I compiled this list because I love to negotiate, and this is great negotiating leverage for commercial tenants. The economy is not out of the woods by a long shot. Already at jaw-dropping record levels, new jobless claims are ticking up, and the number of issuers of distressed debt is growing. The list of companies looking to shirk their debt is exploding.
The following are 70 high-profile U.S. bankruptcies filed in the U.S. so far in 2020. Though the numbers this year already outpaced any previous nine years, the list would be even larger if it wasn’t for the flood of liquidity already unleashed by the Fed and Congress.
Beware too of a growing list of zombie companies kept alive by cheap and free money, the ever-increasing list of companies that haven’t yet filed but will. You might not like me saying it, but there is more carnage to come. That will create huge opportunities for those willing to negotiate. Last quarter the major banks set aside a record amount of loan loss reserves. This quarter they say they’re scaling back those reserves, counting on more bailouts from the government. It’s a bit hyperbolic, but it looks like a house of cards. The artist, Prince, partied like it was 1999 and you know what happened to him. “Oops, out of time.”
Here’s the 2020 bankruptcy list so far (in alphabetical order):
24 Hour Fitness
Advantage Rental Car
AeroMexico
Aldo
Apex Parks Group
Art Van Furniture
Ascena Retail (Ann Taylor, LOFT, Lane Bryant, Justice, Catherines)
Avianca Airlines
Bar Louis
Bluestem Brands
Borden Dairy
Briggs & Stratton
Brooks Brothers
California Pizza Kitchen
CEC Chuck E. Cheese
Centric Brands (License Calvin Klein and Tommy Hilfiger)
Century 21
Chesapeake Energy
Cirque du Soleil
CMX Cinemas
Cosi
DavidsTea
Earth Fare
First Global Restaurants (Brio and Bravo)
Flywheel Sports
Frontier Communications
Garbanzo Mediterranean Grill
Garden Fresh Restaurants (Souplantation and Sweet Tomatoes)
GNC
Golds Gym
It’s Sugar
J. Crew
JC Penney
Latam Airlines
Le Pain Quotidien
Le Tote (Lord & Taylor)
Lucky Brand
Lucky’s
McClatchy
McDermott International
Modell’s Sporting Goods
Muji
Neiman Marcus
New York & Co
NPC (Largest Pizza Hut and Wendy's franchisee)
Old Time Pottery
Paper Store
Pier 1
Pioneer Energy
Quorum Health
RavnAir
Regus Corp (specific locations)
Remington
RentPath
RTW Retailwinds
Ruby Tuesday
Schurman Retail Group (Papyrus)
Sizzler
SpeedCast International (Cruise lines internet, yikes!)
Stage Stores (Goody’s, Palais Royal, Bealls, Peebles, Gordmans)
Stein Mart
Sur La Table
Tailored Brands (Men’s Warehouse, Jos. A. Banks, K&G Fashion Superstore)
The Paper Store
Town Sports International
True Religion
Tuesday Morning
Virgin Atlantic
Whiting Petroleum
WorldStrides
-- Steve Miller