01of 20Arclight Cinemas and Pacific TheatresShutterstockArclight Cinemas and Pacific Theatres announced they arepermanently closingin joint statements posted on their respective websites in April.“After shutting our doors more than a year ago, today we must share the difficult and sad news that Pacific will not be reopening its ArcLight Cinemas and Pacific Theatres locations,” the movie theaters began inthe statement. “This was not the outcome anyone wanted, but despite a huge effort that exhausted all potential options, the company does not have a viable way forward.“The entertainment hubs continued, “To all the Pacific and ArcLight employees who have devoted their professional lives to making our theaters the very best places in the world to see movies: we are grateful for your service and your dedication to our customers.““To our guests and members of the film industry who have made going to the movies such a magical experience over the years: our deepest thanks. It has been an honor and a pleasure to serve you,” the statement concluded.
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Arclight Cinemas and Pacific Theatres
Shutterstock
Arclight Cinemas and Pacific Theatres announced they arepermanently closingin joint statements posted on their respective websites in April.
“After shutting our doors more than a year ago, today we must share the difficult and sad news that Pacific will not be reopening its ArcLight Cinemas and Pacific Theatres locations,” the movie theaters began inthe statement. “This was not the outcome anyone wanted, but despite a huge effort that exhausted all potential options, the company does not have a viable way forward.”
The entertainment hubs continued, “To all the Pacific and ArcLight employees who have devoted their professional lives to making our theaters the very best places in the world to see movies: we are grateful for your service and your dedication to our customers.”
“To our guests and members of the film industry who have made going to the movies such a magical experience over the years: our deepest thanks. It has been an honor and a pleasure to serve you,” the statement concluded.
02of 20GodivaThe chocolate company is closing all of its U.S. locations during the coronavirus pandemic, according toUSA Todayand Fox News.Godiva, which has many stores in shopping malls, said in a statement that demand for in-person shopping “waned as a result of the pandemic and its acceleration of changes in consumers' shopping behavior.”
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Godiva
The chocolate company is closing all of its U.S. locations during the coronavirus pandemic, according toUSA Todayand Fox News.
Godiva, which has many stores in shopping malls, said in a statement that demand for in-person shopping “waned as a result of the pandemic and its acceleration of changes in consumers' shopping behavior.”
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Century 21
Alex Tai/SOPA Images/LightRocket via Getty
After offering designer apparel, footwear, cosmetics and décor at discounted prices for nearly 60 years, the chain retailer has filed for Chapter 11 bankruptcy. The brand also announced it will be shutting all 13 locations in New York, New Jersey, Pennsylvania and Florida. The company said it will start liquidation sales in stores and online.
“We now have no viable alternative but to begin the closure of our beloved family business because our insurers, to whom we have paid significant premiums every year for protection against unforeseen circumstances like we are experiencing today, have turned their backs on us at this most critical time,” Century 21 co-CEO Raymond Gindi said in the statement.
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Lord & Taylor
Bruce Bennett/Getty
UPDATE, Aug. 27, 2020:Lord & Taylor isofficially going out of business. The nearly 200-year-old company announced that all 38 remaining stores have started liquidation sales.
Less than a year after Hudson’s Bay Company sold the nearly 200-year-old department store to Le Tote, an online clothing rental service, both Lord & Taylor and Le Totefiled for Chapter 11 bankruptcy protectionin the Eastern District of Virginia on August 2.
Le Tote, a San Francisco-based startup founded in 2012, paid100 million Canadian dollars in cashin 2019 to acquire the department store’s brand and inventory, online operations and control of its 38 retail locations. However, HBC agreed to retain ownership of all Lord & Taylor real estate.
Although Lord & Taylor and Le Tote continued operating online throughout the pandemic, the company’s mounting debt obligations led to the bankruptcy filing.
In a statement to customers shared on its website, Lord & Taylor originally announced plans to seek a new owner.
“Today we announced our search for a new owner who believes in our legacy and values. Part of our announcement also includes filing for Chapter 11 protection to overcome the unprecedented strain the COVID-19 pandemic has placed on our business,” the statement said at the time.
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Men’s Wearhouse
Andrew Burton/Getty
Will the pandemic mark the end of the business suit? Afterannouncing plans to close 500 stores"over time” in July, the retailer’s parent company filed for Chapter 11 protection in Houston on Aug. 2.
As for Tailored Brands' future, Lathi remains positive, adding, “Reaching an agreement with our lenders represents a critical milestone toward our goal of becoming a stronger Company that has the financial and operational flexibility to compete and win in the rapidly evolving retail environment.”
