Retailers and bankruptcy

Consumer confidence is on the rise, according to research group the Conference Board, but retailers are still going bust amid these tumultuous economic times. Here's a look back at some of The Deal's retail bankruptcy coverage and thoughts on what might be in store for some not yet bankrupt but possibly teetering.

Olly's Retail USA (Oilily)
June 1: New York retailer Olly's Retail USA Inc. has followed its Dutch parent Oilily BV into bankruptcy and will close several stores to stay afloat as tight-fisted consumers have cut back on spending. -- Carolyn Okomo

Christian Lacroix SNC
May 28: Christian Lacroix SNC has filed for creditor protection, blaming the global economic downturn, which has been especially hard on luxury retailers, for its mounting losses.
Lacroix, which Miami fashion company Falic Group owns, said Thursday it had applied to a Paris-based court for protection from creditors. -- Paul Whitfield

Continue reading below

Levi's deal highlights distressed M&A trend
May 28: Levi Strauss & Co.'s deal to acquire the operating rights to 73 Levi's and Dockers outlets highlights a strategy we may see more of: corporate buyers as stalking-horse bidders in bankruptcy auctions. -- Suzanne Stevens

Filene's Basement Inc.
May 18: Filene's Basement Inc. is about to hit the bankruptcy clearance rack. A June 5 auction is set for 17 or its 25 outlets. The bidding will start with a $22 million stalking-horse bid from retail real estate owner Crown Acquisitions Inc. and real estate manager Chetrit Group LLC. The bidding will be for outlets that include the debtor's flagship stores in Boston and at New York's Union Square. -- Ben Fidler

Meanwhile, the New York Post reported May 26: Syms, Men's Warehouse have entered the bidding.

Hertie GmbH
May 21: Hertie GmbH, a century-old department store chain based in Essen, Germany, is being shuttered. Creditors voted Wednesday to liquidate the 54-store operation after negotiations broke down between potential new investors and the former owner, a distressed British investment fund that also holds the leases on the properties. -- Matt Miller

Waterworks Holding Corp.
May 11: Waterworks Holding Corp. hopes to raise cash to pay off most of its debt by selling assets to its prepetition lenders. The Danbury, Conn., luxury bath designer has asked the U.S. Bankruptcy Court for the District of Connecticut in Bridgeport to set an auction installing Design Investors WW Acquisition Co. LLC as the stalking-horse bidder. -- Ben Fidler

Eddie Bauer Holdings Inc.
May 8: Are unhappy trails ahead for Eddie Bauer?

Alexon Group plc
April 24: U.K. retailer Alexon Group plc announced plans to put its young women's clothing chain, Bay Trading, into administration after suppliers lost access to credit insurance. - Laura Board

Polaroid Corp.
April 23: After three separate bouts of bidding, a joint venture of Hilco Consumer Capital LP and Gordon Brothers Brands LLC may have finally bested Patriarch Partners LLC with an $85.9 million bid for instant camera inventor Polaroid Corp. -- Carolyn Okomo

Filene's Basement Corp.
April 22: Retail Ventures Inc. sold off-price retailer Filene's Basement Corp. to liquidation firm Buxbaum Group, calling plans for the business "uncertain." The chain, famous for the semi-annual "Running of the Brides" event that sees brides-to-be descend on the store in search of their dream gown at steep discounts, "has recently experienced significant liquidity problems," Retail Ventures said. According to The Boston Globe, Filene's Basement's unpaid vendors had been threatening to push the company into bankruptcy. - Carolyn Murphy

Sportsman's Warehouse Inc.
April 17: Sportsman's Warehouse Inc. received approval from a Delaware judge to tap an $85 million debtor-in-possession loan from GE Capital Corp. that will fund the outdoor sporting goods retailer through its partial wind-down. -- Carolyn Okomo

