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. Specialist Leisure Group, a British company with 44 hotel and travel brands like Shearings, a century-old tour bus operator, entered administration on May 22 and cut 2,460 jobs. A. to convert about $1.7 billion of debt to equity. Oil and gas drillers like Whiting Petroleum and Diamond Offshore filed for bankruptcy in late April, and J.Crew became the first major U.S. retailer to do the same on May 4. , a Wisconsin-based engine manufacturer for outdoor power equipment. According to the Office of the Superintendent of Bankruptcy Canada, in April 2020 bankruptcies were down nearly 36 percent from the previous year. The luxury department store managed to restructure its massive debt outside of bankruptcy proceedings last year, but that was not the case in … CSGP It is liquidating its business in Ireland, permanently closing its 11 stores there. Temporary store closures. . The Uncertain Future of Distressed Cannabis Bankruptcies and the 2020 Elections. Discount retailer Century 21 filed on September 10 and announced it was liquidating and closing its 13 stores. to wipe out more than $5 billion in debt. The U.S. courts recently … Illinois-based pharmaceutical company Akorn filed on May 20, two years after Fresenius backed out of a planned $4.3 billion takeover over quality control concerns. It all adds up to a toxic mix that may leave many retailers underwater with only one way out in 2021: bankruptcy. It’s been a wild ride for the retail sector in recent months — and bankruptcies are adding up. Another nine per cent said they were somewhat close. With assets of roughly $16.2 billion and liabilities of $11.8 billion, the filing represents the fourth-largest bankruptcy by assets so far in 2020, above that of Intelsat. Clothing conglomerate Nygard Entities filed for Chapter 15 on March 19. Houston-based Hi-Crush, which offers frac sand production and logistics services for fracking operations, filed on July 13 to reduce its debt load by $450 million. Many people who have been laid off are able to take advantage of the Canada Emergency Response Benefit, which, while, not a huge amount of money, is enough to deal with day-to-day expenses, Brzezinski said. Below is a list of all companies that have been granted protection under the Companies' Creditors Arrangement Act (CCAA) since September 18, 2009.The CCAA is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. Two newly-formed Trane Techonologies spin-offs, Aldrich Pump LLC and Murray Boiler LLC, filed on June 18 to help the Irish manufacturer deal with $100 million worth of asbestos-related litigation. More are on the way. Some of the biggest names in corporate America are in danger of going the way of Sears, Blockbuster and RadioShack. "So we're going through this sort of fantasy calm before the storm.". It reopened its 14 locations in Quebec and Ontario in May after weeks of coronavirus-related closures. Mood Media, which provides hold music on calls and background music in stores to retailers, filed on July 30 to erase $404 million of debt. Canadian retail superstore Sail Outdoors filed on June 2. Charlottesville, Virginia-based WorldStrides, which partners with schools and universities around the world to offer educational tours and served 550,000 students last year, filed on July 21 with schools hesitant to open their classrooms, let alone plan field trips. on April 7 to reduce its debt by $500 million. Only 70 employees remained to wind down the business. 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 food distributor with $3.5 billion in revenue in 2018, filed on June 10 weeks after its assets. For details about a particular record, click on the company name. I see the majority of the small businesses not surviving the bankruptcy. "It's 13 per cent of the entire population that's in dire straits," said pollster John Wright, who is a partner with Dart C-Suite Communicators. Casual Dining Group, the London-based parent company of British chains Cafe Rouge and Bella Italia, entered administration on July 2 and announced it was permanently closing 91 of its 250 locations, leaving 1,900 employees without a job. — Bankruptcies spike: Economists are warning the Canadian economy could soon face a wave of insolvencies, which jumped by nearly 20 per cent in September and could continue their upward trajectory. Canadian Bankruptcies Jump At Fastest Pace Since Financial Crisis Research suggests Canadians are under immense social pressure to spend money, and that's driving debt. Cirque du Soleil, based in Montreal and famed for its circus acts on the Las Vegas Strip, filed on June 29 and announced it was laying off 3,480 workers after the pandemic forced it to stop performing. "How many small retail stores, how many restaurants, how much of the hospitality industry has been struck down for good that we will never see again? New Zealand furniture and appliance retailer. and announced it was permanently closing 91 of its 250 locations, leaving 1,900 employees without a job. You just need to scroll up this list of 2020 airline bankruptcies to find a few examples (Avianca Perú, Germanwings, … Popular nationwide fast casual chain California Pizza Kitchen filed on July 30 and warned that it may close unprofitable locations. It still plans to reopen its 181 J.Crew stores, 170 factory stores and 140 stores for its women’s clothing brand Madewell after coronavirus-related restrictions are lifted. Its