Businesses that went bankrupt during Coronavirus pandemic

richc

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I'll start:

Neiman Marcus
J Crew
Pier 1 Imports

All large retailers. No doubt many more to come in the near future.

Please post at you see or hear of them.
 

Spartan65

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Great thread, but those three have been in trouble!
I can add two
Golds Gym is expected to file this coming week.
24 hour fitness is on deaths door step.
 
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appraiser

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Hertz just barely avoided it with a last minute deal with creditors, but for all intents and purposes they are toast.

Most buffet style chain restaurants will be in trouble if not bankrupt soon,

Sweet Tomatoes has already thrown it in and closed their 91 buffet style locations.
 

peterk123

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There will be untold sold businesses closing left and right. My daughter works as an accountant in a small firm. I believe they have helped close the books (permanently) on ten companies so far.
 

Boris

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Are we going to use the same standards as NYC people attributing Chinese flu as the cause to shark attack victims? Might as well.

I've learned that Strange Brew has closed it's doors mid March as we were peaking (at the moment).

It was a f***ing great place for all your brewing and distillery needs. Helpful and knowledgeable folks who didn't even wink when you told them that you wanted to make vodka champagne. They had decent inventory on hand so that you can finger f*** the wares and prices were reasonable enough to compete and beat online competition. They have been in business for a long time in Marlborough, in a tiny place before moving to a bigger store down the road.

When I told dude that I was brewing some crazy shit, the guy in the store was excited and asked to bring some in for tasting. That's awesome they were. True autists of their craft.

I am very sad to see them go. f*** Faker, f*** republican party of massachusetts, f*** democrats who are fisting that cuck and move him like a puppet. Sad day comrades, sad day.
 

Dadstoys

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I would think a large number of the heath clubs are gonners.
There is no way you could put enough people in those places to even keep the lights on if the social distancing rules are in place.
The business models are pretty much based on them being packed.
 

PennyPincher

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JCPenney should be filing soon. But they have been on life support for years. How they have lasted this long I have no idea. It's the main reason just over a year ago I started encouraging my husband to leave there. He did. Has a great job currently and able to work from home.
 

PennyPincher

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I don't know all the particulars, but could it be these struggling businesses that have been struggling way before the Chinabeerflu hit are filing now and using it as an excuse to get some sort of federal bailout or assistance ?
I don't think there is a bailout for them. Just the final nail in the coffin.

You are going to see tons of restaurants fold. Most people don't realize how thin a margin they run on. They literally make it on volume alone. 60 percent of them close within the first year. 95% close within 3 years of opening.
 

EvilDragon

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Are we going to use the same standards as NYC people attributing Chinese flu as the cause to shark attack victims? Might as well.

I've learned that Strange Brew has closed it's doors mid March as we were peaking (at the moment).

It was a f***ing great place for all your brewing and distillery needs. Helpful and knowledgeable folks who didn't even wink when you told them that you wanted to make vodka champagne. They had decent inventory on hand so that you can finger f*** the wares and prices were reasonable enough to compete and beat online competition. They have been in business for a long time in Marlborough, in a tiny place before moving to a bigger store down the road.

When I told dude that I was brewing some crazy shit, the guy in the store was excited and asked to bring some in for tasting. That's awesome they were. True autists of their craft.

I am very sad to see them go. f*** Faker, f*** republican party of massachusetts, f*** democrats who are fisting that cuck and move him like a puppet. Sad day comrades, sad day.
Their website is still up: Contact Us

They just switched to mail order. I'm guessing the building owners were being dicks.
 

Greg

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I don't think there is a bailout for them. Just the final nail in the coffin.

You are going to see tons of restaurants fold. Most people don't realize how thin a margin they run on. They literally make it on volume alone. 60 percent of them close within the first year. 95% close within 3 years of opening.
Ya, I know eateries are going to get f'd..very small margins on food. they make all the money in beverages..I know they lost a ton when I stopped all drinks except water, which is free. My ex used to manage Papa Ginos (bad example lol) but I think she said a large drink was like $.08
 

milktree

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I would think a large number of the heath clubs are gonners.
There is no way you could put enough people in those places to even keep the lights on if the social distancing rules are in place.
The business models are pretty much based on them being packed.
What? No. The business model relies on people NOT going, but paying the monthly membership anyway.
 

PennyPincher

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What? No. The business model relies on people NOT going, but paying the monthly membership anyway.
this is true. 85% of people visit a gym twice - the day they join and the day they quit. I used to get all the "industry stats." I want to say IIRC, 4%-5% went "regularly for 6 weeks" and then stopped going. Of the rest, about 10% with memberships, half were sporadic to intermittent users and half (5%) were consistent users at least 3 times per week on average or something like that. Forgive me if the last 15% is not correct but it's close. It's been years since I read any industry report.

