The coronavirus pandemic has caused countless stores to close, and in many cases, online shopping hasn’t made up for the loss in foot traffic.
JCPenney, GNC, J.Crew, and others were already experiencing financial difficulty, but now, the economic recession has made things even worse.
The following is a list of companies that have filed for bankruptcy, and what they’re doing next.
Brooks Brothers filed bankruptcy.
The oldest men’s apparel retailer in the U.S. filed for Chapter 11 bankruptcy and announced that more than 1/5 of their 250 locations would close for good. They’re not fully shutting down, and are seeking a buyer.
Locations closing: 51 stores
Although not marketed as a liquidation sale, Brooks Brothers is currently holding a summer savings sale with items up to 50% off, along with clearance items 70% off.
Catherine’s is liquidating all of their stores.
The plus-sized retailer is permanently closing all of their stores as part of the bankruptcy filing of their parent company, Ascena Retail Group.
Locations closing: 320 stores
Liquidation sales started on Aug. 1, with 40-50% off storewide.
Gordmans, Bealls & Goody’s are closing.
Stage Stores — which owns these various chains — filed bankruptcy back in May, and now liquidation sales all of the company’s stores are starting to wrap up.
Locations closing: 700 stores
Liquidation sales are ramping down, with all stores expected to be closed for good at the end of August. Check your local store to find out about the sales. Guess Guess plans to close 100 stores in the U.S. and China within 18 months. The closures are a move to optimize their store portfolios and increase profitability. Locations: 100 stores No liquidations sales have been reported at this time. Guess is negotiating lease terms with landlords to determine which locations will reopen.
Jared, Kay, Zales & more jewelers closing 380 stores.
Signet Jewelers — the parent company for Kay Jewelers, Zales, Jared, H.Samuel, Ernest Jones, Peoples, and Piercing Pagoda — is trying to avoid bankruptcy by keeping 230 stores closed, and shutting down another 150 by the end of 2020.
Locations closing: 380
No closing sales have been announced in association with the closings, but Zales and Jared’s websites are offering an extra 15-50% off select clearance items.
JCPenney has struggled financially for years, which was made worse by COVID-19. They filed for bankruptcy in mid-May and are looking for a buyer to avoid total liquidation.
Locations closing: 152 stores so far (more to be announced)
No plans for liquidation yet, but insiders suggest that if they don’t find a buyer soon, that could change soon.
J.Crew, which also owns Madewell, filed for Chapter 11 bankruptcy protection in May. They’ve been pretty tight-lipped about how they’re looking to emerge from bankruptcy, but it does involve a few store closures.
Locations closing: 8 stores
With so few stores closing, it’s no surprise that J.Crew doesn’t have any announced liquidation sales, although the Twitterverse has noticed some well-timed sales. Having filed Chapter 11 reorganization protection, there’s no indication (yet) that widespread closures are going to happen.
Jos A. Bank’s parent company has filed bankruptcy.
Jos. A Bank was saved by Tailored Brands six years ago, but after their parent company filed for bankruptcy — because formalwear sales have plummeted since coronavirus — they’re closing stores once again.
Locations: 63 stores
Jos A. Bank has decided not to reopen the closed stores. Instead of having liquidation sales, merchandise from closed locations will be available online.
Justice is in the last days of closing 600+ stores.
Another Ascena Retail Group property, tween apparel retailer Justice, is in the process of closing just about all of their stores. Locations will be open until stores sell out of inventory, but based on current pace, that should only be until about mid-August.
Locations closing: 600+
Liquidation sales started in late July, but are wrapping up with sales of 50-70% off.
Lane Bryant liquidating 150 stores.
Ascena-owned plus-sized retailer Lane Bryant will be closing 150 of their stores, 52 being outlet stores.
Locations closing: 150
Liquidation sales started July 27, with 40-50% off storewide, but now we are hearing 80% off sales are occurring. Liquidation sales can be expected to go on between 30-60 days total.
Lord & Taylor shutting down after 200 years.
