Bankruptcy Information

According to the Administrative Office of the U.S. Courts, the number of business bankruptcies filed in the second quarter of 2017 totaled 6,366, fell by 2.6% from 6,537 business bankruptcies filed in the same quarter of 2016.

US Total Business Bankruptcy Filings (Q2 2015 – Q2 2017)

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Total Business Bankruptcy Filings (by quarter)

Year Quarter Total Business Bankruptcy % change over the same period last year
2017 Q1 5,715 -8.2%
  Q2 6,366 -2.6%
2016 Q1 6,227 +1.1%
  Q2 6,537 +6.0%
  Q3 5,597 -11.7%
  Q4 5,666 -5.1%
  Q1 to Q4 24,027 -2.5%
2015 Q1 6,159 -11.9%
  Q2 6,166 -15.3%
  Q3 6,338 -0.3%
  Q4 5,973 -4.0%
  Q1 to Q4 24,636 -8.2%
2014 Q1 6,992 -17.9%
  Q2 7,283 -17.9%
  Q3 6,355 -21.7%
  Q4 6,219 -17.7%
  Q1 to Q4 26,849 -18.8%
2013 Q1 8,512 -22.6%
  Q2 8,874 -14.5%
  Q3 8,119 -12.2%
  Q4 7,556 -18.1%
  Q1 to Q4 33,061 -17.0%
2012 Q1 10,998 -11.9%
  Q2 10,374 -16.5%
  Q3 9,248 -21.3%
  Q4 9,231 -17.2%
  Q1 to Q4 39,851 -16.6%
2011 Q1 12,477 -15.2%
  Q2 12,431 -14.4%
  Q3 11,749 -16.3%
  Q4 11,149 -14.4%
  Q1 to Q4 47,806 -15.1%
2010 Q1 14,705 1.9%
  Q2 14,516 -9.9%
  Q3 14,031 -8.2%
  Q4 13,030 -13.2%
  Q1 to Q4 56,282 -7.5%
2009 Q1 14,427 62.6%
  Q2 16,113 57.5%
  Q3 15,277 32.3%
  Q4 15,020 16.4%
  Q1 to Q4 60,837 39.7%
2008 Q1 8,870 39.6%
  Q2 10,228 51.2%
  Q3 11,547 60.0%
  Q4 12,901 61.6%
  Q1 to Q4 43,546 53.8%
2007 Q1 6,354 56.2%
  Q2 6,765 39.8%
  Q3 7,218 38.7%
  Q4 7,985 42.9%
  Q1 to Q4 28,322 43.8%

 


Bankruptcy Basics

Chapter 7

Liquidation under the Bankruptcy Code

The chapter of the Bankruptcy Code providing for "liquidation," ( i.e., the sale of a debtor''s nonexempt property and the distribution of the proceeds to creditors.)

Chapter 11

Reorganisation under the Bankruptcy Code

The chapter of the Bankruptcy Code providing (generally) for reorganisation, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganisation to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.)

Source: Administrative Office of the U.S. Courts


01.10.2017

Appvion Inc, files for Chapter 11 bankruptcy protection (1 Oct 2017)

Appvion Inc, a US-based paper maker, has filed for Chapter 11 bankruptcy protection. The company saw its sales declining due to consumers’ switch to electronic communications. According to court filing, the company listed assets in the range of US$100 million-US$500 million and liabilities in the range of US$500 million-US$1 billion.

18.09.2017

Toys "R" Us, Inc. files for Chapter 11 bankruptcy protection (18 Sep 2017)

Toys "R" Us, Inc., the big box toy retailer, has filed for bankruptcy protection in the US and Canada. With US$ 5 billion in debt, it has struggled against competition from discount retailers such as Wal-Mart, as well as online retail giant Amazon. The company, which will continue to operate, said in a statement that its operations outside North America were not part of the bankruptcy filing.

15.09.2017

Aerogroup International Inc., files for Chapter 11 bankruptcy protection (15 Sep 2017)

Aerogroup International Inc., a US-based women’s shoe chain, has filed for Chapter 11 bankruptcy protection, with a plan to close most of its stores and focus on its wholesale, e-commerce and international businesses. The company listed assets of US$10 million to US$50 million and liabilities of US$100 million to US$500 million.

08.09.2017

WYNIT Distribution LLC files for Chapter 11 bankruptcy protection (8 Sep 2017)

WYNIT Distribution LLC, a US-based distributor of technology products such as 3D printers and action cameras, has filed for Chapter 11 bankruptcy protection. The cash-strapped company said its bank lenders will fund the business until it can find a buyer, and it blamed the bankruptcy on the changing consumer preferences.

