic and import tariffs on metals have cut into its margins as well. and agreed to sell its businesses in Europe and Asia. Of 101 companies surveyed by CB Insights, 13% failed because they simply lost focus, while 7% failed to make the necessary changes. to be acquired by Calverton UK while closing 31 of its 51 locations and laying off 651 employees, according to Reuters. New technology develops, inevitably rendering older products obsolete. Only 70 employees remained to wind down the business. About 800 small businesses did indeed file for Chapter 11 bankruptcy from mid-February to … on June 26 with more than $5 billion in debt. What is one industry you believe will be obsolete by 2020? The Paper Store, which sells stationary and small gifts and accessories at 86 locations in the northeastern United States, filed on July 14 and expects to sell its assets. Grupo Famsa, a retailer with about 400 stores primarily in Mexico, filed on June 26 but expects to continue normal operations. Canadian auto parts manufacturer Spectra Premium filed on March 10. And in 2020, Papyrus, Lucky’s Market, Earth Fare, Pier 1, and Modell’s Sporting Goods DKS +2.5% joined the list of filers. , weighed down by $4.2 billion in debt. 53% of SMB Owners Felt They’re At a Disadvantage in Customer Service, Compared to Larger Enterprises. Texas-based BJ Services filed on July 20 as it looks to sell off its cementing business and parts of its fracking business. As the economic crisis worsened, it converted its Chapter 11 reorganization to a Chapter 7 liquidation in early April. filed on April 18 as the company revealed it had $800 million in previously undisclosed losses. Popular nationwide fast casual chain California Pizza Kitchen filed on July 30 and warned that it may close unprofitable locations. QUAD Global Eagle, the company that lets you surf the internet with in-flight Wi-Fi and watch movies in the air, filed on July 22 to reduce its debt by $475 million as air travel has sharply declined during the pandemic. By Carla DeMaio. Some of the brands we’ve seen go away in the last 20 years include giants like Plymouth, Mercury, Oldsmobile, and Pontiac. Charlottesville, Virginia-based WorldStrides, which partners with schools and universities around the world to offer educational tours and served 550,000 students last year, filed on July 21 with schools hesitant to open their classrooms, let alone plan field trips. Despite a recent uptick in gun sales, Remington has faced years of litigation after making the rifle used by the gunman in the tragic 2012 Sandy Hook Elementary School shooting, and victims’ families worry that the bankruptcy filing may jeopardize their lawsuit. Art Van Furniture, a midwestern retailer with 176 locations, filed on March 8. It was delisted from the Nasdaq the next week. . Private equity-backed Interactive Health Solutions filed for Chapter 7 and ceased operations on June 14. is an invite-only member network and summit that brings together leaders, from the world’s most innovative companies, along with cultural icons for high level discussions on culture, media and marketing. to delever its balance sheet by $250 million. Whatever the explanation, the brands on this list will become a part of history within the coming year. as sales declined while its retail customers are closed due to Covid-19. Briggs & Stratton, a Wisconsin-based engine manufacturer for outdoor power equipment, filed on July 20 and announced plans to sell almost all its assets to private equity firm KPS Capital Partners. IntegraMed America, which offers nearly 100 medical facilities and fertility centers in the U.S. services like egg freezing, filed on May 20. , a Tennessee-based home decor retailer with 43 locations in 11 states. , but planned to double its domestic flights and quadruple its international flights in July compared with June as it ramps up operations following strict coronavirus shutdowns. , which offers nearly 100 medical facilities and fertility centers in the U.S. services like egg freezing. It still plans to reopen its 181 J.Crew stores, 170 factory stores and 140 stores for its women’s clothing brand Madewell after coronavirus-related restrictions are lifted. When Google Maps launched in 2008 the traffic to Mapquest remained flat year after year and went down 20% in the first 6 months, while Google Maps site traffic soared 135%. Twitter via @SkullyLowe. New Zealand furniture and appliance retailer Smiths City entered receivership on May 21 to expedite its sale to Polar Capital. Chuck E. Cheese’s parent company, CEC Entertainment, filed on June 24. Their shortcomings stem from a range of causes, but the results are the same — a failure to catch on with American consumers. Private-equity-backed APC Automotive filed on June 3. Here's a list of the stores expected to close this year. Oasis and Warehouse, two fashion retailers owned by Icelandic-Bank Kaupthing, went into administration in mid-April 2020, having failed to find a buyer for the group. , a satellite internet startup backed by SoftBank that launched 74 satellites into space. For example, the two pieces of computer software on this list were once tremendous successes and have simply been replaced by newer software. with demand for elective surgeries all but disappearing. Jamaica-based telecom provider Digicel filed for Chapter 15, which allows foreign creditors to participate cases, on May 15. 