Covid Era Bankruptcies (46)

[RobbieB]

The closings that bother me most are the little guys, the mom and pop restaurants and we lost 2 hardware stores which really hurts. One was just a mile from home (TruValue) and now we just have the depot and Ace because OSH closed last year.

As much as I like Home Depot, when you just need a couple of screws, it's a lot of work.

[Out of Steam]

Quote:

Originally Posted by RobbieB As much as I like Home Depot, when you just need a couple of screws, it's a lot of work.

Home Depot and Lowe's are something of a time sink when you need something in the middle of a job.

[Souschef]

Quote:

Originally Posted by Out of Steam Home Depot and Lowe's are something of a time sink when you need something in the middle of a job.

That is why I love my local Ace Hardware. They have almost everything I need. The only thing that they did not have recently was 4 10 foot downspouts.
I went to the Lowe's website, ordered it as pickup. When I drove into their parking lot there was clear signage directing me to the pickup slots. In front of each slot was a placard with the phone number of the store and "press 2". 10 minutes later, a lady wheeled out the downspouts.
I got them in my Hyundai Accent by dropping one of the rear seats

[Nick12]

A good buffet that closed was Sweet Tomatoes. Everything was vegetarian and fresh.

[Midpack]

I looked into SteinMart and found their troubles began before Covid-19. Still a sad development for a business that began 112 years ago. While they had no name merch, they also had some good stuff at great prices.

Quote:

Stein Mart's financial struggles pre-date the health crisis. In the first quarter its sales fell to $134 million, down sharply from $314 million in the year-ago period. The company had almost $200 million in total debt as of May 2, court documents show.

https://www.cbsnews.com/news/stein-m...cy-chapter-11/

[athena53]

Quote:

Originally Posted by foxfirev5 That's good news. I returned my last Hertz rental on 3/11 with my next one coming up on 10/2. I'm not super comfortable travelling but DW must see the kids and GK's. The Hertz , Delta and Hilton posted precautions look good on paper so I'll hope for the best. My main concern is that as these companies become more stressed financially that the implementation of these precautions gets sloppy.

Another data point (well, 3, maybe). I did a road trip to see my elderly Dad in August and stayed at 2 different Hampton Inns one night in each direction. Two weeks ago a friend and I took a short road trip and overnighted at one in Iowa. They were doing everything right and it's safe to say at this point that both of us are healthy.

[ShokWaveRider]

Honestly, I thought there would and are a lot more than 46. However, from a personal bankruptcy perspective, one of our closest best friends is a prominent "local to us" bankruptcy lawyer. She says local bankruptcies are steady but not overwhelming. She does expect them to up though rather than down, that is speculation on her part.

[Buckeye]

Quote:

Originally Posted by Toocold There are so many businesses where they keep raising debt in order to survive. It just takes one push and they fall off the cliff. Out of the 46, I've only purchased something from Pizza Hut and Brooks Brothers over the past 5 years. I still have fond memories of Chuck E Cheese, from when I was young.

I wonder how many of them were owned by hedge funds.

[W2R]

These are the only ones I ever dealt with, even once, over my entire life. The most recent was probably twenty years ago and it's been 30-40 years since I have been to most of these businesses:

• Pier 1
• JC Penney
• Pizza Hut
• Neiman Marcus
• Lane Bryant
• Chuck E Cheese
• Hertz
• GNC

We have a SteinMart within walking distance, and I always intended to go there and take a look. Over the years, other women have often told me of great bargains they got at SteinMart. Oh well. Right next to SteinMart was a K-Mart that is also closed and is now being used as a "Hallowe'en Store".

I can't say I'm even one bit sad that Chuck E Cheese is on this bankruptcy list. I went there just once, when my DD was a little girl and her little friend was having a birthday party there. I think that place is h*ll on earth for anybody over 13. The one I went to was utterly horrifying; extremely loud, totally unsupervised kids running around like maniacs, awful food, not to mention relatively expensive for the h*llhole it was. I said I'd never go back and I never did. Good riddance. I know, I am not a good sport.

I never bought anything at Neiman-Marcus, but I went there to try on clothes the last time I was my ideal weight (forty years ago). I couldn't afford any of them at that time in my life, but the clothes were beautiful and it was fun.

[Gumby]

I took one of my nephews to Chuck E. Cheese once 30 years ago, and that was my exact thought - "Hell must be just like this." I couldn't hear right for some time afterwards, and I could see why they served beer.

[MichaelB]

Quote:

Originally Posted by Buckeye I wonder how many of them were owned by hedge funds.

Yes, also leveraged buy-out firms. With such an excess of square feet of retail store floor space combined with loads of debt, there probably will be more closures and bankruptcies.