shares peaked at about $60 in 2013, but have traded below $1 since July of last year. For debt-relief and bankruptcy help, contact us today. "So businesses are also going through the great deferral.". About 3,600 companies filed for Chapter 11 in the first half of 2020, more than any year since 2012, according to the American Bankruptcy Institute. Audience Relations, CBC P.O. as sales declined while its retail customers are closed due to Covid-19. Romanian airline Blue Air announced it was entering a debt restructuring procedure on July 6 after business slumped as Europe shut down for most of the spring. Bar Louie, a nationwide gastropub chain, filed on January 27 after closing 38 of its locations, leaving less than 100 remaining. Its shares peaked at about $60 in 2013, but have traded below $1 since July of last year. When it comes to consumer bankruptcies, business is actually down — fewer people are filing now than they did before the pandemic began, said Brzezinski, a partner in the Toronto-based legal firm Blaney McMurtry and specializes in business reorganization, insolvency, liquidation and bankruptcy. Why? In a press release , the company complained that efforts to cut supply chain costs were hampered by … Speedcast International, 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, filed on April 23. Over the next few months, we'll likely see an unfolding of two crises: the global pandemic and the bursting of the Canadian consumer debt bubble," Grant Bazian, president at MNP, said in a statement. Consider this recent take. QUAD and announced it was selling its five operating companies. and said it would close four of its stores. , an Oscar-winning French company that produces special effects for major movies, Wisconsin-based auto parts and plastics manufacturer. , which pversees two Lasik eye surgery providers. Restaurant franchisor CraftWorks filed on March 3 to reduce its debt by more than $140 million shortly after closing about 10% of its locations. Indeed, Douglas Hoyes, a licensed insolvency trustee and co-founder of Toronto-based Hoyes, Michalos & Associates, predicts that when the figures come in for April, personal bankruptcies will likely be down about 50 per cent from last year. The survey said 62 percent of small businesses are fully open; 37 percent are fully staffed; and only 26 percent are making normal sales. Neiman Marcus emerges from bankruptcy. , which operates 30 newspapers in 14 states. Insolvency Statistics for 2020 Insolvency Statistics in Canada—Monthly Reports. , a Dallas-based luxury menswear retailer rooted in one-on-one contact with customers for its custom-made suits and shirts. , the parent company of iconic retailer Ann Taylor and Lane Bryant, among other brands. Pier 1, a home furniture chain with close to 1,000 locations at the beginning of the store, began a Chapter 11 reorganization on February 17, before the weight of the pandemic even reached the U.S. Shares were trading at more than $460 in 2013 before beginning a steep and steady decline. It was delisted from the Nasdaq the next week. The survey was done for MNP by Ipsos, which described it as accurate to within plus or minus 2.5 points, 19 times out of 20, had all Canadian adults been polled. The number of Alberta business bankruptcies in October 2020 decreased by 26.7% from the same period a year ago, from 15 to 11. as sales plunged at its physical locations while customers stayed home due to the pandemic. , the largest oil and natural gas producer in California. on February 17, before the weight of the pandemic even reached the U.S. Shares were trading at more than $460 in 2013 before beginning a steep and steady decline. Only 70 employees remained to wind down the business. and announced plans to close an undisclosed number of its 2,800 stores. Intelsat filed on May 13, though it said it will continue to launch new satellites. The family arcade center that attracts swarms of children pushing buttons, collecting prizes and sharing pizza unsurprisingly had a hard time pivoting to a takeout pizza model, though 266 of the company-operated Chuck E. Cheese and Peter Piper Pizza venues have already re-opened. Stores and factories worldwide are running out of money as the COVID-19 pandemic forces them to ... [+] close. , an online search platform for rental homes, while at the same time announcing it was being bought out of bankruptcy by competitor CoStar Group. London-based offshore oil driller Noble Corp. filed on July 31 to eliminate $3.4 billion in debt. Lord & Taylor owner Le Tote owes 33.2 million Canadian dollars ($23.53 million) from a promissory note to Hudson's Bay Company after buying the retailer from the Canadian … and announced it was liquidating and closing its 13 stores. , which offers products for aortic disorders. Libbey, an Ohio-based glass tableware manufacturer for restaurants and bars that no longer needed new drinking glasses while they were closed, filed on June 1. British airline Flybe, one of Europe’s largest regional carriers, entered administration and grounded all flights on March 5. Trucking conglomerate Comcar Industries filed on May 17 and announced it was selling its five operating companies. Ymagis, a French company specializing in digital technologies in movies, filed for Chapter 15 in New York on July 27. The wave of post-virus bankruptcies kicked off April 1 with shale driller . Therefore, they are not in inflation-adjusted terms, meaning the list skews