companies likely to fail in 2020

Co-CEO Raymond Gindi blamed the company’s insurers that “turned their backs on us” in a press release. , weighed down by $4.2 billion in debt. “There has not been a dramatic uptick in the last 45 days. Áine Cain and Madeline Stone. Borden Dairy followed competitor Dean Foods The company was under fire after a class-action lawsuit filed in February levied sex-trafficking allegations against founder Peter Nygard. to reduce its debt to $410 million from about $2 billion. , a midwestern retailer with 176 locations. Another US regional feeder, and one owned by the same holding company as Trans States Airlines (mentioned earlier in this list). Retail companies have so far confirmed at least 8,300 stores slated for closure in 2020, according to a Business Insider analysis. Some of the biggest names in corporate America are in danger of going the way of Sears, Blockbuster and RadioShack. . Here's a list of the stores expected to close this year. The company was under fire after a class-action lawsuit filed in February levied sex-trafficking allegations against founder Peter Nygard. Bluestem Brands, the parent company of seven e-commerce subsidiaries, filed on March 9. Art Van Furniture, a midwestern retailer with 176 locations, filed on March 8. Latam Airlines became the largest carrier yet to go bankrupt when it filed on May 26 with the pandemic suffocating demand, though it will continue operating its limited passenger and cargo stats as scheduled. , based in Georgia with more than 8,000 employees in 80 countries. What I think you’ve seen is lots of people being forced into, ‘I’m going to get there at some point.’”. , as the Bangkok Post reported that it had to shut down its international routes due to Covid-19 and is operating just 30% of its pre-pandemic schedule. Many of the brands and products that will not survive 2020 fell short of the expectations that their parent companies and consumers had placed in them. after closing 38 of its locations, leaving less than 100 remaining. is an invite-only member network and summit that brings together leaders, from the world’s most innovative companies, along with cultural icons for high level discussions on culture, media and marketing. Diamond Offshore Drilling sought bankruptcy protection on April 27 after skipping a payment to bondholders. filed on April 18 as the company revealed it had $800 million in previously undisclosed losses. Pullmantur Cruceros, a joint venture between Royal Caribbean and Cruises Investment Holding that has canceled all cruises through November 15, filed for reorganization in Spain on June 22. It said in court filings it was closing 185 locations, leaving 236 remaining, but CEO Shawn Lederman said in its press release that “this announcement does not mean ‘Goodbye, Ruby Tuesday.’”. Two newly-formed Trane Techonologies spin-offs, Aldrich Pump LLC and Murray Boiler LLC, filed on June 18 to help the Irish manufacturer deal with $100 million worth of asbestos-related litigation. , which operates a fleet of offshore oil supply ships in the Gulf of Mexico and Latin America. Texas-based oil driller Denbury Resources filed on July 30 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. , four days after its competitor Hertz, with global travel still ground to a halt. 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. 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. Some of the brands we’ve seen go away in the last 20 years include giants like Plymouth, Mercury, Oldsmobile, and Pontiac. Only 70 employees remained to wind down the business. About 800 small businesses did indeed file for Chapter 11 bankruptcy from mid-February to … , one of America’s largest telecom companies, filed on April 14. Medical device manufacturer Endologix, which offers products for aortic disorders, filed on July 6 and announced it was being bought and taken private by Deerfield Partners. Full coverage and live updates on the Coronavirus, I'm a reporter on Forbes' wealth team keeping tabs on billionaires and their money. M&A Fee Guide 2020; Featured Interviews; Data Room Insights. , which operates 30 newspapers in 14 states. Could Tesla Raise A $30 Billion Cash War Chest. More are on the way. Southeast burger chain Krystal filed on January 19, citing debts of between $50 million and $100 million. Below is a list of five major tech companies that failed and the reason behind their fall. Vision Group Holdings, which pversees two Lasik eye surgery providers, filed on May 30 with demand for elective surgeries all but disappearing. Private-equity-backed APC Automotive filed on June 3. In 2020 800 small businesses did indeed file for Chapter 7 liquidation in early April plan! The recession that it May close unprofitable locations stores closed it to stop performing Disadvantage in Customer service can or..., including Target, home Depot, and we saw huge examples of this in recent years the... Swedish fashion retail chain MQ filed on April 16 as sales declined while retail..., ending 163 years of family control of the last two decades it is continuing operations (... Close its 700 fitness centers due to the pandemic consumer Sentiment traded treatment. 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