Don’t listen to the fluff, there is a real battle out there. Here is the list of the top COVID19 bankruptcies that lost millions of jobs. We will make live Coronavirus bankruptcies announcement updates in this list.
Covid19 bankruptcies in the USA | AtoZ Markets – The coronavirus lockdown was supposed to be temporary. The idea was to take shelter, put the economy on hold, and resume operations when it is safe to go out. With the global economy hit by the current pandemic, countless businesses are now bankrupt. Here is the live list of the top USA COVID 19 bankruptcies or companies fighting to keep their businesses. It is still a question, how many jobs Americans lost due to covid19 bankruptcies?
USA Coronavirus Bankruptcies Tracker
The coronavirus pandemic has accelerated the disappearance of businesses that were already in difficulty. The number of commercial bankruptcies filed in April, 2,278, is up 35% from last year. Businesses even filed 26% more Chapter 11 applications than a year ago.
Meanwhile, more than 30 million people applied for unemployment claims at the end of April. The economic impact of the covid19in service sector reached a record high since mid-March pandemic lockdown. Here are the major US companies announcing their bankruptcy in 2020 due to the coronavirus:
JC Penney is a US department store chain. The company filed for bankruptcy on May 15 in the US Court due to pandemic. It has not seen the profit for nearly a decade. Before filling, the company made an agreement with its creditors to reduce several billion dollars of debt. The company said it is permanently closing its several stores but did not disclose its location.
“Implementing this financial restructuring plan through a court-supervised process is the best path to ensure that JCPenney will build on its over 100-year history to serve our customers for decades to come,” said CEO Jill Soltau. Before filing bankruptcy, JC Penney had over 95,000 employees.
Art Van Furniture
Art Van Furniture, a Midwest retailer with 176 locations, filed for bankruptcy on the 8th of March. It converted its Chapter 11 reorganization to a Chapter 7 liquidation in early April. Art Van said fears of the virus were evident in the sales figures that “dissipated almost nothing” in mid-March. Attorneys of the company said that deposits from inventory sales that were “over $ 23 million” when the stores closed on the 5th of March It fell to just $ 8 million in the week ending 15 March. Before Art Van Furniture Covid19 bankruptcy announcement the company had over 3700 employees.
RavnAir, an Alaskan intrastate airline, went out of business and laid off all staff when it filed for bankruptcy on 5 April. It is the first Airline victim of the Covid19 bankruptcies in the US. Before filing bankruptcy, the company employed around 900 employees.
Bar Louie, a national gastropub chain, filed on the 27th of January after closing 38 of its locations, leaving fewer than 100.
Bluestem Brands is the parent company of 7 dynamic eCommerce retail brands, filed on 9 March. Before Covid19 driven bankruptcy, Bluestem Brands were employing 2900 employees. As a part of the filing, the company got a deal to sell its business to Cerberus Capital Management’s lending arm
Borden Dairy is an American dairy processor and distributor filed for Chapter 11 Bankruptcy after more than 160 years in business on 5 January. Perhaps Borden Dairy’s bankruptcy was not exactly covid19 driven?! Before the bankruptcy filing, Borden Dairy employed over 3300 employees.
Brooks Brothers Inc
Brooks Brothers Inc, the two-century-old men’s clothing company set the standard for aspiring bankers on Wall Street. Brook Brothers is also on the verge of bankruptcy due to the Coronavirus pandemic. Struggling with $ 600 million in debt, famed men’s clothing retailer is desperately looking for a buyer according to the announcement published at the end of April. The company is considering an outright buyout too. Before the Covid19 crisis, Brooks Brothers had 5,000 employees and ranked 9th among their top 10 competitors.
CMX Cinemas, a cinema theatre chain that also owns restaurants and bars, filed for bankruptcy on 25 April with all of its 41 cinemas closed nationwide during the pandemic. Before the Covid19 Pandemic bankruptcy filing, CMX Cinemas employed over 2700 employees.
Cosi, the fast-casual restaurant chain applied for Chapter 11 bankruptcy on 24 February for the second time since 2016, after shutting down 30 of its locations in December. It had 708 employees before the bankruptcy filing.
CraftWorks restaurant franchisor filed on 3 March to reduce its debt by more than $ 140 million shortly after the closure of approximately 10% of its locations. Before the Covid19 driven bankruptcy filing CraftWorks Holdings had 18,000 employees and ranked 3rd among its top 10 competitors.
Dean & DeLuca
Dean & DeLuca, an American chain of upscale grocery stores with 42 locations until downsizing has started in recent years, filed on the 1st of April. Before the Covid19 driven downsizing or better to say bankruptcy filing Dean & DeLuca had 237 employees and ranked 4th among their top 10 competitors.
Diamond Offshore Drilling
Coronavirus devastated the Oil companies, however, Diamond Offshore Drilling Covid19 bankruptcy did not come as a surprise as they were struggling beforehand. Diamond Offshore Drilling filed for bankruptcy on the 27th of April after missing a payment from bondholders. The company t even before oil prices plunged in the past few weeks. Prior to Covid19 blowout Diamond Offshore Drilling employed over 2500 employees.
Foresight Energy is the St. Louis-based mining company filed on 10 March, with a debt of $ 1.4 billion. Before their Covid19 fueled bankruptcy filing Foresight Energy had 856 employees and ranked 9th among their top 10 competitors.
