On a typical day, its Mountain View location would be packed with tech workers from nearby companies including Alphabet Inc.’s Google and Samsung Electronics Co. Even as its locations gradually reopened in recent months, the company couldn’t get significant rent abatements and deferrals from its landlords, leaving it in default on nearly half of its leases. Most locations are organized as separate companies, which allows Regus to put them in court protection individually. But revenue came to a grinding halt when the pandemic forced fans to stay home and venues to shut down. A long list of creditor claimants has been issued showing the names of those wanting money from the liquidated company which developed New Zealand's biggest homeware store. Since the end of July, co-working company Regus has put more than 100 of its U.S. properties into bankruptcy under its RGN-Group Holdings unit. New Jersey governor Phil Murphy ordered all … With no talk of rent concessions, the owners put their two LemonShark locations—one in the Florida Mall, the other elsewhere in Orlando—into bankruptcy protection to get out of the mall lease. The company, which has 26 facilities treating people with substance-abuse issues in eight states, was already having trouble servicing its debt payments when the coronavirus hit the U.S. Stay-at-home orders and travel restrictions helped drive a decline in outpatient visits and inpatient admissions, while the company was forced to spend time and resources keeping its facilities open with enough staff and personal protective equipment so they and the patients would be safe. So the National Collegiate Athletic Association’s decision to cancel the event because of Covid-19 was a major blow. The running list of 2020 retail bankruptcies The pandemic has ushered in a wave of bankruptcies as retailers struggle to pay rent, vendors and other expenses. “So when it didn’t happen there was a real liquidity crunch.”. For 45 years, Sugarloaf offered artists across the U.S. a market for their creations, including jewelry, pottery and textiles. The mall reopened in May, but customers didn’t rush back. The Florida sawmill eventually filed for bankruptcy protection on April 30. The list of U.S. companies that blamed Covid-19 for helping to push them into bankruptcy has grown to more than 330. In recent years, the company had relied on celebrity collaborations with the likes of Gabrielle Union, Kate Hudson and Eva Mendes to help drive sales among its core customer base of 25-to-49-year-old women. Alpha Entertainment, founded by World Wrestling Entertainment mastermind Vince McMahon, lost tens of millions of dollars in revenue when it canceled the remainder of the XFL season and fired about 500 football players. The U.S. counsel resigned after being left with unpaid invoices. The liquidation business is itself very lucrative, and dealing with clothing can be all the … as well as other partner offers and accept our, Holly Hildreth / Contributor / Getty Images, Photo by Mel Melcon/Los Angeles Times via Getty Images, Michael Brochstein/SOPA Images/LightRocket via Getty Images, Alex Tai/SOPA Images/LightRocket via Getty Images, Jeffrey Greenberg/Universal Images Group via Getty Images, Denise Truscello/Getty Images for ITSUGAR. The Las Vegas Monorail usually shuttles 5 million people—mostly out-of-towners—up and down the city’s dazzling strip each year. The official B2B liquidation auction marketplace for Walmart Liquidation, offering bulk lots of Walmart.com returned and overstock merchandise. The owner of the Ann Taylor and Lane Bryant chains is now considering closing more than 1,000 stores. So goes the client roster of T. Anthony, a posh Manhattan luggage-maker forced to shut its Park Avenue store and furlough all but one employee before filing for bankruptcy. Like more than 20 other U.S. church districts that have sought bankruptcy protection to settle such claims in an orderly way, the Archdiocese - with roots that predate the 1718 founding of New Orleans - filed for Chapter 11 on May 1. “The numbers just don’t work,” he said. Some, like apparel company Ascena had stores dotting suburban malls across the country. The company is dealing with falling revenue and long-term leases that don’t reflect “Covid-19-adjusted market realities,” it said in court papers filed last month. Here's a list of the retail companies that have filed for bankruptcy so far in 2020: The entire fleet of Papyrus stores was slated to shut down when the chain's parent company… Last year, Furla USA began shifting its strategy to focus on its online and wholesale businesses. Now the company hopes to sell itself to another buyer in an auction next month. Source: Company, Subsidiary of co-working space provider IWG Plc in Texas with $1.0B estimated assets, Off-price retailer in Florida with $757.5M estimated assets, A Stein Mart store