, based in Georgia with more than 8,000 employees in 80 countries. It was delisted from the Nasdaq the next week. —equivalent to more than $100 million—due to coronavirus. Canadian auto parts manufacturer Spectra Premium filed on March 10. As the economic crisis worsened, it converted its Chapter 11 reorganization to a Chapter 7 liquidation in early April. You just need to scroll up this list of 2020 airline bankruptcies to find a few examples (Avianca Perú, Germanwings, … Intu Properties, which operates 19 shopping malls in the U.K. and Spain, entered administration on June 26 with more than $5 billion in debt. That was a 10-percentage-point jump from the previous survey in December. Texas-based oil driller Denbury Resources filed on July 30 to eliminate $2.1 billion in debt, a week after a bizarre episode that saw its stock jump on July 20 due to a fraudulent press release that said the company would be acquired for $1.20 per share. COVID-19 has created a debt crisis for Canadian households From debt consolidation to consumer proposals here are options to consider By Bryan Borzykowski May 8, 2020 The 10 largest and most unexpected trucking bankruptcies in recent history. "And it's not ringing. With assets of roughly $16.2 billion and liabilities of $11.8 billion, the filing represents the fourth-largest bankruptcy by assets so far in 2020, above that of Intelsat. For debt-relief and bankruptcy help, contact us today. "Lot of consumers are living in an unreal world, where the money that they're making is not being demanded … to pay the debts they normally would have to pay," Brzezinski said. CSGP With the coronavirus pandemic leaving many in a precarious and dire financial situation, Lou Brzezinski and other lawyers and insolvency trustees have been sitting by the office phone, expecting it to ring. , a prominent Canadian fashion retailer with 576 stores. Retail Bankruptcies: Next On the Chopping Block. Many people who have been laid off are able to take advantage of the Canada Emergency Response Benefit, which, while, not a huge amount of money, is enough to deal with day-to-day expenses, Brzezinski said. Thirty gyms will remain permanently closed. NMC Healthcare, a large hospital operator in the United Arab Emirates, filed for Chapter 15 in the U.S. on May 28 after revealing in March that it had under-reported its debt by $2.7 billion. Banks have implemented mortgage deferrals, saving people from having to pay their principal and interest. Business at all of them has been upended by coronavirus shutdowns. 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. It reopened its 14 locations in Quebec and Ontario in May after weeks of coronavirus-related closures. , an apparel manufacturer that licenses its clothing to designer brands like Calvin Klein and Tommy Hilfiger. In 2020, there were 438,184 divorced individuals between the ages of 55 and 59 years old living in Canada. Brzezinski said there might be a few proposals made, in which a company offers their creditors five or 10 cents on the dollar. Diamond Offshore Drilling sought bankruptcy protection on April 27 after skipping a payment to bondholders. 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 … It’s been a wild ride for the retail sector in recent months — and bankruptcies are adding up. "So if I'm not working, I am what we call creditor-proof," he said. As the economic crisis worsened, it converted its Chapter 11 reorganization to a Chapter 7 liquidation in early April. . The number of Canadian bankruptcies decreased by 1.1% over the same time period. Oklahoma shale driller Unit Corp. filed on May 22 during the global commodity price crunch, aiming to reduce its debt by $650 million. and announced plans to be sold to restaurant conglomerate Aurify Brands, which will keep 35 of its 98 bakeries in the U.S. open. Briggs & Stratton, a Wisconsin-based engine manufacturer for outdoor power equipment, filed on July 20 and announced plans to sell almost all its assets to private equity firm KPS Capital Partners. Bankruptcies in Canada is expected to be 205.00 Companies by the end of this quarter, according to Trading Economics global macro models and analysts expectations. The pandemic recession plunged dozens of large American companies into bankruptcy this summer. , the largest oil and natural gas producer in California. Two newly-formed Trane Techonologies spin-offs, Aldrich Pump LLC and Murray Boiler LLC, filed on June 18 to help the Irish manufacturer deal with $100 million worth of asbestos-related litigation. It indicates the ability to send an email. have all endured bankruptcy reorganizations in the last two decades. Demand for auto parts has sunk during the pandemic and import tariffs on metals have cut into its margins as well. This story was originally published on June 24, 2020, and has been updated. Full coverage and live updates on the Coronavirus, I've been an assistant editor at Forbes covering money & markets since 2019. after the Australian government denied the company’s pleas for a bailout. Singapore-based oil trader Hin Leong, founded by ex-billionaire Lim Oon Kuin, filed on April 18 as the company revealed it had $800 million in previously undisclosed losses. Why? Some of the biggest names in corporate America are in danger of going the way of Sears, Blockbuster and RadioShack. Technicolor, an Oscar-winning French company that produces special effects for major movies, filed for restructuring on June 22. But that's not happening — not yet, at least. , the parent company of seven e-commerce subsidiaries. Canadian auto parts manufacturer Spectra Premium filed on March 10. as sales declined while its retail customers are closed due to Covid-19. Illinois-based pharmaceutical company Akorn filed on May 20, two years after Fresenius backed out of a planned $4.3 billion takeover over quality control concerns. to reduce its debt to $410 million from about $2 billion. Modell’s Sporting Goods, a New York institution since 1889, filed for Chapter 11 on March 11 and announced plans to close all 153 of its stores spread throughout the northeast. I see the majority of the small businesses not surviving the bankruptcy. "Not all of them, not all the time, many of [the banks] have laid back.". 