Three retailers including InkStop, Hackett's Department Store and Penn Traffic are the latest to join a growing list of merchants to declare bankruptcy this year. Here's a look back at the 31 retailers that have declared bankruptcy in 2009.
InkStop: The printer ink and toner chain abruptly closed all of its 152 stores on October 1, 2009. At the time, the company said the closures were temporary, while the company planned to restructure and focus on its cash flow problems, however the company's efforts resulted in a Chapter 7 bankruptcy filing. InkStop will not be re-opening stores and instead will liquidate all of its assets.
Hackett's Department Store: New York-based department store chain of nine stores filed for Chapter 11 bankruptcy on November 10, 2009. According to Herbert Becker, the company's chief operating officer, said that under previous management, Hackett's expanded too fast and racked up enormous amounts of bills.
Penn Traffic: Parent of P&C Foods supermarkets chain filed for bankruptcy for the third time in 10 years. Penn Traffic will sell most of its assets, consisting of 79 supermarkets in four states, by January 10, 2010. Penn Traffic plans to continue operating its stores under court protection from its creditors while it seeks a buyer.
Trans World Entertainment: The music, video and movie retailer plans to shutter 125 stores after the holiday shopping season, leaving the retailer with 565 stores. The company has been aggressively closing stores for the past few years and has been "in the red" since the first quarter of 2007. Trans World hit a peak store count of 1,091 in 2006, following its acquisition of Musicland. Trans World's portfolio of stores includes F.Y.E., Saturday Matinee, Coconuts, Spec's and Wherehouse Music.
The 31 retailers to file for bankruptcy in 2009 include:
Penn Traffic:11/18
Hackett's Department Store: 11/10
InkStop: 10/1
Sacino & Sons: 9/11
Samsonite: 9/2
Escada: 8/13
Finlay: 8/5
Bashas: 7/12
Crabtree & Evelyn: 7/1.
Best & Co: 6/26
Eddie Bauer: 6/17
Arcandor: 6/9
Oilily: 5/28
Anchor Blue: 5/28
Door Store: 5/27
Filene's Basement: 5/4
Bi-Lo: 4/19
Z Gallerie: 4/10
Ultra Jewelry: 4/9
Big 10 Tires: 4/2
Zounds Hearing Aid Centers:3/30
Al Baskin Co: 3/23
Drug Fair: 3/18
Strasburg-Jarvis: 3/11
Joe's Sports & Outdoor Stores: 3/4
Everything but Water: 2/25
Ritz Camera; 2/22
S&K Famous Brand: 2/9
Fortunoff: 2/5
Bruno's Supermarkets: 2/5
Gottschalks: 1/14
For related content, see:
Store Closings Hit 8,300, Retail Vacancies Hit 17 Year High
Store Closings and Bankruptcy Update
23 Retail Bankruptcies in 2009
18 Retail Bankruptcies in 2009
16 Retail Bankruptcies in 2009