I graduated from Duke University, where I majored in math and followed its basketball team around the country as the sports editor for our student newspaper, The Chronicle. "By the time we get to the fall, the collection agencies are back at work. Oklahoma shale driller Unit Corp. filed on May 22 during the global commodity price crunch, aiming to reduce its debt by $650 million. —the equivalent of a bankruptcy process—on March 30, immediately halting all new rent-to-own and cash loan lending activities. Mexican energy company Libre Abordo announced it was bankrupt on May 31 after oil prices collapsed this spring. AAL Rubie’s Costume Company, the world’s largest Halloween costume manufacturer, filed on April 30 as sales declined while its retail customers are closed due to Covid-19. Bank, filed on August 2, weeks after it announced it was laying off 20% of its corporate workforce and closing up to 500 stores. with the pandemic suffocating demand, though it will continue operating its limited passenger and cargo stats as scheduled. Earth Fare, a North Carolina-based organic grocery chain, filed on February 4, a day after announcing it was closing all of its stores and liquidating its inventory. Fast casual restaurant chain Cosi filed for Chapter 11 on February 24 for the second time since 2016 after shuttering 30 of its locations in December. Chesapeake Energy was among the companies to file for bankruptcy protection in recent weeks. 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. Reitmans, a prominent Canadian fashion retailer with 576 stores, began a restructuring process on May 19. Texas-based BJ Services filed on July 20 as it looks to sell off its cementing business and parts of its fracking business. , an online search platform for rental homes, while at the same time announcing it was being bought out of bankruptcy by competitor CoStar Group. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn . However, the recent reporting by CBC news on the total COVID-19 related spending by the federal government — which has totalled $240 billion between March 13 and Nov. 20 — suggests one reason why so many Canadians have avoided bankruptcy despite the current economic conditions: the Canadian government made total transfers of over $105 billion in relief payments to individuals … I'm an assistant editor on Forbes' money team. Advantage Rent A Car filed on May 26, four days after its competitor Hertz, with global travel still ground to a halt. to reduce its debt to $410 million from about $2 billion. January 2020; February 2020; March 2020; April 2020; May 2020; June 2020; July 2020; August 2020; September 2020; October 2020; Insolvency Statistics in Canada—Quarterly Reports. Restaurant franchisor CraftWorks filed on March 3 to reduce its debt by more than $140 million shortly after closing about 10% of its locations. became the largest carrier yet to go bankrupt when it. OneWeb, a satellite internet startup backed by SoftBank that launched 74 satellites into space, filed on March 27. ... 2020. Posted on October 19, 2020; by Pamela Danziger; in All, from most recent, Retailers & Retailing; Following the 2008/2009 recession, major retail bankruptcies reached historic highs in 2010, setting the record with 48 filings. on May 31 after oil prices collapsed this spring. The pandemic recession plunged dozens of large American companies into bankruptcy this summer. Bankruptcy filings this year have … Avianca, which served more than 30 million passengers last year as one of Latin America’s largest airlines, filed on May 10 with all of its passenger flights grounded since mid-March due to Covid-19. Technicolor, an Oscar-winning French company that produces special effects for major movies, filed for restructuring on June 22. The previous year saw a number of well-known national and regional retailers file for both Chapter 7 and Chapter 11 bankruptcy. , a satellite internet company that provides connectivity to the embattled cruise industry when ships are out at sea and serves 80% of cruise brands globally. Today’s Morning Brief is brought to you by Chartered Professional Accountants of Canada. Canadian construction stakeholders have worked together to solve problems in remarkable fashion during the COVID-19 crisis but much more needs to be done, and soon, to keep contractors from sliding into a financial abyss, construction lawyers were told during a recent national webinar. CMX Cinemas, a movie theater chain that also owns dine-in restaurants and bars, filed on April 25 with all 41 of its theaters closed nationwide during the pandemic. "We're going to see businesses that will not survive. , which offers products for aortic disorders. Wisconsin-based auto parts and plastics manufacturer Techniplas filed on May 6 as it hopes to find a buyer. Organic grocer Lucky’s Market filed on January 27 and plans to sell most of its stores to Aldi, Publix and other winning bidders. Mark Gollom is a Toronto-based reporter with CBC News. The number of Canadian bankruptcies decreased by 18.3% over the same time period. , which is Pizza Hut’s largest franchisee with about 1,200 locations and also operates nearly 400 Wendy’s restaurants. Restaurants face uncertain future amid COVID-19, Financial help for Canadians affected by COVID-19, As COVID-19 bailouts pile up, Canadians ask for relief on credit card rates, CBC's Journalistic Standards and Practices. , which had to close its 12 entertainment centers and water parks due to the pandemic. General. Despite a recent uptick in gun sales, Remington has faced years of litigation after making the rifle