in Miami on Aug. 12, 2020. The biggest stories in fast food, shopping, and more. It had reopened all its stores by June 15. Chief Executive Officer Andrew McWilliams found a silver lining in the pandemic, noting that the grim national mood is actually good for the company. They have since sold their house and moved to Southern California looking for a fresh start at a time when they had expected the diners to subsidize their retirement. Rohit Jain @AcsRohit; Bookmark. Read more: The CEO of one of America's largest mall operators says malls are turning into fulfillment centers and that they need to transform their 'lazy a-- business' if they want to survive. Overnight, places that once seemed so hip, with espresso machines, plush lounges and treadmill desks, emptied out. “We had to tell 4,500 people: we’re not letting you go but we need to put everything on pause.” Here’s how the Covid-19 pandemic bankrupted 55-year-old Gold’s Gym. Estimated assets of more than $50 million for SAExploration were listed in the petition of its SAExploration Inc. entity. ABA filed for Chapter 11 bankruptcy in the Eastern District of New York on Aug. 3. All incoming patients are tested for the coronavirus and quarantined from the general population while awaiting test results, which restricts the number of available beds. since. Our online database is updated daily with new distressed listings and our members are notified of new distressed businesses via our daily email alerts. LIP Inc. estimated assets combined with two affiliates being jointly administered, LIP II Inc. and LIP III Inc. People came for breakfast, lunch and company. Photographer: Thomas Campbell/XFL via Getty Images, Regional airline in Alaska with $100.0M estimated assets, A Ravn plane picks up passengers in Napakiak on the Yukon Delta, Alaska, on April 19, 2019. Nearly 100-year-old Italian leather goods brand Furla drew fans willing to plunk down $428 for a structured crossbody bag or $178 for a wallet. The discount retailer survived early pandemic lockdowns, but was hobbled by a recent surge in cases in California and much of the southern U.S., forcing it to file for bankruptcy on Aug. 12. “The resurgence of Covid-19 cases in the Southeast, Texas, Arizona and California, where the majority of the company’s stores are located, again materially, adversely impacted the company’s revenue” in July 2020, Chief Executive Officer D. Hunt Hawkins said in court documents. “With no cash flow coming in, even a well-managed company cannot survive indefinitely.”. It estimated liabilities of $10 million to $50 million in court documents. Companies Act. U.K.-based IWG is one of the biggest co-working space providers in the world and its Regus unit has more than 1,000 locations in the U.S. and Canada. Born out of the dot-com bubble, Occasion shipped its first dresses for the 1999 prom season. Quicklotz. The walls were lined with jerseys and other memorabilia. With some of its leases running more than $30,000 a month, the company saw no choice but to shut its doors for good. “March is what makes up for every slow month,” said J. Christian Dennery, the tavern’s lawyer. The premature demise of the league wasn’t bad news for everyone, though. Photographer: Jason Kirk/Hulton Archive/Getty Images, Non-profit in Louisiana with $100.0M estimated assets, A reverend prepares to bless residents on Holy Wednesday outside St. Dominic Catholic Church in New Orleans, Louisiana, on April 8, 2020. Customers at the upscale Florida Mall in Orlando once flocked to the shopping center’s LemonShark Poke outpost, crafting custom bowls of raw tuna or salmon to fuel up between visits to Apple or Zara. Source: Seth M. Bennett, Operator of rehab centers in Tennessee with $449.3M estimated assets, Bounce house rental company in Texas with $100.0K estimated assets, A Bounce For Fun attraction. Visit Business Insider's homepage for more stories. For John Barrett Inc., assets of at least $1 million are listed under a related entity, Mezz57th LLC. Specialty’s sandwiches, salads and pastries had become a staple for thousands of office workers in downtown San Francisco and across the Bay Area. Covid-19 “was the proverbial ‘nail in the coffin’” for RTW Retailwinds, owner of apparel chain New York & Co. Regus and its parent, IWG, are not in bankruptcy. Billionaire New York real estate mogul Charles S. Cohen, who also owns Harrys of London, purchased T. Anthony in 2018. But the pandemic transformed the charter flight business as tourism slowed, even while demand for small-scale flights remained. The chain said a unit of its owner will provide it with financing to keep stores open during the reorganization and that it expects to be in a better position to navigate the pandemic once it emerges from Chapter 11. Now the owners are looking to open another LemonShark restaurant outside the shopping center. Businesses