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Bankruptcy Information

According to the Administrative Office of the U.S. Courts, the number of business bankruptcies filed in the first quarter of 2020 totaled 5,952, increased by 6.0% from 5,614 business bankruptcies filed in the same quarter of 2019.

US Total Business Bankruptcy Filings (Q1 2018 – Q1 2020)

Please click here to download the chart (PDF format).

Total Business Bankruptcy Filings (by quarter)

Year Quarter Total Business Bankruptcy % change over the same period last year
2020 Q1 5,952 6.0%
2019 Q1 5,614 -1.0%
  Q2 5,799 5.8%
  Q3 5,595 8.5%
  Q4 5,712 -2.4%
  Q1 to Q4 22,720 2.5%
2018 Q1 5,669 -0.8%
  Q2 5,479 -13.9%
  Q3 5,155 -2.6%
  Q4 5,855 2.2%
  Q1 to Q4 22,158 -4.1%
2017 Q1 5,715 -8.2%
  Q2 6,366 -2.6%
  Q3 5,290 -5.5%
  Q4 5,727 +1.1%
  Q1 to Q4 23,098 -3.9%
2016 Q1 6,227 +1.1%
  Q2 6,537 +6.0%
  Q3 5,597 -11.7%
  Q4 5,666 -5.1%
  Q1 to Q4 24,027 -2.5%
2015 Q1 6,159 -11.9%
  Q2 6,166 -15.3%
  Q3 6,338 -0.3%
  Q4 5,973 -4.0%
  Q1 to Q4 24,636 -8.2%
2014 Q1 6,992 -17.9%
  Q2 7,283 -17.9%
  Q3 6,355 -21.7%
  Q4 6,219 -17.7%
  Q1 to Q4 26,849 -18.8%
2013 Q1 8,512 -22.6%
  Q2 8,874 -14.5%
  Q3 8,119 -12.2%
  Q4 7,556 -18.1%
  Q1 to Q4 33,061 -17.0%
2012 Q1 10,998 -11.9%
  Q2 10,374 -16.5%
  Q3 9,248 -21.3%
  Q4 9,231 -17.2%
  Q1 to Q4 39,851 -16.6%
2011 Q1 12,477 -15.2%
  Q2 12,431 -14.4%
  Q3 11,749 -16.3%
  Q4 11,149 -14.4%
  Q1 to Q4 47,806 -15.1%
2010 Q1 14,705 1.9%
  Q2 14,516 -9.9%
  Q3 14,031 -8.2%
  Q4 13,030 -13.2%
  Q1 to Q4 56,282 -7.5%
2009 Q1 14,427 62.6%
  Q2 16,113 57.5%
  Q3 15,277 32.3%
  Q4 15,020 16.4%
  Q1 to Q4 60,837 39.7%
2008 Q1 8,870 39.6%
  Q2 10,228 51.2%
  Q3 11,547 60.0%
  Q4 12,901 61.6%
  Q1 to Q4 43,546 53.8%
2007 Q1 6,354 56.2%
  Q2 6,765 39.8%
  Q3 7,218 38.7%
  Q4 7,985 42.9%
  Q1 to Q4 28,322 43.8%

 


Bankruptcy Basics

Chapter 7

Liquidation under the Bankruptcy Code

The chapter of the Bankruptcy Code providing for "liquidation," ( i.e., the sale of a debtor''s nonexempt property and the distribution of the proceeds to creditors.)

Chapter 11

Reorganisation under the Bankruptcy Code

The chapter of the Bankruptcy Code providing (generally) for reorganisation, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganisation to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.)

Source: Administrative Office of the U.S. Courts


24.08.2020

KB US Holdings Inc. filed for Chapter 11 bankruptcy protection (24 Aug 2020)

KB US Holdings Inc., the parent company of supermarkets Kings Food Markets and Balducci’s, have filed for Chapter 11 bankruptcy protection. The US supermarkets owner blamed its decision on the competitive pressures, higher labour costs and pension obligation. KB’s restructuring specialist said that although the company’s liquidity has improved during the COVID-19 pandemic, the company recognizes that its current liquidity is only temporary, and that it must seek a permanent solution to address its historical liquidity constraints. The grocer currently operates 35 supermarkets and employs more than 2,100 people. 

