3 Companies That Recently Filed for Bankruptcy That May Surprise You
Currently, COVID-19 is affecting the country in a variety of ways. Millions are claiming unemployment while others are barely scraping by. Amid the chaos of the coronavirus pandemic, three major companies have filed for bankruptcy. This turn of events has been shocking, to say the least, as these three companies have always been prestigious. These situations just go to show that coronavirus is affecting everyone in some way or another.
If you have purchased a card to send to a loved one, you will have heard of Papyrus. Papyrus is well known for its thoughtfully made, artistic stationery. After its rapid store expansion butted heads with the Great Recession, the company struggled to bounce back. Papyrus had no choice but to refurbish and close many of its stores. After sharing that they filed for bankruptcy, the parent company of Papyrus, The Schurman Retail Group, announced that they would be closing all 254 stores throughout the United States and Canada. This means that nearly 1,100 workers will be out of a job. The company has assets of $39.4 million and liabilities of $54.9 million.
2. Pier 1
Well known for their unique furniture and decorations, Pier 1 has announced that it has filed for bankruptcy. Pier 1 suffered greatly after COVID-19 caused their stores to shut down. Currently, the company plans to sell its inventory and remaining assets. The company is also searching for a buyer to help the business resume moving forward. Pier 1 has announced the closure of 450 stores in the United States and Canada. Currently, Pier 1 still offers its online stores and is working hard to provide customers with trendy furniture.
A well-known company to many, JCPenny has announced that they are filing for bankruptcy. While JCPenny has already closed a group of its stores in the past year, they currently plan on closing 200 stores this year and 50 stores the next year. These closures will greatly impact a number of JCPenny’s 85,000 employees. This company has also been impacted by COVID-19 store closures. JCPenney currently has $500 million, as well as another $900 million from lenders to help it get back on its feet.
How Bankruptcy Can Help You
From huge company names to an unemployed individual, bankruptcy can affect any and everyone. The most heart-wrenching part in all of these large company closures is the number of employees who will be out of work. What is the best move for an unemployed person struggling to pay their mortgage or looking to avoid foreclosure? Bankruptcy isn’t just a great call for companies that are having trouble with money, it is also a great option for those who are out of a job and struggling financially.
If you are having trouble making payments or find yourself in great debt, you may be considering bankruptcy. Bartifay Law Offices has been helping individuals file for bankruptcy for over 20 years. We will examine your unique situation and advise you on which type of bankruptcy suits you the best. Bartifay Law Offices will not only consult you, but we will also represent you. To find out more information on bankruptcy or our services, call us at 412-824-4011.