Circuit City Stores Inc.
Meanwhile, bankrupt Circuit City Stores Inc. has the approval of a Virginia judge to sell its intellectual property, including the "Circuit City and "The City" trademarks, to stalking-horse bidder Systemax Inc. for $6.5 million, pending an auction. - Carolyn Okomo

Drug Fair Group Inc., Appalachian Oil Co., Bruno's Supermarkets LLC, Bi-Lo LLC
Elsewhere, drugstore chain Drug Fair Group Inc. received final approval to tap its cash collateral and a $40 million debtor-in-possession loan ahead of auctioning 32 of its stores. - Jamie Mason

And convenience store chain Appalachian Oil Co. will sell assets, rather than reorganize, and grocery chain Bruno's Supermarkets LLC hangs up a big sale sign in its window, while Bi-Lo LLC supermarkets wins its final DIP nod.

General Growth Properties Inc.
April 16: Meanwhile, mall operator General Growth Properties Inc. finally filed Chapter 11, but the filing wasn't expected to have much of an impact on its tenants or the many retail bankruptcy cases that it's involved in as a creditor. - Jamie Mason

The filing wasn't a surprise, and, as Gerald Magpily noted, Simon Property and Kimco also face mall troubles.

Block Corp.
Also, Block Corp., which owns brands including Izod and Panama Jack, as Reuters noted, filed for Chapter 7.

Z Gallerie Inc.
Elsewhere, bankrupt California home furnishings retailer Z Gallerie Inc. won interim approval to tap its cash collateral. - Kevin Fung

Bohemia Crystal UK Ltd.
April 14: Bedford, U.K.-based Bohemia Crystal UK Ltd., a maker of crystal glassware and houseware products, has been placed into administration with the intent of being sold as a going concern.

DWW Deutsche Woolworth GmbH & Co. OHG
Meanwhile, following the fate of former relatives in the U.K. and U.S., private equity-backed German discount chain DWW Deutsche Woolworth GmbH & Co. OHG has run for cover from creditors. See more on Woolworth below. - Andrew Bulkeley

Ultra Stores Inc.
April 13: Chicago-based jewelry manufacturer and retailer Ultra Stores Inc. and its affiliates prepared to seek permission from a New York judge to tap a $30 million debtor-in-possession loan from its prepetition lender. - Carolyn Okomo

Blockbuster Inc.
April 7: Blockbuster Inc. warned shareholders that if it doesn't close a previously announced amended credit facility in May, its ability to continue operations could be jeopardized, once again raising the possibility of bankruptcy reorganization. - Donna Block

Gottschalks Inc.
April 6: The sale of department store chain Gottschalks Inc. to its stalking-horse bidder, four liquidators, was approved. - Jamie Mason

G.I. Joe's Holding Corp.
April 3: Sporting goods retailer G.I. Joe's Holding Corp. won authorization to use a $51.21 million debtor-in-possession loan as it scurries to complete an asset sale. -- Ben Fidler

Ritz Camera Centers Inc.
And Beltsville, Md.-based Ritz Camera Centers Inc. received court approval to liquidate inventory at more than 300 of its camera stores. - Jamie Mason

Feb. 22: Ritz Camera seeks Ch. 11: Ritz Camera filed for bankruptcy, not only because its photo stores have been hurt by a shift to digital cameras but also because its ownership of boating outlets left it exposed to rising oil prices. - Jamie Mason
 
Al Baskin Co.
March 31: Bankrupt Al Baskin Co. wants final approval to access its cash collateral as it prepares to close the majority of its clothing stores. The Woodridge, Ill.-based retailer, which does business as Mark Shale, filed for Chapter 11 for a second time on March 23. -- Jamie Mason

Could Borders Group Inc. crumble like Tower Records? And many argue retail debtors need more time to assume and reject leases.