2020-11-23T14:41:00Z The letter F. An envelope. The family arcade center that attracts swarms of children pushing buttons, collecting prizes and sharing pizza unsurprisingly had a hard time pivoting to a takeout pizza model, though 266 of the company-operated Chuck E. Cheese and Peter Piper Pizza venues have already re-opened. Full coverage and live updates on the Coronavirus, I'm a reporter on Forbes' wealth team keeping tabs on billionaires and their money. and announced plans to be sold to restaurant conglomerate Aurify Brands, which will keep 35 of its 98 bakeries in the U.S. open. PTTOW! Borden Dairy followed competitor Dean Foods NPC International, which is Pizza Hut’s largest franchisee with about 1,200 locations and also operates nearly 400 Wendy’s restaurants, filed on July 1 but planned to keep its restaurants open. The pioneering company put the first commercial communications satellite in space in 1965. Bank. Organic grocer Lucky’s Market filed on January 27 and plans to sell most of its stores to Aldi, Publix and other winning bidders. , a prominent Canadian fashion retailer with 576 stores. Rural hospital chain Quorum Health filed a prepackaged chapter 11 plan on April 7 to reduce its debt by $500 million. October 1, 2020. Brooks Brothers, a high-end retailer founded two centuries ago and frequented by U.S. presidents, filed on July 8 and is closing 51 of its roughly 250 stores. The company failed to adapt to changes, their service isn’t as popular as it used to be. on May 19. —equivalent to more than $100 million—due to coronavirus. A slew of big-name businesses have hit the skids for a wide variety of reasons ranging from legal and regulatory setbacks to a failure to adapt to changing consumer tastes. That said, for 10% of companies, pivoting actually turned out to be a major mistake. UAL . Earth Fare, a North Carolina-based organic grocery chain, filed on February 4, a day after announcing it was closing all of its stores and liquidating its inventory. OneWeb, a satellite internet startup backed by SoftBank that launched 74 satellites into space, filed on March 27. , a Wisconsin-based engine manufacturer for outdoor power equipment. , though it said it will continue to launch new satellites. , which owns brands like Gordmans and Bealls. Houston-based Hi-Crush, which offers frac sand production and logistics services for fracking operations, filed on July 13 to reduce its debt load by $450 million. Wisconsin-based auto parts and plastics manufacturer Techniplas filed on May 6 as it hopes to find a buyer. Bankruptcy isn’t a death sentence. Bluestem Brands, the parent company of seven e-commerce subsidiaries, filed on March 9. Speedcast International, a satellite internet company that provides connectivity to the embattled cruise industry when ships are out at sea and serves 80% of cruise brands globally, filed on April 23. GM Wirecard, a German payment processing firm embroiled in scandal after it couldn’t account for $2.1 billion in cash it claimed to have on its balance sheet, filed for insolvency on June 25. 15. have all endured bankruptcy reorganizations in the last two decades. Frontier Communications (CBInsights) , a luxury grocery store chain with 42 locations until it started downsizing in recent years. They rode the wave of a booming economy that … However, not all companies are likely to fail. Some of the biggest names in corporate America are in danger of going the way of Sears, Blockbuster and RadioShack. became the largest carrier yet to go bankrupt when it. Below is a list of five major tech companies that failed and the reason behind their fall. Another US regional feeder, and one owned by the same holding company as Trans States Airlines (mentioned earlier in this list). The company was under fire after a class-action lawsuit filed in February levied sex-trafficking allegations against founder Peter Nygard. Singapore-based oil trader Hin Leong, founded by ex-billionaire Lim Oon Kuin, filed on April 18 as the company revealed it had $800 million in previously undisclosed losses. Companies that file Chapter 11 bankruptcy negotiate with creditors to restructure debt terms. Milwaukee-based seat manufacturer Jason Industries filed on June 24 to delever its balance sheet by $250 million. With more than 24,000 stores in 70 countries, Starbucks is no stranger to international business. Discount retailer Tuesday Morning filed on May 27 and expects to close about 230 of its 687 stores nationwide. You may opt-out by, The coronavirus pandemic has accelerated the demise of companies that were already in trouble as Americans (and their dollars) stay home amid lockdowns and economic shutdowns. Customer service can make or break your company’s