in Administration. Two Keys hopes to either resolve the landlord dispute and reopen in its current building or sell the company’s assets to somebody willing to reopen the tavern in a nearby location, Dennery said. Their insurance company rejected their claim for damages, even though they had paid for loss-of-income coverage. The change proved “well-timed” given the pandemic, but Furla USA still faced “unprecedented liquidity and operational challenges” when it was forced to temporarily close its shops to comply with local health orders. A dispute with Ucann’s largest creditor, who tried to attach some of the company’s assets, eventually precipitated the bankruptcy filing on April 20. ... KPMG was appointed as administrator and the business is expected to be liquidated, according to the CRR. The Frisco, Texas-based company had amassed a catalog of more than a hundred attractions available for rent, including bounce houses, water slides and obstacle courses. Register to bid on pallets and truckloads of appliances, bikes, apparel, sporting goods, home goods, toys, and TVs. But diner food is comfort food, Andrews said. But as the coronavirus pandemic roils the industry, more major retailers and restaurant chains have now filed for bankruptcy in the first nine months of 2020 than all of 2019. The coronavirus pandemic has accelerated the demise of companies that were already in ... filed on July 13 and has begun liquidation sales as it … But just as its peak season was about to kick off, states including Texas banned large gatherings, shut down schools and asked residents to stay at home. Watch on Bloomberg QuickTake. The New York-based firm took steps to shore up liquidity like furloughing workers and asking for rent deferrals before filing for bankruptcy to re-work its borrowings. But also oil producers, mall landlords, and a helicopter tour operator. Publication Date 8 Dec 2020: RAMS SAI LIMITED and SAI RIDGE LIMITED (both in liquidation) 2020-al5654 Preview. Furla USA had been struggling to stem declining sales even before the pandemic began, according to court papers. The company is trying to renegotiate leases to keep its troubled co-working centers operating even though it doesn’t know “when (and indeed, whether) the U.S. will return to something resembling the pre-pandemic ‘business as usual.”. Companies Act. The new work-from-home reality has rocked the shared-office space market. Then came Covid-19. How the XFL went from launching a promising new sports league to bankruptcy in just two months due to Covid-19. The bankruptcies include plenty of iconic names. Updated: 8 December 2020 14.21 (refresh your browser for the latest version) The following list is subject to change until 4.30pm. The sector had been under pressure from New York’s 2016 decision to limit flights following resident complaints about the “non-stop din of helicopters” in the city. These are some of the more than 330 companies that declared bankruptcy in the U.S. this year and blamed Covid-19 in part for their demise. We have the UK’s most comprehensive online database for distressed business. We list UK companies that fall into administration, liquidation and have winding up petitions lodged against them. It’s now being bought out of bankruptcy by the Berlin-based owner of the McFit chain. Appointment/Release of Liquidators. Its newly appointed chief restructuring officer later would explain to the court that the entire management team and various engineers had returned hastily to Europe “in order to avoid a dangerous health situation in the U.S. and potential long-term travel restrictions.”. Not all bankruptcies result in outright liquidation. A city tour goes for $850 for a party of four, while longer journeys to the Hamptons, Philadelphia and Washington are also on offer from the White Plains, New York-based company. Elton John. The company is now entering liquidation procedures. A patchwork of other regional airlines stepped in to take over some Ravn routes and business. The company is now planning to sell itself to German fitness company RSG Group GmbH for $100 million after it won a court auction. Walker, who led the XFL in touchdowns before the shutdown, signed with the NFL’s Carolina Panthers for a reported two-year $1.6 million contract. Appointment/Release of Liquidators. The four-mile, seven-stop train system stopped running on March 18, and the non-profit that runs it laid off almost all staff. 