"How many small retail stores, how many restaurants, how much of the hospitality industry has been struck down for good that we will never see again? Pages in category "Companies that have filed for bankruptcy in Canada" The following 36 pages are in this category, out of 36 total. The pandemic recession plunged dozens of large American companies into bankruptcy this summer. 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. . Hoyes agreed that as things gradually start to come back to normal, it's reasonable to expect a "a big spike" in bankruptcies, likely in the fall. A report released by Statistics Canada found one-in-five Canadian businesses had laid off more than 80 per cent of their staff. The family arcade center that attracts swarms of children pushing buttons, collecting prizes and sharing pizza unsurprisingly had a hard time pivoting to a takeout pizza model, though 266 of the company-operated Chuck E. Cheese and Peter Piper Pizza venues have already re-opened. Companies turn to legal strategies to stave off messy bankruptcies. He covers Canadian and U.S. politics and current affairs. , based in Georgia with more than 8,000 employees in 80 countries. on January 21 to eliminate $4.6 billion in debt. Petersen-Dean, which installs roofs and solar panels in nine states in the Southwestern U.S., filed on June 11. "But when will the taps turn on again with respect to the payments? 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. It was delisted from the Nasdaq the next week. Retail Bankruptcies: Next On the Chopping Block. went insolvent during the last financial crisis in 2009 and regained its footing and profitability as America’s largest automaker. 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. It is liquidating its business in Ireland, permanently closing its 11 stores there. For debt-relief and bankruptcy help, contact us today. , a food distributor with $3.5 billion in revenue in 2018, filed on June 10 weeks after its assets. The government has also deferred or extended the time for income tax return filing and people who owe income tax. . 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. 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. MoviePass had more than 3 million subscribers at its peak in 2018. , weighed down by $4.2 billion in debt. , a movie theater chain that also owns dine-in restaurants and bars. This report by The Canadian Press was first published Dec. 12, 2020. 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. 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. Consumer bankruptcies in Alberta decreased by 41.9%, from 461 in September 2019 to 268 in September 2020. Temporary store closures. Check out the latest bankruptcy Canada statistics and see the current trends. 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. According to the Office of the Superintendent of Bankruptcy Canada, in April 2020 bankruptcies were down nearly 36 percent from the previous year. Luxury department store Lord & Taylor and its owner, Le Tote Inc., joined the growing list of major retailers going bankrupt on August 2. In January 2020, CWB learned that Gerges had been charged with possession of a Schedule I substance. Swedish fashion retail chain MQ filed on April 16 as sales plunged at its physical locations while customers stayed home due to the pandemic. Near-zero travel demand. Car rental company Hertz filed on May 22 with nearly $18 billion in net debt on its balance sheet and coronavirus crushing business travel and tourism. Canada Bankruptcies - values, historical data and charts - was last updated on December of 2020. 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. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn . Bank, filed on August 2, weeks after it announced it was laying off 20% of its corporate workforce and closing up to 500 stores. "There's no going-out-of-business sales in retail where people can come in…. "Canadians were already carrying near record levels of debt before COVID and COVID-related job-losses will be the tipping point for many who were already struggling.". More are on the way. , the largest oil and natural gas producer in California. Organic grocer Lucky’s Market filed on January 27 and plans to sell most of its stores to Aldi, Publix and other winning bidders. Some of the biggest names in corporate America are in danger of going the way of Sears, Blockbuster and RadioShack. "One of the primary causes of personal insolvency is a high level of consumer debt coupled with an unexpected life event," Bolduc said. It was delisted from the Nasdaq the next week. U.K.-based Italian restaurant chain Carluccio’s entered administration on March 30, shortly after its 73 locations were required to close. "So businesses are also going through the great deferral.". FILING DATE , which operates 19 shopping malls in the U.K. and Spain. Nobody knows for sure.". on May 19. Health and wellness retailer GNC filed on June 23 and announced it would accelerate the closure of 800-1,200 of its 7,300 locations. ... the Canadian market. 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. and announced it was being bought and taken private by Deerfield Partners. 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. Reitmans, a prominent Canadian fashion retailer with 576 stores, began a restructuring process on May 19. Fri, Sep 25th 2020. The pioneering company put the first commercial communications satellite in space in 1965. But that storm, when it hits, could be "very bad," Brzezinski said. For details about a particular record, click on the company name. It is liquidating its business in Ireland, permanently closing its 11 stores there. , which provides hold music on calls and background music in stores to retailers. Its most recent profitable year was 2010, and its net losses have totaled $4.5 billion since then. 