Manhattan Beach, Calif. — True Religion, a premium jeans retailer based in Manhattan Beach, Calif., filed papers in Delaware bankruptcy court on April 13, 2020. In its filing, the company stated that pandemic-related closure of all its retail location and all the stores of its wholesale buyers had accelerated “existing liquidity constraints.” Due to these factors, True Religion furloughed all nonessential employees and reentered Chapter 11, which it previously entered in July 2017. “While the debtors would have preferred to wait out the current instabilities of the financial markets and …
Chapter 11
Nashville, Tenn. — CraftWorks Holdings, LLC, which operates restaurants and breweries under leading names such as Logan’s Roadhouse, Old Chicago, Rock Bottom and Gordon Biersch, has filed for Chapter 11 bankruptcy. This follows the company’s decision, in recent weeks, to close 37 underperforming locations. CraftWorks has 261 locations in 39 states and the District of Columbia; its 77 franchise locations continue to operate as usual. The company has partnered with affiliates of Fortress Credit Co LLC, senior lenders to the company, to provide at least $138 million. The transaction is …
Asheville, N.C. — Earth Fare, a privately held grocery chain that sells natural and organic products, says it will shutter all of its stores and launch a liquidation inventory sale. The grocer lists 46 stores on its website, the bulk of which are in Florida and its home state of North Carolina. Earth Fare also has five stores in the Midwest and a few others in Alabama, Georgia, Tennessee, Virginia and South Carolina. Earth Fare is also shuttering its corporate office in Asheville, N.C. The Wall Street Journal reported that …
San Francisco — On February 3, 2019, Charlotte Russe Holdings Corporation voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The company plans to close approximately 94 of its 500+ stores.
Houston — Mattress Firm, Inc., the nation’s leading specialty mattress retailer, has successfully completed its financial restructuring and emerged from Chapter 11. The company has closed more than 600 stores over the past couple of months and now moves forward with an optimized store footprint of approximately 2,600 stores.
Conshohocken, Pa. — On November 19, 2018, David’s Bridal took the expected next step of filing for Chapter 11 bankruptcy protection. Doing so will reduce the company’s debt by more than $400 million and provide significant financial flexibility to support long term growth prospects. The process is expected to be completed by early January.
Hoffman Estates, Ill. — Claire’s Stores, Inc. has successfully completed its financial restructuring and emerged from Chapter 11 as the company’s court-confirmed plan of reorganization went into effect on October 12, 2018. With support from its creditors and stakeholders, the company has eliminated approximately $1.9 billion of debt from its balance sheet and gained access to $575 million in new capital.
Houston — Citing struggles stemming from the rise of e-commerce, fashion retailer Charming Charlie has filed for Chapter 11 bankruptcy protection. During the Chapter 11 process, which was filed on December 11, 2017, the Houston-based fashion retailer plans to restructure its debt while maintaining and operating a majority of its stores, as well as its online platform.
Topeka, Kan. — Payless ShoeSource has outlined several key initiatives as part of the company’s ongoing transformation. These actions will increase efficiencies across operations and allow Payless to re-prioritize the business to focus on the customer, accelerate and expand its e-commerce business, and invest in future growth — including expanding its domestic and international footprint.
San Francisco — The Gymboree Corporation has successfully completed its financial restructuring and emerged from Chapter 11 as a new corporation under the name Gymboree Group, Inc., which has eliminated more than $900 million of debt from its balance sheet and is right-sizing its store footprint.