11/12/2020: Construction: Hampshire-11/12/2020: Accommodation And Food Service Activities: Mid Glamorgan: £6,271: 11/12/2020: Professional, Scientific And Technical Activities: Leicester-11/12/2020: Construction: N/A-11/12/2020: Financial And Insurance Activities: N/A-11/12/2020: Professional, Scientific And Technical Activities: N/A-11/12/2020: Education: West Midlands: £14,007 Check if a company is being wound up (liquidated) - you’ll need the company’s name or registration number to carry out a search. Forced to close their doors, the couple furloughed 50 of their 65 employees and tried to offer takeout. The listings included on this page are of companies that have gone into administration, CVA or liquidation. The register includes details of the persons insolvency status, is free to use and can be searched by name and/or date range. It’s also sold off assets, but the efforts were unsustainable without help from lenders and bankruptcy protection, the company said in court papers. Steve Andrews was a general contractor who built eateries for other people before he and his wife, Debbie, ran two of their own in Northern California. The vast bulk, though, are small and medium-sized businesses scattered across the country. Publication Date 8 Dec 2020: TOP QUALITY PAINTERS LIMITED and BEST COMMUNICATIONS LIMITED (both in liquidation) 2020-al5656 Preview. Some had billions of dollars in assets. But thrifty shoppers will soon have to search elsewhere for deals after the off-price retailer filed for bankruptcy Thursday with plans to permanently close its 13 stores. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 2020-aw5525 Preview. Retailers, airlines, restaurants. Any alterations after this time will be telephoned or emailed direct to the parties or their legal representatives. Diamond hopes the industry could return to normalcy by mid-2021. Foreign companies with U.S. entities that have filed for bankruptcy in the U.S. are also included. “We are absolutely not going anywhere,” Adam Zeitsiff, Gold’s CEO, told members and employees in a video in May. T. Anthony plans to use Chapter 11 to get fresh financing for its online business and new store, just steps away from its old Park Avenue location in Manhattan. Two Keys earned about 30 percent of its annual revenue during the annual March Madness basketball tournament. The bankrupt company was later approved for $30 million in federal coronavirus-relief funds and in early July it sold many of its planes and assets to other aviation companies. Adventurous tourists wanting an aerial view of New York can hire an Awesome Flight chopper to circle Central Park and downtown Manhattan. When a company enters liquidation, the decision has been made for the business to cease trading and the legal entity will be dissolved. List of shops that have collapsed into administration in 2020 as UK lockdown hits high street. The move left business owners Bruce Galicia and Diana Viera stuck with a $16,000 monthly rent bill and no customers. The list compiled for this story is based on court records, statements and interviews in which business owners or their lawyers explicitly linked the virus to their decision to file. It is not a definitive list but a summary of the major company failures in the UK. Dec 1, 2020 4:36AM EST Credit: REUTERS/LEE SMITH British department store retailer Debenhams is to be liquidated after failing to find a buyer, administrators FRP Advisory said on Tuesday. The retailer employed about 9,000 people as of Feb. 1, but furloughed “a significant number” of employees in March, according to court documents. Voluntary Liquidation: Companies May Soon Be Allowed A Rethink. Financial trouble at United Cannabis began with a classic imbalance between supply and demand. The company tried to keep desks filled by offering discounts and other incentives, but it hasn’t worked, according to court papers. The rushed shutdown left the sawmill with no security guards or insurance. Regus has loaned the offices more than $400 million to get them up and running. A number of retailers and restaurant companies have filed for bankruptcy in 2020. Stein Mart’s bankruptcy might serve as a warning about the risks of re-opening the economy too soon. Companies can also use bankruptcy as an opportunity to turn things around financially. Insurers came to Century 21’s rescue once before, in the aftermath of the Sept. 11 terrorist attacks that heavily damaged its location across the street from Ground Zero. ... ©2020 Company Rescue is a trading name of KSA Group Limited. The Liquidators Guide is a step-by-step, comprehensive resource for resellers who want to tap into the profitable liquidation merchandise industry. Cost overruns and disappointing sales, combined with financial challenges at the Austrian parent, had forced executives in the U.S. to consider a bankruptcy filing or a liquidation. Most will try to reorganize and emerge from court smaller and less-indebted, as companies like preppy retailer J. Liquidation sales have changed:Going-out-of-business sales different because of … Like many peers, Century 21 had struggled to adapt to changing consumer tastes and the shift toward online shopping and was further hamstrung when it had to shutter stores in March to help slow the spread of