chances for success. A. https://247wallst.com/.../2019/12/18/brands-that-will-disappear-in-2020 More are on the way. , a food distributor with $3.5 billion in revenue in 2018, filed on June 10 weeks after its assets. Travel data company Cirium found that 43 commercial airlines have failed — completely ceased or suspended operations — in 2020 so far, compared to 46 in all of 2019 and 56 throughout 2018. Old Time Pottery, a Tennessee-based home decor retailer with 43 locations in 11 states, filed on June 28 and said it would close four of its stores. , aiming to reduce its debt load while continuing normal operations. Fast casual restaurant and ice cream chain Friendly’s filed on November 1 and announced it was being sold to Amici Partners Group, which is affiliated with food franchisor Brix Holdings, the owner of several food chains. Vision Group Holdings, which pversees two Lasik eye surgery providers, filed on May 30 with demand for elective surgeries all but disappearing. Maines Paper & Food Service, a food distributor with $3.5 billion in revenue in 2018, filed on June 10 weeks after its assets were acquired by Lineage Logistics. A list of the biggest companies that have filed for bankruptcy during the coronavirus pandemic, ranked by assets. —the equivalent of a bankruptcy process—on March 30, immediately halting all new rent-to-own and cash loan lending activities. Thirty gyms will remain permanently closed. Bankruptcy odds: As high as 50%. and has begun liquidation sales as it says it expects to close “a significant portion, if not all” of its 378 stores. NMC Healthcare, a large hospital operator in the United Arab Emirates, filed for Chapter 15 in the U.S. on May 28 after revealing in March that it had under-reported its debt by $2.7 billion. , a midwestern retailer with 176 locations. , ending 163 years of family control of the business and signaling the continuing erosion of local news. and announced it was permanently closing 91 of its 250 locations, leaving 1,900 employees without a job. but planned to keep its restaurants open. was the first big American retail domino to fall amid the pandemic. Despite a recent uptick in gun sales, Remington has faced years of litigation after making the rifle used by the gunman in the tragic 2012 Sandy Hook Elementary School shooting, and victims’ families worry that the bankruptcy filing may jeopardize their lawsuit. In the first phase of its reorganization, it will close at least 132 locations and its Phoenix distribution center. Rubie’s Costume Company, the world’s largest Halloween costume manufacturer, filed on April 30 as sales declined while its retail customers are closed due to Covid-19. Tailored Brands, the parent company of menswear retailers Men’s Wearhouse and Jos. Whiting Petroleum filed on April 1, though it said it would continue to operate its business. on March 11 and announced plans to close all 153 of its stores spread throughout the northeast. (Those that file Chapter 7 are typically liquidating assets and calling it quits.) The company was under fire after a class-action lawsuit filed in February levied sex-trafficking allegations against founder Peter Nygard. , which is Pizza Hut’s largest franchisee with about 1,200 locations and also operates nearly 400 Wendy’s restaurants. , a high-end retailer founded two centuries ago and frequented by U.S. presidents. J.Hilburn, a Dallas-based luxury menswear retailer rooted in one-on-one contact with customers for its custom-made suits and shirts, filed on May 4. Discount retailer Stage Stores, which owns brands like Gordmans and Bealls, filed on May 10 and will begin to liquidate its inventory when 557 of its stores reopen from coronavirus shutdowns on May 15. The company did not offer a cash-on-delivery service, which Finance Elements asserts would have made a significant difference in how it was received. RavnAir, an intrastate airline in Alaska, ceased operations and laid off all staff when it filed for bankruptcy on April 5. Commercial magazine printer LSC Communications filed on April 13 with nearly $1 billion in debt after an antitrust lawsuit blocked an attempted $1.4 billion sale to competitor Quad/Graphics Petersen-Dean, which installs roofs and solar panels in nine states in the Southwestern U.S., filed on June 11. that it had under-reported its debt by $2.7 billion. Here is a look at the 25 biggest product flops of the last 10 years. Here is a look at the 25 biggest product flops of the last 10 years. and announced it was selling its five operating companies. (Those that file Chapter 7 are typically liquidating assets and calling it quits.) Here are the major companies with … The prominent department store chain has lost money for nine straight years, and its troubles were exacerbated by the pandemic that forced its 850 remaining locations to close. after its gyms were forced to close for much of the spring and summer. JCPenney filed on May 15, weighed down by $4.2 billion in debt. Medical device manufacturer Endologix, which offers products for aortic disorders, filed on