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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)

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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


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.

18.05.2020

Centric Brands Inc. filed for Chapter 11 bankruptcy protection (18 May 2020)

Centric Brands Inc., a US-based branded-apparel designer and manufacturer under licensed brands including Calvin Klein, Tommy Hilfiger and Nautica, has filed for Chapter 11 bankruptcy protection amid the COVID-19 outbreak. It filed for the protection after reaching a restructuring proposal that would substantially reduce the company’s debt. All stores are temporarily closed. The company has furloughed about 1,350 employees and laid off about 660 employees in April.

15.05.2020

J. C. Penney Company, Inc. filed for Chapter 11 bankruptcy protection (15 May 2020)

J. C. Penney Company, Inc. (NYSE: JCP), a US-based department store chain, has filed for Chapter 11 bankruptcy protection. It becomes the latest brick-and-mortar retailer to fall victim to the COVID-19 outbreak. The company said that it had secured support from some of its creditors for a bankruptcy restructuring plan that would eliminate billions of dollars of debt. The department store chain, known for selling family apparel, cosmetics and jewelry at roughly 850 locations, once operated more than 1,600 locations that became fixtures in US malls. The company at one point employed nearly 200,000 people.

11.05.2020

Stage Stores Inc. filed for Chapter 11 bankruptcy protection (11 May 2020)

Stage Stores Inc., the parent company of discount retailers Peebles, Palais Royal, Bealls and Goody's, has filed for Chapter 11 bankruptcy protection in an attempt run a sale process for its businesses or assets and initiate an orderly wind-down of operations. All stores are temporarily closed and most employees were placed on furlough. Chief executive said in a statement that the increasingly challenging market environment was exacerbated by the COVID-19 pandemic.

07.05.2020

Neiman Marcus filed for Chapter 11 bankruptcy protection (7 May 2020)

Neiman Marcus, a US-based luxury department store chain, has filed for Chapter 11 bankruptcy protection, in an attempt to eliminate US$4 billion in debt. It becomes the second major retailer to declare bankruptcy since the outbreak of COVID-19. CEO Geoffroy Van Raemdonck stressed that the retailer chain had no plans to liquidate, adding that it would continue to honor gift cards & credits and operate the company's websites. Neiman Marcus has temporarily closed its 43 stores since mid-March.

06.05.2020

John Varvatos Enterprises Inc. filed for Chapter 11 bankruptcy protection (6 May 2020)

US menswear designer’s stores John Varvatos Enterprises Inc. has filed for Chapter 11 bankruptcy protection after it had failed to pay more than US$100 million in debts. All stores are currently closed and most employees were placed on furlough. Finance chief Joseph Zorda said in a court filing that the COVID-19 pandemic destroyed a successful effort to revitalize the ailing brand.

04.05.2020

Chino Holdings, Inc filed for Chapter 11 bankruptcy protection (4 May 2020)

US fashion retailer J. Crew's parent company Chino Holdings, Inc has filed for Chapter 11 bankruptcy protection, putting 13,000 jobs at risk. It has temporarily closed its stores due to the COVID-19 crisis. The company disclosed in a court filing that it had hired a real estate consultancy and liquidator to help it evaluate its leases and negotiate rent relief.

11.03.2020

Modell Sporting Goods Inc. filed for Chapter 11 bankruptcy protection (11 Mar 2020)

Modell Sporting Goods Inc., a US-based sporting goods retailer with 153 stores, has filed for Chapter 11 bankruptcy protection in the US. The company’s President and CEO said in an interview that the company was hurt by a warmer winter, fewer days in the shopping season this year between Thanksgiving and Christmas, competition from Amazon and the coronavirus pandemic. The company will initiate store-closing liquidation sales beginning 13 March. Meanwhile, online sales will continue during the process.

17.02.2020

Pier 1 Imports Inc filed for Chapter 11 bankruptcy protection (17 Feb 2020)

Pier 1 Imports Inc, a US-based home furnishings chain, has filed for Chapter 11 bankruptcy protection to facilitate a company sale after the retailer found itself squeezed by online rivals and crushed under high debt. The company has won court approval for a speedy sale process a day after the retailer tumbled into bankruptcy. The company has also secured commitments of approximately US$256 million in debtor-in-possession financing. The funding, combined with its own cash, to provide enough liquidity to support reduced operations and its sale process.

13.02.2020

McClatchy Co. filed for Chapter 11 bankruptcy protection (13 Feb 2020)

McClatchy Co., one of US’s largest newspaper publishers, has filed for Chapter 11 bankruptcy protection in the US. The move will allow it to forward a plan to eliminate 60% of the company’s US$700 million in debt. The company has obtained US$50 million debtor-in-possession financing, and said that its 30 newsrooms would continue to operate as usual during the process.

05.01.2020

Borden Dairy Co. filed for Chapter 11 bankruptcy protection (5 Jan 2020)

America’s second largest milk producer, Borden Dairy Co., has filed for Chapter 11 bankruptcy protection in the US. The company said the industry is facing the falling of milk consumption, rising raw-milk costs, increasing freight costs, among other things. The company said in its website that it intends to use the court process to pursue a financial restructuring designed to reduce its current debt load, adding that it plans to continue operating in the ordinary course of business under the court’s supervision.
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