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Bankruptcy Information

According to the Administrative Office of the U.S. Courts, the number of business bankruptcies filed in the second quarter of 2021 totaled 3,752, decreased by 27.2% from 5,154 business bankruptcies filed in the same quarter of 2020.

US Total Business Bankruptcy Filings (Q2 2019 – Q2 2021)

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Total Business Bankruptcy Filings (by quarter)

Year Quarter Total Business Bankruptcy % change over the same period last year
2021 Q1 4,231 -28.9%
  Q2 3,752 -27.2%
2020 Q1 5,952 6.0%
  Q2 5,154 -11.1%
  Q3 5,521 -1.3%
  Q4 4,964 -13.1%
  Q1 to Q4 21,591 -5.0%
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


31.08.2021

Sequential Brands Group, Inc. filed for Chapter 11 bankruptcy protection (31 Aug 2021)

Sequential Brands Group, Inc. (NASDAQ: SQGB) a US-based fashion brand holding company, has filed for Chapter 11 bankruptcy protection for a possible sale of all or most of its assets under a court-supervised process. The company, which owns the Jessica Simpson, Joe’s Jeans, And1, Avia and more brands, said in a press release that, as a result of the significant debt on its corporate balance sheet, it was no longer able to operate its portfolio of brands. In connection with the in-court process, Sequential will be obtaining US$150 million in debtor-in-possession (“DIP”) financing from its existing lenders. Sequential expects the new financing, together with cash generated from ongoing operations, to provide ample liquidity to support its operations during the sale process.

29.07.2021

GBG USA INC filed for Chapter 11 bankruptcy protection (29 Jul 2021)

GBG USA INC, the North American arm of branded apparel and footwear company Global Brands Group Holding Limited (SEHK: 787), has filed for Chapter 11 bankruptcy protection. The company plans to conduct a court-supervised sale process of its assets, including Ely & Walker, AIRBAND, MagnaReady, Yarrow, b New York and JUNIPERunltd. Group’s CEO Rick Darling attributed the company’s financial difficulties to the COVID-19 pandemic and persistent geopolitical tensions that have disrupted supply chains. GBG added in a statement that the group’s global brand management and Europe wholesale businesses are not included in this filing and continue to maintain ongoing operations.

20.04.2021

Fresh Acquisitions LLC filed for Chapter 11 bankruptcy protection (20 Apr 2021)

Fresh Acquisitions LLC and several of its affiliates, which operates a chain of buffet-style restaurants under the names Furr’s Fresh Buffet, Ryan’s, Old Country Buffet, Tahoe Joes Famous Steakhouse, and Hometown Buffet, has filed for Chapter 11 bankruptcy protection to strengthen their operations and recapitalize their businesses. The companies expect to continue operating in the normal course during the bankruptcy process.

19.04.2021

Bodytek Fitness Inc. filed for Chapter 11 bankruptcy protection (19 Apr 2021)

US-based gym chain Bodytek Fitness Inc. has filed for Chapter 11 bankruptcy protection for debt reorganization amid the COVID-19 pandemic. General Manager Rusty John Carbaugh blamed the filing on the COVID-19 social distancing restrictions and extra expenses related to sanitization, which have limited revenue for the company. The company plans to keep all its five locations open after the bankruptcy declaration.

05.04.2021

The Collected Group, LLC filed for Chapter 11 bankruptcy protection (5 Apr 2021)

US-based fashion company The Collected Group, LLC has filed for Chapter 11 bankruptcy protection amid the COVID-19 pandemic with a plan to reduce its debt. Chief Restructuring Officer Evan Hengel said the company's operations were upended by the pandemic, with retail revenue falling by 85% and wholesale revenue falling by 70% in 2020. The struggling company is now looking to fully wind down its physical locations and to focus on e-commerce and wholesale channels.