Debenhams Retail plc
Elsewhere, HSBC Holdings plc said its brokers sold just over 13% of U.K. department store Debenhams Retail plc. The stake, had been transferred to New Landsbanki Islands hf from collapsed investment company Baugur Group hf. - Laura Board

M.W. Sewall & Co.
March 30: Convenience store operator and wholesale oil provider M.W. Sewall & Co. sought approval to use its cash collateral so that it can continue to operate in Chapter 11. - Jamie Mason

Circuit City Stores Inc.
And the sale of Circuit City Stores Inc.'s Canadian subsidiary to BCE Inc. is expected to close in the third quarter after a Virginia bankruptcy judge approved the deal. - John Blakeley

Home Décor Products Inc.
March 27: Jersey City, N.J.-based Home Décor Products Inc., an online retailer of home and garden products, filed for Chapter 7 bankruptcy protection and ceases all operations.

JJB Sports plc
March 26: U.K. retailer JJB Sports plc secured working capital that will see it through another year, provided it can convince landlords to agree on rental concessions at 390 stores. - Neil Sen

Dial-A-Mattress Operating Corp.
March 25: A subsidiary of bedding retailer Sleepy's Holdings LLC has agreed to provide a debtor-in-possession loan as well as purchase the assets of bankrupt rival Dial-A-Mattress Operating Corp. - Kevin Fung

Everything But Water LLC
March 20: Everything But Water LLC has everything it needs to look for would-be buyers. EBW filed for Chapter 11 on Feb. 25, asserting its business took a nosedive since the economy started to spiral down. - Ben Fidler

Planet Toys Inc.
Meanwhile, Planet Toys Inc. has filed for Chapter 7 in the face of a class action over a fingerprint kit based on the hit TV show, "CSI: Crime Scene Investigation." - Carolyn Okomo

Smallbone plc
March 19: Joint administrators for Devizes, U.K.-based luxury furniture retailer Smallbone plc sold the company and its two subsidiaries.

Crocs Inc.
March 17: Deloitte & Touche LLP raised substantial doubt about footwear maker Crocs Inc.'s ability to continue as a going concern.

Strasburg-Jarvis Inc.
March 13: Bankrupt children's clothing retailer Strasburg-Jarvis Inc. collected up to $5.06 million in debtor-in-possession financing as it maneuvers to pay down its senior lender and reorganize. - Ben Fidler
 
Baugur Group hf
March 12: Stakes in high-profile retailers including Saks Inc. of New York and Debenhams plc of London are up for sale after Icelandic investor Baugur Group hf said it would file for bankruptcy. - Neil Sen

Mosaic Fashions hf
March 9: Principles, the last of the British fashion chains brought down by the collapse of Icelandic retailer Mosaic Fashions hf, was doomed to gradual decline at the weekend after bankruptcy administrators failed to find a buyer for the company as a going concern. - Jonathan Braude

Lambertson Truex LLC
March 6: Upscale handbag maker Lambertson Truex LLC went out shopping for a buyer in the hopes of keeping its business intact. - Ben Fidler

Better Bedding Shops Inc.
Meanwhile, bankrupt Better Bedding Shops Inc. received interim approval to use its cash collateral. - Kevin Fung

Robbins Bros. Corp.
March 4: Wedding jeweler Robbins Bros. Corp. filed for Chapter 11 bankruptcy protection roughly four years after selling a minority stake to private equity firms Weston Presidio and Dorset Capital Management LLC. - Christine Idzelis

Friedman's Inc.
Also, defunct jeweler Friedman's Inc. inched closer to finalizing a plan that wipes out more than $100 million in unsecured debt. - Ben Fidler

Shoe Studio Group Ltd.
Elsewhere, London footwear retailer Dune Ltd. agreed to buy Shoe Studio Group Ltd. out of bankruptcy. - Jonathan Braude

Lenox Group Inc.
March 3: Clarion Capital Partners LLC swept the assets of Lenox Group Inc. off the table and into its arms, only weeks after the debtor appeared to be headed for the portfolio of KPS Capital Partners LP. - Ben Fidler

Diamonds & Pearls Ltd., Principles Retail Ltd.
March 2: It's administration for Diamonds & Pearls Ltd. and Principles Retail Ltd.

