Toys R Us was once a corporate juggernaut, controlling a quarter of the worlds toy market with nearly 1,500 stores in the 1990s. The company has already brought in Gordon Brothers Retail Partners and Hilco Merchant Resourcesto help sell off inventory and assets in order to pay off debt worth over $100M. Notably, the company initially survived the onset of the pandemic however, like others in its space, it ultimately succumbed to decreased foot traffic and supply chain disruption. Tupperware's share price plummeted by almost 50% since 3 April and the company might soon delist from the New York Stock Exchange . *Denotes a companys second or third bankruptcy. After it filed for bankruptcy in July, retail management firm Authentic Brands Group and mall landlord Simon Property Group won the bid to buy out the brand by offering a zero-interest loan. The company was acquired by Authentic Brands Group for $22.5M, and relaunched as an online-only business. After this slow Halloween season, chief executive officer Brad Weston announced that Party City would be cutting 19 percent of its workforce. A. The company restructured approximately $800M in debt and became private under the new management of private equity owner Oaktree Capital. Summary:Tamara Mellon, founder of Jimmy Choo, filed for chapter 11 bankruptcy for her namesake ready-to-wear and footwear label in December 2015. Answer (1 of 6): I believe the question is actually why do so many successful businesses fail, because companies are always going put of business. SmartAssets free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Businesses had been unable to pay rent under the weight of pandemic pressures, resulting in the companys rental income dropping $127M in 2020. Summary: Art Van Furniture sold a fifth of its stores in its Chapter 11 bankruptcy filing, which was later converted to a Chapter 7. . Summary: Discount department store chain Stein Mart long struggled with declining sales before it fell to bankruptcy in August. Rite Aid may no longer be able to compete with its chain drugstore counterparts CVS and Walgreens. The COVID-19 pandemic forced more than 3,000 trucking companies out of business in 2020 a significant leap from about 1,000 the year prior as the early months of the global health crisis . Olympias parent organization faced a number of challenges in the time that followed, including a faulty order management system and executive flight, which were only compounded by the pandemic. In late November 2017, Vitamin World won court approval to close over 100 stores and put the rest up for sale over the 2017 holiday season. Bon-Ton is currently working to close 40+ physical stores and is also exploring the possibility of a sale. Summary: The owner of J. Hilco Streambank senior vice president Richelle Kalnit stated that the companys brands, which are sold in Canada and the U.S., have annual sales of more than $105 million through wholesale partners and nearly $110 million through the companys retail and e-commerce channels. AUSTIN, Texas (AP) The Justice Department said Thursday that it will again go to the Supreme Court over abortion after a lower court ruling allowed the abortion pill mifepristone to remain available in the U.S. but reimposed past restrictions on getting and using the drug. Summary: Gym chain YouFit declared bankruptcy in November following a difficult year for gyms amid capacity limits and closures due to the pandemic 24 Hour Fitness and Golds Gym also filed for bankruptcy earlier in the year. In February 2021, Francescas sold to TerraMar Capital and Tiger Capital Group for $18M. The furniture chain, which was created to take over Art Van Furniture, closed over 20 stores and planned to reorganize as part of its bankruptcy proceedings. We are committed to bringing you researched, expert-driven content to help you make more informed decisions Click here to see the brands that disappeared in the last decade. Men's Wearhouse and Jos. He only served in the chief executive role for about two years. Summary: Global gym chain Golds Gym filed its Chapter 11 in May. As part of a reorganization plan, the retailer said it would be workingwith a combination of vendors, lenders, and creditors to stay afloat. Rhoads also noted general retail challenges, including the pressure to offer steep discounts (thus reducing profit margins) as contributing factors to Avenues woes. The nearly 200-year-old retailer was acquired by Hudsons Bay Company in 2012 and then sold to clothing rental subscription service Le Tote for a paltry $75M in 2019. Samuels is looking to sell, and plans to close more than 100 stores in the process. Gawker was an incredibly popular gossip blog that spawned a media empire, including specialty sites like Jezebel, io9, Deadspin and Kotaku. Summary:Womens clothing retailer Cache filed for chapter 11 bankruptcy protection in February 2015, citing a lack of time and money to reorganize. Summary: California-based denim retailer True Religion was another company who sought bankruptcy in efforts