Bankruptcy isn’t a death sentence. The data set on the biggest bankruptcies is organized by assets at time of bankruptcy. Canadian auto parts manufacturer Spectra Premium filed on March 10. U.S. and Canadian oil and natural gas exploration and production company bankruptcies totaled 42 in 2019, up from 28 in 2018, the law firm said. ... Cancelled its 2020 season, resulting in the loss of 240 jobs. As the economic crisis worsened, it converted its Chapter 11 reorganization to a Chapter 7 liquidation in early April. Chesapeake’s market cap exceeded $30 billion prior to the 2008 financial crisis under the leadership of its controversial, free-spending, billionaire cofounder, the late Aubrey McClendon. Global Eagle, the company that lets you surf the internet with in-flight Wi-Fi and watch movies in the air, filed on July 22 to reduce its debt by $475 million as air travel has sharply declined during the pandemic. Calgary-based MNP Ltd.'s consumer debt index released in March found that 46 per cent of Canadians say they are on the brink of insolvency and are $200 or less away from not being able to pay all their bills each month. Even though the number of farm bankruptcies in the United States remains well below historical highs, it grew by nearly 20% in 2019. OTTAWA -- More than one million Canadians lost their jobs in the month of March, Statistics Canada is reporting. and announced that it will permanently close more than 100 of its roughly 400 gyms, citing the “disproportionate impact” of the coronavirus pandemic on the fitness industry. New Zealand furniture and appliance retailer Smiths City entered receivership on May 21 to expedite its sale to Polar Capital. In the first phase of its reorganization, it will close at least 132 locations and its Phoenix distribution center. and announced it was permanently closing 91 of its 250 locations, leaving 1,900 employees without a job. 2020 has been a hectic year for retail bankruptcies. It said in court filings it was closing 185 locations, leaving 236 remaining, but CEO Shawn Lederman said in its press release that “this announcement does not mean ‘Goodbye, Ruby Tuesday.’”. Co-CEO Raymond Gindi blamed the company’s insurers that “turned their backs on us” in a press release. The renowned luxury retailer has 43 Neiman Marcus locations as well as 22 stores for its Last Call discount brand and two Manhattan Bergdorf Goodman stores. The biggest victim in the first half of 2020 was Chesapeake Energy, a shale giant that declared bankruptcy on June 28 with more than $9 billion in debt. and announced it was liquidating and closing its 13 stores. Demand for auto parts has sunk during the pandemic and import tariffs on metals have cut into its margins as well. on May 19. Brooks Brothers, a high-end retailer founded two centuries ago and frequented by U.S. presidents, filed on July 8 and is closing 51 of its roughly 250 stores. All Rights Reserved, This is a BETA experience. to reduce its debt to $410 million from about $2 billion. , based in Georgia with more than 8,000 employees in 80 countries. With the coronovirus pandemic leaving many in a precarious and dire financial situation, the conventional wisdom is that there would be a spike in bankruptcies. © 2020 Forbes Media LLC. Apex Parks Group, which had to close its 12 entertainment centers and water parks due to the pandemic, filed for a Chapter 11 reorganization on April 8. Lord & Taylor owner Le Tote owes 33.2 million Canadian dollars ($23.53 million) from a promissory note to Hudson's Bay Company after buying the retailer from the Canadian … The U.S. courts recently … The survey said 62 percent of small businesses are fully open; 37 percent are fully staffed; and only 26 percent are making normal sales. Virginia-based cloud services provider Internap filed on March 16 to renegotiate its debt. AAL It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. Why? for its specialty generics unit on February 25 and offered to pay a $1.6 billion settlement under the weight of lawsuits related to opioid abuse. Despite a recent uptick in gun sales, Remington has faced years of litigation after making the rifle used by the gunman in the tragic 2012 Sandy Hook Elementary School shooting, and victims’ families worry that the bankruptcy filing may jeopardize their lawsuit. "These are incredibly tragic and heartbreaking numbers to look at," he said. Earth Fare, a North Carolina-based organic grocery chain, filed on February 4, a day after announcing it was closing all of its stores and liquidating its inventory. , a food distributor with $3.5 billion in revenue in 2018, filed on June 10 weeks after its assets. , which had to close its 12 entertainment centers and water parks due to the pandemic. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. Consumer bankruptcies in Alberta decreased by 34.4%, from 486 in October 2019 to 319 in October 2020. , the parent company of New York Sports Clubs and fitness chains in other major East Coast cities. Famed restaurant chain Ruby Tuesday filed on October 7. and American Airlines The coronavirus pandemic has accelerated the demise of companies that were already in trouble as Americans (and their dollars) stay home amid lockdowns and economic shutdowns. American Addiction Centers, the first publicly traded addiction treatment provider in the U.S., filed on June 20. Canadian retail superstore Sail Outdoors filed on June 2. Consider this recent take. to help the Irish manufacturer deal with $100 million worth of asbestos-related litigation. Industrial battery maker Exide Technologies, based in Georgia with more than 8,000 employees in 80 countries, filed on May 22 and agreed to sell its businesses in Europe and Asia. Insolvency statistics in Canada by Forward Sortation Area (FSA)—October 2020 Insolvency statistics in Canada by North American Industry Classification System (NAICS)—October 2020 Subscribe to the RSS feed to ensure you always have access to the latest information. Only 70 employees remained to wind down the business. Bankruptcy isn’t a death sentence. Bankruptcy filings this year have … General. U.K.