However, people with investment income from the Toronto Dominion Bank … Business at all of them has been upended by coronavirus shutdowns. Brooks Brothers, a high-end retailer founded two centuries ago and frequented by U.S. presidents, filed on July 8 and is closing 51 of its roughly 250 stores. More are on the way. In January 2020, CWB learned that Gerges had been charged with possession of a Schedule I substance. with all 41 of its theaters closed nationwide during the pandemic. last year. And that may be at the end of August, when the CRA is, in fact, starting to seek payments for income tax or arrears of tax," he said. , but planned to double its domestic flights and quadruple its international flights in July compared with June as it ramps up operations following strict coronavirus shutdowns. , a commercial construction and engineering company. Private equity-backed Interactive Health Solutions filed for Chapter 7 and ceased operations on June 14. Bar Louie, a nationwide gastropub chain, filed on January 27 after closing 38 of its locations, leaving less than 100 remaining. Banks have implemented mortgage deferrals, saving people from having to pay their principal and interest. Only 70 employees remained to wind down the business. Good Monday morning, — Bankruptcies spike: Economists are warning the Canadian economy could soon face a wave of insolvencies, which … have all endured bankruptcy reorganizations in the last two decades. "So businesses are also going through the great deferral.". Le Pain Quotidien’s U.S. arm, PQ New York, filed on May 27 and announced plans to be sold to restaurant conglomerate Aurify Brands, which will keep 35 of its 98 bakeries in the U.S. open. Research from investment bank Jefferies shows that large-firm bankruptcies shot 244% higher year-over-year in the July-August period, and that large-firm bankruptcies in 2020 … , a Tennessee-based home decor retailer with 43 locations in 11 states. You just need to scroll up this list of 2020 airline bankruptcies to find a few examples (Avianca Perú, Germanwings, South African Express, Air Asia Japan, etc.). and American Airlines Finance experts answer viewer questions about coping during the COVID-19 pandemic including whether small businesses should take on debt with uncertain times ahead. That was a 10-percentage-point jump from the previous survey in December. You may check the Multiyear Immigration Plan (2020-2022) for details. "Canadians were already carrying near record levels of debt before COVID and COVID-related job-losses will be the tipping point for many who were already struggling.". The prominent department store chain has lost money for nine straight years, and its troubles were exacerbated by the pandemic that forced its 850 remaining locations to close. Chuck E. Cheese’s parent company, CEC Entertainment, filed on June 24. The family arcade center that attracts swarms of children pushing buttons, collecting prizes and sharing pizza unsurprisingly had a hard time pivoting to a takeout pizza model, though 266 of the company-operated Chuck E. Cheese and Peter Piper Pizza venues have already re-opened. GM , a large hospital operator in the United Arab Emirates. Upscale stationary chain Papyrus’ parent company filed on January 24 and closed all 254 of its stores. Instead, however, those actions are being deferred. "How many small retail stores, how many restaurants, how much of the hospitality industry has been struck down for good that we will never see again? . Meanwhile, the economy added 62 thousand jobs, above forecasts of a 20 thousand gain as full-time employment rose by 99 thousand and part-time employment was down by 37 thousand. Delta, United J.Hilburn, a Dallas-based luxury menswear retailer rooted in one-on-one contact with customers for its custom-made suits and shirts, filed on May 4. The pioneering company put the first commercial communications satellite in space in 1965. Private-equity-backed APC Automotive filed on June 3. to reduce its debt to $410 million from about $2 billion. Oklahoma shale driller Unit Corp. filed on May 22 during the global commodity price crunch, aiming to reduce its debt by $650 million. About 3,600 companies filed for Chapter 11 in the first half of 2020, more than any year since 2012, according to the American Bankruptcy Institute. Some of the biggest names in corporate America are in danger of going the way of Sears, Blockbuster and RadioShack. December 11, 2020, 7:15 a.m. ... causing record death totals in recent days.India and Brazil are the only two other countries that have reported more than 3 million cases of COVID-19. and announced it was liquidating and closing its 13 stores. to Aldi, Publix and other winning bidders. , the parent company of seven e-commerce subsidiaries. Discount retailer Century 21 filed on September 10 and announced it was liquidating and closing its 13 stores. I graduated from Duke University, where I majored in math and followed its basketball team. I've been an assistant editor at Forbes covering money & markets since 2019. It is liquidating its business in Ireland, permanently closing its 11 stores there. The pioneering company put the first commercial communications satellite in space in 1965. to renegotiate its debt. Casual Dining Group, the London-based parent company of British chains Cafe Rouge and Bella Italia, entered administration on July 2 and announced it was permanently closing 91 of its 250 locations, leaving 1,900 employees without a job. The number of Alberta business bankruptcies in October 2020 decreased by 26.7% from the same period a year ago, from 15 to 11. © 2020 Forbes Media LLC. You can't even get into a mall, let alone buy that product at the stores. Kitchen goods retailer Sur La Table filed on July 8 and said it plans to close some of its 121 stores. But that storm, when it hits, could be "very bad," Brzezinski said. U.K.-based Italian restaurant chain Carluccio’s entered administration on March 30, shortly after its 73 locations were required to close. Wirecard, a German payment processing firm embroiled in scandal after it couldn’t account for $2.1 billion in cash it claimed to have on its balance sheet, filed for insolvency on June 25. Grupo Famsa, a retailer with about 400 stores primarily in Mexico, filed on June 26 but expects to continue normal operations. Briggs & Stratton, a Wisconsin-based engine manufacturer for outdoor power equipment, filed on July 20 and announced plans to sell almost all its assets to private equity firm KPS Capital Partners. Texas-based oil driller Denbury Resources filed on July 30 to eliminate $2.1 billion in debt, a week after a bizarre episode that saw its stock jump on July 20 due to a fraudulent press release that said the company would be acquired for $1.20 per share. Below is a list of all companies that have been granted protection under the Companies' Creditors Arrangement Act (CCAA) since September 18, 2009.The CCAA is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. for $588 million. , aiming to reduce its debt load while continuing normal operations. U.S. and Canadian oil and natural gas exploration and production company bankruptcies totaled 42 in 2019, up from 28 in 2018, the law firm said. to eliminate $2.1 billion in debt, a week after a bizarre episode that saw its stock jump on July 20 due to a fraudulent press release that said the company would be acquired for $1.20 per share. 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