- Retailers and other consumer-centric companies have been hit hard by the coronavirus pandemic.
- Of the 35 bankrupt companies that reported more than $1 billion in liabilities at the time of their filing, 11 were consumer-centric companies.
- Here are the 11 biggest consumer company bankruptcies to happen so far in 2020.
- Visit Business Insider’s homepage for more stories.
This year has been huge for bankruptcies.
As of August 9, 424 companies had filed for bankruptcy, putting the US on track for its highest yearly tally in a decade, according to S&P Global Market Intelligence.
More than 100 of those bankrupt companies are consumer-focused.
Those consumer companies have also been among the most high-profile businesses to file for bankruptcy, accounting for 11 of the 35 biggest bankruptcies so far this year.
With the temporary closure of nonessential retail stores, and many people shifting their spending as they continue to stay home, it makes sense that consumer-centric companies would be among the hardest hit during the coronavirus pandemic.
Here are the biggest consumer bankruptcies so far this year, each with more than $1 billion in liabilities at the time of their filing, according to S&P.
Chinos Holdings, parent of J. Crew and Madewell, filed for Chapter 11 bankruptcy on May 4 and said it would close some stores.
Liabilities at time of filing: More than $1 billion
Assets at time of filing: $75 million
Luxury department store chain Neiman Marcus filed for Chapter 11 bankruptcy on May 7. It later said it would close four department stores and 17 off-price Last Call stores.
Liabilities at time of filing: $5.3 billion
Assets at time of filing: $5.1 billion
Department store chain JCPenney filed for Chapter 11 bankruptcy on May 15 and said it would likely have to close about 30% of its store base.
Liabilities at time of filing: More than $1 billion
Assets at time of filing: More than $1 billion
Brand licensing company Centric Brands filed for bankruptcy on May 18. In addition to owning Hudson, Robert Graham, Swims, Zac Posen, and Avirex, it licenses more than 100 brands including Calvin Klein, Tommy Hilfiger, and Nautica.
Liabilities at time of filing: $1.5446 billion
Assets at time of filing: zero
Gym chain 24 Hour Fitness filed for bankruptcy on June 14 and said it would permanently shut down more than 130 gyms.
Liabilities at time of filing: More than $1 billion
Assets at time of filing: More than $1 billion
Pyxus International, a tobacco company that doubled down on hemp products, filed for bankruptcy on June 15.
Liabilities at time of filing: More than $1 billion
Assets at time of filing: More than $1 billion
CEC Entertainment, parent company of Chuck E. Cheese, filed for Chapter 11 bankruptcy on June 24.
Liabilities at time of filing: More than $1 billion
Assets at time of filing: More than $1 billion
NPC International, which is the largest franchisee in the US and owns 1,600 Pizza Hut and Wendy's restaurants, filed for bankruptcy on July 1. It plans to close as many as 300 Pizza Hut locations.
Liabilities at time of filing: More than $1 billion
Assets at time of filing: More than $1 billion
WorldStrides, a travel company that organizes educational trips for hundreds of thousands of students each year, filed for Chapter 11 bankruptcy on July 20.
Liabilities at time of filing: More than $1 billion
Assets at time of filing: More than $1 billion
Ascena Retail Group, owner of Ann Taylor, LOFT, Lou & Grey, Lane Bryant, Justice, Catherines, and Cacique, filed for Chapter 11 bankruptcy on July 23. It said it would close about 1,100 underperforming stores.
Liabilities at time of filing: More than $1 billion
Assets at time of filing: More than $1 billion
Tailored Brands, owner of Men's Wearhouse, Jos. A. Bank, Moores Clothing for Men, and K&G, filed for Chapter 11 bankruptcy on August 2 and said it could close as many as 500 stores.
Liabilities at time of filing: More than $1 billion
Assets at time of filing: More than $1 billion