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Retail Industry Chapter 11: Complete List of Retail Bankruptcy Filings

Bankruptcy Protection and Chapter 7 Liquidation List for 2008 and 2009

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Retail companies that file Chapter 11 are not necessarily bankrupt. However, they do need a court-protected grace period in order to reorganize and restructure certain aspects of their business and return to profitability. Chapter 11 is the pause button that some retail businesses need before so that they can resume regular programming.

This is a complete list of the major U.S. retail industry companies that have filed for Chapter 11 bankruptcy protection of Chapter 7 liquidation in 2008 and 2009. The most recent updates are indicated by bold text. (Updated 12-15-09.)

Castle Megastore
  • Filed Chapter 11 in March, 2003
  • The bankruptcy filing was reportedly intertwined with what was identified as a Ponzi scheme involving American National Mortgage Partners
  • The company's reorganization plan was accepted by the bankruptcy court on May 19, 2009
  • Mark A. Franks took ownership and will serve as the company's president and CEO
  • The retail stores will continue operating and the company will retain its corporate offices in Tempe, AZ
ARG Enterprises (Black Angus Steakhouse, Cattle Company Steakhouse, Stuart Anderson's Restaurants, Stuart Anderson's Black Angus, Stuart Anderson's Cattle Company) Buffets Holdings (Tahoe Joe’s Famous Steakhouse, Ryan’s Family Steakhouse, Old Country Buffet, Hometown Buffet) Fortunoff
  • Filed Chapter 11 on February 4, 2008
  • Business was sold to an affiliate of NRDC Equity Partners (NRDC also had a major ownership in bankrupt Linens 'n Things)
  • Filed Chapter 11 on February 5, 2009
  • Liquidation of of 20 stores in four states began February 26, 2009
Vicorp Restaurants, Inc. (Bakers Square, Village Inn)
  • Filed Chapter 11 on April 3, 2008
  • Secured interim financing, with an intent to sell the company in early 2009
  • Sold the chain for $55 million to invesment group on March 30, 2009
  • After emerging from Chapter 11, the new owners plan to continue operating the 267 restaurants in 25 states
Goody's
  • Filed Chapter 11 on June 9, 2008
  • Emerged from Chapter 11 on October 20, 2008
  • Began liquidation of 218 stores on January 9, 2009
Whitehall Jewelers
  • Filed Chapter 11 on June 23, 2008
  • Began liquidation of stores on August 13, 2008 at 373 stores
Sam Seltzer’s Steakhouses of America Metromedia Restaurant Group (Benigan's and Steak and Ale) Mrs. Fields Famous Brands
  • Filed Chapter 11 on August 24, 2008
  • Emerged from Chapter 11 on October 24, 2008
  • 40 new store openings are planned for 2009
Shells Seafood Restaurants
  • Filed for Chapter 11 on September 3, 2008
  • Converted to Chapter 7 bankruptcy on September 24, 2008
Hilo Hattie
  • Filed Chapter 11 October 2, 2008
  • Bankruptcy hearing on June 22, 2009
  • Maui Divers Jewelry has bid $1 million for the Hilo Hattie brand and seven stores still operating on the Hawaiian islands
Metromedia Restaurant Group (Ponderosa Steakhouse, Bonanza Steakhouse) Circuit City
  • Filed Chapter 11 on November 10, 2008
  • Began liquidation of 567 stores on January 19, 2009
Hawaiian Telcom
  • Filed Chapter 11 on December 1, 2008
  • Closing three of its eight stores, putting 23 employees out of work
  • Renegotiated debt from $1 billion to $300 million
  • Hopes to emerge from Chapter 11 with a $30 million credit line and $45 million in cash
ArtSelect.com
  • Filed chapter 11 on December 4, 2008
  • Sold at auction on January 16, 2009 to Art.com Inc. for $1.63 million
  • ArtSelect.com now automatically redirects customers to Art.com
iFLOOR.com
  • Filed Chapter 11 on December 4, 2008
  • Sold in auction to Yelong Fang
  • Emerged from Chapter 11 as Longhua USA Inc DBA/iFLOOR.com in March, 2009
Flying J
  • Filed Chapter 11 on December 22, 2008
  • Layed off 200 employees of its 16,000 employees, but continued to operate 270 travel plazas and fuel stations located in 41 states
  • Closing 7 restaurants in five states
  • Secured $100 million debtor-in-possession financing from Pilot Travel Centers LLC
  • Announced merger agreement with Pilot Travel Centers on July 14, 2009 in which Pilot would acquire the Flying J's travel plaza business, valued at $3.3 billion, in exchange for $300 million to $500 million in cash, plus equity in Pilot
  • CEO J. Phillip Adams stepped down in January, 2009 and was replaced by Crystal Call Maggelet
  • Put its Bakersfield refinery, Flying J Oil & Gas, and Haycock Petroleum up for sale
  • Sold Longhorn Pipeline for $350 million
  • Is merging 270 travel centers with itw rival, Pilot Travel Centers, with Pilot as the majority owner
  • Plans to emerge from bankruptcy in January 2010
  • Will sell its crude oil refinery in Utah to help pay down its debt.
  • Sold its Longhorn pipeline in Texas.
  • The company's oil refinery in Bakersfield has also been put up for sale.
Christian Bernard
  • Filed Chapter 7 bankruptcy December 26, 2008
  • Closed 15 stores on December 26th, and re-opened the stores on January 20, 2009 for liquidation sales.
Kira Plastinina
  • Filed Chapter 7 bankruptcy on December 31, 2008
  • 12 stores operated in the U.S. for just seven months
  • The company had assets of $9.7 million against debt of $54.4 million. The U.S. bankruptcy did not affect the 70 Plastinina stores in Russia.
Gottschalks
  • Filed Chapter 11 on January 14, 2009
  • Sought to sell the business or secure third party investors for financing
  • Was auctioned to liquidation company, Great American Group
  • Liquidation of $280 million of inventory in 58 stroes began April 3, 2009
  • 13 retail spaces sold to Forever 21 on June 10, 2009
El Paso Bar-B-Que
  • Filed Chapter 11 January 23, 2009
  • Closed one restaurant and continues to operate 7 locations
More Retail Industry Chapter 11 and Chapter 7 Bankruptcy Filings
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