-based Italian restaurant chain Carluccio’s entered administration on March 30, shortly after its 73 locations were required to close. Another nine per cent said they were somewhat close. ^^^Chesapeake filed on 8/21/2020 its schedules with a total of over $95B in debt, most of which is intercompany loans and therefore not included. 2020-01-27T17:50:35Z The letter F. An envelope. Below is a list of all companies that have been granted protection under the Companies' Creditors Arrangement Act (CCAA) since September 18, 2009.The CCAA is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. Companies that file Chapter 11 bankruptcy negotiate with creditors to restructure debt terms. The pandemic recession plunged dozens of large American companies into bankruptcy this summer. filed on April 18 as the company revealed it had $800 million in previously undisclosed losses. —the equivalent of a bankruptcy process—on March 30, immediately halting all new rent-to-own and cash loan lending activities. as sales declined while its retail customers are closed due to Covid-19. "By the time we get to the fall, the collection agencies are back at work. Business at all of them has been upended by coronavirus shutdowns. Rural hospital chain Quorum Health filed a prepackaged chapter 11 plan on April 7 to reduce its debt by $500 million. You may check the Multiyear Immigration Plan (2020-2022) for details. Oil and gas drillers like Whiting Petroleum and Diamond Offshore filed for bankruptcy in late April, and J.Crew became the first major U.S. retailer to do the same on May 4. In 2020, there were 438,184 divorced individuals between the ages of 55 and 59 years old living in Canada. "It's 13 per cent of the entire population that's in dire straits," said pollster John Wright, who is a partner with Dart C-Suite Communicators. “There has not been a dramatic uptick in the last 45 days. December 3, 2020. Full coverage and live updates on the Coronavirus, I've been an assistant editor at Forbes covering money & markets since 2019. It still plans to reopen its 181 J.Crew stores, 170 factory stores and 140 stores for its women’s clothing brand Madewell after coronavirus-related restrictions are lifted. For debt-relief and bankruptcy help, contact us today. Pier 1, a home furniture chain with close to 1,000 locations at the beginning of the store, began a Chapter 11 reorganization on February 17, before the weight of the pandemic even reached the U.S. Shares were trading at more than $460 in 2013 before beginning a steep and steady decline. This may seem like good news, but the springtime decline in bankruptcies may be fleeting at best. on May 31 after oil prices collapsed this spring. This will result in substantially more store closures for the remainder of 2020 and into January of 2021 and beyond. Fri, Sep 25th 2020. Intelsat filed on May 13, though it said it will continue to launch new satellites. Oil and gas drillers like Whiting Petroleum and Diamond Offshore filed for bankruptcy in late April, and J.Crew became the first major U.S. retailer to do the same on May 4. to wipe out more than $5 billion in debt. DEC 10, 2020 - Twelve midsize to large corporations – all with more than $10 million in debt – filed for Chapter 11 bankruptcy protection during the third week of June, another consequence of the coronavirus pandemic and continued trouble in America’s oil industry. Rubie’s Costume Company, the world’s largest Halloween costume manufacturer, filed on April 30 as sales declined while its retail customers are closed due to Covid-19. The survey was done for MNP by Ipsos, which described it as accurate to within plus or minus 2.5 points, 19 times out of 20, had all Canadian adults been polled. Tailored Brands, the parent company of menswear retailers Men’s Wearhouse and Jos. Romanian airline Blue Air announced it was entering a debt restructuring procedure on July 6 after business slumped as Europe shut down for most of the spring. (Those that file Chapter 7 are typically liquidating assets and calling it quits.) Vision Group Holdings, which pversees two Lasik eye surgery providers, filed on May 30 with demand for elective surgeries all but disappearing. ... the Canadian market. , a British company with 44 hotel and travel brands like Shearings, a century-old tour bus operator. Its most recent profitable year was 2010, and its net losses have totaled $4.5 billion since then. . Latam Airlines became the largest carrier yet to go bankrupt when it filed on May 26 with the pandemic suffocating demand, though it will continue operating its limited passenger and cargo stats as scheduled. , which owns brands like Gordmans and Bealls. And with so many out of work, there are no wages to garnishee, so people don't need to go bankrupt to stop those wages from being taken, said Hoyes. Mood Media, which provides hold music on calls and background music in stores to retailers, filed on July 30 to erase $404 million of debt. It was delisted from the Nasdaq the next week. I see them ending.". FTR Old Time Pottery, a Tennessee-based home decor retailer with 43 locations in 11 states, filed on June 28 and said it would close four of its stores. after the Australian government denied the company’s pleas for a bailout. The Oil Industry Bankruptcy Wave Has Only Just Begun The industry, which has already seen a few notable bankruptcies, will probably witness many more in the coming months. Texas-based BJ Services filed on July 20 as it looks to sell off