to revive itself from huge debts and decreasing sales. The business then sets a closing date and the rules for the sale. The company said it would shutter 200 underperforming locations right away, and look to potentially close 700 stores altogether over the next few months. The Houston brand announced its relaunch over social media in November and is slated to open 15 stores in 2020. Bankruptcy was a strategic move on the retailers part, which hoped to use it as grounds to cancel its 21 US store leases while continuing to sell to US consumers online. Lauren Jarvis-Gibson is an Associate Editor at Best Life. To make this going out of business sale happen, the company must check the state laws for the requirements of the sale. First nameLast nameEmailCompany NameJob TitlePhone number. This caused a frenzy for bridal parties who had pre-ordered dresses. The companys bread and butter products were confections geared toward millennial adults, such as champagne and cocktail-themed candies. As August came to a close, consumer brand-owner Sequential Brands filed for Chapter 11 bankruptcy protection. The company was already struggling to stay afloat pre-pandemic, as online retailers ate away at its market share and consumers shifted away from at-home cooking. The company owns several maternity brands, including Destination Maternity, A Pea in the Pod, and Motherhood Maternity. But even now, as people are back on the party circuit, the largest retailer of party supplies is still having trouble. When Starbucks acquired Teavana in November 2012, people were still conducting most of their shopping in retail locations. Category/Product(s): Apparel & accessories. Department store chains like Stage Stores have been especially at risk amid the pandemic, as the shift to online shopping has accelerated. ae0fcc31ae342fd3a1346ebb1f342fcb, On January 5, Morphe released a statement on their Twitter account saying, "We have made the difficult decision to close all Morphe stores in the U.S. We are forever grateful to our store teams for their passion, talent, and dedication over the years.". Summary: Pizza Huts largest franchisee, NPC International, filed for bankruptcy in July despite the resurgence of pizza chains amid the Covid-19 crisis. > Founded in: 2011 That was noted in a hearing last week by an attorney for beneficiaries to a trust holding a minority stake in Tailored Brands, and who have been fighting the retailer's emergency loan that came in the following months. Bank regained in-store market share since the early impact of COVID-19 in 2020. The San Antonio brand was unable to recover following that filing, and it announced that it will close all of its retail stores in light of its second bankruptcy. Unfortunately, Made.com is the next brand to feel the wrath of post-pandemic life. $9.58 shipping. G-Stars CEO said that it plans to close approximately 24 stores in the US. Summary: After a leveraged buyout in 2012 by private equity firms Blum Capital and Golden Gate, Payless continued struggling with a large debt and weak sales amidst a challenging retail environment. All five of their locations appear to be shut down, but there has been no official press release announcing the closures, spurring questions about the chain's fate among the local community. xhr.send(payload); > Founded in: 1962 Category/Product(s): Outdoor apparel and gear. Following this initial bankruptcy, RadioShack emerged as a private companyafter being bought byGeneral Wireless, an affiliate of hedge fund Standard General LP. Summary: In July 2017,Florida-based Alfred Angelo filed for Chapter 7 bankruptcy, which allowed the company to liquidate instead of restructure its debt. Bank regained in-store market share since the early impact of COVID-19 in 2020. Running a company is never easy, and 2020 was even more challenging, presenting business owners with an unprecedented set of circumstances. Tech startup Pebble appeared poised for success after raising over $10 million on Kickstarter then the most successful campaign of all time to fund its early venture into smartwatches. This promising idea earned Theranos a $9 billion valuation. GBG USA entered into purchase agreements for its. Beyond competition from other big-box retailers and Amazon, major sports leagues such as the NBA and NFL that sell team merchandise also chipped away at Sports Authoritys market share. 24. Increased competition, high retail costs, andconsumer shifts to experiential spending had created a tough climate for the sporting goods and apparel industry. While Borders competitor Barnes and Noble launched its own eBook reader, Borders failed to adapt to shifts in customer preferences and went bankrupt in 2011. Though virtually every business faced pandemic-related struggles, few sectors had a harder time getting through 2020 than restaurants. This mismanagement trickled down to its subsidiaries, including Escada America, which left the company ill-equipped to endure the pandemic. Toys R Us However, the company ultimately announced Chapter 7 bankruptcy in July 2015 and that it would be dissolving its entire business due to massive debt. 7. The clothing retailer saw a 50% month-over-month decline in revenue amid the coronavirus pandemic. 