Quote:

Originally Posted by W2R We have a SteinMart within walking distance, and I always intended to go there and take a look. Over the years, other women have often told me of great bargains they got at SteinMart. Oh well. Right next to SteinMart was a K-Mart that is also closed and is now being used as a "Hallowe'en Store". I can't say I'm even one bit sad that Chuck E Cheese is on this bankruptcy list. I went there just once, when my DD was a little girl and her little friend was having a birthday party there. I think that place is h*ll on earth for anybody over 13. The one I went to was utterly horrifying; extremely loud, totally unsupervised kids running around like maniacs, awful food, not to mention relatively expensive for the h*llhole it was. I said I'd never go back and I never did. Good riddance. I know, I am not a good sport. I never bought anything at Neiman-Marcus, but I went there to try on clothes the last time I was my ideal weight (forty years ago). I couldn't afford any of them at that time in my life, but the clothes were beautiful and it was fun.

DW shops at Stein Mart, so I have mixed feeling about that store closing. I’ve never been inside a Chuck E Cheese and occasionally have the sense I’ve missed a part of American culture - but not one I’ll lose any sleep over.

When DD was getting married we all went out shopping - DW, DD, future son in law and me. While the ladies shopped he and I went to Neiman Marcus, just to look at the prices. They were jaw-dropping. I understand exclusivity, but not in a mall next to whatever.

[harllee]

There have been many restaurants that have closed in my college town--at least a dozen I can think of off the top of my head, mostly locally owned mom and pop.
I don't know if these are bankruptcies but I guess if a restaurant closes and can't pay creditors there may be a bankruptcy if there are any assets. Some of these small restaurants may not have any assets so there may not be a bankruptcy--nothing for the creditors to go after. A very sad situation.

[Gumby]

Usually, the only asset a restaurant has is the lease for its location. If it's a location in high demand, that may bring some money for creditors. But it is unlikely.

[Midpack]

Here's another link that shows 220 bankruptcies, including the 46 larger ones in the OP. I also found an article noting there have been 470 bankruptcy filings as of Sept 7, but I am sure the further you drill down the more there are. As mentioned above, most Mom & Pop businesses don't go into bankruptcy because they don't have assets, so they aren't reported/included - many more closings than bankruptcies.

https://www.bloomberg.com/graphics/2...s-coronavirus/

[Walt34]

Quote:

Originally Posted by W2R I can't say I'm even one bit sad that Chuck E Cheese is on this bankruptcy list. I went there just once, when my DD was a little girl and her little friend was having a birthday party there. I think that place is h*ll on earth for anybody over 13. The one I went to was utterly horrifying; extremely loud, totally unsupervised kids running around like maniacs, awful food, not to mention relatively expensive for the h*llhole it was. I said I'd never go back and I never did. Good riddance. I know, I am not a good sport.

I couldn't have said it better myself so I'll save myself the bother and simply quote W2R's post. We were in one, once, for a relative's birthday party or something and both of us swore we'd never set foot in one again. We had roaring headaches when we left.

The only one on the list that I'll miss is JC Penny as I still have some glassware that I bought there when outfitting my first apartment, but really, the only thing I've consistently bought there over the years is underwear. Clearly I wasn't buying enough. Being the frugal type as most of the members here are, it has to have pretty big holes in it before I'll replace it. Usually DW sneaks it into the trash when I'm not looking.

[Moemg]

I have been to Chucky cheese a lot since between my So &I we have eight grand children . It is noisy with terrible food and very loud but kids love it . We have now moved to Dave & Buster's . Loud, expensive with awful food but pre teens love it and I enjoy the games .Plus they serve wine .

[Chuckanut]

I’m more interested in the little guys that will disappear forever than these had been corporate giants. I can live without Chuck E. Cheese. But I will sorely miss Pizza and Prosecco.

[audreyh1]

Quote:

Originally Posted by Chuckanut I’m more interested in the little guys that will disappear forever than these had been corporate giants. I can live without Chuck E. Cheese. But I will sorely miss Pizza and Prosecco.

Hmmm - seems like pizza and Prosecco are easy to have at home.

[Badger]

Quote:

Originally Posted by Walt34 I couldn't have said it better myself so I'll save myself the bother and simply quote W2R's post. We were in one, once, for a relative's birthday party or something and both of us swore we'd never set foot in one again. We had roaring headaches when we left. The only one on the list that I'll miss is JC Penny as I still have some glassware that I bought there when outfitting my first apartment, but really, the only thing I've consistently bought there over the years is underwear. Clearly I wasn't buying enough. Being the frugal type as most of the members here are, it has to have pretty big holes in it before I'll replace it. Usually DW sneaks it into the trash when I'm not looking.

+1
I stopped shopping at JCP years back. I did, however, shop there quite a bit in the 70s and 80s. They had decent sales on some clothes and I did buy a circular saw, a jigsaw, and a drill that I built a house with. I still use the saws once in awhile. The drill finally died after a lot of use over the years.

No tears for Chuckie. I went one time 14 years ago with my grandson when he was about 6 and that was enough. I couldn't even temper it with a few beers because I was driving.


Cheers!

[kcowan]

Many small businesses just close their doors. Others are just surviving by being creative but how long will they have to survive?