its cementing business and parts of its fracking business. , a commercial construction and engineering company. The banks want their money. with demand for elective surgeries all but disappearing. . Fast casual restaurant and ice cream chain Friendly’s filed on November 1 and announced it was being sold to Amici Partners Group, which is affiliated with food franchisor Brix Holdings, the owner of several food chains. Bar Louie, a nationwide gastropub chain, filed on January 27 after closing 38 of its locations, leaving less than 100 remaining. In April 2020 bankruptcies were low, but John Adamson, Licensed Insolvency Trustee worries about the financial tsunami that’s coming in the fall. Business at all of them has been upended by coronavirus shutdowns. Ohio-based frac-sand provider Covia filed on June 29 to reduce its debt and long-term fixed costs by more than $1 billion. Companies turn to legal strategies to stave off messy bankruptcies. With the coronovirus pandemic leaving many in a precarious and dire financial situation, the conventional wisdom is that there would be a spike in bankruptcies. on April 7 to reduce its debt by $500 million. Private-equity-backed APC Automotive filed on June 3. Analysts say the current reprieve from bankruptcy filings is caused by a number of factors. Here are the major companies with at least 500 employees that have filed for bankruptcy in 2020. The pioneering company put the first commercial communications satellite in space in 1965. on June 26 with more than $5 billion in debt. You can't even get into a mall, let alone buy that product at the stores. on February 17, before the weight of the pandemic even reached the U.S. Shares were trading at more than $460 in 2013 before beginning a steep and steady decline. After attempting to regain sales numbers without success, more retailers in Canada are expected to file for bankruptcy protection in the fall, according to Mr. Louis. , the parent company of iconic retailer Ann Taylor and Lane Bryant, among other brands. DavidsTea, a specialty tea retailer based in Montreal, filed on July 9 and announced plans to close 124 of its roughly 220 stores in Canada and the U.S. Dean & DeLuca, a luxury grocery store chain with 42 locations until it started downsizing in recent years, filed on April 1. Last week I wrote about amendments to Canadian insolvency law for intellectual property rights in my Brandon’s Blog INSOLVENCY LAW CANADA AMENDMENTS FOR INTELLECTUAL PROPERTY RIGHTS In addition to the intellectual property rights amendments, other amendments affecting how bankruptcies work in Canada. , seeking to eliminate $4 billion in debt. It is liquidating its business in Ireland, permanently closing its 11 stores there. A report released by Statistics Canada found one-in-five Canadian businesses had laid off more than 80 per cent of their staff. St. Louis-based coal miner Foresight Energy filed on March 10 with $1.4 billion in debt. It is liquidating its business in Ireland, permanently closing its 11 stores there. after its gyms were forced to close for much of the spring and summer. Cirque du Soleil, based in Montreal and famed for its circus acts on the Las Vegas Strip, filed on June 29 and announced it was laying off 3,480 workers after the pandemic forced it to stop performing. to reduce its debt by more than $400 million. For the 12 months ending February 1, 2020, Aldo lost $74.8 million in Canada and $52.8 million in the United States. Box 500 Station A Toronto, ON Canada, M5W 1E6. . Diamond Offshore Drilling sought bankruptcy protection on April 27 after skipping a payment to bondholders. True Religion, a designer jeans retailer with locations of its own in 26 states and a presence in other major department stores, filed on April 13 for the second time in less than three years. Foodora, a food delivery app that is a subsidiary of Berlin-based Delivery Hero, filed for insolvency in Canada on April 27 and announced it’s ceasing operations in the country on May 11. , an intrastate airline in Alaska, ceased operations and laid off all staff when it. as it looks to sell off its cementing business and parts of its fracking business. Research from investment bank Jefferies shows that large-firm bankruptcies shot 244% higher year-over-year in the July-August period, and that large-firm bankruptcies in 2020 … As the economic crisis worsened, it converted its Chapter 11 reorganization to a Chapter 7 liquidation in early April. , a large hospital operator in the United Arab Emirates. Trucking conglomerate Comcar Industries filed on May 17 and announced it was selling its five operating companies. , an Ohio-based glass tableware manufacturer for restaurants and bars that no longer needed new drinking glasses while they were closed. It’s been a wild ride for the retail sector in recent months — and bankruptcies are adding up. after closing 38 of its locations, leaving less than 100 remaining. Advantage Rent A Car filed on May 26, four days after its competitor Hertz, with global travel still ground to a halt. — Bankruptcies spike: Economists are warning the Canadian economy could soon face a wave of insolvencies, which jumped by nearly 20 per cent in September and could continue their upward trajectory. J.Crew was the first big American retail domino to fall amid the pandemic, filing on May 4 to convert about $1.7 billion of debt to equity. , an apparel manufacturer that licenses its clothing to designer brands like Calvin Klein and Tommy Hilfiger. This list will be updated as more join the group: 24 Hour Fitness filed on June 15 and announced that it will permanently close more than 100 of its roughly 400 gyms, citing the “disproportionate impact” of the coronavirus pandemic on the fitness industry. 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