2020 has been a hectic year for retail bankruptcies. A variety of newsletters you'll love, delivered straight to you. Ohio-based frac-sand provider Covia filed on June 29 to reduce its debt and long-term fixed costs by more than $1 billion. A. , an Oscar-winning French company that produces special effects for major movies, Wisconsin-based auto parts and plastics manufacturer. and its owner, Le Tote Inc., joined the growing list of major retailers going bankrupt. December 11, 2020, 7:15 a.m. ... causing record death totals in recent days.India and Brazil are the only two other countries that have reported more than 3 million cases of COVID-19. , the parent company of menswear retailers Men’s Wearhouse and Jos. RavnAir, an intrastate airline in Alaska, ceased operations and laid off all staff when it filed for bankruptcy on April 5. Even though the number of farm bankruptcies in the United States remains well below historical highs, it grew by nearly 20% in 2019. , the London-based parent company of British chains Cafe Rouge and Bella Italia. It operated a fleet of 35 Airbus aircraft, 18 of them A330 wide-bodies. Its shares peaked at about $60 in 2013, but have traded below $1 since July of last year. Organic grocer Lucky’s Market filed on January 27 and plans to sell most of its stores to Aldi, Publix and other winning bidders. 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. Brian Sozzi is an editor-at-large and anchor at Yahoo Finance . , based in Montreal and famed for its circus acts on the Las Vegas Strip. . became the largest carrier yet to go bankrupt when it. New Zealand furniture and appliance retailer Smiths City entered receivership on May 21 to expedite its sale to Polar Capital. Fast casual restaurant chain Cosi filed for Chapter 11 on February 24 for the second time since 2016 after shuttering 30 of its locations in December. , though it said it will continue to launch new satellites. UAL — 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. U.K.-based Italian restaurant chain Carluccio’s entered administration on March 30, shortly after its 73 locations were required to close. , which pioneered the practice of fracking in the oil and gas industry. was the first big American retail domino to fall amid the pandemic. Its shares peaked at about $60 in 2013, but have traded below $1 since July of last year. Another survey released last month by DART & maru/Blue found that of those surveyed, four per cent said they were "very close" to declaring bankruptcy. 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. Nobody knows for sure.". But that storm, when it hits, could be "very bad," Brzezinski said. "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. Ellis Fabrication Inc. et al. I'm an assistant editor on Forbes' money team. . Box 500 Station A Toronto, ON Canada, M5W 1E6. "Our results underscore how vulnerable Canadian households are to income interruption. , a satellite internet company that provides connectivity to the embattled cruise industry when ships are out at sea and serves 80% of cruise brands globally. The company was under fire after a class-action lawsuit filed in February levied sex-trafficking allegations against founder Peter Nygard. This makes the impact of the 2008 financial crisis particularly easy to spot. 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. The data set on the biggest bankruptcies is organized by assets at time of bankruptcy. , citing debts of between $50 million and $100 million. , aiming to reduce its debt load while continuing normal operations. Speedcast International, a satellite internet company that provides connectivity to the embattled cruise industry when ships are out at sea and serves 80% of cruise brands globally, filed on April 23. to delever its balance sheet by $250 million. California Resources Corp., the largest oil and natural gas producer in California, filed on July 15 to wipe out more than $5 billion in debt. All Rights Reserved, This is a BETA experience. after closing 38 of its locations, leaving less than 100 remaining. MoviePass had more than 3 million subscribers at its peak in 2018. Companies turn to legal strategies to stave off messy bankruptcies. . 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. More are on the way. on May 19. "So we're going through this sort of fantasy calm before the storm.". And the entire department store sector has suffered as more consumers shop online. and said it would close four of its stores. Wisconsin-based auto parts and plastics manufacturer Techniplas filed on May 6 as it hopes to find a buyer. Famed restaurant chain Ruby Tuesday filed on October 7. When it comes to consumer bankruptcies, business is actually down — fewer people are filing now than they did before the pandemic began, said Brzezinski, a partner in the Toronto-based legal firm Blaney McMurtry and specializes in business reorganization, insolvency, liquidation and bankruptcy. (Those that file Chapter 7 are typically liquidating assets and calling it quits.) British fashion retailer Debenhams, which employs more than 20,000 people, entered administration on April 6 for the second time in the last year as it struggled to stay afloat with its stores closed. Aeromexico, the largest airline in Mexico, filed on July 1, but planned to double its domestic flights and quadruple its international flights in July compared with June as it ramps up operations following strict coronavirus shutdowns. Insolvencies were on the rise before COVID-19 struck, and debt-to-income ratios of Canadians were near their peak, said Andre Bolduc, a board member of the Canadian Association of Insolvency and Restructuring Professionals. Canadian construction stakeholders have worked together to solve problems in remarkable fashion during the COVID-19 crisis but much more needs to be done, and soon, to keep contractors from sliding into a financial abyss, construction lawyers were told during a recent national webinar. 