iconic department stores to entertainment giants, the coronavirus has seemingly
spared no one in its devastation of the U.S. economy.
Falling consumer demand,
reduced entertainment spending, and stay-at-home orders mandating certain
businesses stay closed continue to take their toll on a retail industry that has been
struggling for the past several years as consumers pivot to online shopping.
Even with the slow
reopening of the economy as lockdowns beginning to lift, social distancing
measures may continue for months. That will impact store capacity for retail
and restaurants. For some businesses, these temporary changes could indicate
While bankruptcy doesn’t
inherently mean that a company will go out of business — it's more a financial restructuring — it does spell news of changes to come.
Here’s a list of all the
major companies to have filed for bankruptcy so far since the start of
The New York City-based
gourmet foods retailer filed for bankruptcy on March 31, one of the first
businesses to show signs of trouble due to coronavirus impact. The company was
founded in 1977 and was acquired by Pace Food Retail in 2014.
Apex Parks, which owns and
operates 14 family entertainment and water parks in New Jersey, California, and
Florida, filed for Chapter 11 bankruptcy on April 8. A release from the company
indicated that they do not intend to close.
Bravo and Brio Restaurant Parent
FoodFirst Global Holdings,
the parent company of restaurant chains Bravo Cucina Italiano and Brio Tuscan
Grille, filed for Chapter 11 bankruptcy on April 10. FoodFirst acquired the
brands in 2018.
True Religion, a clothing
brand known for its jeans, filed for Chapter 11 bankruptcy on April 13. The
company, whose trendy denim rose to popularity in the 2000s, also filed for
bankruptcy in 2017.
CMX Cinemas, a chain of
movie theaters with dine-in options, filed for Chapter 11 bankruptcy on April
25. The theaters, owned by parent company Cinemex Holdings, was in the process
of acquiring the Star Cinema Grill, a deal that was inked only six weeks prior.
Rubie’s, which manufactures
costumes, wigs, and other festive gear, filed for Chapter 11 bankruptcy on
April 30. Rubie’s claims to be the world’s largest designer and manufacturer of
The preppy retailer worn by
celebrities and shoppers alike filed for
bankruptcy on May 4. The company also owns Madewell, a women’s clothing and accessory brand.
Gold’s Gym, which owns and
operates over 700 gyms in the U.S. and internationally, filed for Chapter 11
bankruptcy on May 4. The company said in a release they hope to be through the
filing by Aug. 1, “if not sooner.”
Luxury department store Neiman
Marcus filed for
Chapter 11 bankruptcy on May 7. The century-old retailer is one of several traditional department stores that could be headed for trouble.