towards more recent events. For the 12 months ending February 1, 2020, Aldo lost $74.8 million in Canada and $52.8 million in the United States. The number of Canadian bankruptcies decreased by 1.1% over the same time period. Gold’s Gym filed on May 4 after having to close its 700 fitness centers due to coronavirus lockdowns. with all 41 of its theaters closed nationwide during the pandemic. Beyond that big drop, there's good recent news regarding bankruptcies. , weeks after it announced it was laying off 20% of its corporate workforce and closing up to 500 stores. Skillsoft, a corporate e-learning and talent development servicer, filed on June 14 to reduce its debt to $410 million from about $2 billion. , which operates 19 shopping malls in the U.K. and Spain. Milwaukee-based seat manufacturer Jason Industries filed on June 24 to delever its balance sheet by $250 million. "There's no point in trying to collect money when people don't have revenue coming in," he said. Canada Bankruptcies - values, historical data and charts - was last updated on December of 2020. It was delisted from the Nasdaq the next week. Bluestem Brands, the parent company of seven e-commerce subsidiaries, filed on March 9. Upscale stationary chain Papyrus’ parent company filed on January 24 and closed all 254 of its stores. 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. The Paper Store, which sells stationary and small gifts and accessories at 86 locations in the northeastern United States, filed on July 14 and expects to sell its assets. Gun manufacturer Remington Outdoor Company filed on July 27. , an Ohio-based glass tableware manufacturer for restaurants and bars that no longer needed new drinking glasses while they were closed. Learn more. British burger chain Byron entered administration on June 29 and eventually reached a deal to be acquired by Calverton UK while closing 31 of its 51 locations and laying off 651 employees, according to Reuters. The company’s debt stands at $287 million and that’s not including rents owed for April and May of this year — the company failed … . Good Monday morning, — Bankruptcies spike: Economists are warning the Canadian economy could soon face a wave of insolvencies, which … 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. , which sells stationary and small gifts and accessories at 86 locations in the northeastern United States. Oklahoma shale driller Unit Corp. filed on May 22 during the global commodity price crunch, aiming to reduce its debt by $650 million. In view of the recent pandemic caused circumstances, several applicants have been financially impacted; hence, the IRCC is announcing a temporary public policy that will lessen the income requirement for the 2020 tax year to the minimum necessary income, in place of the minimum necessary income plus 30%. https://www.styledemocracy.com/canadian-bankruptcies-store-closures-in-2020 I've been an assistant editor at Forbes covering money & markets since 2019. Nobody knows for sure.". Canadian construction stakeholders have worked together to solve problems in remarkable fashion during the COVID-19 crisis but much more needs to be done, and soon, to keep contractors from sliding into a financial abyss, construction lawyers were told during a recent national webinar. British fashion retailer Debenhams, which employs more than 20,000 people, entered administration on April 6 for the second time in the last year as it struggled to stay afloat with its stores closed. DEC 10, 2020 - Twelve midsize to large corporations – all with more than $10 million in debt – filed for Chapter 11 bankruptcy protection during the third week of June, another consequence of the coronavirus pandemic and continued trouble in America’s oil industry. With the coronovirus pandemic leaving many in a precarious and dire financial situation, the conventional wisdom is that there would be a spike in bankruptcies. Tailored Brands, the parent company of menswear retailers Men’s Wearhouse and Jos. The company was under fire after a class-action lawsuit filed in February levied sex-trafficking allegations against founder Peter Nygard. Despite a recent uptick in gun sales, Remington has faced years of litigation after making the rifle used by the gunman in the tragic 2012 Sandy Hook Elementary School shooting, and victims’ families worry that the bankruptcy filing may jeopardize their lawsuit. into bankruptcy on January 5, aiming to reduce its debt load while continuing normal operations. But that's not happening — not yet, at least. as it looks to sell off its cementing business and parts of its fracking business. Research from investment bank Jefferies shows that large-firm bankruptcies shot 244% higher year-over-year in the July-August period, and that large-firm bankruptcies in 2020 … Add some “good” to your morning and evening. Hoyes agreed that as things gradually start to come back to normal, it's reasonable to expect a "a big spike" in bankruptcies, likely in the fall. , 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. GM —the equivalent of a bankruptcy process—on March 30, immediately halting all new rent-to-own and cash loan lending activities. Canada mulls to invite nearly 3 million people in coming decade. Foodora, a food delivery app that is a subsidiary of Berlin-based Delivery Hero, filed for insolvency in Canada on April 27 and announced it’s ceasing operations in the country on May 11. Discount retailer Tuesday Morning filed