Tomiya Apparel Co. Ltd.
Feb 26: Tokyo-based Tomiya Apparel Co. Ltd., a retailer of dress shirts and casual wear primarily to department stores, filed for bankruptcy protection.

National Wholesale Liquidators
Elsewhere, bankrupt retailer National Wholesale Liquidators plans to wind down in Chapter 7, having already sold off its assets. - Carolyn Okomo

Blooming Marvellous Ltd.
And British restructuring adviser MCR agreed to sell maternity wear retailer Blooming Marvellous Ltd. to a trio of entrepreneurs led by Scottish retail clothing investor Elaine McPherson for an undisclosed sum. - Jonathan Braude

Fortunoff Holdings LLC
Meanwhile, Fortunoff Holdings LLC will not emerge from its second bankruptcy filing in a year. The company is sold to seven liquidators. - John Blakeley

Feb. 6: Fortunoff returns to Chapter 11: Less than one year after buying Fortunoff out of bankruptcy for $80 million in cash, NRDC Equity Partners LLC has placed the high-end retailer back under Chapter 11 protection. - John Blakeley

Days earlier, it was on the Bankruptcy Watch list, and weeks later, liquidation began.

Goody's LLC, Gottschalks Inc.

Jan. 16: Circuit City planned to seek bankruptcy court approval to liquidate. Just days earlier, Corporate Dealmaker wondered who might be interested in buying Circuit City, and why Mexico was so interested.

See more on Fortunoff and Circuit City below.

Jan. 14: Reuters notes: Goody's LLC goes for a Chapter 22 and plans to liquidate, while Fresno, Calif.-based department store chain Gottschalks Inc. has filed for bankruptcy and may pursue a sale. Reuters said the filings come on the heels of "the worst holiday shopping season in at least four decades." Goody's emerged from bankruptcy protection in October. See more below.

Indeed, some bleak sales figures came out early on in 2009 and Jan. 12, The Deal explored the post-holiday blues for some LBO'd retailers -- not bankrupt, but feeling pinched none the less -- including Claire's Stores Inc., Loehmann's Holdings Inc., Guitar Center Inc. and Neiman Marcus Group Inc. See more on Claire's below.

Meanwhile, The Deal also took up the case of the dramatic pace with which U.K. retailers fell, and what might lie ahead for Continental Europe. Some U.K. retailers are also feeling the pinch from the fallout of Iceland's woes and others have buckled under other pressures.

Add Shane Co., Blue Tulip Corp., Land of Leather Holdings plc, Against All Odds USA Inc., KP Fashion Co. and L.L. Swor Inc. to the list of retailers making recent bankruptcy headlines, as well. Bill Blass Ltd. filed for a Chapter 7 liquidation at the turn of the year. 

Cost Plus Inc.

Jan. 13: Cost Plus CEO reiterates that retailer is not for sale: Troubled home furnishings retailer Cost Plus Inc.'s president and chief executive officer Barry Feld acknowledged that the struggling company may very well be a target for acquisition as its market capitalization continues to recede, but he said the company's recent turnaround moves are designed to keep it independent. -- Michael Rudnick

Meanwhile, Circuit City is looking for a buyer and drawing some interest from some dealmakers in Mexico. More on that below.

Waterford Wedgwood plc

Jan. 5: Ireland's Waterford Wedgwood plc said it had filed for bankruptcy protection after talks with a U.S. private equity investor broke down when creditors refused to give the tableware maker further breathing space. -- Laura Board The company has gotten at least one bid. See more on U.K. retail bankruptcies here.

The Parent Co.

Rounding out 2008, online childrens retailer The Parent Co. filed for Chapter 11, with a $10.9 million debtor-in-possession loan from hedge fund D.E. Shaw & Co. LP, which also owns most of the company. -- Jamie Mason

KB Toys Inc. 

