What Chapter 11 Bankruptcy Means
Filing for bankruptcy doesn’t necessarily mean the end for American businesses.
It’s been a tough year for some of the country’s most famous retailers and restaurants. Some of them once formed the backbone of local communities, but have now closed or reduced their number of stores.
According to CRE Daily, the number of store closures in the U.S. has exceeded the number of store openings this year, a situation not seen in 2023 or 2022.
That’s more than 4,000 stores announcing plans to close in 2023, double from the previous year, according to an analysis by Daily on Retail, an investor-facing consumer research platform cited by the National Retail Federation. This was in response to the
FOX Business outlines the domino effect hitting U.S. retail and casual dining establishments.
Organizational confusion: It won’t be a merry Christmas for The Container Store, which filed for Chapter 11 protection on Sunday. But this retailer offers a glimmer of hope for organization buffs… Continue reading here.
The party is over: This is a summary of Party City. A one-stop retailer for party planners is calling for its exit after 40 years in business… Continue reading here.
Macy’s Maryse: Macy’s, once a major department store, announced it would close more stores than originally planned… Continue reading here. As an activist investor, this is a serious discussion on how retailers can save themselves… Continue reading here. Check the share of Macy is here.
Walgreens: The drugstore chain filed for Chapter 11 bankruptcy protection last month. Currently, the company is increasing the number of store closures, which could be around 500 stores. Continue reading here. Check out Walgreens share here.
CVS revamp: Pharmacy and healthcare chains ousted their CEOs this year… Continue reading here. The move followed plans for 2,900 job cuts… Continue reading here The company plans to cut a total of 900 stores by the end of 2024. Check CVS share here.
Slurpee Slump: 7-Eleven is struggling to compete. Despite being home to the iconic Slurpee beverage, hundreds of unprofitable stores are set to close… Continue reading here.
Big lot: The discount retailer filed for Chapter 11 bankruptcy protection last month. Currently, the company is increasing the number of store closures, which could be around 500 stores. Continue reading here. The company launched a “going out of business sale” in December… Continue reading here.
FILE – July 23, 2024 at Big Lots Store in Carle Place, New York (Photo by Howard Schnapp/Newsday RM via Getty Images)
Complete coverage of US retailers
Shrimp failure: Red Lobster’s endless shrimp trade eventually sank the seafood chain, causing it to file for bankruptcy. Now, the new CEO is looking at ways to keep the brand alive with new ideas… Continue reading here.
Unlucky time: TGI Friday’s, once a fixture in malls and airports, continues to close stores in the US and UK… Continue reading here.
Home improvement hits: LL Flooring, which was born from former lumber liquidators, is asking for withdrawal… Continue reading here. Additionally, furniture and home goods staple Conn’s is closing 70 stores in 13 states… Continue reading here.
bye bye: Bob’s Stores is taking the plunge and closing all 24 stores and reopening with a huge sale. Continue reading here.
Stop by and shop: Once a dominant grocer in the Northeast, the chain has now closed 32 stores through early November*… Continue reading here.
Joan’s: After 81 years, a textile and crafts retailer has filed for Chapter 11 bankruptcy, leaving its future in doubt… Continue reading here.
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