10 Companies that filed for bankruptcy due to Covid-19

From J. Crew to Neiman Marcus: the Coronavirus pandemic has destroyed iconic companies

JULY 13, 2020 2:41 PM EDTJUL 13, 2020, 2:41 PM EDT

The Coronavirus pandemic has not left anyone indifferent. As of today, more than 12 million people have been infected and there have been more than half a million deaths globally. Some celebrities like Prince Royce or Novak Djokovic have tested positive and others have been encouraging everyone to wear face masks and stay home. While many hospitals have been at full capacity, new travel restrictions have essentially closed the U.S. borders and the rest of the country has practically been shut down: restaurants, gyms, stores... And after being closed for months, many companies have filed for bankruptcy.

Keep scrolling to find out which iconic companies have been affected.

JCrew Reportedly Planning Bankruptcy Filing

J. Crew Group

The fashion retailer filed for bankruptcy in May being the first one in the U.S. The goup includes J. Crew and Madewell brands.

Brooks Brothers

The more than 200 years old menswear store, filed for Chapter 11. The Italian owner Claudio Del Vecchio said: “Seeking protection to facilitate an efficient sale of the business is the best next step for the company to achieve its goals, over any other alternative.”

Neiman Marcus

The luxury department store filed for bankrupcy after a sequence of bad years with unsustainable debt.

Gold’s Gym

The gym chain is planning to close around 30 company-owned gyms due to the pandemic lockdown

Hertz Corporation

The car rental company filed for Chapter 11 during the pandemic because most of the income comes from car rental at airports.

JC Penney stores

JC Penney stores filed for bankruptcy. According to the CEO Jill Soltau: “Until this pandemic struck, we had made significant progress rebuilding our company under our Plan for Renewal strategy -- and our efforts had already begun to pay off”

GNC filed for bankruptcy due to coronavirus

GNC stores

The well-known vitamins and supplements chain, GNC (General Nutrition Centers) filed for Chapter 11 due to the pandemic crisis. The company is planning to close around 1,200 stores.

Lucky Brand Jeans

The jeans chain filed for bankruptcy due to Covid-19. According to the CEO Matthew A. Kaness: “While we are optimistic about the reopening of stores and our customers‘ return, the business has yet to recover fully. We have made many difficult decisions to preserve the company’s viability during these unprecedented times”

Le Pain Quotidien

The Belgium bakery and cafe chain filed for bankruptcy in the United States. The company is planning to sell $3M on debt to Aurify brands.

24 Hour Fitness

The gym chain is planning to close aroun a hundred of gyms around the US due to the pandemic crisis. According to the company CEO, Tony Ueber: “If it were not for Covid-19 and its devastating effects, we would not be filing for Chapter 11”