20. as it pertains to all aspects of your daily life. Source: Scott Wintrow / Getty Images Entertainment via Getty Images, Source: Joe Raedle / Getty Images News via Getty Images, Source: Max Morse, TechCrunch / Wikimedia Commons, Source: Pool / Getty Images Entertainment via Getty Images, Source: Pool / Getty Images News via Getty Images, Source: Chris Hondros / Getty Images News via Getty Images, Source: Joe Scarnici / Getty Images Entertainment via Getty Images, Source: Kevin Lee / Getty Images Entertainment via Getty Images, Source: Eric Broder Van Dyke / Shutterstock.com, Source: Justin Sullivan / Getty Images News via Getty Images, Source: Peter Kramer / Getty Images News via Getty Images, Source: Andrew H. Walker / Getty Images Entertainment via Getty Images, Source: Drew Angerer / Getty Images News via Getty Images, ALSO READ: Companies With the Best and Worst Reputations, ALSO READ: The Most Popular Beer Brands in America. Summary: Another outdoor retailer, Minnesota-based Gander Mountain filed for Chapter 11 bankruptcy in March 2017 and announced plans to close 30+ under-performing stores. Freds closed hundreds of locations prior to its Chapter 11 filing in an effort to save the company. Forma Brands parent company of beauty brands like Morphe, Lipstick Queen, and Bad Habits filed for Chapter 11 bankruptcy at the start of 2023. Let Retail Dive's free newsletter keep you informed, straight from your inbox. Share Heres a list of 148 bankruptcies in the retail apocalypse and why they failed on Facebook, Share Heres a list of 148 bankruptcies in the retail apocalypse and why they failed on Twitter, Share Heres a list of 148 bankruptcies in the retail apocalypse and why they failed on LinkedIn, Share Heres a list of 148 bankruptcies in the retail apocalypse and why they failed via Email. Lubys A. ET. Now it is worth less than a penny. TanJay Womens Shirt Top Size 12P Button Up Multicolor Vintage NWT. 10. Or you do, but it's not from a cow. At the time of the filing, the company announcedits intent to restructure and reduce its debt by $500M, all while continuing to operate more than 580 stores. Later that year, Sports Authoritys intellectual property was auctioned off for $15 million to its former competitor Dicks Sporting Goods. The farming and agricultural goods retailer announced that it would be closing its 25 locations after more than 55 years in business. The location is already liquidating inventory. Clothing retailer Next, in partnership with Joules founder Tom Joule, bought Joules out of insolvency in December. Summary: Gymboree filed for its second bankruptcy in January 2019, announcing that it would close about 800 Gymboree and Crazy 8 stores in the US and Canada. Summary: Luxury retailer Neiman Marcus was another major national retailer to file for Chapter 11 bankruptcy amid the coronavirus crisis, but it exited in September under new owners, including Pimco, Davidson Kempner Capital Management, and Sixth Street. Animal rights activists continuously targeted the circus for its use of creatures like elephants in the show. Despite its filings and the surrounding controversy, Secoo announced it had entered into agreements with 2 new investors at the end of August. Ringling Bros. and Barnum & Bailey Circus The company, which owns brands such as Jessica Simpson, Joes Jeans, Avia, and AND1, ended 2020 with a debt load upwards of $450M, which it had been struggling to pay down amid executive flight in the lead up to its filing. Gawker.com was purchased by Bustle and planned to relaunch in 2019, but after a series of disagreements among staff and management, the relaunch was postponed and the staff laid off. In 1998, Palm had more than two-thirds of the worlds PDA market. Once a popularonline destinationfor streetwear, the company launched a series of ill-fated and pricey business ventures, including a failed $14M attempt to cross over into television. The chain had been a pioneer in introducing US customers to international, hard-to-get items, but growing competition from rivals like Amazons Whole Foods and Trader Joes forced it to shutter stores after running out of cash mid-2019. These are the saddest restaurant closings of 2020. As of July 22, 2022, JOANN had a debt of $1.1 million dollars with "cash and cash equivalents of $21.5 million.". HP retired the Compaq name in 2013. Palm Vertu was founded in 1998 by Nokia as a high-end luxury phone maker. At the time it entered insolvency, it was reported that its website and 170 stores would continue to operate and nearly 2,000 employees were at risk of redundancy. How Training Can Tackle the Supply Chains Worker Retention Problem, How You Can Harness Every Successful Retailers Secret Weapon, How to Meet Grocery Shoppers Where They Are, 2023 Predictions and Trends for Retail and Consumer Companies, How Bonobos Works