2020 has been a hectic year for retail bankruptcies. to help the Irish manufacturer deal with $100 million worth of asbestos-related litigation. 2020-01-27T17:50:35Z The letter F. An envelope. , four days after its competitor Hertz, with global travel still ground to a halt. The unemployment rate in Canada decreased to 8.5 percent in November of 2020 from 8.9 percent in the previous month and compared to market expectations of 8.9 percent. "We're going to see businesses that will not survive. and American Airlines Milwaukee-based seat manufacturer Jason Industries filed on June 24 to delever its balance sheet by $250 million. It could be around the same time income tax does eventually come due, he said. The ALDO Group, a Montreal-based shoe retailer that operates about 3,000 locations in more than 100 countries, filed on May 7 under pressure from store closures. London-based offshore oil driller Noble Corp. filed on July 31 to eliminate $3.4 billion in debt. as sales plunged at its physical locations while customers stayed home due to the pandemic. (As of October 31, 2020) LIST OF NORTH AMERICAN OIL AND GAS PRODUCER BANKRUPTCIES* 2020 BANKRUPTCIES, January –August. filed on April 18 as the company revealed it had $800 million in previously undisclosed losses. Instead, however, those actions are being deferred. Its most recent profitable year was 2010, and its net losses have totaled $4.5 billion since then. Canada mulls to invite nearly 3 million people in coming decade. Libbey, an Ohio-based glass tableware manufacturer for restaurants and bars that no longer needed new drinking glasses while they were closed, filed on June 1. Helios and Matheson, the parent of movie-theater subscription service MoviePass, filed for Chapter 7 bankruptcy on January 29. 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. last year. 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. with all 41 of its theaters closed nationwide during the pandemic. British burger chain Byron entered administration on June 29 and eventually reached a deal to be acquired by Calverton UK while closing 31 of its 51 locations and laying off 651 employees, according to Reuters. Restaurant franchisor CraftWorks filed on March 3 to reduce its debt by more than $140 million shortly after closing about 10% of its locations. Maines Paper & Food Service, a food distributor with $3.5 billion in revenue in 2018, filed on June 10 weeks after its assets were acquired by Lineage Logistics. Canadian Bankruptcies Jump At Fastest Pace Since Financial Crisis Research suggests Canadians are under immense social pressure to spend money, and that's driving debt. New York bankruptcies reportedly surge 40% during pandemic. into bankruptcy on January 5, aiming to reduce its debt load while continuing normal operations. Over the next few months, we'll likely see an unfolding of two crises: the global pandemic and the bursting of the Canadian consumer debt bubble," Grant Bazian, president at MNP, said in a statement. Bank. LONDON, Ontario (PRWEB) September 21, 2020 According to the Office of the Superintendent of Bankruptcy Canada, in April 2020 bankruptcies were down nearly 36 percent from the previous year. Town Sports International, the parent company of New York Sports Clubs and fitness chains in other major East Coast cities, filed on September 14 after its gyms were forced to close for much of the spring and summer. 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. Eliza Ronalds-Hannon , Katherine Doherty, and . Companies that file Chapter 11 bankruptcy negotiate with creditors to restructure debt terms. The banks want their money. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. and cut 2,460 jobs. You can't even get into a mall, let alone buy that product at the stores. 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. Pages in category "Companies that have filed for bankruptcy in Canada" The following 36 pages are in this category, out of 36 total. , a commercial construction and engineering company. Borden Dairy followed competitor Dean Foods A list of the biggest companies that have filed for bankruptcy during the coronavirus pandemic, ranked by assets. , which offers products for aortic disorders. to eliminate $2.1 billion in debt, a week after a bizarre episode that saw its stock jump on July 20 due to a fraudulent press release that said the company would be acquired for $1.20 per share. Saskatchewan, Manitoba, and the Northwest Territories.Stickers will still be required for farm vehicles and commercial vehicles that travel between regions as part of international agreements.This report by The Canadian Press was first published Dec. 7, 2020. records list. "There's no point in trying to collect money when people don't have revenue coming in," he said. Canada has also seen an uptick in energy bankruptcies, especially after facing years of stiff competition from U.S. shale producers. FTR 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.’”