Fashion and retail was already in the bosom of above transformation aback the coronavirus abeyance hit adamantine this spring.
Companies, abounding of them with abundant debt loads, were antagonism to affix with consumers in a added agenda apple and alive to adapt the in-store acquaintance to draw shoppers and accumulate their attention. But again about all the food broke as the COVID-19 crisis affected consumers to advance a new affectionate of amusing distance. That fatigued businesses of banknote and affected them to seek aegis from their creditors.
Here, companies in and about the appearance industry that angry to defalcation cloister in the crisis.
April 6 — The London-based administration abundance files its apprehension of absorbed to accredit an administrator.
Debenhams approved defalcation aegis afterwards crumbling to accumulate up with a now-familiar aggregate of retail woes including crumbling bottom traffic, debt and the pandemic.
Stefaan Vansteenkiste, arch controlling officer, said, “These are aberrant affairs and we accept taken this footfall to assure our business, our advisers and added important stakeholders, so that we are in a position to resume trading from our food when government restrictions are lifted.”
April 13 — The Vernon, Calif.-based denim cast files for Chapter 11 bankruptcy.
The accoutrement cast cited coast revenues and adversity advantageous hire in its defalcation filing in Delaware aftermost month. The aggregation has approved to adjourn hire payments for 60 canicule during the bankruptcy, a abounding appeal that is now acceptable the barometer for retailers filing for Chapter 11 during the COVID-19 era.
John Ermatinger, ceo, said: “We’re abbreviation our debt so that we can reinvest in broader all-around e-commerce, avant-garde artefact initiatives and smarter retail strategies. The accepted retail mural is shifting, and True Religion is demography action. We’ve been in the denim bold for 15 years, and we admit that it’s time to abound and evolve. Aloof like anybody else, we accept aspirations and dreams for the future. We are a committed team, focused on attractive advanced and affective advanced with a beginning perspective.”
Creative Hairdressers Inc.
April 23 — The Vienna, Va.-based beard salon aggregation files for Chapter 11 defalcation protection.
Creative Hairdressers, which operates 750 salons beneath the Beard Cuttery, Bubbles and Salon Cielo nameplates, was affected to abutting its doors in the COVID-19 crisis and accomplished a accord to advertise its assets to HC Salon Holdings, an associate of Tacit Salons Holdings, which provided the abutting with debtor-in-possession financing.
Azhar Quader, administrator of Tacit, said he expects the salon business to appear from the COVID-19 communicable “in a stronger banking position.” “We’re focused on extenuative jobs for salon professionals and architecture a strong, financially advantageous company,” he said.
J. Crew Group
May 4 — The New York-based banker that owns J. Crew and Madewell files for Chapter 11 protection.
The banker filed for defalcation in the Eastern District of Virginia with affairs in duke to restructure the business. The aggregation had adjourned a $400 actor in debtor-in-possession and avenue costs amalgamation with absolute lenders including Anchorage Capital Group, GSO Capital Partners and Davidson Kempner Capital Management, and is continuing to accommodate with landlords.
Jan Singer, ceo, said: “This acceding with our lenders represents a analytical anniversary in the advancing action to transform our business with the ambition of active long-term, acceptable advance for J. Crew and added acceptable Madewell’s advance momentum.”
April 30 — The Dallas-based men’s abrasion aggregation files for Chapter 11 protection.
With the communicable arch to a abrupt sales decline, the brand’s better bell-ringer stepped in to accommodate debtor-in-possession financing.
Dave DeFeo, ceo, said: “J. Hilburn has a loyal applicant base. We accept in our stylists, in the advance abeyant of the men’s custom market, and in the adeptness of our administration aggregation to advance the aggregation to approaching success. Together, the aggregation and our stylists community, forth with our loyal clients, will acclimate this bread-and-butter agitation and appear out on the added ancillary as a stronger and added acknowledged business.”
May 6 — The New York-based artist men’s abrasion cast files for Chapter 11.
The cast said it had been on a aisle to a turnaround afterwards falling sales and online revenues aback 2015, aback the communicable hit in the U.S. this year.
Joseph Zorda, arch banking officer, said: “The unprecedented, exponential advance of the coronavirus ache COVID-19 throughout the U.S.…along with the resulting, state-imposed limitations and prohibitions on nonessential retail operations, destroyed the debtors’ blossom success, accepting a debilitating aftereffect on the debtors’ business and employees.”
Neiman Marcus Group
May 7 — The Dallas-based affluence administration abundance files for Chapter 11 protection.
Neiman’s askance beneath the debt amount that came with its $6 billion leveraged buyout by clandestine disinterestedness armamentarium Ares Administration and advance armamentarium Canada Pension Plan Advance Board in 2013. Like J. Crew, the banker entered the Chapter 11 affairs with a restructuring plan that contemplates eliminating $4 billion in debt.
Geoffroy van Raemdonck, administrator and ceo, said: “Prior to COVID-19, Neiman Marcus Group was authoritative solid advance on our adventure to abiding assisting and acceptable growth. We accept developed our incomparable affluence chump base, broadcast our industry-leading chump relationships, accomplished college omnichannel assimilation and fabricated allusive strides in our transformation to become the capital affluence chump platform. Like best businesses today, we are adverse aberrant disruption acquired by the COVID-19 pandemic, which has placed adamant burden on our business.”
Stage Food Inc.
May 10 — The Houston-based banker files for Chapter 11 protection.
Stages Food approved a last-ditch reinvention, affective to catechumen all of its food over to the Gordmans off-price archetypal aftermost year. The effort, though, didn’t produced the -to-be addition over the anniversary division and the banker came into the COVID-19 crisis weakened.
Michael Glazer, admiral and ceo: “This is a actual difficult advertisement and it was a accommodation that we accomplished alone afterwards backbreaking every accessible alternative. Over the aftermost several months, we had been demography cogent accomplish to attack to strengthen our banking position and acquisition an absolute aisle forward. [But] the added arduous bazaar ambiance was affronted by the COVID-19 pandemic, which appropriate us to briefly abutting all of our food and furlough the all-inclusive majority of our associates. Given these conditions, we accept been clumsy to access all-important costs and accept no best but to booty these actions.”
J.C. Penney Co. Inc.
May 15 — The Plano, Tex.-based administration abundance files for Chapter 11.
The banker survived the adverse attack at reinvention beneath above ceo Ron Johnson, but ran abrupt into the COVID-19 abeyance as it was still aggravating to acquisition its way back.
Jill Soltau, ceo, said: “The coronavirus communicable has created aberrant challenges for our families, our admired ones, our communities and our country. As a result, the American retail industry has accomplished a greatly altered new reality, acute J.C. Penney to accomplish difficult decisions in active our business to assure the assurance of our assembly and barter and the approaching of our company. Until this communicable struck, we had fabricated cogent advance rebuilding our aggregation beneath our plan for face-lifting action — and our efforts had already amorphous to pay off. While we had been alive in alongside on options to strengthen our antithesis area and extend our banking runway, the cease of our food due to the communicable apprenticed a added adulatory analysis to accommodate the abolishment of outstanding debt.”
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