The list of bankruptcies this year continues to grow.
Casual food chain Ruby Tuesday filed for Chapter 11 protection on Wednesday. The Tennessee-based company became just the latest in a string of major brands to file for bankruptcy in 2020 — a year where virtually every type of brick-and-mortar business suffered due to the coronavirus pandemic.
Just last month, Sizzler filed for Chapter 11 bankruptcy.
J.C. Penney Co. Inc. (OTC: JCPNQ) will likely close 144 stores as the troubled retailer works toward a sale to two of the country’s largest mall owners: Simon Property Group and Brookfield Property Partners. Per RetailDive.com, progress on the deal has slowed.
Over three dozen retailers and restaurants have filed for bankruptcy in 2020, according to Business Insider. This year will set a record for companies saddled with at least $1 billion in debt, as per New York University professor Edward Altman (via the New York Times). The number of bankrupt companies with debt of at least $100 million will be comparable to the record set in 2009 on the heels of the economic crisis, Altman suggests.
Here's a look at some of the other companies that sought bankruptcy protection in 2020:
Aldo Group: The shoe retailer, which has a chain of 700 stores and employed some 8,000 people, went bankrupt in May.
Art Van Furniture: The metro Detroit-based furniture and mattress retailer liquidated all company-owned stores before filing Chapter 11.
Ascena Retail Group Inc. (OTC: ASNAQ): The company behind clothing chains Ann Taylor and Lane Bryant filed Chapter 11 in July.
Bluestem Brands: The owner of the Fingerhut catalog went bankrupt and sold assets to lenders led by Cerberus Capital.
Brooks Brothers: The retailer, founded in 1818, filed for bankruptcy in July and was sold for $325 million to mall operator Simon Property Group Inc. (NYSE: SPG) and Authentic Brands Group in August.
Centric Brands: The company behind licensed brands like Calvin Klein, Tommy Hilfiger, and Nautica filed for bankruptcy in May with $435 million of DIP financing.
Century 21 Department Stores LLC confirmed plans to close all 13 of its stores and liquidate assets as part of a chapter 11 process.
G-Star Raw: The denim company, with more than 30 stores in its portfolio, filed for Chapter 11 in July.
Garbanzo Mediterranean Grill: The franchise filed for Chapter 11 bankruptcy on Aug. 12 after 48% of its stores brought in no revenue since mid-March.