10 Businesses That Fear Bankruptcy During The Pandemic
With the economy stalling due to a pandemic, no retail purchases due to many retail chains and fear bankruptcy of business …
The world was very impressed by Covid-19. Life before this epidemic was when children could go to school, everyone could eat in a crowded restaurant and gather when they wanted large groups. Movie theaters and shops can be full of large groups. Many businesses had to close some places and their doors to people. Some of these companies may now have to declare bankruptcy. Check out the list of 10 businesses that are afraid of bankruptcy during a pandemic.
10. AMC Theaters
AMC Theaters was founded in 1920 and is headquartered in Leawood, Kansas. AMC has 634 locations in the U.S. and Canada, and more than 1,000 locations worldwide. Wall Street has depreciated the company’s stock AMC, it will likely drop shortly after there’s no definitive plan to reopen after the pandemic ends. AMC also has a debt of $ 4.9 billion. However, we hope that both chains can meet the conditions with the hosts or postpone the rent payment to keep the venues open.
9. Neiman Marcus
Neiman Marcus wants to go bankrupt. 43 orders were closed when 43 remaining orders were left at home. 14000 employees of the store are angry. Shane also lost billions of dollars and millions of dollars every month. Without a monthly income, the chain cannot pay off its debt.
8. Lord & Taylor
Lord & Taylor decides whether to apply for bankruptcy protection as he is forced to be temporarily closed due to a pandemic. Fashion company Le Tote bought Lord & Taylor last year. Lord & Taylor is famous for its 5th Street showcase during New York holidays.
7. 24 Hour Fitness
Fitness centers and gyms have been difficult since socially spaced laws were introduced. 24 Hour Fitness already compete with low-priced gyms and the sports chain has less than $ 1 million in cash. All cells suspended gym fees, as 24-hour Fitness is not currently allowed to reopen.
6. Pier 1 Imports
Pier 1 Imports is a household goods store based in Fort Worth, TX. Its main rivals are Wal-Mart, Target and Wayfair. Pier 1 recently filed for Chapter 11 bankruptcy and hopes to find a buyer. Pier 1 has been in existence for 58 years. The company closed half of its stores, cut 40% of its employees and closed distribution centers. It dropped 13% in store sales in 2019.
5. Fairway Markets
Fairway Markets is a market chain in New York. Fairway Markets filed for Chapter 11 bankruptcy in January 2020. About 2,500 jobs are at risk. Fairway sold 5 New York stores and distribution centers with Village Super Market for $ 70 million. The company is now beginning to apply for Chapter 22 bankruptcy. He still owes $ 170 million.
4. Bed Bath & Beyond
Although Bed & Beyond has 1,500 locations in the USA and Canada, Bed lowers the price of store shares. The household goods retailer plans to close 60 locations in 2020. The company started working to raise its share price in November 2019. The company also competes against online retailers.
3. Ascena Retail Group
This company has women’s clothing brands such as Loft, Ann Taylor, Justice, Lane Bryant and Catherines. The company reported that sales fell 4%, and still $ 1.3 billion in long-term debt. The company operates with a loss of $ 354 million. He explained that bankruptcy is not an option, but the retail group still needs to make a major change.
Rite-Aid has great competition in the retail pharmacy market. The retail-pharmacy chain has more than 2,400 stores. Declaring bankruptcy can help the company change its course and compete.
1. JC Penney
JC Penney was founded 117 years ago and now has over $ 4 billion in debt. Most of the debt is due in 2021. The retailer tried to make a lasting impression on shoppers. JC Penney tried to make changes at the 800 store, but it was not relevant.