26.08.2017

Perfumania Holdings, Inc. files for Chapter 11 bankruptcy protection (26 Aug 2017)

Perfumania Holdings, Inc. (NASDAQ: PERF), a US-based Fragrance chain, has filed for Chapter 11 bankruptcy protection. The company will continue to operate and it plans to reduce its retail store count, increase investments in its e-commerce business and become a privately held company. Perfumania said its Parlux and Five Star Fragrance subsidiaries were not included in the Chapter 11 filings.

19.07.2017

Dynamic International Airways files for Chapter 11 bankruptcy protection (19 Jul 2017)

Dynamic International Airways, a US-based air carrier, has filed for Chapter 11 bankruptcy protection. The airliner provides charter and contract commercial passenger air travel services to the general public. The company intends to continue its normal operation during the Chapter 11 case.

17.07.2017

Beaulieu files for Chapter 11 bankruptcy protection (17 Jul 2017)

Beaulieu, a US-based carpet maker, has filed for Chapter 11 bankruptcy. According to the filings, Beaulieu owes between US$50 and US$100 million to its creditors, but the creditors were willing to provide the company with debtor-in-possession financing. Beaulieu has been in operation for almost 40 years, but has struggled recently as the demand for carpet has lagged overall in the past few years.

05.07.2017

True Religion Apparel, Inc. files for Chapter 11 bankruptcy protection (5 Jul 2017)

True Religion Apparel, Inc., a US-based denim retailer operating 128 stores, has filed for Chapter 11 bankruptcy protection. While the company has struggled with a changing retail landscape driven by e-commerce, it has already signed a restructuring agreement with creditors to reduce debt by US$350 million. It aims to exit protection in four months and plans to grow its digital footprint.

15.06.2017

Cornerstone Apparel, Inc. files for Chapter 11 bankruptcy protection (15 Jun 2017)

Cornerstone Apparel, Inc., a US-based teen apparel seller which operates as Papaya Clothing, has filed for Chapter 11 bankruptcy protection. The mall-based chain is another to fall victim to changing consumer shopping habits roiling the retail industry. On its website, Papaya says it has more than 100 locations in over a dozen states.

12.06.2017

Gymboree files for Chapter 11 bankruptcy protection (12 Jun 2017)

Gymboree, a US-based children's clothing retailer, has filed for Chapter 11 bankruptcy protection with a plan to cut its debt by around US$1 billion and close 375 stores. The company has been struggling against a switch by consumers to online shopping. Gymboree estimated it had US$755.5 million in assets and US$1.37 billion in debt.

11.05.2017

Marsh Supermarkets LLC files for Chapter 11 bankruptcy protection (11 May 2017)

Marsh Supermarkets LLC, a US-based grocery-chain, has filed for Chapter 11 bankruptcy protection. Competition from larger chains has squeezed Marsh and forced the business this year to close more than a dozen locations. The company listed assets and liabilities each of between US$ 100 million and US$ 500 million.

04.05.2017

Central Grocers Inc. files for Chapter 11 bankruptcy protection (4 May 2017)

Central Grocers Inc., a US-based grocery cooperative, has filed for Chapter 11 bankruptcy protection. It plans to sell some retail stores and close 14 of its underperforming stores during the proceedings. Court papers show Central Grocers had about US$ 262 million of book value in total assets, and approximately US$ 232 million in total liabilities.

02.05.2017

Bleacher Creatures LLC files for Chapter 11 bankruptcy protection (2 May 2017)

Bleacher Creatures LLC, a US-based company which sells plush toys of movie, famous athletes and sports mascots, has filed for Chapter 11 bankruptcy protection. It listed both assets and liabilities as between US$ 1 million and US$ 10 million.

04.04.2017

Payless ShoeSource files for Chapter 11 bankruptcy protection (4 Apr 2017)

Payless ShoeSource, a US-based footwear retailer, has filed for Chapter 11 bankruptcy protection. The company will immediately close nearly 400 stores in the US and Puerto Rico. It has more than 4,400 stores in over 30 countries, according to its website.

28.03.2017

Westinghouse filed for Chapter 11 bankruptcy protection (28 Mar 2017)

Toshiba Corp’s US nuclear unit Westinghouse Electric Corp filed for Chapter 11 bankruptcy protection. Meanwhile, the company said that its operations in Asia, Europe, the Middle East and Africa would not be impacted by the filing.

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