19 Companies That Filed For Bankruptcy
Carly Tennes
Published
04/20/2024
in
facepalm
After years of serving as the go-to reward dinner for men who know how to give it good — thanks, Beyoncé! — beloved seafood chain Red Lobster is reportedly considering filing for Chapter 11 bankruptcy, per Bloomberg.
While the world waits with bated breath to see whether the company's infamous for offering endless shrimp will come to an end itself, they're far from the only company to close its doors in recent years.
From Guitar Center to SmileDirectClub, here are 19 beloved companies that filed for bankruptcy.
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1. Brooks Brothers
In July 2020, Brooks Brothers filed for bankruptcy protection. They were bought by Authentic Brands Group and Simon Property Group roughly two months later. -
2. Borders
Borders filed for Chapter 11 Bankruptcy in February 2011, one that was ultimately converted to Chapter 7 Bankruptcy. All of its stores were liquidated. -
3. Vice Media
In May 2021, Vice Media filed for Chapter 11 Bankruptcy. They were bought by Fortress Investment Group the following month. -
4. Hertz
Due to a drastic decline in sales due to the Covid-19 pandemic, Hertz filed for Chapter 11 Bankruptcy in May 2020. Their bankruptcy was short lived, the company making their way out roughly a year later. -
5. Forever 21
Though they may be Forever 21, they are not forever profitable, the company filing for Chapter 11 Bankruptcy in September 2019. -
6. Neiman Marcus
In May 2020, Neiman Marcus filed for Chapter 11 Bankruptcy due to the Covid-19 Pandemic, per the company’s CEO. By September of that year, the retail giant had made its way out of bankruptcy. -
7. Guitar Center
While Guitar Center filed for bankruptcy in November 2020, they emerged less than a month later. -
8. Sur La Table
Sur La Table filed for Chapter 11 bankruptcy in July 2020, ultimately shuttering 73 stores. -
9. Brookstone
Brookstone filed for Chapter 11 Bankruptcy twice, once in April 2014 and again in August 2018. -
10. SmileDirectClub
SmileDirectClub filed for Chapter 11 bankruptcy. While they had initially intended to stay open, a failed acquisition led them to shut down and liquidate their assets. -
11. Rite Aid
After decades of serving as everyone’s at least second-choice of pharmacy, Rite Aid filed for Chapter 11 Bankruptcy in October 2023, citing lawsuits surrounding their alleged involvement in the opioid crisis. -
12. Party City
In January 2023, Party City filed for Bankruptcy, citing both the pandemic and changing consumer habits. -
13. J. Crew
Despite shooting Real Housewives of New York star Jenna Lyons to Bravo stardom, J. Crew went through its fair share of struggles after parting ways with the fashion icon. After nearly avoiding bankruptcy in 2017, the company formally filed for Chapter 11 bankruptcy protection in May 2020 as a result of the Covid-19 pandemic. They emerged less than six months later. -
14. Lordstown Motors
The electric automaker filed for bankruptcy in September 2023, ultimately re-emerging from its restricting with a brand new name: Nu Ride Inc. -
15. Jenny Craig
As the hot girls of our era began picking up weight loss medication like Ozempic, old-school methods to shed pounds began to lose steam. This was bad news for Jenny Craig, who filed for Chapter 7 Bankruptcy in May 2023. Their intellectual property was ultimately sold to Nutrisystem’s parent company . -
16. JCPenney
The retail giant filed for Chapter 11 Bankruptcy protection in May 2020 and was ultimately acquired by Brookfield Asset Management and Simon Property Group for $800 million later that year. -
17. WeWork
In November 2023, WeWork officially filed for bankruptcy, breaking the hearts of people who like paying hefty subscription fees for their third places. -
18. Bed Bath & Beyond
Once a staple of college dorm room shopping, Bed Bath & Beyond filed for Chapter 11 Bankruptcy in April 2011 and liquidated their assets.
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Brooks Brothers
In July 2020, Brooks Brothers filed for bankruptcy protection. They were bought by Authentic Brands Group and Simon Property Group roughly two months later.
In July 2020, Brooks Brothers filed for bankruptcy protection. They were bought by Authentic Brands Group and Simon Property Group roughly two months later.
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