These 4 retailers have filed for bankruptcy or liquidation in 2020
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- Retailers are already filing for bankruptcy in 2020.
- Papyrus and Earth Fare are two major names that are slated to shut down all remaining stores.
- Not all retail bankruptcies result in outright liquidation, however. Companies can also use bankruptcy as an opportunity to turn things around financially.
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2020 has only just begun, but the first retail bankruptcy filings of the year are already underway.The previous year saw a number of well-known national and regional retailers file for both Chapter 7 and Chapter 11 bankruptcy. This resulted in everything from outright liquidation to financial reshuffling.Advertisement
But either way, the retail business being what it is, it's not unreasonable to expect to see more shuttered stores on the horizon. More than 2,200 stores are already expected to close across the country this year.
Here's a list of the retail companies that have filed for bankruptcy so far in 2020:
The entire fleet of Papyrus stores was slated to shut down when the chain's parent company, The Schurman Retail Group, filed for bankruptcy in January.
After Kroger announced it would divest its stake in Lucky's Market in December, grocery industry observers wondered whether the regional chain might be in jeopardy. The following month, Lucky's filed for Chapter 11 bankruptcy.Advertisement
Organic grocer Earth Fare filed for Chapter 11 bankruptcy on February 4. The chain's 50 natural foods stores will shut down.
Noah's Event Venue, a chain offering spaces for various gatherings, technically filed for bankruptcy in May 2019. However, in February 2020, a federal judge ordered the remaining Noah's locations closed, leaving engaged couples around the country scrambling.Advertisement