19.08.2020

Seng Jewelers filed for Chapter 11 bankruptcy protection (19 Aug 2020)

Seng Jewelers, a US jewelry retailer, has filed for Chapter 11 bankruptcy protection after struggling with legal and financial issues over the past year in order to restructure its debt. The retailer reportedly faces multiple consumer suits and claims from its landlord. According to the bankruptcy filing, the retailer’s assets are listed in the range of US$1 million to US$10 million, and liabilities in the range of US$500,000 to US$1 million.

17.08.2020

Saxon Shoes Inc. filed for Chapter 11 bankruptcy protection (17 Aug 2020)

US-based footwear retailer Saxon Shoes Inc. has filed for Chapter 11 bankruptcy protection in order to restructure its debt. President and CEO Gary Weiner attributed the filing to the challenging retail environment and the impact of the COVID-19 pandemic, adding that the fall season will be very tough because a lot of manufacturers will be unable to deliver or deliver on time and a lot of kids will not be going to school. Saxon’s two retail stores remain in operation during the bankruptcy process.

12.08.2020

Stein Mart, Inc. filed for Chapter 11 bankruptcy protection (12 Aug 2020)

US-based department store chain Stein Mart, Inc. (NASDAQ: SMRT) has filed for Chapter 11 bankruptcy protection for debt restructuring. The move comes after the company raised substantial doubt in June about its ability to stay in business over the next 12 months. CEO and CFO Hunt Hawkins blamed the decision to the combined effects of a challenging retail environment coupled with the impact of the COVID-19 pandemic which have caused significant financial distress on the business. The company expects to close a significant portion of its 281 stores across 30 states.

03.08.2020

Lord & Taylor LLC and its parent Le Tote, Inc. filed for Chapter 11 bankruptcy protection (3 Aug 2020)

US oldest department store chain Lord & Taylor LLC and its parent company Le Tote, Inc. have filed for Chapter 11 bankruptcy protection. The struggling department store becomes the latest retailers to fall victim to the rise of e-commerce and the COVID-19 outbreak. Lord & Taylor has temporarily close its 38 locations since March 2020 but has still continued to operate through online channels.

03.08.2020

Tailored Brands Inc. filed for Chapter 11 bankruptcy protection (3 Aug 2020)

Tailored Brands Inc., owners of the brands Men’s Wearhouse and Jos. A. Bank, has filed for Chapter 11 bankruptcy protection due to the lowered demand for clothing industry amid the COVID-19 pandemic. Tailored Brands said that it secured support with more than three-fourths of its senior lenders for a US$630 million debt structuring plan that would allow it to survive the bankruptcy. The struggling retailer has raised substantial doubt in late July about its ability to continue as a going concern, and announced to close up to 500 stores and slash 20% of its corporate jobs.

28.07.2020

Remington Arms Company, Inc filed for Chapter 11 bankruptcy protection (28 Jul 2020)

One of US’s oldest gun manufacturer, Remington Arms Company, Inc, has filed for Chapter 11 bankruptcy protection for the second time in two years. CEO Ken D’Arcy said the company emerged with excess inventory and a wide range of brands that extended beyond its core focus after the last restructuring. In addition, the company failed to take advantage of the increasing trend of gun sales in the US sparked by the recent social unrest because it had to suspend operations temporarily during the pandemi

23.07.2020

Ascena Retail Group Inc filed for Chapter 11 bankruptcy protection (23 Jul 2020)

Ascena Retail Group Inc (NASDAQ: ASNA), the parent company of Ann Taylor, Catherines, Lane Bryant and other clothing brands, has filed for Chapter 11 bankruptcy protection in order to restructure its debt. Ascena blamed the meaningful progress it has made driving sustainable growth, improving its operating margins and strengthening its financial foundation has been severely disrupted by the COVID-19 pandemic, and said it would close all or part of stores under its brands. The company has about 2,800 stores in the US, Canada and Puerto Rico.