In December, KB Toys Inc. went bankrupt again.

Dec. 12: KB Toys received interim approval to use its cash collateral and will now ask the court for an OK to hold going-out-of business sales at its 461 stores. KB Toys will be back in court on Dec. 18, looking for court approval to hire Gordon Brothers Retail Partners LLC and Great American Group LLC to hold its GOB sales. -- Jamie Mason

Woolworths Group plc, MFI Group Ltd., JJB Sports plc

In the U.K., Woolworths Group plc filed for administration Nov. 27 and administrators said Dec. 4 they hope to sell the variety chain as a going concern, The Deal's Neil Sen wrote. (The filing followed that of furniture seller MFI Group Ltd.) Meanwhile, JJB Sports, a distressed reatiler, which is not bankrupt, hired Lazard to advise and told investors "constructive decisions" were ongoing with its debt providers, Sen wrote.

Tweeter Home Entertainment Group Inc.

Dec. 3: Two days after abruptly closing 70 stores and terminating all of its employees, bankrupt Tweeter Opco LLC on Wednesday was to seek court approval to convert its case to a Chapter 7 liquidation. It was forced to abandon its own route to liquidation.-- John Blakeley

Nov. 3: Canton, Mass.-based Tweeter, which operates about 100 stores mostly on the East Coast, has reportedly been purchased by liquidators Hudson Capital Partners and Tiger Capital, which will shut down the stores in the next four to six weeks, according to The Boston Globe. Tweeter evidently closed its distribution centers last week, according to trade publication This Week In Consumer Electronics. Tweeter's liquidation resembles last year's closure of CompUSA Management Co. Tweeter's circumstances could be a preview of what's to come for Circuit City. -- Maria Woehr

Oct. 17: Another Tweeter blowout? The company emerged from bankruptcy just last year.

B. Moss Clothing Co.

Dec. 2: After years of declining sales, the struggling women's apparel retailer filed for Chapter 11 with the U.S. Bankruptcy Court for the District of New Jersey in Newark and plans to close all of its stores. -- Ben Fidler

Mattress Discounters Corp.

Dec. 1: Bankrupt Mattress Discounters Corp. has sold its mid-Atlantic stores to RoomStore Inc. for at least $4.5 million. The twice-bankrupt mattress and bedding products maker was permitted to sell a majority of its business to RoomStore, a former unit of now-defunct Heilig-Meyers Co. -- Ben Fidler

Sept. 10: Mattress Discounters filed for bankruptcy for the second time, what's known colloquially as a Chapter 22.

Steve & Barry's LLC

Nov. 21: For Steve & Barry's, speed kills

The discount clothing store chain is bankrupt once again, a repeat offender that has entered the ignominy of Chapter 22 (a colloquialism for a debtor whose filed for Chapter 11 twice). What makes Steve & Barry's second filing so disturbing is just how quickly it went back under. It was only on Aug. 26 -- less than three months ago -- that New York private equity firm Bay Harbour Management LLC purchased it out of bankruptcy court. -- Ben Fidler

See more on Steve & Barry's below.

Boscov's Inc.

Nov. 21: Boscov's Inc. will remain family-owned. The Reading, Pa.-based department store chain won approval from the U.S. Bankruptcy Court for the District of Delaware in Wilmington to sell itself to a group led by Edward Lakin, a former Boscov's president, and Albert Boscov, the company's former chairman and the son of founder Solomon. -- Ben Fidler

See more on Boscov's below.

Circuit City Stores Inc.

Nov. 10: Circuit City files for bankruptcy done in, it says, by a liquidity crunch and declines in consumer and vendor confidence against the backdrop of the global financial crisis. -- Carolyn Murphy 

Days later, Mexico's Ricardo Salinas Pliego, who controls a chain of Latin American electronics stores, had increased his ownership stake in Circuit City to 47.2 million shares, the LA Times said, translating to a 28% stake.

Nov. 3: Circuit City will close 155 stores

The company says it considering "all available options and alternatives to restructure its business."

