23 American brands that might not survive coronavirus

24/7 Wall St. reviewed corporate filings and industry publications to determine the American brands that might not survive the coronavirus crisis.

1. Neiman Marcus. Luxury department store chain Neiman Marcus filed for Chapter 11 bankruptcy protection on May 7 in an attempt to restructure debt and survive the harsh economic conditions created by the coronavirus pandemic.

2. StubHub. With virtually all live events canceled for the foreseeable future, ticket exchange and sale company StubHub is facing an unprecedented situation.

3. J.C. Penney. The retail store is reportedly mulling a bankruptcy filing and recently said it did not make a $12 million interest payment due in April.

4. AMC Theatres. Although some states are now allowing movie theaters to reopen at reduced capacity, AMC said it is not anticipating a reopening until late June at the earliest.

5. Sears. While all large brick-and-mortar retailers are facing challenges with the pandemic and the rise of e-commerce, Sears' shaky financial footing makes it uniquely vulnerable.

6. WeWork. The company's occupancy dropped by nearly two-thirds in April.

7. J. Crew. Weeks after closing its doors on March 16, J. Crew filed for Chapter 11 bankruptcy. 

8. Frontier Communications. Telecommunications company Frontier Communications entered the pandemic in a dire situation, with a debt burden of more than $17 billion. 

9. Bed Bath & Beyond. As of May 8, stores remained closed, and most Bed Bath & Beyond workers have been furloughed since early April.

10. Hertz. The company was reportedly considering bankruptcy to restructure an estimated $17 billion in debt, according to the Wall Street Journal.

11. Steak 'n Shake. The burger chain is seen as a bankruptcy risk because of its restaurant closures and the resulting lost cash flow, as well as the struggles associated with operating during the COVID-19 crisis and the coming maturity of a $181.5 million loan in 2021.

12. Nordstrom. On May 6, the company announced it would be closing 16 locations permanently in nine states and Puerto Rico. 

13. GNC Holdings. The company furloughed "a significant portion" of its 12,400 employees, and the company's credit rating was also recently downgraded by rating agency Fitch.

14. Ruby Tuesday. As the nationwide lockdown continues, already a number of closed Ruby Tuesday locations have announced that they will not be reopening.

15. Gold's Gym. CEO Adam Zeitsiff pledged that Gold's Gym would reopen but it already had to permanently close 30 company-owned locations amid the pandemic. 

16. Chesapeake. Reuters reported on April 30 that Chesapeake Energy, a shale gas drilling company that was one of the biggest beneficiaries of the fracking boom in the United States, is preparing to file for bankruptcy.

17. Norwegian Cruise Line. All U.S. cruises were hit with a no-sail order, and Norwegian suspended all voyages through the end of June.

18. Dave & Buster's. To help bolster its financials, the company announced an agreement to sell $100 million in stock to Jefferies LLC. 

19. Party City. As of early May, all retail locations remained closed, and there is no word as to when they would reopen, though some locations are offering curbside pickup.

20. Modell's Sporting Goods. After more than a century in business, the sporting goods retailer announced in March it filed for bankruptcy and would close all stores.

21. Best Buy. In mid-March, Best Buy suspended appliance installation service and reduced its physical location sales services to curbside pickup only.

22. Revlon. The company is one of many in an industry that has faced reduced demand even before COVID-19 has kept most Americans confined to their homes. 

23. Gogo. In late April, the company announced plans to furlough 60% of its workforce

Source: https://www.usatoday.com/picture-gallery/money/2020/05/12/american-brands-that-might-not-survive-the-coronavirus/111680864/

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