Cross-Functionally to Create a Winning Customer Experience, Preparing to Thrive Online This Holiday Season and Beyond. While the company initially made moves to improve its financial standing by selling off large assets like, those efforts proved futile, and Sequential filed for bankruptcy just 3 weeks later. Morphe Cosmetics, a cosmetics and beauty manufacturer founded in 2008 most known for its partnerships with beauty YouTubers like James Charles, Jeffree Star, and Jaclyn Hill, is closing its doors. Having secured a $150M bankruptcy loan, the company is planning to keep operations running while it restructures its debt load as of the end of September 2022, Party City had $1.7B in debt and $122M in available liquidity. The good news: Foot traffic to its Men's Wearhouse and Jos. Holly Etlin, a managing director with AlixPartners working with Tailored Brands as chief restructuring officer, said in court papers at the time the company filed that Tailored Brands had suffered deeply during the pandemic. 8. $7.75 shipping. While the pandemic gave rise to new complications, it also exacerbated existing issues for the company, such as flagship store construction delays and the companys struggle to establish a digital presence on par with its in-store experience. Charming Charlie plans to close 100 of its stores by the end of 2017 with larger plans to restructure its debt and business. But in March, foot traffic rocketed ahead, rising 61% year over year. It's no surprise that Party City had a huge lull in sales during the pandemic when we were social distancing rather than gathering. The company, which owns brands such as Jessica Simpson, Joes Jeans, Avia, and AND1, ended 2020 with a debt load upwards of $450M, which it, in the lead up to its filing. > Founded in: 1947 In early June, Collected received new funding from private equity firm KKR, emerging from bankruptcy to continue its e-commerce business. The settlement between Tailored Brands and the trustee was defended by the company and Meghji. Rockport agreed to sell itself to private equity firm Charlesbank Capital Partners for $150M in July. Tupperware is an American kitchen classic, but the brand recently warned it could soon be out of business. Due to operational and financial challenges, the company decided to shut down its Sport Chalet business andplace a long-term strategic focus on Bobs Stores and Eastern Mountain Sports. Like many other restaurants, Lubys Cafeteria struggled with the COVID-19 pandemic. In addition, the company has had difficulties keeping up with rent. Theranos The decision to abandon online service helped doom the company, which filed for bankruptcy in 2010. Summary: Following Hertz, Advantage Rent A Car filed its Chapter 11 in late May, as the pandemic continued to stall travel. ", Meghji found out weeks later about the company's financial woes shortfalls triggered by lower-than-projected sales that threatened to trigger covenant defaults on its debt. In addition to a helium shortage in 2019 (which impacted the retailers balloon business), increased costs amid the pandemic, and an inflation-driven slowdown in consumer spending, Party City has also run up against rising competition from big box and online retailers. document.addEventListener( 'DOMContentLoaded', function() { Summary: The teen accessories retailer, well-known for its ear-piercing service, filed for bankruptcy protection in March 2018. Covid-induced supply chain disruption proved to further compound the issue, making it more difficult for the company to manage its debt load. US Realty Acquisitions, the real estate investment arm of private equity firm US Assets, acquired the inventory and assets for approximately $6.9M and reopened stores under a new name, Loves Furniture. Womens apparel and denim brands owned by embattled businessman Peter Nygard are up for sale. > Type of business: Sporting goods. RadioShack exited bankruptcy earlier in November 2017 with hopes of operating as an online retailer with a limited physical footprint. > Founded in: 1982 Summary:Facing legacy supply issues from 2006, Good Times Convenience Stores, once a major player for gas stops and convenience stores, declared Chapter 11 protection in November 2015. The chain had initially found a buyer in January 2020, but canceled the merger as the pandemic forced it to close its locations. The bridal apparel retailer secured financing to keep its website and more than 300 stores operating normally as it reorganized, promising that brides would still receive their wedding dresses on schedule. But Meghji determined after doing due diligence on the company's financial position that the settlement was better than the alternative: a bankruptcy scenario where the beneficiaries would get nothing, Objecting beneficiaries also raised issues about the board makeup with a disinterested board member who approved the Silver Point loans previously being listed as Silver Point's chosen director to represent its interests and the fact that, wasn't initially invited to board meetings about the company's financing needs though the trustee was required to observe. Summary: Luxury menswear brand John Varvatos declared bankruptcy in May. if( 'moc.enilnoefiltseb' !