I remember a regional manager saying "imagine that. an entire industry running on an 85% failure rate." (meaning the members failed)
 

appraiser

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Radio stations were in the tank before this happened, there were MASSIVE layoffs at almost every company in the last 4 months of 2019, unlike I had ever seen before.

Now this happens, there is no ad revenue coming in as businesses are not buying advertising like they had been.

It would take me an hour to type in all the people I know that got 2 in the hat BEFORE this, and now the people left in the business are really hurting

Reduced work weeks, reductions in pay, furloughs, staff cuts, weekenders and part time employees not being scheduled to keep the amount of people in the building down.

I Heart radio just came out of bankruptcy, and they are really hurting.

Beasley had massive cuts last fall, many of their mid day air staff nation wide were sent packing, they were bare bones in December, and now they are really hurting.

Entercom had also been cutting across the board last fall, and they have been cutting to the bone trying to survive.

Last year on this date their stock was $6.80, today it is about $1.11, after going as low as 75 CENTS a share ......

Their market cap is less than what WAAF sold for at one point IIRC

They took 11 Million for WAAF, just to get rid of it, they fired Nancy Quill who had been with WMJX for 38 years ( full disclosure I worked with Nancy in the late 1970 )...

Cumulus has been out of Chapter 11 for less than 2 years and right now they are on life support.
 

rommel

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There will be magnitudes more of small local businesses to every big name business. I think we will be able to measure restaurants by percentages as time will tell.
 

drgrant

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I'll start:

Neiman Marcus
J Crew
Pier 1 Imports

All large retailers. No doubt many more to come in the near future.

Please post at you see or hear of them.
Wasn't Pier 1 dying before this happened though? I remember seeing big sale etc signs up for Pier1 in like, early march?

-Mike
 

drgrant

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What? No. The business model relies on people NOT going, but paying the monthly membership anyway.
A lot of them are getting free money right now for services not renderable, too.... the only reason they would lose revenue is if jobless people dump their
gym memberships. The 10-25 bucks a month or whatever it is for cheap gyms goes largely unnoticed otherwise.

-Mike
 

Len-2A Training

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Radio stations were in the tank before this happened, there were MASSIVE layoffs at almost every company in the last 4 months of 2019, unlike I had ever seen before.

They took 11 Million for WAAF, just to get rid of it, they fired Nancy Quill who had been with WMJX for 38 years ( full disclosure I worked with Nancy in the late 1970 )...
Nancy and her Husband are personal friends and I have worked with her Husband a long time ago. Hopefully, she'll ramp up her voice-over work and make a nice living at it like my old friend Dick Summer.
 
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this is true. 85% of people visit a gym twice - the day they join and the day they quit. I used to get all the "industry stats." I want to say IIRC, 4%-5% went "regularly for 6 weeks" and then stopped going. Of the rest, about 10% with memberships, half were sporadic to intermittent users and half (5%) were consistent users at least 3 times per week on average or something like that. Forgive me if the last 15% is not correct but it's close. It's been years since I read any industry report.

I remember a regional manager saying "imagine that. an entire industry running on an 85% failure rate." (meaning the members failed)
I used to work in the industry. Was something like 85% of the members paid for the other 15% to use the gym 3x a week is what our stat was. Or close to that.
 

snax

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Simon Malls. Malls were dying anyway. Add to it the multitude of small shops that won't make the high rent and fail, the other company(ies) running these will eventually drop too.
Tons of those retail chains you see all over malls will end.
Throw in there other REITs that invest, develop, and manage other types of retail property.
 
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Spanz

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I would think a large number of the heath clubs are gonners.
There is no way you could put enough people in those places to even keep the lights on if the social distancing rules are in place.
The business models are pretty much based on them being packed.
face it, on the best day possible, health clubs are petri dishes. Sweaty people dripping all over every piece of equipment.

You just ignore that in the good times, and do your workout. But when you are social distancing....ugh, not going to work. I guess you could try to do a workout using a mask and nitrile gloves.....

Health clubs will need to wait to reopen until there is a vaccine, and enough people have taken it and feel 100% sure it is going to protect them.
 

Spanz

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Simon Malls. Malls were dying anyway. Add to it the multitude of small shops that won't make the high rent and fail, the other company(ies) running these will eventually drop too.
Tons of those retail chains you see all over malls will end.
Throw in there other REITs that invest, develop, and manage other types of retail property.
i bet this puts the nail in the coffin of Kittery ME strip malls. They were almost gone under BEFORE every one of their customers stopped coming, AND the governor told the trading post to close down.
 
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