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. Income for many has dropped, debt is likely increasing. 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. Mexican energy company Libre Abordo announced it was bankrupt on May 31 after oil prices collapsed this spring. on July 6 after business slumped as Europe shut down for most of the spring. Wirecard, a German payment processing firm embroiled in scandal after it couldn’t account for $2.1 billion in cash it claimed to have on its balance sheet, filed for insolvency on June 25. on March 19. Business at all of them has been upended by coronavirus shutdowns. The 10 largest and most unexpected trucking bankruptcies in recent history. This list may not reflect recent changes . "Obviously, there's going to be a massive spike in bankruptcies: that would be the conventional wisdom," Hoyes said. "So we're going through this sort of fantasy calm before the storm.". "We need one domino to fall. December 3, 2020. AlixPartners CEO on retail bankruptcies, industry outlook. Canada has also seen an uptick in energy bankruptcies, especially after facing years of stiff competition from U.S. shale producers. For the 12 months ending February 1, 2020, Aldo lost $74.8 million in Canada and $52.8 million in the United States. Popular nationwide fast casual chain California Pizza Kitchen filed on July 30 and warned that it may close unprofitable locations. as it looks to sell off its cementing business and parts of its fracking business. 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. San Antonio-based oil and gas servicer Pioneer Energy filed on March 2, though it is continuing operations. "Not all of them, not all the time, many of [the banks] have laid back.". IntegraMed America, which offers nearly 100 medical facilities and fertility centers in the U.S. services like egg freezing, filed on May 20. This story was originally published on June 24, 2020, and has been updated. on May 31 after oil prices collapsed this spring. Neiman Marcus filed on May 7, seeking to eliminate $4 billion in debt. 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. , though it said it will continue to launch new satellites. after closing 38 of its locations, leaving less than 100 remaining. And the entire department store sector has suffered as more consumers shop online. , which operates 30 newspapers in 14 states. Its shares peaked at about $60 in 2013, but have traded below $1 since July of last year. About 3,600 companies filed for Chapter 11 in the first half of 2020, more than any year since 2012, according to the American Bankruptcy Institute. 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. In April 2020 bankruptcies were low, but John Adamson, Licensed Insolvency Trustee worries about the financial tsunami that’s coming in the fall. with the pandemic suffocating demand, though it will continue operating its limited passenger and cargo stats as scheduled. that it had under-reported its debt by $2.7 billion. Ellis Fabrication Inc. et al. with demand for elective surgeries all but disappearing. , one of America’s largest telecom companies, filed on April 14. The U.S. courts recently … , citing debts of between $50 million and $100 million. ... Cancelled its 2020 season, resulting in the loss of 240 jobs. 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. 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 became the largest carrier yet to go bankrupt when it. Bluestem Brands, the parent company of seven e-commerce subsidiaries, filed on March 9. The number of Canadian bankruptcies decreased by 18.3% over the same time period. "There's no point in trying to collect money when people don't have revenue coming in," he said. New Zealand furniture and appliance retailer. 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. 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. Canadian auto parts manufacturer Spectra Premium filed on March 10. “It has been a poorly-kept secret that a number of the big-box retailers were struggling,” says Scott Williams, a bankruptcy attorney at RumbergerKirk. Wave of U.S. Advantage Rent A Car filed on May 26, four days after its competitor Hertz, with global travel still ground to a halt. © 2020 Forbes Media LLC. "We're going to see businesses that will not survive. Finance experts answer viewer questions about coping during the COVID-19 pandemic including whether small businesses should take on debt with uncertain times ahead. to convert about $1.7 billion of debt to equity. Avianca, which served more than 30 million passengers last year as one of Latin America’s largest airlines, filed on May 10 with all of its passenger flights grounded since mid-March due to Covid-19. to delever its balance sheet by $250 million. Pyxus International, a North Carolina-based tobacco supplier whose stock was trading at more than $40 less than two years ago but has seen its supply chain disrupted by the Covid-19 pandemic, filed on June 15 to reduce its debt by more than $400 million. Virgin Australia, one of Australia’s largest airlines co-founded by billionaire Richard Branson, filed on April 21 after the Australian government denied the company’s pleas for a bailout. "These are incredibly tragic and heartbreaking numbers to look at," he said. January 2020; February 2020; March 2020; April 2020; May 2020; June 2020; July 2020; August 2020; September 2020; October 2020; Insolvency Statistics in Canada—Quarterly Reports. "So if I'm not working, I am what we call creditor-proof," he said. . Restaurants face uncertain future amid COVID-19, Financial help for Canadians affected by COVID-19, As COVID-19 bailouts pile up, Canadians ask for relief on credit card rates, CBC's Journalistic Standards and Practices. 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