The oldest department store in the U.S., Lord & Taylor, is calling it quits and liquidating all of their stores. They’re looking for a buyer, but it’s uncertain what the future will be if they find one.
Locations closing: 38
According to Forbes, 19 of the 38 Lord & Taylor locations started liquidation sales on Sunday, Aug. 2, with initial discounts of 20-40% off storewide.
Lucky Brand went bankrupt and is closing some stores.
Sales have plummeted, causing the denim chain to close 13 of their 200 stores — as well as put themselves up for sale. Nautica/Aeropostale owner SPARC Group bought them.
Locations closing: 13 stores
There are more than 1,200 items on sale/clearance at LuckyBrand.com, but otherwise no word of any liquidation sales.
Men’s Wearhouse filed bankruptcy & will liquidate online.
Men’s Wearhouse has announced store closures and blamed the decline in formal wear due to the pandemic being a major contributor.
Locations: 32 stores
Men’s Wearhouse has chosen to permanently close 32 locations; they won’t reopen for liquidation sales. Instead, merchandise will be sold online.
Neiman Marcus is closing most of their clearance stores.
Neiman Marcus was one of the first retailers to announce bankruptcy due to COVID-19. They filed in May.
Locations closing: 21 (4 Neiman-Marcus stores, 17 Last Call clearance stores)
There are no official liquidation sale plans, although one would assume the individual stores closing would offer closeout sales. All but 5 of the chain’s discount Last Call stores will close, so look for the majority of extra/discounted inventory to show up in the Last Call section of NeimanMarcus.com — where there are tens of thousands of items currently available.
New York & Co. is undergoing total liquidation.
Department store New York & Co. has filed for bankruptcy, and will close all of their retail locations across the United States.
Locations closing: 378 Stores
Liquidation sales began July 28, and customers can expect initial discounts of up to 60% off original prices for all in-store merchandise including women’s clothing, accessories, and shoes. Sales are expected to last 8-10 weeks. Some store furniture, equipment, and fixtures will be available to purchase. Everything must go and all sales will be final.
Stein Mart is bankrupt and possibly closing all stores.
As part of their recent Chapter 11 bankruptcy filing, discount department store Stein Mart announced that they expect to close most (if not all) of their brick-and-mortar stores.
Locations closing: Up to 281 stores
The chain is still identifying which (if not all) stores will be closing permanently, and those that have been identified already are having sales of 40% off storewide. All other locations are experiencing a 10-30% off storewide sale.
Sur La Table is closing almost half of their stores.
Sur La Table will close almost half of their stores while the others are sold to a private equity firm in the wake of Chapter 11 bankruptcy.
Locations closing: 56 stores
Liquidation sales of 15-30% off storewide have begun and are expected to run until the stores permanently close at the end of August. Gift cards will be accepted at closing Sur La Table stores until August 7, but will remain valid online or at an open store.
The Children’s Place is closing 400 stores by 2021.
The Children’s Place is closing locations after experiencing a 38.1% decrease in total sales due to temporary store closures during the pandemic. They didn’t go bankrupt, but they’re closing stores to improve their financial situation.
Locations closing: 300 stores in 2020, 100 more stores by 2021
Liquidation sales began June 12 at 50 select stores and were expected to continue for 6 weeks. Liquidation sales will be held depending on available inventory. A second phase of liquidation sale locations will be released. The Children’s Place is running a 50-60% sale off the entire website inventory.
Van Heusen & IZOD are all closing over the next year-and-a-half.
All Van Heusen and IZOD stores will be closing by the end of 2021.
Locations closing: 162 stores.
No plans are in place for brick and mortar store liquidation sales, but both Van Heusen and IZOD are holding up to 75% off sitewide sales now.
Other companies that have filed for bankruptcy (but aren’t having liquidation sales).
- Tuesday Morning (230 stores closed)
- GNC (900+ stores to be closed)
- Gold’s Gym (32 company-owned gyms to be closed)
- 24 Hour Fitness (100 gyms closed)
- Chuck E. Cheese (no restaurants closing yet)
- California Pizza Kitchen (no restaurants closing yet)