July 6 and announced it was being bought and taken private by Deerfield Partners. and American Airlines General Motors Let’s see what lessons we can take from these international business failures. , the company complained that efforts to cut supply chain costs were hampered by tariffs the U.S. imposed on China. , which served more than 30 million passengers last year as one of Latin America’s largest airlines. Only 70 employees remained to wind down the business. They will fail because they should fail. Pullmantur Cruceros, a joint venture between Royal Caribbean and Cruises Investment Holding that has canceled all cruises through November 15, filed for reorganization in Spain on June 22. Source: pedrosz / Flickr 5. Clothing conglomerate Nygard Entities filed for Chapter 15 on March 19. Not all products on this list were total failures, however. M&A Fee Guide 2020; Featured Interviews; Data Room Insights. The coronavirus pandemic has accelerated the demise of companies that were already in trouble as Americans (and their dollars) stay home amid lockdowns and economic shutdowns. , which installs roofs and solar panels in nine states in the Southwestern U.S.. , a home furniture chain with close to 1,000 locations at the beginning of the store. Apex Parks Group, which had to close its 12 entertainment centers and water parks due to the pandemic, filed for a Chapter 11 reorganization on April 8. Its reorganization plan is expected to reduce its sizable debt load by $10 billion. The renowned luxury retailer has 43 Neiman Marcus locations as well as 22 stores for its Last Call discount brand and two Manhattan Bergdorf Goodman stores. Vista Proppants and Logistics, a Texas-based company that provides frac-sand to oil well operators, filed on June 10. and announced that it will permanently close more than 100 of its roughly 400 gyms, citing the “disproportionate impact” of the coronavirus pandemic on the fitness industry. It said in court filings it was closing 185 locations, leaving 236 remaining, but CEO Shawn Lederman said in its press release that “this announcement does not mean ‘Goodbye, Ruby Tuesday.’”. Romanian airline Blue Air announced it was entering a debt restructuring procedure on July 6 after business slumped as Europe shut down for most of the spring. Helios and Matheson, the parent of movie-theater subscription service MoviePass, filed for Chapter 7 bankruptcy on January 29. Intu Properties, which operates 19 shopping malls in the U.K. and Spain, entered administration on June 26 with more than $5 billion in debt. Aeromexico, the largest airline in Mexico, filed on July 1, but planned to double its domestic flights and quadruple its international flights in July compared with June as it ramps up operations following strict coronavirus shutdowns. . Tri-state grocery chain Fairway Market filed on January 23 and announced it was selling up to five New York City stores and its distribution center to Village Super Market for $70 million. Even the largest companies make mistakes — and you can learn from them. Mexican energy company Libre Abordo announced it was bankrupt on May 31 after oil prices collapsed this spring. 32. and cut 2,460 jobs. , which operates 19 shopping malls in the U.K. and Spain. , one of Australia’s largest airlines co-founded by billionaire Richard Branson. True Religion, a designer jeans retailer with locations of its own in 26 states and a presence in other major department stores, filed on April 13 for the second time in less than three years. . It said in court filings it was closing 185 locations, leaving 236 remaining, but CEO Shawn Lederman said in its press release that “this announcement does not mean ‘Goodbye, Ruby Tuesday.’”. The prominent department store chain has lost money for nine straight years, and its troubles were exacerbated by the pandemic that forced its 850 remaining locations to close. Other causes for the failure of startups include not being able to find the right team to work with, to get outcompeted by competitors in the industry, cost-related issues, and an unfriendly product. Among other industries, information companies had the highest failure rate at 63%, followed closely by: Construction: 53%; Manufacturing: 51%; Services: 45%; Education, health and agriculture: 44%; Finance and real estate: 42%; What about foodservice businesses? after closing 38 of its locations, leaving less than 100 remaining. Swedish fashion retail chain MQ filed on April 16 as sales plunged at its physical locations while customers stayed home due to the pandemic. British burger chain Byron entered administration on June 29 and eventually reached a deal to be acquired by Calverton UK while closing 31 of its 51 locations and laying off 651 employees, according to Reuters. 