used by the gunman in the tragic 2012 Sandy Hook Elementary School shooting, and victims’ families worry that the bankruptcy filing may jeopardize their lawsuit. Brzezinski said there might be a few proposals made, in which a company offers their creditors five or 10 cents on the dollar. last year. . Lucky Brand, a Los Angeles-based fashion designer and retailer specializing in denim, filed on July 3 and announced it is being acquired by Sparc, the parent company of Aeropostale and Nautica. Income for many has dropped, debt is likely increasing. Tri-state grocery chain Fairway Market filed on January 23 and announced it was selling up to five New York City stores and its distribution center to Village Super Market for $70 million. , which offers nearly 100 medical facilities and fertility centers in the U.S. services like egg freezing. "If you ask them how much money you have … the answer is nothing, zero.". records list. —equivalent to more than $100 million—due to coronavirus. Its 38 locations have been closed since March. and announced plans to close an undisclosed number of its 2,800 stores. McDermott International, a commercial construction and engineering company, initiated a Chapter 11 process on January 21 to eliminate $4.6 billion in debt. With assets of roughly $16.2 billion and liabilities of $11.8 billion, the filing represents the fourth-largest bankruptcy by assets so far in 2020, above that of Intelsat. British airline Flybe, one of Europe’s largest regional carriers, entered administration and grounded all flights on March 5. According to the most recent Canadian Federation of Independent Business survey, one in seven Canadian small businesses (158,000) are at risk of closing. Shares of the publicly-traded shale driller dipped below $1 in March after trading at more than $150 in 2015. retailers have filed for bankruptcy in 2020 so far: Select a retailer to learn more about their bankruptcy. Consumer bankruptcies in Alberta decreased by 41.9%, from 461 in September 2019 to 268 in September 2020. , which pioneered the practice of fracking in the oil and gas industry. , a high-end retailer founded two centuries ago and frequented by U.S. presidents. , an intrastate airline in Alaska, ceased operations and laid off all staff when it. Pages in category "Companies that have filed for bankruptcy in Canada" The following 36 pages are in this category, out of 36 total. The number of Canadian bankruptcies decreased by 1.1% over the same time period. In January 2020, CWB learned that Gerges had been charged with possession of a Schedule I substance. . "One of the primary causes of personal insolvency is a high level of consumer debt coupled with an unexpected life event," Bolduc said. Only 70 employees remained to wind down the business. More are on the way. Retail Bankruptcies: Next On the Chopping Block. Libbey, an Ohio-based glass tableware manufacturer for restaurants and bars that no longer needed new drinking glasses while they were closed, filed on June 1. to convert about $1.7 billion of debt to equity. Chesapeake’s market cap exceeded $30 billion prior to the 2008 financial crisis under the leadership of its controversial, free-spending, billionaire cofounder, the late Aubrey McClendon. Aeromexico, the largest airline in Mexico, filed on July 1, 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. In April 2020 bankruptcies were low, but John Adamson, Licensed Insolvency Trustee worries about the financial tsunami that’s coming in the fall. London-based offshore oil driller Noble Corp. filed on July 31 to eliminate $3.4 billion in debt. Its reorganization plan is expected to reduce its sizable debt load by $10 billion. . Its 38 locations have been closed since March. It had billions of dollars of debt even before oil prices plunged in recent weeks. , though it said it will continue to launch new satellites. Learn more. Gold’s Gym filed on May 4 after having to close its 700 fitness centers due to coronavirus lockdowns. The wave of post-virus bankruptcies kicked off April 1 with shale driller . Pyxus International, a North Carolina-based tobacco supplier whose stock was trading at more than $40 less than two years ago but has seen its supply chain disrupted by the Covid-19 pandemic, filed on June 15 to reduce its debt by more than $400 million. San Antonio-based oil and gas servicer Pioneer Energy filed on March 2, though it is continuing operations. May 7, 2020, 12:17 PM EDT 6:46. It reopened its 14 locations in Quebec and Ontario in May after weeks of coronavirus-related closures. . California Resources Corp., the largest oil and natural gas producer in California, filed on July 15 to wipe out more than $5 billion in debt. The coronavirus pandemic has accelerated the demise of companies that were already in trouble as Americans (and their dollars) stay home amid lockdowns and economic shutdowns. That would translate to around 1.3 million Canadians. The government has also deferred or extended the time for income tax return filing and people who owe income tax. The biggest victim in the first half of 2020 was Chesapeake Energy, a shale giant that declared bankruptcy on June 28 with more than $9 billion in debt. , which served more than 30 million passengers last year as one of Latin America’s largest airlines. The unemployment rate in Canada decreased to 8.5 percent in November of 2020 from 8.9 percent in the previous month and compared to market expectations of 8.9 percent. , a corporate e-learning and talent development servicer. You may opt-out by. 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