BANKRUPTCY

Last year, the Boy Scouts filed for bankruptcy, which prevented new abuse lawsuits against it.

CHARLOTTE, N.C. – Belk, the North Carolina-based department store chain which has catered to generations of shoppers for nearly 190 years, announced Tuesday that it will file for Chapter 11 bankruptcy. A group of the department store’s creditors, led by the private equity firms KKR and Blackstone, will get a minority stake. Three generations of the Belk family led the company to become the biggest family-owned department store chain in the country by 2015, when the family sold it for $3 billion. The sale to Sycamore loaded the chain with over $2 billion in debt at a time when department stores were losing popularity. The department store has struggled during the coronavirus pandemic as customers flocked to online shopping and avoided in-person shopping.

All rights reserved)The world’s largest theater chain warns that it may have to file bankruptcy soon. ACM Theaters disclosed in a filing Tuesday with the Securities and Exchange Commission that it has a deal for additional sources of liquidity. That deal is with CitiGroup Global Markets and Goldman Sachs to sell 15 million shares. Earlier this month, AMC announced it could run out of money by the end of the year. Despite these challenges, the movie theater chain has said it will remain open.

Stein Mart has filed for Chapter 11 bankruptcy after taking a big hit in the wake of the coronavirus pandemic. The 112-year-old discount retailer plans to close most of its nearly 300 stores. In a Wednesday release, CEO Hunt Hawkins said the pandemic and changing consumer habits have caused the company "significant financial distress." Stein Mart is among many retailers impacted when the pandemic forced temporary store closures in many states. The chain is also looking at strategic alternatives, including the sale of its website and intellectual property.

Hertz is the latest economic victim from the coronavirus pandemic. The car-rental company has filed for bankruptcy after seeing an abrupt decline in revenue and future bookings. Hertz said it plans to stay in business and restructure its debts. It has already tried to stem some losses by letting go of 12,000 employees in North America. Hertz is the parent company for Hertz, Dollar, Thrifty and Firefly, a discount brand outside the U.S.

Brooks Brothers will permanently close more than a quarter of its 200 stores. Brooks Brothers said Wednesday that it will continue operations as it restructures and is looking to reopen shops that are not being closed permanently. The good thing about Brooks Brothers: Its a very strong brand," he said. Brooks Brothers' two-button suits were a favorite of President John F. Kennedy. Clark Cable wore Brooks Brothers and Jennifer Aniston appeared on the cover of GQ magazine wearing nothing but a red, white and blue Brooks Brothers tie.

The parent company of Chuck E. Cheese has filed for bankruptcy. CEC entertainment filed for bankruptcy Thursday blaming financial strain caused the global coronavirus pandemic. Nearly half of its 555 Chuck E. Cheese locations are now open and they plan to reopen more locations weekly. The company, which also owns Peter Piper Pizza, employs over 16,000 people. It has lost money in four of the past five years losing over 28 million just last year.

NEW YORK Discount goods retailer Tuesday Morning has filed for Chapter 11 bankruptcy protection, the fifth major retailer to do so since the pandemic. As part of the bankruptcy reorganization, the Dallas-based chain said Wednesday it plans to close approximately 230 of its 687 stores over the summer to focus on high-performing locations and will do so with a phased approach. Tuesday Morning joins J.C. Penney, luxury department store chain Neiman Marcus, J.Crew and Stage Stores in filing for Chapter 11 since the pandemic that forced many stores selling non-essential goods to close resulting in evaporating sales.

It looks like Pier 1 wont survive the coronavirus pandemic. Pier 1 currently has more than 500 stores, down from 1,000 last year. It plans to sell its remaining inventory, website and intellectual property. Orders placed on its website will continue to be fulfilled. To keep up with the latest news on the pandemic, subscribe to News 6s coronavirus newsletter or go to ClickOrlando.com/coronavirus.

Just days after filing for bankruptcy, JCPenney is now planning to close nearly 200 stores this year. The 118-year-old company has struggled to gain profits for years, but the company said the coronavirus pandemic caused sales to plummet. The retailer has 85,000 employees but hasn't said how many people will lose their jobs because of the closings. The company says next year an additional 50 stores will have to be closed. JCPenney is the fourth national retailer to file for bankruptcy just this month.