20.07.2020

Briggs & Stratton Corporation filed for Chapter 11 bankruptcy protection (20 Jul 2020)

Briggs & Stratton Corporation (NYSE: BGG), a manufacturer of gasoline engines for outdoor power equipment, has filed for Chapter 11 bankruptcy protection in a bid to sell most of its assets. Chief Executive Todd Teske said in a statement that the challenges they have faced during the COVID-19 pandemic have made reorganization the difficult but necessary and appropriate path forward to secure the business. The company added that its losses, the COVID-19 pandemic and pending debt payments raised substantial doubt about its ability to continue as a going concern.

13.07.2020

RTW Retailwinds, Inc. filed for Chapter 11 bankruptcy protection (13 Jul 2020)

RTW Retailwinds, Inc. (NYSE: RTW), the parent company of fashion retailer New York & Co., has filed for Chapter 11 bankruptcy protection in order to restructure its debt. RTW’s CEO & CFO Sheamus Toal attributed the filing to the significant financial distress caused by the combined effect of the challenging retail environment and the impact of the COVID-19 pandemic. The company has kicked off liquidation sales already, and will consider selling its e-commerce business and related intellectual property.

08.07.2020

Brooks Brothers Group Inc filed for Chapter 11 bankruptcy protection (8 Jul 2020)

Brooks Brothers Group Inc, the iconic American brand known for dressing the great and good of the US since 1818, has filed for Chapter 11 bankruptcy protection, buckling under the pressure from the COVID-19 pandemic after years of faltering sales as customers embraced more casual apparel and sales shifted online. The retailer said in a statement that the filing would allow it to obtain additional financing as it facilitates a sale. Brooks Brothers is the latest victim to join a long list of big-name retailers that have filed for bankruptcy protection recently, including JC Penney, J. Crew and Neiman Marcus.

01.07.2020

NPC International Inc. filed for Chapter 11 bankruptcy protection (1 Jul 2020)

US-based NPC International Inc., the world's largest Pizza Hut franchisee, has filed for Chapter 11 bankruptcy protection in the US. In its filing, NPC listed estimated assets ranging from US$1 billion to US$10 billion and estimated liabilities in the same range. The company said in a statement that the industry has been in the midst of dynamic changes due to shifting consumer preferences and dining behavior, and challenges have been magnified recently by the impact and uncertainty of Covid-19. NPC operates 1,227 Pizza Hut restaurants in 27 states and 393 Wendy's restaurants in 8 states.

29.06.2020

Old Time Pottery, LLC filed for Chapter 11 bankruptcy protection (29 Jun 2020)

Old Time Pottery, LLC, a US-based home décor retailer, has filed for Chapter 11 bankruptcy protection in order to restructure its debt. The company said in a press release that the filing was due to the unique and catastrophic event of the COVID-19 pandemic, which has severely impacted almost all retail businesses. The retailer chain will close 4 of its 43 stores in 11 states.

24.06.2020

GNC Holdings Inc. filed for Chapter 11 bankruptcy protection (24 Jun 2020)

GNC Holdings Inc. (NYSE: GNC), the parent company of nutrition retailer GNC, has filed for Chapter 11 bankruptcy protection, in a bid to restructure its balance sheet amid the COVID-19 outbreak. GNC expects to accelerate the closure of at least 800 to 1,200 stores, while the company and all of its subsidiaries remain open for business during the process.

27.05.2020

Tuesday Morning Corporation filed for Chapter 11 bankruptcy protection (27 May 2020)

Tuesday Morning Corporation (NASDAQ: TUES), a US-based discount home-goods retailer, has filed for Chapter 11 bankruptcy protection amid the ongoing COVID-19 pandemic. The company seeks to renegotiate a significant number of leases during the bankruptcy process and plans to permanently close about a third of its nearly 700 stores this summer. CEO Steve Becker attributed the bankruptcy filing to the two month’s complete halt of store operations. Retail sales in the US plunged a record 16.4% mth/mth in April.
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