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07/21/2009

23 Retail Bankruptcies in 2009

The economy is beginning to show early indications of recovery, but it is coming too late for some struggling retailers that have been forced to file for bankruptcy protection. Twenty-three retailers have announced bankruptcies this year, which is a torrid pace so far in 2009 compared to 29 retailers that declared bankruptcy from late 2007 to late 2008. Bashas, Crabtree & Evelyn and Best & Co are the most recent retailers to file. Smith & Hawken chose to avoid the cost and disruption of seeking protection and instead opted to go right to liquidation. Here's the latest news and a comprehensive list of retail bankruptcies in 2009.

Bashas: Grocery retailer that operates banners under the names of Bashas, AJ's Fine Foods and Food City stores filed for Chapter 11 on July 12, 2009. Bashas' two related companies - Leaseco and Sportsman's Fine Wines and Spirits also filed for Chapter 11 bankruptcy reorganization. The chain plans to close 10 Bashas' and Food City locations.

Crabtree & Evelyn: The personal care retailer filed for bankruptcy on July 1, 2009 citing debt pressures and a decline in consumer spending as reasons behind its Chapter 11 filing. The retailer listed $10 million to $50 million in assets and liabilities in its filing.

Best & Co: Upscale childrenswear maker filed for Chapter 7 bankruptcy protection on June 26, 2009. The 130-year-old retailer cited assets of $1 million to $10 million and liabilities of the same amount. The retailer has been losing money for years, including a $10 million loss in 2007.

Oilily: Dutch apparel brand filed for bankruptcy on May 28, 2009. The upscale retailer listed assets between $1 million and $10 million and liabilities between $10 million and $50 million in its filing.

Door Store: Mid-market furniture shop filed for Chapter 11 bankruptcy protection on May 27, 2009 under the corporate name Furniture In-Parts Corp. Citing poor economic conditions as the reason for the filing, the company listed assets between $1 million and $10 million, along with liabilities of the same amount.

Smith & Hawken: The upscale lawn and garden retailer, based in Novato, California, will shut its 56-store chain by the end of the year. The decision was made by parent company Scott's Miracle-Gro Co. Orders on the retailers Web site, catalog and call center were discontinued on July 9. The retailer's operating loss for six months prior to March 2009 was $75.4 million.

Other Retailers That Have Declared Bankruptcy in 2009

Eddie Bauer: 6/17
Anchor Blue: 5/28
Filene's Basement: 5/4
Bi-Lo: 4/19
Z Gallerie: 4/10
Ultra Jewelry: 4/9
Big 10 Tires: 4/2
Zounds Hearing Aid Centers:3/30
Al Baskin Co: 3/23
Drug Fair: 3/18
Strasburg-Jarvis: 3/11
Joe's Sports & Outdoor Stores: 3/4
Everything but Water: 2/25
Ritz Camera; 2/22
S&K Famous Brand: 2/9
Fortunoff: 2/5
Bruno's Supermarkets: 2/5
Gottschalks: 1/14

For related stories, see:

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