Recently, CEC, the company behind restaurant and entertainment venue, Chuck E. Cheese, closed down locations and filed for bankruptcy protection as the coronavirus shuttered restaurants and challenged live-events companies. Even as the U.S. reopens, Hammond is not optimistic. Bankruptcy filings, he notes, are a lagging indicator.
Are there any restaurants that have filed for bankruptcy?
The company filed for Chapter 11 bankruptcy in September 2020, citing a huge decline in dine-in business and trouble negotiating rent relief with its landlords. It has closed six restaurants permanently. There are more than 100 locations, but most are franchise-owned and will be unaffected by the filing.
How many companies have filed for Chapter 11 bankruptcy?
The group reported 560 commercial Chapter 11 filings in April, a 26% increase from last year. A man walks past a store going out of business on May 5, 2020 in the Brooklyn borough in New York City. The coronavirus pandemic has pushed many struggling companies over the edge and into bankruptcy.
When was the last time a company filed for bankruptcy?
This strip-mall staple for musicians of all stripes, the biggest seller of instruments in the United States, filed for Chapter 11 bankruptcy in late November 2020 after a tumultuous year. Pandemic-related store closings and increasing competition from other online instrument sellers put the chain in a cash crunch, analysts say.
This high-end beauty brand’s U.S. division filed for Chapter 11 bankruptcy at the end of January, citing crushing rent obligations in light of COVID-19’s drag on sales. The chain has 166 stores across the country and says it will close 23 of the least profitable locations.
As of September, upwards of 80 companies had already filed for Chapter 11 as a result of the pandemic and its impact on our erratic, cash-strapped shopping habits and the global supply chain. Sectors like retail, restaurants, entertainment, real estate gas and oil were hit harder than most.
Who are the retailers that went bankrupt last year?
Last year sent 17 major retailers into bankruptcy. For some — including Payless, Gymboree and Charming Charlie — it was their second trip to court. Bankruptcy also proved fatal for more retailers in 2019, as liquidations increased. In all, retailers closed more than 9,500 stores last year.