06of 20California Pizza KitchenCalifornia Pizza Kitchen.Mike FANOUS/GettyThe casual dining chainannounced on July 30that it has filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas, sayingin a press releasethat the move will allow it “the ability to close unprofitable locations, reduce its long-term debt load, and quickly emerge from bankruptcy as a much stronger company.“Jim Hyatt, CEO of CPK, said in aseparate message on the company websitethat the chain had already shuttered some of its locations prior to the filing, citing “the impact of the COVID-19 pandemic and lease related challenges with our landlords.“According to the company, remaining CPK restaurants will continue to operate throughout the restructuring process.“The unprecedented impact of COVID-19 on our operations certainly created additional challenges, but this agreement from our lenders demonstrates their commitment to CPK’s viability as an ongoing business,” Hyatt said in the press release. “Throughout this process we will continue to deliver the same innovative, California-inspired cuisine that we have been serving for over 35 years.“There are currently over 200 CPK locations in eight countries and U.S. territories, according to the company.
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California Pizza Kitchen
California Pizza Kitchen.Mike FANOUS/Getty
The casual dining chainannounced on July 30that it has filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas, sayingin a press releasethat the move will allow it “the ability to close unprofitable locations, reduce its long-term debt load, and quickly emerge from bankruptcy as a much stronger company.”
Jim Hyatt, CEO of CPK, said in aseparate message on the company websitethat the chain had already shuttered some of its locations prior to the filing, citing “the impact of the COVID-19 pandemic and lease related challenges with our landlords.”
According to the company, remaining CPK restaurants will continue to operate throughout the restructuring process.
“The unprecedented impact of COVID-19 on our operations certainly created additional challenges, but this agreement from our lenders demonstrates their commitment to CPK’s viability as an ongoing business,” Hyatt said in the press release. “Throughout this process we will continue to deliver the same innovative, California-inspired cuisine that we have been serving for over 35 years.”
There are currently over 200 CPK locations in eight countries and U.S. territories, according to the company.
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Ann Taylor & Lane Bryant
Andrew Burton/Getty; Alamy
Ascena Retail Group, which owns several well-known brands including Ann Taylor, Loft and Lane Bryant,announced on July 23that it entered a restructuring support agreement and filed Chapter 11 petitions in the Eastern District of Virginia.
According to the release, Ascena will close “a significant number of Justice stores,” as well as “a select number of Ann Taylor, LOFT, Lane Bryant and Lou & Grey stores” across North America. All Catherines stores are set to close.
The company also secured $150 million from existing lenders to assist in the restructuring, pending court approval.
08of 20New York & CompanyMichael Brochstein/SOPA Images/LightRocket via GettyDespite high-profile collaborations with celebs like Gabrielle Union and Eva Mendes, New York & Company wasn’t able to weather the COVID-19 storm. On July 13, the clothing chain’s parent company, RTW Retailwinds, Inc.,announced in a press releasethat it filed for Chapter 11 bankruptcy protection.According to the release, the company “expects to close a significant portion, if not all, of its brick-and-mortar stores” and has begun the liquidation process. It is also “evaluating any and all strategic alternatives, including the potential sale of its eCommerce business and related intellectual property.““The combined effects of a challenging retail environment coupled with the impact of the Coronavirus (COVID-19) pandemic have caused significant financial distress on our business, and we expect it to continue to do so in the future,” Sheamus Toal, CEO and CFO of RTW Retailwinds, Inc., said in the release.In recent years, New York & Company has become known for its celebrity collaborations with the likes of Gabrielle Union, Kate Hudson and Eva Mendes. However, the chain still struggled to maintain sales. On July 6, the parent company was removed from the New York Stock Exchange,according to the SEC.
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New York & Company
Michael Brochstein/SOPA Images/LightRocket via Getty
Despite high-profile collaborations with celebs like Gabrielle Union and Eva Mendes, New York & Company wasn’t able to weather the COVID-19 storm. On July 13, the clothing chain’s parent company, RTW Retailwinds, Inc.,announced in a press releasethat it filed for Chapter 11 bankruptcy protection.
According to the release, the company “expects to close a significant portion, if not all, of its brick-and-mortar stores” and has begun the liquidation process. It is also “evaluating any and all strategic alternatives, including the potential sale of its eCommerce business and related intellectual property.”
“The combined effects of a challenging retail environment coupled with the impact of the Coronavirus (COVID-19) pandemic have caused significant financial distress on our business, and we expect it to continue to do so in the future,” Sheamus Toal, CEO and CFO of RTW Retailwinds, Inc., said in the release.
