Distressed Retail

  • A Neiman Marcus department store, surrounded by trees.
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    Daphne Howland/Retail Dive
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    S&P Global Ratings downgrades Saks, warns latest financing deal is ‘tantamount to a default’

    Saks Global emphasized that there’s no default related to its new agreement with bondholders, calling the rating updates “common and expected with transactions like these.”

    By • July 9, 2025
  • The front of a fabric store.
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    Daphne Howland/Retail Dive
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    Joann supplier going out of business

    Design Group Americas, whose portfolio includes sewing pattern brands like McCall’s, Simplicity, Butterick and Vogue, was sold off in May for $1.

    By • July 7, 2025
  • An At Home storefront with a blue sky background
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    Permission granted by At Home
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    At Home blames bankruptcy on tariffs, consumer uncertainty

    The private equity-owned company’s latest Chapter 11 filing comes at an awkward time for a retailer dependent on holiday sales for 40% of its revenue.

    By • June 16, 2025
  • A grey Pet Supplies Plus storefront with white wording on it.
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    "Pet Supplies Plus, Rocky Hill, CT, 8/2014" by Mike Mozart is licensed under CC BY 2.0
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    Franchise Group exits Chapter 11

    The company leaves bankruptcy having sold The Vitamin Shoppe, shut down American Freight and restructured its remaining banners under a new entity.

    By Howard Ruben • June 11, 2025
  • White clouds streak a blue sky above a strip-center retail store.
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    Daphne Howland/Retail Dive
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    Joann’s future a mystery as Michaels snaps up IP, private labels

    The move comes amid growing interest in fabrics and sewing at Michaels, but it’s not clear what it means for the Joann brand.

    By • June 5, 2025
  • A Saks storefront in Chicago.
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    Kaarin Moore/Retail Dive
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    Saks Global rescues its holiday with $350M in new financing

    Without the infusion, the luxury department store company would struggle to pay vendors ahead of the critical season, analysts say.

    By • June 2, 2025
  • A department store at night.
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    "Lights out for Hudson's Bay" by bigfarmer8 is licensed under CC BY 2.0
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    Hudson’s Bay to lay off more than 9K employees by mid-June

    The move affects about 90% of the workforce, with just over 100 people staying on to help the iconic Canadian department store wind down.

    By • May 28, 2025
  • People walk around in front of Saks Fifth Avenue and Hudson's Bay department stores.
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    "Hudson's Bay" by Jeff Hitchcock is licensed under CC BY 2.0
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    Canadian mall developer snaps up more than 2 dozen Hudson’s Bay leases

    Ruby Liu plans to open "a new modern department store concept," though it’s unclear whether the stores can continue to operate under the iconic brand.

    By • May 27, 2025
  • A pharmacy storefront against a bright blue sky with puffy white clouds.
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    "Rite Aid Pharmacy, Brookfield, Connecticut" by Mike Mozart is licensed under CC BY 2.0
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    Rite Aid blames latest bankruptcy on retail operations

    The drugstore retailer cites reluctant customers and recalcitrant vendors, but its crippling debt overshadows all.

    By • May 7, 2025
  • A Rite Aid pharmacy storefront
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    Permission granted by Rite Aid
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    Rite Aid files for bankruptcy 8 months after exiting Chapter 11

    The drugstore retailer is in talks to sell itself, but could liquidate its entire footprint if no buyers emerge.

    By • Updated May 6, 2025
  • A red Burlington storefront says "ladies, mens, kids, baby, home, coats," as clouds billow overhead in a bright blue sky.
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    Daphne Howland/Retail Dive
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    Burlington snags 45 of Joann’s store leases out of bankruptcy

    The off-price retailer is taking advantage of the craft company’s closure as new shopping center growth diminishes.

    By Dani James • April 30, 2025
  • Closeup of an entrance to a department store.
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    Permission granted by Liza Amlani, Retail Strategy Group
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    Hudson’s Bay gives up on final 7 stores, including Canada’s last Saks 5th Avenue location

    The liquidation is the end of a retailer whose roots date to the 1600s, and leaves a big gap for many brands and their Canadian customers.

