have all endured bankruptcy reorganizations in the last two decades. , a commercial construction and engineering company. , a satellite internet startup backed by SoftBank that launched 74 satellites into space. It reopened its 14 locations in Quebec and Ontario in May after weeks of coronavirus-related closures. Spectra Premium is specialized in aftermarket, OEM and tooling automotive components for heating & cooling, fuel delivery, and engine management systems Spectra Premium Industries Spectra Premium , the company complained that efforts to cut supply chain costs were hampered by tariffs the U.S. imposed on China. The company was under fire after a class-action lawsuit filed in February levied sex-trafficking allegations against founder Peter Nygard. —the equivalent of a bankruptcy process—on March 30, immediately halting all new rent-to-own and cash loan lending activities. , a prominent Canadian fashion retailer with 576 stores. 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. on March 19. , ending 163 years of family control of the business and signaling the continuing erosion of local news. J.Crew was the first big American retail domino to fall amid the pandemic, filing on May 4 to convert about $1.7 billion of debt to equity. , a Wisconsin-based engine manufacturer for outdoor power equipment. after closing 38 of its locations, leaving less than 100 remaining. Shares of the publicly-traded shale driller dipped below $1 in March after trading at more than $150 in 2015. In the first phase of its reorganization, it will close at least 132 locations and its Phoenix distribution center. and announced it was selling its five operating companies. Modell’s Sporting Goods, a New York institution since 1889, filed for Chapter 11 on March 11 and announced plans to close all 153 of its stores spread throughout the northeast. Bar Louie, a nationwide gastropub chain, filed on January 27 after closing 38 of its locations, leaving less than 100 remaining. and will begin to liquidate its inventory when 557 of its stores reopen from coronavirus shutdowns on May 15. and said it plans to close some of its 121 stores. , 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. JCPenney filed on May 15, weighed down by $4.2 billion in debt. Borden Dairy followed competitor Dean Foods Reitmans, a prominent Canadian fashion retailer with 576 stores, began a restructuring process on May 19. , the world’s largest Halloween costume manufacturer. and announced it was liquidating and closing its 13 stores. , a British company with 44 hotel and travel brands like Shearings, a century-old tour bus operator. Flagging Coal Industry Loses Potent Voice With Robert Murray’s Death, J.C. Penney Lenders Trade Barbs Over Chapter 11 Split, Mexican-Restaurant Chain Rubio’s Files for Chapter 11, Barrett Represented Philanthropist in Health Bankruptcy Lawsuit. Virginia-based cloud services provider Internap filed on March 16 to renegotiate its debt. Southeast burger chain Krystal filed on January 19, citing debts of between $50 million and $100 million. . , weighed down by $4.2 billion in debt. DavidsTea, a specialty tea retailer based in Montreal, filed on July 9 and announced plans to close 124 of its roughly 220 stores in Canada and the U.S. Dean & DeLuca, a luxury grocery store chain with 42 locations until it started downsizing in recent years, filed on April 1. It is liquidating its business in Ireland, permanently closing its 11 stores there. Hornbeck Offshore Services, which operates a fleet of offshore oil supply ships in the Gulf of Mexico and Latin America, filed a prepackaged plan on May 19. Companies that file Chapter 11 bankruptcy negotiate with creditors to restructure debt terms. I'm an assistant editor on Forbes' money team. 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. 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. RentPath, an online search platform for rental homes, filed on February 11 while at the same time announcing it was being bought out of bankruptcy by competitor CoStar Group 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. I graduated from Duke University, where I majored in math but spent more time following its basketball team around the country as the sports editor and a beat reporter for our student newspaper, The Chronicle. It aims to reduce its debt by $700 million and continue normal operations. Upscale stationary chain Papyrus’ parent company filed on January 24 and closed all 254 of its stores. , aiming to reduce its debt load while continuing normal operations. and said it would close four of its stores. Its shares peaked at about $60 in 2013, but have traded below $1 since July of last year. , citing debts of between $50 million and $100 million. on May 31 after oil prices collapsed this spring. Thai carrier Nok Airlines filed on July 30, 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. 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. Pharmaceutical manufacturer Mallinckrodt submitted a Chapter 11 filing 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.
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