Stores file for bankruptcy

More Videos All retail bankruptcies are not the same. IMF Director: Supply disruptions may continue into ADP Economist: Higher wages aren't enough to bring workers back. Key inflation measure hits year high.

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Coal miners urge Manchin to reconsider Build Back Better. US grapples with shortage of child care workers. The Federal Reserve signals rate hikes in The child tax credit has supported these families. They're worried about what's next. New data from Coresight Research reveals American retailers have announced 8, closures this year.

Ascena Retail closed the most locations, at nearly 1, Coresight anticipates closures will snowball and set a new record this year, breaking the record of 9, closures tracked by the firm. Business is equally bleak for the US restaurant industry. With lockdowns devastating retail and restaurants -- many of which that were already in deep trouble, dozens declared bankruptcy this year.

Read More. Papyrus: The mall staple best known for selling stationery and upscale greeting cards went out of business , resulting in the closure of more than stores across the US and Canada. Papyrus blamed an overexpansion of stores, the downturn in brick-and-mortar shopping and its inability to recover fully from the financial crisis.

Papyrus closed all of its stores this year. Bar Louie: It was last call for about half of the 90 US locations of the casual restaurant chain, which is best known for its happy hour deals. The chain filed for Chapter 11 and came to an agreement with its lenders to purchase the chain through a bankruptcy sale. Krystal: In its bankruptcy filing, the year-old fast food chain blamed several contributing factors including increased competition, shifting consumer tastes and the rise of online delivery platforms.

Krystal emerged from bankruptcy in May. The chain operates dozens of locations nationwide. Tailored Brands, which owns suiting chains Jos. Off-price department store Stein Mart filed for Chapter 11 bankruptcy on August The chain, which was founded in , plans to close most, if not all, of their brick and mortar locations.

Off-price retailer Century 21 filed for Chapter 11 bankruptcy on Sept. The department store chain, which operates 13 locations in four states, has been offering shoppers low prices on designer goods since The company says customers should not plan to see a break in service, and that employees will still receive wages and benefits.

The year-old brand cited the filing as a direct result of pandemic financial strain and said it plans to keep all of its 14 company-owned locations open, according to a press release. Sizzler also has more than 90 franchised locations. Ruby Tuesday, the year-old dining franchise, filed for Chapter 11 bankruptcy Oct. The company says it intends to run its nearly restaurants as usual during restructuring. The company, founded in , operates ice cream restaurants on the East Coast.

All company-owned locations are expected to stay open and jobs will be preserved. Music product retailer Guitar Center filed for Chapter 11 bankruptcy on Nov. The year-old company does not plan to close stores during the reorganization. The year-old company is expected to close some brick-and-mortar locations, per a press release issued on the filing.

Stationery and gift retailer Paper Source filed for Chapter 11 bankruptcy on March 2. It will still continue to operate remaining retail locations and its e-commerce site. Movie theater chain Alamo Drafthouse filed for Chapter 11 bankruptcy on March 3. The year-old company, which operates over 40 dine-in movie theaters, is known for serving craft beer and curated menus alongside screenings of both new and classic films.

Theaters are expected to operate normally through the bankruptcy proceedings. IE 11 is not supported. For an optimal experience visit our site on another browser.

NBC News Logo. It planned to close most of its roughly stores, but going-out-of-business sales were stalled because of the pandemic. Those sales have since been able to restart at select locations.

Some Art Van stores are being replaced with a company known as Levin Furniture. At the time, it said it planned to shut all of its roughly remaining stores for good, as the retailer was increasingly conceding sales to Amazon and suffered a poor holiday season.

The coronavirus pandemic, however, upended Modell's going-out-of-business sales, with retailers deemed non-essential forced to shut down for a period of time to try to help curb the spread of the virus. Modell's was later able to resume liquidation over the summer. This was notably its second time doing so in under three years.

When it filed, True Religion said it would have preferred to wait out the pandemic and stay-at-home orders, but "simply could not afford to do so. Earlier this week, a court filing confirmed Neiman will be permanently leaving its recently opened store at the Hudson Yards mall in New York City. It is also closing two stores in Florida and one in Washington.

A hearing to approve Neiman's business plan to emerge from bankruptcy has been pushed back, as some of the retailer's lower-ranking creditors have raised issue over an asset transfer in When the company filed for bankruptcy, it had a little over 40 department store locations in the U. The Plano, Texas-headquartered department store chain J. Penney's future is still being determined, as it looks to emerge as a smaller company.

It has already announced more than store closures, along with 1, layoffs. The company currently has until July 31 to win approval for a business plan, according to court documents.

It has proposed splitting its business into two publicly traded companies, one of which would be a real estate investment trust. When Penney filed for bankruptcy, it still was operating roughly stores. At the time, it said it planned to shut as many as 1, of its 5, U. The company is still hoping to emerge from bankruptcy later this year in the fall.

In its bankruptcy filing, GNC said the pandemic only accelerated the "financial pressure for the past several years. With more than stores in shopping malls across the country, the company has so far said it plans to close 13 locations permanently, but more could be on the way.