24/7 Wall St. reviewed media reports, financial statements, and company press releases to determine the 10 brands that will disappear in 2020. Reitmans, a prominent Canadian fashion retailer with 576 stores, began a restructuring process on May 19. , a Dallas-based luxury menswear retailer rooted in one-on-one contact with customers for its custom-made suits and shirts. Lucky Brand, a Los Angeles-based fashion designer and retailer specializing in denim, filed on July 3 and announced it is being acquired by Sparc, the parent company of Aeropostale and Nautica. , the parent company of seven e-commerce subsidiaries. It still plans to reopen its 181 J.Crew stores, 170 factory stores and 140 stores for its women’s clothing brand Madewell after coronavirus-related restrictions are lifted. as it looks to sell off its cementing business and parts of its fracking business. When respondents were asked why their organizations didn’t … It reopened its 14 locations in Quebec and Ontario in May after weeks of coronavirus-related closures. Its shares peaked at about $60 in 2013, but have traded below $1 since July of last year. , the parent company of New York Sports Clubs and fitness chains in other major East Coast cities. Still, despite favorable conditions, American consumer trends come and go, and the days are numbered for several major products and brands. Delta, United UAL -6% and American Airlines AAL +9.3% have all endured bankruptcy reorganizations in the last two decades. It was delisted from the Nasdaq the next week. Le Pain Quotidien’s U.S. arm, PQ New York, filed on May 27 and announced plans to be sold to restaurant conglomerate Aurify Brands, which will keep 35 of its 98 bakeries in the U.S. open. “It has been a poorly-kept secret that a number of the big-box retailers were struggling,” says Scott Williams, a bankruptcy attorney at RumbergerKirk. Delta, United , which sells stationary and small gifts and accessories at 86 locations in the northeastern United States. Statistics show that 29 percent of new businesses reportedly failed because of lack of finance. for its specialty generics unit on February 25 and offered to pay a $1.6 billion settlement under the weight of lawsuits related to opioid abuse. McClatchy, which operates 30 newspapers in 14 states, filed on February 13, ending 163 years of family control of the business and signaling the continuing erosion of local news. Co-CEO Raymond Gindi blamed the company’s insurers that “turned their backs on us” in a press release. on March 19. , a Texas-based company that provides frac-sand to oil well operators, Impact 50: Investors Seeking Profit — And Pushing For Change, Starting 2021 At The Intersection Of Climate Science And Investing, Investor Optimism Continues After Headline Jobs Data Largely In Line With Expectations, Analyzing Best Buy’s Dividend Growth Potential, Putin’s Navalny Antics Has Wall Street Giving Up On Russia. The brands on this list include vehicles, computer software, a retailer, television programs, and a media company. The family arcade center that attracts swarms of children pushing buttons, collecting prizes and sharing pizza unsurprisingly had a hard time pivoting to a takeout pizza model, though 266 of the company-operated Chuck E. Cheese and Peter Piper Pizza venues have already re-opened. Not all products on this list were total failures, however. Its shares peaked at about $60 in 2013, but have traded below $1 since July of last year. on July 6 after business slumped as Europe shut down for most of the spring. , as the Bangkok Post reported that it had to shut down its international routes due to Covid-19 and is operating just 30% of its pre-pandemic schedule. 1. and said it would close four of its stores. Famed restaurant chain Ruby Tuesday filed on October 7. on July 14 after its revenue declined by 56% in the first half of 2020. and warned that it may close unprofitable locations. Co-CEO Raymond Gindi blamed the company’s insurers that “turned their backs on us” in a press release. Technicolor, an Oscar-winning French company that produces special effects for major movies, filed for restructuring on June 22. The ALDO Group, a Montreal-based shoe retailer that operates about 3,000 locations in more than 100 countries, filed on May 7 under pressure from store closures. Advantage Rent A Car filed on May 26, four days after its competitor Hertz, with global travel still ground to a halt. Here are 15 companies that are in for a particularly difficult 2020. Michael Vi / Shutterstock . This, in part, is a result of the lack of demand and revenue, but it’s definitely not the only case. Chesapeake Energy, which pioneered the practice of fracking in the oil and gas industry, filed on June 28 to eliminate approximately $7 billion of debt. Atari. Lucky’s had a loss of $100 million last year and a 10.6% decline in comparable sales. Retail companies have so far confirmed at least 8,300 stores slated for closure in 2020, according to a Business Insider analysis. Here are the major companies with at least 500 employees that have filed for bankruptcy in 2020. Latam Airlines became the largest carrier yet to go bankrupt when it filed on May 26 with the pandemic suffocating demand, though it will continue operating its limited passenger and cargo stats as scheduled. 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