Chapter 11 Bankruptcy Reorganization Filings From the Retail Industry in 2010

The Great Recession continued to trouble the U.S. retail industry in 2010, causing retail companies to file for Chapter 11 bankruptcy reorganization protection, and in the worst cases, to file for Chapter 7 liquidation. This is a complete list of the major U.S. retail industry companies that filed for Chapter 11 bankruptcy protection of Chapter 7 liquidation in 2010. Some of the bankruptcy proceedings listed here were initiated in 2009, but are included on the 2010 list as well because they will be resolved in 2010. This list is arranged alphabetically according to the company name.

This Chapter 11 list was last updated on 2-27-10. The most recent updates are indicated by bold text.

U.S. Retail Industry Companies That Filed Chapter 11 & Chapter 7 Liquidation in 2010:
(See also the 2009 Chapter 11 list)

Basha's

• Filed Chapter 11 July 13, 2009
• Obtained $45 million debtor-in-possession funding
• Closing 10 stores in Arizona on July 21, 2009, which will cut approximately 1,000 jobs
• Plans to continue operating its remaining stores in Arizona, California, and New Mexico and emerge from bankruptcy in early 2010
• Asking the bankruptcy court to close 14 additional stores, 10 in the Phoenix area, and four in other parts of Arizona. Seeking court approval for voicing lease agreements at those locations.
• Seeking to void leases of 14 stores that are now closed, and at the company's headquarters
• The preliminary reorganization pays of $300 million in debt and allows the Bashas family to retain ownership of the 120-store chain.
• Bashas rejected a February 2010 bid of $260-$290 million from Albertsons LLC because the price was "insufficient"
• Albertsons reportedly will continue to pursue the purchase by gaining support from unsecured creditors who don't like Bahsa's reorganization plan
• Basha's has proposed to pay off $300 million in debt in installment payments.
• Secured creditors would be paid in five years, unsecured creditors would be paid off over a longer period of time.
• If accepted, the reorganization would leave the company family-owned

Bernie's Audio Video TV Appliance Co.

• Filed Chapter 11 January 14, 2010
• Requested to begin going out of business sales and plans to close down all 15 stores located in Connecticut, Rhode Island, and Massachusetts
• The request to close all 15 stores was approved on January 15, 2009 and liquidation sales started the next day.
• Court granted permission to honor gift cards, rebates, deposits and extended warranties, which was funded by a personal financial contribution from CEO Milton Rosenberg, son of the company's founder.

Boscov's

• Filed Chapter 11 on August 8, 2008
• Company was sold on November 4, 2008 to a private group led by Albert Boscov, son of the retail chain's founder
• Will hire 240 people in 2010 in order to improve customer service.

Boston Blackie’s

• Filed Chapter 11 on December 3, 2009
• Operates 8 restaurants in the Chicago area, and plans on continuing operating all locations while it reorganizes its debts.

Brown's Chicken & Pasta

• Filed Chapter 11 on December 30, 2009
• The Chapter 11 filing was largely motivated by a legal judgment against them that ordered them to pay around $800,000 for a wrongful termination.
• Plans to continue operating 36 franchise-owned restaurants and close 3 company-owned restaurants by the end of January, 2010.

Bully’s Sports Bar & Grill

• Filed Chapter 11 on December 7, 2009
• Will continue to operate all 13 locations in northern Nevada during the reorganization.

Crabtree & Evelyn

• Filed Chapter 11 on October 28, 2009
• Closed 30 of its 126 stores in the U.S.
• Hopes to secure exit financing to pay off debtor-in-possession financing from its parent company, Britain's Crabtree & Evelyn Holdings Ltd.

Danny's Family Cos.

• Filed Chapter 11 February 3, 2010
• Operates 18 car wash and convenience store locations in the Phoenix area
• Danny's claims that they are current on all debt, but are the victim of aggressive lending tactics

Daphne's Greek Cafe

• Filed Chapter 11 on January 11, 2010
• Will continue operating 69 restaurants in California, Arizona, Colorado, and Washington during reorganization
• Hopes to renegotiate the terms of a loan which requires it to maintain a designated profit level.

Davies-Reid Stores

• Filed Chapter 11 on January 21, 2010
• Plans to continue to operate its four stories located in three sates. [li[The Chapter 11 filing was mostly in response to disputes the company has with Bank of America fees and interest.

Igourmet

• Filed Chapter 11 on October 22, 2009
• Is owned by founder Spencer Chesman, and 15 minority partners.
• Asked for an extension to file its reorganization plan until April2, 2010.
• Twenty of igourmet's largest unsecured creditors have formed a committee to secure a better deal for themselves in the reorganization process.
• A hearing is scheduled for February 4, 2010

More 2010 retail Chapter 11 and Chapter 7 filings >>