    By • April 25, 2025
  • Exterior shot of The Container Store.
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    Courtesy of The Container Store
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    The Container Store lays off 2% of workforce, pauses capital projects

    The retailer, which exited bankruptcy in the new year, is working on a turnaround with less debt and a more streamlined operation.

    By • April 22, 2025
  • The mall entrance of a brightly light "Forever 21" store.
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    "Forever 21" by Mike Mozart is licensed under CC BY 2.0
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    Forever 21 creditors probe IP sale to Authentic Brands Group

    The brand management firm quietly took full ownership of the retailer's trademarks and intellectual property licenses some time in the last five years.

    By • April 15, 2025
  • A Rite Aid store location.
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    Courtesy of Rite Aid
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    The Weekly Closeout: JD Sports now ‘bigger than Foot Locker’ and is Rite Aid mulling another bankruptcy?

    JD Sports said it has more market share in North America than its rival retailer, while the drugstore is reportedly contemplating refiling. 

    By Retail Dive Staff • April 11, 2025
  • A person with white wired headphones and a white bag stands outside a clothing store.
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    Daphne Howland/Retail Dive
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    Column

    The Weekly Closeout: Hudson’s Bay hunts for a buyer and tariffs hit apparel hard

    The department store is soliciting offers for part or all of its business. Meanwhile, one analyst said new tariffs put “all 2025 guidance at risk.”

    By Retail Dive Staff • April 4, 2025
  • People walk around in front of Saks Fifth Avenue and Hudson's Bay department stores.
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    "Hudson's Bay" by Jeff Hitchcock is licensed under CC BY 2.0
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    Hudson’s Bay to eliminate 200 corporate roles

    Impacted employees will have their last day on Friday, while the company restructures and undergoes store liquidations.

    By • April 1, 2025
  • A Container Store banner outside a store.
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    "Container Store" by colleen is licensed under CC BY-SA 2.0
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    The Container Store CEO Satish Malhotra is out

    The retailer begins its post-bankruptcy turnaround with much less debt, under leadership steeped in operations and transformation strategies.

    By • March 20, 2025
  • Going out of business signs in a store window.
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    Justin Sullivan via Getty Images
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    Forever 21 blames latest bankruptcy on competition from Temu, Shein

    The fast-fashion retailer made it through the pandemic but struggled against cheap duty-free goods from China, as inflation strained consumers.

    By • March 17, 2025
  • People walk around in front of Saks Fifth Avenue and Hudson's Bay department stores.
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    "Hudson's Bay" by Jeff Hitchcock is licensed under CC BY 2.0
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    Hudson’s Bay plans to liquidate

    With no deal on deck, the iconic Canadian retailer will likely go out of business by June, shuttering all stores and laying off 9,000-plus employees.

    By Nate Delesline III • March 17, 2025
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    Courtesy of Solo Brands
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    Solo Brands warns it could file for bankruptcy

    The company issued a going concern statement citing challenges related to liquidity and existing debt.

    By Howard Ruben • March 14, 2025
  • Three hands holding three bright pink and red skincare bottles
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    Permission granted by Futurewise
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    Skin care brand Futurewise is shutting down

    The company, which entered Target just two years ago, will no longer accept orders on its website after March 24.

    By • March 11, 2025
  • People walk around in front of Saks Fifth Avenue and Hudson's Bay department stores.
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    "Hudson's Bay" by Jeff Hitchcock is licensed under CC BY 2.0
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    Hudson’s Bay Co. cites Trump tariffs in bankruptcy filing

    The department store company, which also runs Saks Fifth Avenue and Saks Off 5th stores in Canada, will exit the process with a smaller footprint.

    By • March 10, 2025
  • A mall store.
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    "Forever 21 International Mall Miami" by Phillip Pessar is licensed under CC BY 2.0
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    Forever 21 will lay off nearly 700, close headquarters

    Nine stores in California and Pennsylvania will close, as Catalyst Brands, which owns the brand’s operations, explores its options.

    By • Updated March 3, 2025
  • Shoppers walk by boarded-up windows in front of a brick, Old Navy building.
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    Justin Sullivan via Getty Images
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    What 5 charts say about the pandemic’s impact on retail, 5 years later

    The industry may be far from the dramatic day-to-day struggles of 2020, but it hasn’t yet escaped the long tail the global health crisis left in its wake.

    By • March 3, 2025