Weeks earlier, with its cash and short-term investments down 78% and its market share dwindling, Circuit City was said to be considering a plan to sell up to 150 stores in order to avoid Chapter 11, news reports indicated. - Carolyn Okomo

Feb. 28: Does Wattles' Circuit City stake presage a bankruptcy?

Harold's Stores Inc.

Harold's Stores has joined the expanding list of retailers to close shop and liquidate. The men's and women's apparel retailer, founded about 60 years ago, filed for Chapter 11 Nov. 7 with the U.S. Bankruptcy Court for the Western District of Oklahoma in Oklahoma City. -- Ben Fidler

The company won final DIP approval Dec. 2.

Value City Holdings Inc.

Oct. 26: Value City to liquidate stores

Having already closed a majority of its stores over the past year, Value City Holdings Inc. has taken the inevitable step of filing for bankruptcy. The Columbus, Ohio, discount retail chain with 66 stores in 14 states filed for Chapter 11 on Sunday, Oct. 26, with the U.S. Bankruptcy Court for the Southern District of New York in Manhattan. - Ben Fidler

The news comes two years after the company hired advisers to weigh strategic options.

Goody's Family Clothing Inc.

Oct. 21: Goody's exits Ch. 11: Clothing retailer Goody's Family Clothing Inc. emerged from bankruptcy protection on Monday, Oct. 20, with 286 stores. The company lined up $220 million in exit financing. -- Jamie Mason

June 9: Goody's Family Clothing files for Ch. 11

Southern apparel chain Goody's Family Clothing Inc. became the latest private equity-controlled retailer to tip into Chapter 11 bankruptcy. The Knoxville, Tenn.-based chain of 383 stores in 21 states, owned by Manhattan hedge fund Prentice Capital Management LP, pinned the blame on a number of factors including high gas prices and underperforming stores. Goody's said it is seeking $210 million in debtor-in-possession financing, which would allow it to continue to operate while under the bankruptcy process. The filing continues Prentice Capital's ill luck with retailers, The Deal's Jamie Mason noted. - George White

Steve & Barry's

Oct. 17: Steve & Barry's gets a Harold

Discount clothing retailer Steve & Barry LLC's has a new lease on life, purchased out of bankruptcy on Aug. 22. Now, the Port Washington, N.Y.-based company made a new hire in Harold Kahn, who will assume the chief executive position. Kahn is no stranger to struggling retailers as he was president of Abraham and Straus and Montgomery Ward, both companies which shut their doors years ago because of waning sales and tough competition. - Gerald Magpily

In mid-September, the company's employees were threatened by vendor e-mails.

Sept. 12: Apparently, Chinese supplier Waynex is threatening the "health and safety" of current and former employees of the bankrupt retailer through some pretty irate e-mails, according to the New York Post, which received copies of the messages. China-based manufacturer Waynex is owed $7,921.50 for a shipment of surfboards that Steve & Barry's ordered for the launch of surfer Laird Hamilton's Wonderwall clothing line. Four months later, the retailer hasn't been paid, upsetting a Waynex executive, who sent the e-mails. Steve & Barry's filed for Chapter 11 protection on July 9 due to the high cost of materials and fuel prices, which have increased the cost of goods and operations. New York investment firm Bay Harbour created BHY S&B Holding LLC to acquire the bankrupt retailer for $163 million. - Maria Woehr

In August, Venus Williams cashed out of Steve & Barry's, while Steve & Barry's got a bidder.

Linens 'n Things Inc.

Oct. 16: Going out of business: Linens 'n Things throws in the towel

Now that you need a bigger mattress to hide your life's savings, maybe it's time to stock up on new sheets. If so, then head over to bankrupt Linens 'n Things Inc. stores for its liquidation sale, which will begin Oct. 17. The Clifton, N.J.-based retailer was forced to liquidate after it failed to find a buyer -- much to the dismay of its private equity owner Apollo Management LP.