In recent years, New York & Company has become known for its celebrity collaborations with the likes of Gabrielle Union, Kate Hudson and Eva Mendes. However, the chain still struggled to maintain sales. On July 6, the parent company was removed from the New York Stock Exchange,according to the SEC.
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Brooks Brothers
Getty
The iconic retailer, which was founded in 1818,filed for Chapter 11 bankruptcy protectionon June 8 as it searches for a buyer.
The spokesperson went on to say that the company is currently looking to identify the “right owner, or owners, to lead our iconic Brooks Brothers brand into the future.”
The brand, whichdescribes itself as"the country’s oldest clothing retailer,” has offered timeless, preppy designs for generations — and hasdressed 40 of the 45 U.S. presidents. In 1900, Brooks Brothers launched its signatureOriginal Polo Button-Down Oxfordthat has since become “the most imitated item in fashion history,” thebrand says.
Currently, Brooks Brothers has more than 500 stores worldwide and employs 4,025 people,CNBC reports. In April, the retailer closed 51 of its retail locations amid temporary nationwide retail closures due to the coronavirus pandemic.
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Lucky Brand
The Los Angeles-based denim brandfiled for Chapter 11 protectionon July 3, after struggling to transition from brick-and-mortar stores to online platforms amid the novel coronavirus, according to theWall Street Journal. The outlet reports that the clothier has experienced “month-over-month decline in revenue of about 50 percent” as retailers across the country were forced to close due to the pandemic.
“The COVID-19 pandemic has severely impacted sales across all channels,” interim CEO and executive chairman Matthew A. Kaness said in a statement, according toUSA Today. “While we are optimistic about the reopening of stores and our customers' return, the business has yet to recover fully.”
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Neiman Marcus
Robert Alexander/Getty
Days after furloughing many of its 14,000 employees, Neiman Marcusofficially announced its decision to file for bankruptcyon May 7, according toNBC News.
van Raemdonck continued, “We will emerge a far stronger company. In a world that is changing, we are uniquely positioned to give our brand partners access to our loyal luxury customers like no other company.”
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J.Crew
J.Crew Group lenders agreed to convert the company’s estimated $1.65 billion of debt into stock. According to several reports, the company (which also operates sister brand Madewell) will continue e-commerce sales and hopes to reopen stores when social distancing restrictions are lifted.
“We will continue all day-to-day operations,” J.Crew Group CEO Jan Singer said in a statement, according toCNN.
J.Crew declined PEOPLE’s request for comment.
13of 20Diane von FürstenbergAurora Rose/REX/ShutterstockProlific designer Diane von Fürstenberg’s fashion empire is shrinking significantly. The New York-based labellaid off 75 percent of its 400-person staff, and is set to close 18 of its 19 retail stores. Its new focus will be centered on a “digital-only, China-focused” business model, according toBusiness of Fashion’s latest report published on June 15.The news comes after several rounds of restructuring within the company and years of declining sales. The DVF store in New York City’s Meatpacking District (which also holds the company’s office and a living space for von Fürstenberg) is the only location that will remain open.The designer, 73, gained national success in 1972 thanks to her invention of the sought-after wrap dress. The brand went on to flourish and von Fürstenberg quickly became a household name.
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Diane von Fürstenberg
Aurora Rose/REX/Shutterstock
Prolific designer Diane von Fürstenberg’s fashion empire is shrinking significantly. The New York-based labellaid off 75 percent of its 400-person staff, and is set to close 18 of its 19 retail stores. Its new focus will be centered on a “digital-only, China-focused” business model, according toBusiness of Fashion’s latest report published on June 15.
The news comes after several rounds of restructuring within the company and years of declining sales. The DVF store in New York City’s Meatpacking District (which also holds the company’s office and a living space for von Fürstenberg) is the only location that will remain open.
The designer, 73, gained national success in 1972 thanks to her invention of the sought-after wrap dress. The brand went on to flourish and von Fürstenberg quickly became a household name.
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True Religion
Keith Mayhew/SOPA Images/LightRocket via Getty
On April 13, the designer denim brand filed for Chapter 11 bankruptcy protection for the second time in three years, according to a report fromForbes.
True Religion previously filed for bankruptcy in 2017 and exited in four months after it invested in its e-commerce business, closed stores and slashed its more than $350 million of debt.
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24 Hour Fitness
24 Hour Fitness.Getty
The fitness chain, which closed its gyms in March due to the ongoing pandemic, announced on June 15 that it was “implementing a financial restructuring, through a voluntary Chapter 11 filing.”
