Devin J
They were on top of the world—or so it seemed. Over the last few years, some of the biggest names in business, entertainment, and beyond have faced unexpected financial setbacks. Here’s a look at 30 big names that have faced financial woes in recent years; some have already failed, while others are on the verge of failure.
The Weinstein Company
Hollywood’s powerful studio imploded amid shocking revelations about co-founder Harvey Weinstein. The bankruptcy filing marked a cultural shift in entertainment, triggering the #MeToo movement and changing how Hollywood addresses power, accountability, and workplace safety.
ACE Gallery
One of Los Angeles’s most influential contemporary art spaces couldn’t escape financial troubles. Its bankruptcy exposed the fragile nature of gallery finances and the complicated relationships between galleries, artists, and collectors, leading to years of legal battles over artwork ownership.
Forever 21’s International Retreat
After a 2019 bankruptcy, Forever 21’s attempts to expand internationally took a financial toll. The fast-fashion giant was forced to scale back in several key markets, highlighting the challenges of rapid global expansion in an oversaturated fashion industry.
Express
Mall staple Express buttoned up for Chapter 11 on April 22, 2024. Cash flow woes and vendor struggles pushed this fashion retailer to the brink. Now, they’re ditching 95 stores and bidding farewell to UpWest. However, Express is now actively revitalizing its brand amidst changing consumer trends.
GNC
America’s vitamin giant learned that even health-focused businesses weren’t immune to market troubles. With $900 million in debt and 1,200 stores closing, GNC’s bankruptcy showed how digital competition could topple even well-established brands. The pandemic accelerated its transformation.
Chuck E. Cheese
The house that pizza and arcade games built couldn’t survive when children stopped coming. This family entertainment icon’s bankruptcy revealed how vulnerable experience-based businesses were to pandemic restrictions. After 43 years of birthday parties, Chuck E. Cheese faced its toughest game yet.
The Container Store
Even as Marie Kondo’s collaboration sparked joy worldwide, The Container Store couldn’t contain its troubles. A 20% nosedive in quarterly sales forced staff cuts, leaving this storage guru’s future cluttered with uncertainty. They’re racing to tidy up their finances and avoid an eventual filing for bankruptcy.
David’s Bridal
This wedding belle is hearing bankruptcy bells… again. After a 2019 close call, they’re still battling to stay relevant. With couples embracing alternative options, this gown guru might be forced into another uncomfortable walk down the bankruptcy aisle.
Brooks Brothers
America’s oldest clothier, a dresser of presidents since 1818, couldn’t survive the work-from-home revolution. The pandemic’s final blast to this 200-year-old institution proved that even the most prestigious brands aren’t immune to changing workplace cultures and evolving fashion preferences.
Tervis Tumbler
On September 5, 2024, Tervis Tumbler tipped into Chapter 11. Once the toast of insulated drinkware, they’ve been left high and dry by rivals like Hydroflask and Yeti. Now, they’re hoping to pour new life into their brand through restructuring.
Metro Mattress
This regional bedding retailer hit the snooze button on September 4, 2024, filing for Chapter 11. Bidding adieu to New England, Metro Mattress plans to cozy up to its New York roots. The company is now betting on a leaner operation to avoid a permanent lights-out scenario.
Stein Mart
The bargain hunter’s paradise is on shaky ground. It is reported that Stein Mart is 90 days behind on bills, and they are bringing in the big guns, and these are none other than restructuring experts. After a 2020 close call, Stein Mart continues to face an uphill battle to avoid another markdown meltdown.
Petco
Even a man’s best friend couldn’t rescue Petco from the doghouse. With stocks down 60% since pre-inflation highs, the company is struggling to stay afloat. Petco has been identified as having an elevated risk of bankruptcy, with a 4% to 10% chance of filing by the end of next year.
Revlon’s Beauty Battle
Revlon, the iconic beauty brand, filed for Chapter 11 bankruptcy in 2022. Struggling with supply chain issues and debt, it failed to keep up with trends, highlighting the challenges legacy brands face in a changing marketplace.