Frontier Communications FTR
Frontier Communications FTR, one of the largest American telecommunications companies, filed on 14 April. Its reorganization plan expected to reduce its sizable $ 10 billion debt load. Before their Covid19 fueled bankruptcy filing Frontier Communications FTR had over 22,000 employees.
Gold’s Gym filed on 4 May after closing its 700 fitness centres due to the lockdowns of coronaviruses. Thirty gyms will remain permanently closed. Before Covid19 driven down-sizing Gold’s Gym had 7,500 employees and ranked 2nd among their top 10 competitors.
Hertz, the car rental group, supported by American billionaire businessman Carl Icahn, has barely skipped bankruptcy after agreeing with lenders to extend a crucial payment deadline. The company missed a payment to lenders in April for the leasing costs of some of its vehicles. After an extension was granted until 4 May, Hertz reached an agreement Tuesday to move the payment date to May. Before Hertz’ Covid19 drama they were employing around 38,000 employees.
Crew Group, which operates the J Crew and Madewell brands, filed for Chapter 11 bankruptcy protection on 4 May. It is after failing to reach an agreement with potential buyers. The retailer is currently seeking $ 400 million to finance the regular operation of its 322 stores during the bankruptcy. The company was burdened with a debt of $ 1.7 billion due to a leveraged buyout by private equity firms in 2011. Before bankruptcy, the company had around 9,950 employees.
Krystal, Southeast Hamburger chain filed for bankruptcy on 19 January, citing debts of between $ 50 million and $ 100 million. Before bankruptcy, Krystal had 6,500+ employees.
LSC Communications, Commercial magazine printer filed a $ 1 billion debt report after an antitrust lawsuit blocked an attempt to sell $ 1.4 billion to competitor Quad/Graphics QUAD on 13 April last year. Before filing, LSC Communications had 24,000 employees.
Lucky’s Market, an organic grocer. The Kroger supermarket chain partially owns the company. It filed on 27 January and planned to sell most of its stores to Publix, Aldi and other winning bidders.
McClatchy manages 30 newspapers in 14 states, filed on 13 February, ending 163 years of family control of the company and signalling the continued erosion of local news. Before filing bankruptcy, McClatchy had 24,000 employees.
McDermott International, a commercial construction, installation and engineering company, filled Chapter 11 trial on 21 January to eliminate $ 4.6 billion in debt. Before filing Chapter 11, McDermott International had Almost 70,000 employees.
Modell, an American sporting goods retailer, applied for Chapter 11 bankruptcy on 11 March and announced plans to close all 153 stores spread across the northeast. The company had 7,500 employees before filing Chapter 11.
Mallinckrodt, the Pharmaceutical manufacturer filed a Chapter 11 bankruptcy filing on 25 February for its speciality unit and offered to pay compensation of $ 1.6 under the weight of the opioid abuse lawsuits. The company had 3,600 employees before the bankruptcy filing.
Nygard Entities, the clothing conglomerate applied for Chapter 15 bankruptcy, which allows foreign creditors to participate in US cases on 19 March. However, the company was under fire after a class-action lawsuit filed in February against founder Peter Nygard for sex trafficking. Nygard Entities had 1450 employees before the bankruptcy filing.
OneWeb, an Internet satellite startup supported by SoftBank that launched 74 satellites into space, was unveiled on 27 March. The startup company had 531 employees before the bankruptcy filing.
Pier 1 is a home furniture chain with nearly 1,000 locations at the beginning of the store. It began a Chapter 11 reorganization on 17 February, before the pandemic also hit US stocks, which in 2013 were traded more $ 460 before starting a steep and steady decline. The company had 13,500 employees before the pandemic.
Pioneer Energy, the San Antonio-based oil and gas service company, filed on 2 March, while continuing operations. Before the pandemic, the company had 74 employees and ranked 6th among its top 10 competitors.
RentPath, an American private media company, filed on 11 February, while announcing the purchase of $ 588 million by competitor CoStar Group CSGP. Before the filing, the company had 1,008 employees.
Rubie’s Costume Company
Rubie’s Costume Company, the world’s largest costume maker, filed on 30 April, while its retail customers are closed due to COVID-19. The company had 1,700 total employees before the filing.
Apex Parks Group
Apex Parks Group, which had to close its 12 entertainment centres and water parks due to the pandemic, filed for Chapter 11 reorganization on 8 April. The decision to file for bankruptcy was aimed at reducing debt, and Apex plans to resume operations. Upon reopening, Apex plans to honour gift cards and season tickets, and pay its employees and suppliers. However, the company’s lenders will provide financing to support the company during the restructuring. The company had 5000 total employees before the pandemic.
Quorum Health, rural hospital chain filed a Chapter 11 bankruptcy plan on 7 April to reduce its debt by $ 500 million. It had 8,600 employees, before filing Chapter 11 bankruptcy.
True Religion is a retailer of designer jeans with headquarters in 26 states and a presence in other department stores. It filed on 13 April for the second time in less than three years. True Religion had 3,086 employees, before filing Chapter 11 bankruptcy.
Whiting Petroleum filed on 1 April. But it said it would continue to operate its business. The shares of the publicly traded shale drill fell below $ 1 in March, after trading at more than $ 150 in 2015. The company had 505 employees, before filing bankruptcy.
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