The biggest bankruptcies over the past 5 years are listed below by assets and liabilities at the time of their filings:
Ascena Retail Group
Assets: $13.69 billion
Liabilities: $12.52 billion
Stores: More than 2,800
The owner of Ann Taylor, Lane Bryant, and Loft filed for Chapter 11 bankruptcy protection in July 2020, then sold off its Justice children’s apparel unit and closed all Catherines stores. The company is now a part of Premium Apparel LLC, a unit of private equity firm Sycamore Partners, after being acquired for $540 million in November 2020.
Sears Holdings Corp.
Assets: $7.26 billion
Liabilities: $10.99 billion
Stores: About 700
Once the nation’s largest retailer, the 125-year-old chain filed for bankruptcy in October 2018, following a decade of revenue declines, hundreds of store closures. It had not turned a profit since 2011 and stayed afloat for years thanks to billions of dollars provided by its billionaire CEO Eddie Lampert. Ultimately, it succumbed to stiff competition from chains like Walmart….