== location.hostname.split('').reverse().join('') ) { Topics covered: brand launches, expansion opportunities, partnerships, startup trends, funding, and more. Category/Product(s): Farming and agriculture. The COVID-19 pandemic caused major disruptions to the American economy, with the unemployment rate peaking at 14.7% in April. And so Dean Foods, the largest U.S. milk producer, announced this morning that it has filed for Chapter 11 . It went public in 2017, raising $140M in the process, and watched its net profit surge that year. Retailer American Freight acquired Furniture Factory Outlet in December 2020, rebranding FFOs remaining stores to American Freight. The retailer tasked management consulting company Teneo with overseeing the administration and was reported to be exploring the sale of its business. A large majority of its sales (around 85%) come from wholesaling to major retailers like Macys, Nordstrom, Bloomingdales, and Costco, which left it vulnerable to the decline of retail store foot traffic and consumer spending brought on by the pandemic. recent bankruptcies starting in 2015 and the reasons behind them. Board members Bob Hull and Peter Sachse took over as interim co-CEOs while the company searches for a permanent chief. While Apple was still focused on iPhones and iPods, Pebbles campaign proved people would be interested in wearable tech. It has since closed all of its brick-and-mortar locations. > Founded in: 1826 Theranos once appeared to be on the verge of revolutionizing the health care industry, but the entire operation turned out to be a sham. Sadly, this year may be your final chance to stock up on items from some of your favorite shops (at least in person). The filing came at the end of a tough few years for the company, which had already been combatting declining sales when the pandemic arose. Summary: New York discount retailer Century 21 will close all 13 of its stores after filing for bankruptcy in September. It previously filed for bankruptcy in 2009, during which it reportedly closed 17 stores. It initially planned to keep most of its stores open, but eventually decided to shutter all locations. At the time of the filing, Yogasmoga had roughly 50 to 99 creditors,with assets valuedbetween $1M and $10M. Crew and Madewell was the first national store brand in the US to file for bankruptcy since the Covid-19 pandemic began. > Founded in: 2003 In conjunction with its prepackaged restructuring plan, Mattress Firm received commitments for about $250M to help support ongoing operations during the process. Gawker Ultimately, British retailer Sports Direct acquired certain assets (including Bobs Stores and Eastern Mountain Sports) of Eastern Outfitters for $101M in cash. Founded in 2004, the company has historically provided mid-price range, color-coordinated apparel and accessories assortments. Inventory is gathered and any legal obligations fulfilled. Compaq Christopher & Banks sold its online business, which had seen growth, to an affiliate of Hilco Merchant Resources in early March. In the first quarter of 2020, which included the temporary closure of its stores, Tailored Brands racked up a $258.7 million operating losses as sales fell by nearly 60%. The company first filed for bankruptcy in January 2022 but eventually withdrew its petition. Lantern Capital eventually won a bidding war for the assets of the company. Among these casualties are world famous restaurants all across the country. At the time, then-CEO Dinesh Lathi said that his company was "confident we are well-positioned for the future and look forward to building upon this momentum as we enter this next chapter. Bankruptcy was a. on the retailers part, which hoped to use it as grounds to cancel its 21 US store leases while continuing to sell to US consumers online. Though virtually every business faced pandemic-related struggles, few sectors had a harder time getting through 2020 than restaurants. From executive missteps to pandemic-related shutdowns, we look at why some of the biggest retailers, including Sears and JCPenney, have filed for bankruptcy. Vertu phones were often covered in jewels and other precious metals, costing over $10,000 for even the most basic of models. Modells executives blamed competition from big box stores and Amazon as well as warmer winters that cut into jacket sales for hurting sales and ultimately causing the stores to close. > Founded in: 2012 FullBeauty Brands has since secured $35M in new financing. $28.99. Like many other retailers, it faced problems stemming from before the pandemic, especially after a 2013 private equity buyout that saddled the company with debt. Summary: Beauty Brands filed for bankruptcy in January 2019, entering into an asset purchase agreement with Hilco Merchant Resources for the sale of its operating assets. A report from S&P Global Market Intelligence released on Friday identified 15 publicly traded restaurant chains that are most likely to default. 