Pier 1
Home decor retailer Pier 1 can’t seem to find stable ground. Post-2020 bankruptcy, they’re still navigating choppy waters. With sales ebbing and rivals flooding the market, this once-popular destination might need another financial lifeline.
Rite Aid
This pharmacy chain needs a dose of financial first aid. The failed Albertsons merger and declining sales have left Rite Aid urgently seeking debt restructuring. Can they avoid a terminal diagnosis in the cut-throat drugstore arena?
Envision Healthcare
Envision Healthcare’s bankruptcy shocked the medical community and affected thousands of doctors and patients nationwide. This event underscored the financial pressures facing the US healthcare system, especially after the pandemic in 2020.
Bed Bath & Beyond
Remember those 20% off coupons cluttering your mailbox? Sadly, they couldn’t save this home goods megastore. After years of falling sales and failed turnaround attempts, Bed Bath & Beyond filed for bankruptcy in late 2023, closing its iconic blue-and-white storefronts nationwide.
Charming Charlie
This colorful accessories boutique has already filed for bankruptcy twice. Now, as fashion whims shift and competitors crowd the field, Charming Charlie might need more than a makeover to avoid a third financial meltdown. The management is scurrying to find their place in a crowded accessory market.
Destination Maternity
Since its 2019 bankruptcy, this maternity brand has struggled to regain its footing. Sales have been shrinking rapidly, and another bankruptcy could be in Destination Maternity’s future. Their struggles reflect changing trends in maternity wear and retail challenges.
Sears
Once America’s retail titan, Sears is now only a shadow of its former self. Despite Transform SR Brands’ rescue attempt, this century-old icon keeps losing ground. Customers are wondering if 2024 will see the final chapter for this department store pioneer.
Kmart
From bustling aisles to eerily empty shelves, their fall from grace continues. Sharing Sears’ struggles, this discount dynamo might be running out of blue light specials. Is another bankruptcy blowout on the horizon, or can they find a way to compete in today’s retail space?
Hhgregg
This electronics emporium was unplugged in 2017, but its demise echoes through the industry. As consumers click ‘add to cart’ instead of visiting stores, other gadget retailers might face a similar fate. Competitors watch nervously, wondering who might be the next to short-circuit.
RadioShack
Twice bankrupt and barely hanging on, RadioShack’s glory days are long gone. As big-box stores and online giants dominate, this former tech mecca struggles to find its frequency. Finding a new frequency in today’s retail space seems increasingly impossible.
Payless
This budget-friendly footwear favorite has stumbled twice into bankruptcy. Now, Payless is trying to regain its footing in a crowded market with hopes of finding solid ground to avoid facing another financial tumble. Only time will tell if they can avoid another financial tumble.
Gymboree
After a trio of bankruptcies, this kiddie clothier keeps bouncing back. But in today’s tough retail playground, will they need another timeout to regroup? This year is certainly testing the resilience of Gymboree in the competitive children’s apparel market.
Toys R Us
From bankruptcy to liquidation, Toys R Us has weathered quite a storm. Now attempting a comeback, this toy titan faces fierce competition. Geoffrey the Giraffe must be his kingdom, or it is game over for this once-dominant player in the toy retail space.
Saks Fifth
Even the glitzy world of high-end retail isn’t immune to trouble. Saks Fifth Avenue faces dwindling foot traffic and online competition. This bastion of luxury will need to mark its future expectations and adapt to changing shopping habits in the luxury market.
Neiman Marcus
Fresh from a 2020 bankruptcy makeover, the company still struts a precarious catwalk. As the definition of luxury evolves, can this high-end haven adapt, or will it need another financial facelift? Their tumultuous journey is a direct consequence of the changing space of luxury retail.
Barneys New York
Despite Authentic Brands Group’s rescue, Barneys’s future remains as unpredictable as fashion. Loyal customers pray that this Big Apple icon finds its footing in a new retail space. Will Barneys become a stylish relic of the shopping past? Only time can tell.
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