Covid-19. Its 11 annual festivals, which featured demonstrations and hands-on workshops, ground to a halt in March as social gatherings were banned. “We were hemorrhaging so much money, I just couldn’t do it anymore,” Andrews, 67, said in an interview. "We had to tell 4,500 people: we're not letting you go but we need to put everything on pause. The Nashville, Tennessee-based firm has pivoted by making its vehicles available for other uses. Read more via @business https://t.co/g7o7BTf51i pic.twitter.com/Av3J6cQWah, “We had to tell 4,500 people: we’re not letting you go but we need to put everything on pause.” Here’s how the Covid-19 pandemic bankrupted 55-year-old Gold’s Gym. It even offered a 24-foot rock-climbing wall and a trackless train. Retired Merchant Marine veteran Joe Gold launched his fitness empire in a rough cinder-block building near Muscle Beach in Venice in 1965 with weight-lifting equipment he built himself. For those, the higher value is used. Watch on Bloomberg QuickTake. Yet after 33 years in business, shelter-in-place restrictions “essentially destroyed” Specialty’s market, according to the trustee for the estate. Companies Act. After the Covid-19 pandemic shut down schools and sent kids home, buses stopped running. In November 2019, as the price of CBD plunged, the company laid off more than a third of its 150 employees, according to court documents. She said that employees got abrupt notice in March that they would be permanently laid off. Then the Covid-19 pandemic swept the nation, forcing mall owner Simon Property Group to shut its retail properties in March. But one special high school event won’t have a page in many of their yearbooks: prom. If your company has been delisted or is suspended from quotation it may well be in liquidation. How the @xfl2020 went from launching a promising new sports league to bankruptcy in just 2 months due to #Covid19.Read more @business: https://t.co/4cx5N9Q5jF pic.twitter.com/P6a6Emz0os, How the XFL went from launching a promising new sports league to bankruptcy in just two months due to Covid-19. A free-for-all broke out. But the company’s U.S. unit saw its sales plunge 67% when the pandemic forced stores closed. Some of the companies, which Grimmel oversees as a liquidator include Cheney Pelmets (Private) Limited, Laputa Trading (Private) Limited, Tadnet Investments (Private) Limited, Riverside Funeral Services (Private) Limited, and Retnim Pumps Importers & Maintenance (Private) Limited. Roughneck quarterback P.J. This is an outstanding lifetime estate featuring antiques, quality area rugs, Costume jewelry and watches, extensive Hummel collection, furniture, unique collectibles, appliances, vintage clothing, vintage Christmas and collectibles, tools, household items and more. “When the coronavirus hit, we had 100% cancellations.”. They tried to borrow about $350,000 through the Paycheck Protection Program, but computer problems at their bank spit out the application before it could be processed in time to qualify. Furla USA had most of its shops reopened by the summer, but eight were forced to close a second time amid a resurgence of the virus. Sumrow, who has only one full-time employee, obtained a loan through the Paycheck Protection Program but that was hardly enough to keep going with 85% to 90% of this year’s revenue gone. The CEO of one of America's largest mall operators says malls are turning into fulfillment centers and that they need to transform their 'lazy a-- business' if they want to survive, Click On Detroit | Local 4 | WDIV/Youtube. The decision to close all stores was spurred by COVID-19. But RTW conceded in court papers that it had struggled for years to weather changing fashion tastes and declining foot traffic in malls. Ruby Tuesday and Guitar Center and now Francesca’s, the mall mainstay specializing in women’s clothing and gifts. Many were in deep financial trouble even before governors ordered non-essential businesses shut to help contain the spread of the virus. But pandemic-related cancellations and suspensions have cost the bus industry around $11 billion in all, the company said, citing the American Bus Association trade group. It’Sugar had just $500,000 in cash and over $16 million of liabilities by the time it filed for bankruptcy at the end of September. The liquidation companies then process the inventory item-by-item, package it into boxes or pallets, set the price, and sell it on to smaller businesses and marketplace sellers. Subscriber Updated Sep 4, 2020 A liquidation sale at closed Mall of the Bluffs is gearing up Saturday, according to The Auction Mill, the Omaha company hired by Menard Inc. … +3 That time of year accounts for roughly 70% of the company’s annual sales, according to court documents. Crew and oil producer Denbury Resources have already done. 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