From iconic stores to famous chain restaurants, a growing number of beloved brands are filing for bankruptcy, shifting their focus to e-commerce, or shutting down operations entirely as they face unprecedented financial stress. The COVID-19 environment has proved that attention to health and fitness are more important now than ever before.”. ... but Covid-19 closed it in months. Study: 17% of US Restaurants Closed Due to COVID-19 Pandemic By Rachel Tillman New York State PUBLISHED 5:00 PM ET Dec. 10, 2020 PUBLISHED 5:00 PM EST Dec. 10, 2020 Find out what your cat is trying to tell you with a new cat app, Princess Diana died when Harry was just 12 years old, Engineer Creates App To Translate Your Cat, The Sweetest Photos of Princes Harry with Diana, Sean Connery's Cause of Death Revealed Weeks After He Dies at Age 90. The company also said that it plans to close stores, but did not disclose specific locations or timing. The iconic retailer, which was founded in 1818, filed for Chapter 11 bankruptcy protection on June 8 as it searches for a buyer. The brand, which describes itself as "the country's oldest clothing retailer," has offered timeless, preppy designs for generations — and has dressed 40 of the 45 U.S. presidents. “The unprecedented impact of COVID-19 on our operations certainly created additional challenges, but this agreement from our lenders demonstrates their commitment to CPK’s viability as an ongoing business," Hyatt said in the press release. "If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11," CEO Tony Ueber said in a statement, while maintaining hope about the company's future. Business for Milwaukee-area restaurants declined markedly in early 2020 when coronavirus struck and shelter-at-home orders were issued. Sustaining businesses, keeping them alive and keeping jobs protected is vitally important and is going to be key to recovery once we emerge from this. "We will continue all day-to-day operations," J.Crew Group CEO Jan Singer said in a statement, according to CNN. CEO Jill Soltau said the company had been making "significant progress" in restoring financial strength before the coronavirus outbreak, but the temporary closure of J.C. Penney stores nationwide "necessitated a more fulsome review to include the elimination of outstanding debt.". "Over the past year, Brooks Brothers’ board, leadership team, and financial and legal advisors have been evaluating various strategic options to position the company for future success, including a potential sale of the business,” a spokesperson for the retailer said in a statement obtained by CNBC. All 100 or so locations closed during state shutdowns, and the management announced they would not come back. Coyote Ugly Turns 20: Where Is the Cast Now? The report was released just hours after a government adviser suggested bars and restaurants remain shut until May. Here’s a running list of local restaurants that have announced that they are going into “hibernation” for at least the next few months or “closing until further notice” with hopes of reopening at some point. The authors of the study warned that 2021 was tipped to deliver many further closures because of the impact of a lost crucial Christmas season and renewed lockdowns, declaring that "survival remains the name of the game". Here’s a chart that says COVID isn’t spreading at restaurants and yet we’re closing restaurants. Souplantation/Facebook. Its new focus will be centered on a "digital-only, China-focused" business model, according to Business of Fashion's latest report published on June 15. The company also secured $150 million from existing lenders to assist in the restructuring, pending court approval. They expect to continue operating through the bankruptcy, and will keep reopening locations that were closed due to the pandemic. Every year is a challenge for restaurant operators, but 2020 will likely see an even larger number of restaurants close for good, due to the novel coronavirus … These buffet restaurants — which were called Souplantation in Southern California and Sweet Tomatoes in other parts of the U.S. — were done in by the coronavirus. The company operates 43 Neiman Marcus stores, 22 Last Call stores and two Bergdorf Goodman stores and has a borrowings total of about $4.8 billion, according to credit rating firm Standard & Poor’s. CORONAVIRUS. The New York-based label laid off 75 percent of its 400-person staff, and is set to close 18 of its 19 retail stores. Currently, Brooks Brothers has more than 500 stores worldwide and employs 4,025 people, CNBC reports. The news comes after several rounds of restructuring within the company and years of declining sales. The fast-casual bakery chain announced it would close all 98 of its U.S. locations after filing for Chapter 11 bankruptcy protection in May. ", Jim Hyatt, CEO of CPK, said in a separate message on the company website that the chain had already shuttered some of its locations prior to the filing, citing "the impact of the COVID-19 pandemic and lease related challenges with our landlords.". Gov. “We now have no viable alternative but to begin the closure of our beloved family business because our insurers, to whom we have paid significant premiums every year for protection against unforeseen circumstances like we are experiencing today, have turned their backs on us at this most critical time,” Century 21 co-CEO Raymond Gindi said in the statement. 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