13. On Dec. 13 of last year, Sears Hometown, a subsidiary branch of the department store giant, also filed for bankruptcy and closed 115 stores. Topics covered: e-commerce, payment technology, IT, in-store tech, cyber security, and more. After failing to find a buyer to keep the business alive, the company liquidated and sold all its assets in May 2016, signaling continued difficulties for brick-and-mortar sportswear apparel. Lord & Taylor was sold to an investment firm in 2006 for $1.2 billion. Solyndra The COVID-19 pandemic caused major disruptions to the. or Best Offer. The "Real Housewives of Potomac" has fans riled up. The company was dissolved in 2018. 2023 Galvanized Media. The business had not turned a profit since 2007, listing $36.5M in assets and roughly $106M in liabilities. The retailer liquidated its assets and sold off its intellectual property, retail store leases, and the lease of its corporate office and distribution center to help pay down debts. The company struggled with $200M in debt related to its acquisition of a rival company in 2014. The company said that it will continue operating throughout the bankruptcy, but it expects to close about 30% of its 800+ US stores. The company is set to emerge from bankruptcy by November. Post-bankruptcy, the company seeks to decrease its physical footprint and focus on its more profitable storefronts. Univision acquired all the brands under the Gawker Media umbrella but shut down Gawker.com itself as the brand could have been a target of further lawsuits. The company cited the general retail industry downturn, declining sales, and increasing operating costs along with internal problems such as merchandising, strategy, and e-commerce fulfillment as major factors that led to bankruptcy. The company has since announced it will enhance its focus on its global wholesale, independent, and e-commerce businesses. It appointed administrators with a plan to keep its stores open while it found a buyer, which came to fruition the following month. In 2018, the brand operated at a $45 million loss. It said it would close all 254 stores in North America. The Wisconsin-based retailer secured $480M in financing from lenders so that it could continue normal business operations, then announced that it would close 250 more stores on top of the 38 locations it had previously declared it would shutter. > Founded in: 1998 With Tailored in severe financial distress already, the company started looking for a lifeline. Hogan, real name Terry Bollea, won a $140 million judgement in 2016, which was settled for $31 million. Solar panel manufacturing company Solyndra was a Silicon Valley darling, raising about $1 billion in venture capital funds and getting a $535 million loan thanks to a U.S. Department of Energy green power initiative. Summary: Behind the labels Joie, Current/Elliot, and Equipment, The Collected Group, which had 33 locations at its height, was already in the process of closing its locations when the pandemic hit, accelerating its move away from physical retail. The company first filed for Chapter 11 in January 2018, citing expansion problems and hurricane damages as reasons for its monetary woes. CEO Elizabeth Holmes claimed her company was creating a machine that could diagnose a wide range of diseases by analyzing a few drops of blood from a pricked finger. 16. Once an iconic department store, Henri Bendel shuttered all of its remaining locations in 2019. The Weinstein Company If your original installer has gone out of business, the first thing to do is to check your original contract and look for the section on warranty coverage. The company began liquidating its stores in August. By 2009, Palm was bleeding cash, and it was acquired by HP for $1.2 billion in 2010. Summary: Furniture Factory Outlet, which is owned by private equity firm Sun Capital Partners, filed for Chapter 11 bankruptcy in November. Direct-to-consumer (D2C) cosmetics brand BH Cosmetics filed for Chapter 11 bankruptcy in the middle of January 2022. Quiksilver ultimately declared bankruptcy in September 2015. The department store chain, which owns Bergdorf Goodman, struggled to adapt to e-commerce, and its heavy debt burden prevented it from being able to compete against rivals like Farfetch and Net-a-Porter.. Summary: Shoe chain Aldo filed for bankruptcy in Canada in May, and it is seeking protection in the US and Switzerland. If you are a smaller shop and have close relationships with long-standing customers, this may prove to be a shock to some. With COVID-19 vaccines rolling out, sellers of suits are hoping for a return to offices, weddings, proms, funerals and all the other events canceled and postponed during the pandemic. Roughly 50 to 99 creditors, with the COVID-19 pandemic began its over... Co-Ceos while the company ill-equipped to endure the pandemic forced it to close more 55. 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