. According to the most recent Canadian Federation of Independent Business survey, one in seven Canadian small businesses (158,000) are at risk of closing. , a high-end retailer founded two centuries ago and frequented by U.S. presidents. Only 70 employees remained to wind down the business. The emergency benefits have stopped. LONDON, Ontario (PRWEB) September 21, 2020. Consider this recent take. Lucky Brand, a Los Angeles-based fashion designer and retailer specializing in denim, filed on July 3 and announced it is being acquired by Sparc, the parent company of Aeropostale and Nautica. Jamaica-based telecom provider Digicel filed for Chapter 15, which allows foreign creditors to participate cases, on May 15. , which provides hold music on calls and background music in stores to retailers. Another nine per cent said they were somewhat close. Fig & Olive, an upscale Mediterranean restaurant chain with nine locations, filed on July 3 as it grapples with litigation related to a salmonella outbreak compounded by this spring’s Covid-19 closures. , which installs roofs and solar panels in nine states in the Southwestern U.S.. , a home furniture chain with close to 1,000 locations at the beginning of the store. Commercial magazine printer LSC Communications filed on April 13 with nearly $1 billion in debt after an antitrust lawsuit blocked an attempted $1.4 billion sale to competitor Quad/Graphics This may seem like good news, but the springtime decline in bankruptcies may be fleeting at best. "We need one domino to fall. 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. for the second time in the last year as it struggled to stay afloat with its stores closed. It had billions of dollars of debt even before oil prices plunged in recent weeks. , which is Pizza Hut’s largest franchisee with about 1,200 locations and also operates nearly 400 Wendy’s restaurants. The Paper Store, which sells stationary and small gifts and accessories at 86 locations in the northeastern United States, filed on July 14 and expects to sell its assets. South African retailer Edcon filed for business rescue on April 29, announcing that it had lost 2 billion rand in sales—equivalent to more than $100 million—due to coronavirus. What I think you’ve seen is lots of people being forced into, ‘I’m going to get there at some point.’”. In January 2020, Retail Insider also reported the once-popular jeweller Links Of London was planning on closing all five of its Canadian stores in the coming year. on March 30, shortly after its 73 locations were required to close. Indeed, Douglas Hoyes, a licensed insolvency trustee and co-founder of Toronto-based Hoyes, Michalos & Associates, predicts that when the figures come in for April, personal bankruptcies will likely be down about 50 per cent from last year. The previous year saw a number of well-known national and regional retailers file for both Chapter 7 and Chapter 11 bankruptcy. to convert about $1.7 billion of debt to equity. It is liquidating its business in Ireland, permanently closing its 11 stores there. 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. Thai carrier Nok Airlines filed on July 30, as the Bangkok Post reported that it had to shut down its international routes due to Covid-19 and is operating just 30% of its pre-pandemic schedule. The U.S. courts recently … , which had to close its 12 entertainment centers and water parks due to the pandemic. PUBLISHED - Dec 4, 2020. Clothing conglomerate Nygard Entities filed for Chapter 15 on March 19. This report by The Canadian Press was first published Dec. 12, 2020. This time is the turn of Cathay Dragon (once known as Dragonair), a subsidiary of Cathay Pacific that operated throughout Asia. You just need to scroll up this list of 2020 airline bankruptcies to find a few examples (Avianca Perú, Germanwings, South African Express, Air Asia Japan, etc.). , weeks after it announced it was laying off 20% of its corporate workforce and closing up to 500 stores. Tri-state grocery chain Fairway Market filed on January 23 and announced it was selling up to five New York City stores and its distribution center to Village Super Market for $70 million. In the first phase of its reorganization, it will close at least 132 locations and its Phoenix distribution center. 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. The prominent department store chain has lost money for nine straight years, and its troubles were exacerbated by the pandemic that forced its 850 remaining locations to close. For the 12 months ending February 1, 2020, Aldo lost $74.8 million in Canada and $52.8 million in the United States. New Zealand furniture and appliance retailer. "Obviously, there's going to be a massive spike in bankruptcies: that would be the conventional wisdom," Hoyes said. after its gyms were forced to close for much of the spring and summer. Grupo Famsa, a retailer with about 400 stores primarily in Mexico, filed on June 26 but expects to continue normal operations. on June 26 with more than $5 billion in debt. May 13, though it said it plans to be a massive spike in bankruptcies: that would the... In many years by 11 reorganization to a halt the springtime decline in bankruptcies May be fleeting at best and! Have totaled $ 4.5 billion since then reorganization, it converted its Chapter 11 bankruptcy i the...... [ + ] close in defaulted loans, he said 15, weighed by... Auto parts manufacturer Spectra Premium filed on May 15, weighed down by $ 10 billion are running out money. 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