“If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11,” CEO Tony Ueber said in a statement, while maintaining hope about the company’s future. “We expect to have substantial financing with a path to restructuring our balance sheet and operations to ensure a resilient future. The COVID-19 environment has proved that attention to health and fitness are more important now than ever before.”
16of 20Chuck E. CheeseSmith Collection/Gado/GettyUPDATE, June 25, 2020:The show may not go on for Chuck E. Cheese after COVID-19. On June 25, the brand behind the popular kid’s restaurant, CEC Entertainment, announced it filed for Chapter 11 bankruptcy protection. They expect to continue operating through the bankruptcy, and will keep reopening locations that were closed due to the pandemic.The Texas-based chain currently operates 610 locations in 47 states but had to close its stores when the pandemic struck, making it extremely difficult for the company to raise capital.According toThe Takeout, some 17,000 workers were laid off in March. In an attempt to make money (and keep on some employees) during the pandemic, the store masqueraded as Pasqually’s Pizza and Wings on delivery apps, a reference to one of Chuck E. Cheese’s bandmates.
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Chuck E. Cheese
Smith Collection/Gado/Getty
UPDATE, June 25, 2020:The show may not go on for Chuck E. Cheese after COVID-19. On June 25, the brand behind the popular kid’s restaurant, CEC Entertainment, announced it filed for Chapter 11 bankruptcy protection. They expect to continue operating through the bankruptcy, and will keep reopening locations that were closed due to the pandemic.
The Texas-based chain currently operates 610 locations in 47 states but had to close its stores when the pandemic struck, making it extremely difficult for the company to raise capital.
According toThe Takeout, some 17,000 workers were laid off in March. In an attempt to make money (and keep on some employees) during the pandemic, the store masqueraded as Pasqually’s Pizza and Wings on delivery apps, a reference to one of Chuck E. Cheese’s bandmates.
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Pier 1 Imports
Pier 1.Donna Mcwilliam/AP/Shutterstock
Pier 1filed a motion with a bankruptcy courtseeking to close its stores “as soon as reasonably possible,” the company announced in apress releaseon May 19.
After its “orderly wind down” of its retail operations, the home decor company, which had previously filed for bankruptcy in February, intends to sell off its remaining assets in a “court-supervised” process.
While their brick-and-mortar stores are gone, the company is “currently continuing to serve customers through Pier1.com, and orders are being processed and filled,” the company said in its statement.
18of 20J.C. PenneyJeffrey Greenberg/Universal Images Group via GettyThe department store chain announced on May 15 that itfiled for Chapter 11 bankruptcy protectionfrom its creditors as part of a restructuring plan that would eliminate “several billion dollars of indebtedness” and “provide increased financial flexibility to help navigate” the health crisis. The company also said that it plans to close stores, but did not disclose specific locations or timing.J.C. Penney had been struggling with declining sales for years after hedge fund manager Bill Ackman, who was ousted in 2013, attempted to rebrand the retailer into a collection of boutiques, according to theNew York Times.CEO Jill Soltau said the company had been making “significant progress” in restoring financial strength before the coronavirus outbreak, but the temporary closure of J.C. Penney stores nationwide “necessitated a more fulsome review to include the elimination of outstanding debt.”
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J.C. Penney
Jeffrey Greenberg/Universal Images Group via Getty
The department store chain announced on May 15 that itfiled for Chapter 11 bankruptcy protectionfrom its creditors as part of a restructuring plan that would eliminate “several billion dollars of indebtedness” and “provide increased financial flexibility to help navigate” the health crisis. The company also said that it plans to close stores, but did not disclose specific locations or timing.
J.C. Penney had been struggling with declining sales for years after hedge fund manager Bill Ackman, who was ousted in 2013, attempted to rebrand the retailer into a collection of boutiques, according to theNew York Times.
CEO Jill Soltau said the company had been making “significant progress” in restoring financial strength before the coronavirus outbreak, but the temporary closure of J.C. Penney stores nationwide “necessitated a more fulsome review to include the elimination of outstanding debt.”
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Souplantation & Sweet Tomatoes
Souplantation.Souplantation/Facebook
The buffet chains' parent company Garden Fresh Restaurants has decided to permanently shutter all 97 locations of Souplantation — also known as Sweet Tomatoes outside of Southern California — and lay off its workforce, CEO John Haywood confirmed to theSan Diego Union-Tribuneon May 7.
“The FDA had previously put out recommendations that included discontinuing self-serve stations, like self-serve beverages in fast food, but they specifically talked about salad bars and buffets,” Haywood said. “The regulations are understandable, but unfortunately, it makes it very difficult to reopen. And I’m not sure the health departments are ever going to allow it.”
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Le Pain Quotidien
source: people.com