08.03.2021

CarbonLite Holdings LLC filed for Chapter 11 bankruptcy protection (8 Mar 2021)

US bottle recycling company CarbonLite Holdings LLC announced it has filed for Chapter 11 bankruptcy. CarbonLite cited pressures directly related to the COVID-19 pandemic for its financial issues, pointing to slowdowns in production because of employee illness and the depressed price of new plastic. CarbonLITE supplies the largest beverage makers in the world including Coca-Cola Co., Nestle Waters North America Inc. and PepsiCo.

02.03.2021

Paper Source Inc. filed for Chapter 11 bankruptcy protection (2 Mar 2021)

US-based card and gift retailer Paper Source Inc. has filed for Chapter 11 bankruptcy protection for potential sale of the business. Chief Financial Officer Ronald Kruczynski said in a court filing that the company has sustained deep damage to their finances and operations as a result of the ongoing COVID-19 pandemic. The struggling retailer, employing about 1,700 people in the country, plans to close at least 11 stores of its 158 stores during the process.

23.02.2021

Belk filed for Chapter 11 bankruptcy protection (23 Feb 2021)

US Department store chain Belk has filed for Chapter 11 bankruptcy protection for debt restructuring. Chief Financial Officer William Langley attributed the filing to the COVID-19 pandemic, which directly resulted in drastic declines in sales, revenue and liquidity. After the filing, Belk won court approval for the restructuring plan which allows to trim its debt by US$450 million and provide US$225 million in new financing from its private-equity owner Sycamore Partners.

17.02.2021

Solstice Marketing Concepts LLC filed for Chapter 11 bankruptcy protection (17 Feb 2021)

US sunglasses retailer Solstice Marketing Concepts LLC has filed for Chapter 11 bankruptcy protection for possible debt restructuring. The sunglasses chain said that its retail store business has been significantly impacted by COVID-19, with retail sales during the pandemic having been more than 50% lower than 2019. Solstice added that it will seek financing upon the court’s approval to keep funding its ongoing operations.

31.01.2021

Knotel Inc filed for Chapter 11 bankruptcy protection (31 Jan 2021)

Knotel Inc, a flexible office space provider focusing on enterprise customers, has filed for Chapter 11 bankruptcy protection for a possible sale of the business to real-estate services firm Newmark Group Inc. Knotel’s co-founder Amol Sarvasaid attributed the filing to the pandemic, which created a uniquely challenging operating environment, with significant impacts on leasing velocity and the rate of renewals in key markets, particularly New York and San Francisco.

26.01.2021

L'Occitane Inc. filed for Chapter 11 bankruptcy protection (26 Jan 2021)

The U.S. arm of French beauty and well-being house L'Occitane Inc., has filed for Chapter 11 bankruptcy protection with plans to close 23 of its 166 stores in the US. The US firm said in a press release that its business continues to be impacted by disproportionately high store rent obligations that are no longer tenable, adding that it has taken action to further accelerate a transformation already well underway to best position its business for the future. The filing does not include the L'Occitane en Provence brand or any operations outside the US.

13.01.2021

Christopher & Banks Corporation filed for Chapter 11 bankruptcy protection (13 Jan 2021)

Specialty women’s apparel retailer Christopher & Banks Corporation (OTC: CBKC) has filed for Chapter 11 bankruptcy protection for a potential sale of the business. President and CEO Keri Jones attributed the decision to the impact of the COVID-19 pandemic which has caused significant financial distress on the business. The company said it will continue to operate its business in the ordinary course in the near term.

10.01.2021

Tea Olive I, LLC filed for Chapter 11 bankruptcy protection (10 Jan 2021)

US-based farm, home and outdoor retailer Tea Olive I, LLC, which does business as Stock+Field, has filed for Chapter 11 bankruptcy protection for debt restructuring. Chairman and CEO Matthew Whebbe said in an announcement that there have been many challenges in 2020, and the retailer chain was not immune to them. Stock+Field has commenced a closing sale process and plans to close all of its 25 stores by March.
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