on May 27 and expects to close about 230 of its 687 stores nationwide. Canadian auto parts manufacturer Spectra Premium filed on March 10. , a midwestern retailer with 176 locations. Wave of U.S. January 2020; February 2020; March 2020; April 2020; May 2020; June 2020; July 2020; August 2020; September 2020; October 2020; Insolvency Statistics in Canada—Quarterly Reports. with demand for elective surgeries all but disappearing. St. Louis-based coal miner Foresight Energy filed on March 10 with $1.4 billion in debt. Davide Scigliuzzo. The emergency benefits have stopped. It had billions of dollars of debt even before oil prices plunged in recent weeks. Bank, filed on August 2, weeks after it announced it was laying off 20% of its corporate workforce and closing up to 500 stores. Reitmans, a prominent Canadian fashion retailer with 576 stores, began a restructuring process on May 19. , but planned to double its domestic flights and quadruple its international flights in July compared with June as it ramps up operations following strict coronavirus shutdowns. The Canadian Press. Meanwhile, the economy added 62 thousand jobs, above forecasts of a 20 thousand gain as full-time employment rose by 99 thousand and part-time employment was down by 37 thousand. Vision Group Holdings, which pversees two Lasik eye surgery providers, filed on May 30 with demand for elective surgeries all but disappearing. and announced it was laying off 3,480 workers after the pandemic forced it to stop performing. after closing 38 of its locations, leaving less than 100 remaining. Private equity-backed Interactive Health Solutions filed for Chapter 7 and ceased operations on June 14. Analysts say the current reprieve from bankruptcy filings is caused by a number of factors. ^^^Chesapeake filed on 8/21/2020 its schedules with a total of over $95B in debt, most of which is intercompany loans and therefore not included. to reduce its debt by more than $400 million. Despite a recent uptick in gun sales, Remington has faced years of litigation after making the rifle used by the gunman in the tragic 2012 Sandy Hook Elementary School shooting, and victims’ families worry that the bankruptcy filing may jeopardize their lawsuit. So if in September and October, we saw a 20, 30, 40, 50 per cent spike in bankruptcies, that wouldn't surprise me.". Here are the major companies with at least 500 employees that have filed for bankruptcy in 2020. The company was under fire after a class-action lawsuit filed in February levied sex-trafficking allegations against founder Peter Nygard. Helios and Matheson, the parent of movie-theater subscription service MoviePass, filed for Chapter 7 bankruptcy on January 29. Brittany Chang. have all endured bankruptcy reorganizations in the last two decades. Lucky Brand, a Los Angeles-based fashion designer and retailer specializing in denim, filed on July 3 and announced it is being acquired by Sparc, the parent company of Aeropostale and Nautica. 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. on March 11 and announced plans to close all 153 of its stores spread throughout the northeast. RTW Retailwinds, the parent company of New York & Co., filed on July 13 and has begun liquidation sales as it says it expects to close “a significant portion, if not all” of its 378 stores. . and announced that it will permanently close more than 100 of its roughly 400 gyms, citing the “disproportionate impact” of the coronavirus pandemic on the fitness industry. . And that may be at the end of August, when the CRA is, in fact, starting to seek payments for income tax or arrears of tax," he said. A. The government has also deferred or extended the time for income tax return filing and people who owe income tax. The prominent department store chain has lost money for nine straight years, and its troubles were exacerbated by the pandemic that forced its 850 remaining locations to close. Town Sports International, the parent company of New York Sports Clubs and fitness chains in other major East Coast cities, filed on September 14 after its gyms were forced to close for much of the spring and summer. “By the end of May-2020, most airlines in the world will be bankrupt,” said a recent report published by the Centre for Aviation (CAPA), a … IntegraMed America, which offers nearly 100 medical facilities and fertility centers in the U.S. services like egg freezing, filed on May 20. Brzezinski said there might be a few proposals made, in which a company offers their creditors five or 10 cents on the dollar. And the entire department store sector has suffered as more consumers shop online. to eliminate $2.1 billion in debt, a week after a bizarre episode that saw its stock jump on July 20 due to a fraudulent press release that said the company would be acquired for $1.20 per share. The biggest victim in the first half of 2020 was Chesapeake Energy, a shale giant that declared bankruptcy on June 28 with more than $9 billion in debt. 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. It operated a fleet of 35 Airbus aircraft, 18 of them A330 wide-bodies. Ellis Fabrication Inc. et al. Art Van Furniture, a midwestern retailer with 176 locations, filed on March 8. Bankruptcies in Canada is expected to be 205.00 Companies by the end of this quarter, according to Trading Economics global macro models and analysts expectations. to Aldi, Publix and other winning bidders. 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