15 Major Companies That Faced Bankruptcy in the Past Year

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Various industries have been struggling economically since COVID-19 struck. Unfortunately, some brands suffered worse runs, forcing them to take drastic measures. The following are fifteen companies that filed for bankruptcy due to unique challenges and circumstances.


Hertz Asia/Facebook

After years of dominance in the car rental industry, Hertz has fallen victim to the devastating effects of the COVID-19 pandemic on travel. Despite the renowned brand’s efforts to navigate the crisis, mounting debts and decreased demand eventually led to its bankruptcy filing.


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For decades, J.Crew was a mainstay of American fashion, consistently battling shifting consumer preferences. The company’s sales took a considerable hit, forcing a rebrand, but that wasn’t enough to pull it out of the gutter. Eventually, J.Crew had to throw in the towel and close shop.

Neiman Marcus


Renowned for its luxury offerings and extravagant shopping experiences, Neiman Marcus found itself in dire financial straits amid the economic fallout from the pandemic. The unprecedented paradigm shift in the market forced the affluent jewelers to fold up.

Chesapeake Energy

Chesapeake Energy Corporation/Facebook

Plummeting oil prices and declining demand forced Chesapeake Energy to re-evaluate its position in the market. Nonetheless, the primary player’s efforts bore no fruit as they recently became insolvent.

Pier 1 Imports

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Despite holding its own for eons, Pier 1 Imports found themselves between a rock and a hard place when the online bubble blew up. They couldn’t compete with the fast-evolving trends and cheap prices, ultimately joining the Chapter 11 club.

Brooks Brothers 

Brooks Brothers/Facebook

With a rich history dating back to 1818, Brooks Brothers symbolized American style and craftsmanship. However, the retailer struggled to keep up with shifting consumer tastes, eventually leading to its bankruptcy and the end of the iconic fashion line.

Cirque du Soleil

Mystère by Cirque du Soleil/Facebook

The performing arts industry faced a significant downturn during the pandemic, and Cirque du Soleil was no exception. Although the company shifted to digital performance, it was not enough to save it from closure.

Lucky Brand

Danbury Fair (7 Backus Avenue, Danbury, CT)/Facebook

Fans of Lucky Brand were saddened to learn that their favorite California-style clothing line closed shop. The management did their best to get additional funding and restructure their strategy, but things never came around as anticipated.

California Pizza Kitchen

Chuck Lewis/Facebook

In a bittersweet turn of events, California Pizza Kitchen has bid farewell, a decision spurred by dwindling visits and fiscal hurdles. This closure marks the end of an era for both the dedicated team and loyal patrons of the brand. It’s a goodbye that resonates deeply within the hearts of its community.

Le Pain Quotidien 

Le Pain Quotidien Hong Kong/Facebook

With its cozy atmosphere and artisanal bread, Le Pain Quotidien was a beloved destination for brunch enthusiasts and coffee connoisseurs. However, the chain couldn’t withstand the economic impact of COVID-19 and the decline in sales, causing its collapse.

Gold’s Gym

Gold’s Gym/Facebook

As a fitness institution with a storied history, Gold’s Gym faced unprecedented challenges due to gym closures and restrictions on indoor activities. Despite its efforts to pivot to online workouts and outdoor classes, the company eventually filed for bankruptcy.

24 Hour Fitness

24 Hour Fitness – Nanuet, NY/Facebook

24 Hour Fitness was a popular destination for fitness enthusiasts nationwide thanks to its prime locations and 24-hour service. Sadly, the pandemic forced the establishment to go under due to declining memberships.



Stiff online competition forced GNC to develop new strategies to meet their quotas, but all their efforts were for naught. Eventually, the company went bankrupt and shut down most of its stores. 


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Despite reinventing its brand and appealing to younger shoppers, JCPenney struggled to adapt to the rise of e-commerce and changing consumer trends. With that, after more than a century of gracing the American marketplace, the legend bowed out.

Lord & Taylor


Lord & Taylor was the go-to location for luxury shoppers for the longest time. Unfortunately, this all came to an end following the events of the pandemic, which saw a decline in sales and, thus, the closure of the legendary store.


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