Good news for competitors?

Terry Brennan on Oct. 13 wondered whether their rivals' bankruptcies might benefit Best Buy Co. and Bed Bath & Beyond Inc., and Sept. 12, Ben Fidler took up the question of gift cards and whether they would cause more headaches for bankrupt retailers as happened in the case of Sharper Image Corp. playing out in a public spat with Brookstone Inc., which said it would honor Sharper Image's gift cards.

Boscov's Inc.

Oct. 2: Judge OKs rules for Boscov's auction

A Delaware judge has set the stage for a late October auction for the rights to bankrupt retailer Boscov's Inc. The auction is set for Oct. 20. The retailer, which is looking to complete a deal in time for the critical holiday season. Versa Capital Management Inc., the Philadelphia private equity firm formerly known as Chrysalis Capital Partners LP, will start the bidding with a stalking-horse bid equal to $11 million in cash and including upward of $200 million in assumed debt. - Ben Fidler

Aug. 4: Boscov's filed Chapter 11

Back in the U.K. ...

Sept. 5: Shopkeeper's surprise

Back in early September, a steady stream of U.K. retailers has filed for administration, but the expected torrent hadn't arrived. - Neil Sen

Mervyn's LLC

Sept. 4: Bankrupt Mervyn's sues its former PE owners

A month after tipping into bankruptcy, troubled retailer Mervyn's LLC is suing its former private equity owners -- Cerberus Capital Management LP and Sun Capital Partners Inc. -- saying that the structure of its 2004 buyout drove the department store chain into Chapter 11.

When the two buyout shops and real estate investor Lubert-Adler/Klaff Partners LP bought Mervyn's from Target Corp. for $1.2 billion, it was done through two transactions: one for the company and another for the real assets on which the stores sit. The retailer's suit claims that the structure doubled its rent, sending it over the edge into bankruptcy. Cerberus sold its stake last November for a profit; the remaining owner's equity was wiped out with the bankruptcy. Mervyn's restructuring plans include closing 26 stores and laying off about 1,700 people. - George White

July 29: Mervyn's files Chapter 11. Days earlier, Mervyn's marked the end of the regional retailer:

Remember when you could go to a different part of the country and visit department stores you'd never seen before? Mervyn's is a throwback. It has stores in seven Western states, but it's getting pinched by national discount chains, too little capital and plunging consumer spending. The rise of home ownership since the 1950s created the suburban shopping mall, and sameness in retail has stolen a march ever since. - Terry Brennan

Pier 1 Imports Inc.

Sept. 2: More retail bankruptcies on the way, Miller says.

Weil, Gotshal & Manges LLP's Harvey Miller told the New York Post more retail bankruptcies are on the way. The reason, Miller said, was "consumers this year are spending 30 to 40 percent more of their disposable income for necessaries such as fuel and food." Miller went on to explain that retail companies that are overleveraged or expanded too rapidly with borrowed money are at the greatest risk of filing for bankruptcy protection. The article also outlines possible holiday season casualties such as Circuit City Stores Inc. and Pier 1 Imports Inc. Pier 1 has been hurting for the past five or six years and has posted net losses for the past three while Circuit City's shares have been slowly sinking, and the Post wouldn't be the first to suggest a bankruptcy. - Maria Woehr

Claire's Stores Inc.

July 30: Moody's hits Claire's Stores with downgrade

When it rains it pours. Buyout firm Apollo Management LP suffered a blow when Linens 'n Things filed for bankruptcy earlier in the year. Now Moody's Investors Service has downgraded another Apollo retail acquisition, Claire's Stores Inc., a jewelry and accessory retailer. Moody's dropped the rating for Claire's from B3 to Caa1 because of weak results over the last two quarters. Linens suffered the same downgrade before it filed. -- Matthew Wurtzel

Whitehall Jewelers Holdings Inc., Friedman's Inc.

