(Reuters) - Forever 21 Inc on Sunday became the latest U.S. retailer to file for bankruptcy, succumbing to the twin challenges of changing consumer tastes and a relentless shift to online shopping.
The teen apparel retailer joins a list of household names, such as Sears Holdings and Toys ‘R’ Us, which have filed for bankruptcy protection since the beginning of 2017. Some retailers have even filed for a second time.
Toys ‘R’ Us Inc eventually went into liquidation, while others like David’s Bridal, Nine West and Mattress Firm Inc reorganized and emerged from bankruptcy.
Below is a list of major retailers that filed for bankruptcy since 2017, from the most recent to the oldest:
FOREVER 21 INC
The fast-fashion retailer filed late on Sunday to restructure its business and requested approval to close up to 178 U.S. stores.
Forever 21 listed both assets and liabilities in the range of $1 billion to $10 billion, according to the court filing.
The pharmacy and discount retailer said in September it filed for Chapter 11, months after the company began shuttering hundreds of unprofitable stores in the United States.
BARNEYS NEW YORK INC
The luxury department store chain [DBWLDB.UL] filed for bankruptcy protection in August and put itself up for sale, pushed to the brink by falling revenue and soaring rent at its stores that caused many vendors to effectively stop shipping merchandise to the chain.
The denim and accessory brand known for its jeans filed for bankruptcy in March, blaming mounting losses, a sales plunge, expensive leases and cyber fraud.
At the time of court filing, Diesel USA had $50 million to $100 million of assets, and $10 million to $50 million of liabilities.
PAYLESS SHOESOURCE INC
The U.S. discount retailer in February filed for Chapter 11 bankruptcy protection for the second time, along with its North American subsidiaries.
The retailer had said it would close about 2,500 stores in North America and wind down its e-commerce operations.
GYMBOREE GROUP INC
The children’s clothing retailer filed for bankruptcy protection in January, the second in almost two years, and said it will close more than 800 Gymboree and Crazy 8 stores.
SEARS HOLDINGS CORP
The iconic U.S. retailer that once dominated the U.S. malls filed for Chapter 11 bankruptcy in October, following a decade of revenue declines and hundreds of store closures.
Sears had listed $6.9 billion in assets and $11.3 billion in liabilities.
In February 2019, a U.S. court approved a takeover bid from its chairman Edward Lampert's hedge fund, allowing Sears to avert liquidation and preserve tens of thousands of jobs. (reut.rs/2nUIXF6)
GUMP’S HOLDINGS LLC
The parent company of luxury home decor and furnishing retailer Gump’s Corp filed for bankruptcy in August.
It listed assets and liabilities in the range of $10 million to $50 million. (reut.rs/2miaTCs)
The girl's accessories chain filed for bankruptcy protection in March, expecting to reduce its debt by about $1.9 billion. (reut.rs/2mgHuZm)
BON-TON STORES INC
The U.S. department store chain was the first major brick-and-mortar retailer to file for bankruptcy protection in 2018 to restructure its debt and explore a potential sale. (reut.rs/2ELiSg0)
The retailer in April won court approval for a bid to wind down its operations. (reut.rs/2n8VuES)
TOYS ‘R’ US
The toys retailer filed for Chapter 11 in September, hoping to restructure some $5 billion in debt, much of which stemmed from a $6.6 billion leveraged buyout by private equity firms in 2005.
It liquidated in 2018, a blow to hundreds of toy makers that sold products to the chain, including Barbie maker Mattel Inc and rival Hasbro Inc.
The women's shoe chain filed for Chapter 11 in September with a plan to close most of its stores and focus on its wholesale, e-commerce and international businesses. (reut.rs/2nQVY2A)
The U.S. electronics chain filed for bankruptcy in March for the second time in little over two years, faced with a challenging retail environment and an unsatisfying partnership with wireless provider Sprint Corp. (reut.rs/2n8oSuW)
The appliances and electronics retailer and its Gregg Appliances Inc unit filed for bankruptcy protection in March, as they continued to struggle with declining sales for about four years. (reut.rs/2n9BXEv)
Reporting by Soundarya J and Akanksha Rana in Bengaluru; Editing by Sriraj Kalluvila
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