These Retail Giants Filed For Bankruptcy in July
The coronavirus pandemic has wreaked havoc on our economy, our lives, and our health in 2020. It seems like every other day we are seeing staples of our community wiped out due to this horrible worldwide crisis.
CNN Business tallied a list of major retail chains that have filed for bankruptcy in July, and it is a very sobering reminder of how quickly things can turn around for a business. We are hoping things rebound quickly, but just looking at the names listed below, it does not seem like that will happen anytime soon. We are so sorry if you are one of the people who lost their job at any of these.
- NPC International. Owners of over 1,200 Pizza Hut and 400 Wendy's stores in the US. The company employs 40,000 people in 27 states, and cites coronavirus and rising labor and food costs for their Chapter 11 filing
- Lucky Brand. Once a wildly popular store featuring high end denim products, Lucky filed for bankruptcy on July 3. They will close 13 of their 200 locations immediately, and have plans to sell the company to SPARC Group, who owns Nautica and Aéropostale
- Brooks Brothers. This heritage company has been in business for over 200 years, and has dressed everyone from students to presidents. They filed for bankruptcy on July 8, and will be closing 20% of their 250 brick and mortar locations.
- Sur La Table. If you like to cook, then you probably know this high end cookware brand, or have taken one of their famous cooking classes. The company filed for Chapter 11 on July 8, and will be closing half of their 250 domestic stores
- RTW Retailwinds. Owners of New York & Co. women's retail stores. After liquidation, the company plans to close most, if not all, of their 400 nationwide stores. They currently employee 5,000 people.
- Heritage Brands. PVH Corp., which owns Calvin Klein and Tommy Hilfiger under the Heritage name is not filing for bankruptcy, but they are announcing substantial layoffs and closures of their brick and mortar stores. The company also owns Van Heusen and Izod Golf stores, which are mainly located in malls, and will be closing all of their 162 stores. The other brands they own, women's wear staples Olga and Warner's, and men's casual outfitter Arrow, will now be only located in warehouse clubs and department stores
READ MORE: See how some companies are changing their businesses to combat COVID-19