June 24: Whitehall an example of a roll-up gone bad

Whitehall Jewelers Holdings Inc. is a painful example of how tough it can be for retailers these days to try and roll up acquisitions. The jewelry retailer bought 78 stores of Friedman's Inc. out of that retailer's own bankruptcy just two months ago -- after an on-again, off-again flirtation with Friedman's -- and was still struggling with their integration when Whitehall lapsed into Chapter 11. - Terry Brennan

RedEnvelope Inc.

May 16: RedEnvelope wins DIP
RedEnvelope Inc. has been given the nod to use $4.5 million in debtor-in-possession financing as it preps for a sale. According to filings RedEnvelope's got the DIP commitment from suitors Creative Catalogs Corp. and Granite Creek Partners Agent LLC. - Ben Fidler

Dan River Inc.

April 21: Ch. 11 to wash away Dan River

The 126-year-old brand name for Dan River Inc.'s home furnishings wasn't enough to let it bypass the worst U.S. housing crisis since the Great Depression. The Danville, Va.-based company is the latest of several battered home furnishings makers that are confronting sagging sales in the midst of the ripples from the subprime mortgage fiasco. - Terry Brennan

Sharper Image Corp., Lillian Vernon Corp. and Wickes Furniture Co.

Feb. 20: Sharper Image, Lillian Vernon the latest retailers in Ch. 11 and Sun Capital hit a bankruptcy trifecta.

As the economy begins to sour, it seems every minute another retailer is ducking for cover in the form of a Chapter 11 bankruptcy filing. The Deal's Bankruptcy Insider shows there have been 96 retailer-related Chapter 11 filings in the last 12 months -- the figure includes both retailers and restaurant chains. The latest to join the burgeoning ranks of bankrupt retailers are high-end gadgets purveyor Sharper Image Corp. and gift shop chain Lillian Vernon Corp.

Many more: See below 10 of the most notable filings from the previous year and a half. 

• In February, jewelry and home furnishings retailer Fortunoff Fine Jewelry and Silverware LLC of Uniondale, N.Y., agreed to sell its business to NRDC Equity Partners LLC, the parent of department store chain Lord & Taylor, through a prepackaged bankruptcy. (On March 10, John Blakely offered a personal account of his experience with Fortunoff.) A year later, it is reportedly facing bankruptcy again.
  
• Wickes Furniture Co., a Wheeling, Ill.-based retailer owned by private equity firm Sun Capital Partners Inc., filed for bankruptcy in Wilmington, Del., in March.
• In January, Savannah, Ga.-based jeweler Friedman's Inc. and subsidiary Crescent Jewelers filed for bankruptcy in Wilmington.
• Norwood, Mass.-based Domain Inc., a retailer of upscale home furnishings, filed for bankruptcy in Delaware in January.
• Harvey Electronics Inc., a Lyndhurst, N.J.-based high-end audio-video retailer, filed for bankruptcy protection in December in New York.
• New York-based Levitz Furniture filed for bankruptcy in November 2007 in New York.
• Movie Gallery Inc., the second-largest video rental chain, filed for bankruptcy in October 2007 in the Eastern District of Virginia.
• Bombay Co., a Fort Worth-based home furnishings retailer, declared bankruptcy in September 2007 in Fort Worth.
• Tweeter Home Entertainment Group, a Canton, Mass.-based electronics retailer, filed for bankruptcy June 2007. It was acquired by Schultze Asset Management LLC, which continues to operate the company.
• Hawthorne, N.J.-based Crafts Retail Holding, which owns the Rag Shop crafts stores and is a portfolio company of Sun Capital, filed for bankruptcy in May 2007 in New York.

- Matthew Wurtzel

More on Sharper Image: (On Feb. 28, Stephen Colbert showed why Sharper Image is bankrupt; on April 10, Sharper Image chairman resigned, looks to buy company assets; and on June 2, Corporate Dealmaker took up the issue of managing Sharper Image's intellectual property.)

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