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Posted: September 19, 2017

Toys 'R' Us and 10 other retailers that have filed for bankruptcy in 2017

Toys "R" Us - Fast Facts

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Toys 'R' Us and 10 other retailers that have filed for bankruptcy in 2017
FILE - In this Friday, Nov. 25, 2016, file photo, shoppers shop in a Toys R Us store on Black Friday in Miami. Toys R Us, the pioneering big box toy retailer, announced late Monday, Sept. 18, 2017 it has filed for Chapter 11 bankruptcy protection while continuing with normal business operations. (AP Photo/Alan Diaz, File)

By Kara Driscoll, Dayton Daily News

Toys ‘R’ Us has filed for Chapter 11 bankruptcy protection, the company announced Monday, according to CNBC. 

>> Toys ‘R’ Us files for bankruptcy: 3 things to know

The iconic toy chain is just one of many businesses to suffer this year. Retailers have closed hundreds of stores, filed for bankruptcy protection and reorganized massive debt loads throughout 2017.

>> On DaytonDailyNews.com: Toys ‘R’ Us, as anticipated, files for Chapter 11 protection

Companies like The Limited and Gander Mountain announced this year that they would file bankruptcy — shuttering stores and laying off thousands of workers.

>> Read more trending news

Some of the companies to announce bankruptcies this year include the following:

1. The Limited

The women’s clothing store announced in early January that it would close all brick-and-mortar stores, and later its parent company filed for bankruptcy. The parent company of women’s clothing store The Limited filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Court, and the store website has been taken offline.

2. Gymboree

Children’s clothing retailer Gymboree Corp. filed for Chapter 11 bankruptcy protection in June, the latest sign of traditional retailers’ struggles as shoppers shun stores and buy online. The San Francisco-based company says it is seeking to reduce its debt by $900 million. It expects to operate its business and majority of its 1,300 stores during the restructuring.

3. BCBGMAXAZRIA

The company, which owns BCBGMAXAZRIA, said in March it filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company obtained a commitment of $45 million from loan lenders in new financing and filed its plan of reorganization.

4. Wet Seal

Teen clothing retailer Wet Seal abruptly closed all of its 148 brick-and-mortar stores in early 2017. According to a letter obtained by The Wall Street Journal, the retailer is permanently shutting down and will lay off all of its workers. The company is headquartered in California. In 2015, Wet Seal closed 338 of its 511 stores and filed for bankruptcy protection. Versa Capital then acquired the brand for $7.5 million in April 2015.

5. RadioShack

The chain retailer announced in March it was filing for bankruptcy and closing about 200 of its stores and evaluating what to do with the remaining 1,300. This isn’t the first time RadioShack has filed for bankruptcy. 

6. hhgregg

Appliance store hhgregg announced in March it was closing 88 stores and laying off 1,500 employees. A month later, the company received court approval to close its remaining stores and liquidate its assets.

7. Gander Mountain

Sporting goods retailer Gander Mountain Co. filed for bankruptcy in March. Gander Mountain and some of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code after the retailer “experienced traffic patterns and shifts in consumer demand resulting from increased direct-to-customer sales by key vendors and accelerated growth of e-commerce,” according to a company statement.

8. MC Sports

MC Sports, legally known as Michigan Sporting Goods Distributors, announced in February its plans to begin liquidation sales of all of its 68 stores. 

9. Aerosoles

AGI HoldCo Inc., which owns Aerosoles stores, has filed for bankruptcy and plans to keep just four stores open in New York and New Jersey. The stores sell women’s shoes. The company expects the restructuring process to be completed in approximately four months.

10. Payless

Kansas-based Payless ShoeSource announced in April that it would close nearly 400 underperforming locations in the U.S. Payless’ North American entities, and two of its Hong Kong-based entities, filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Eastern District of Missouri.


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