National Stores
This company that started in Los Angeles also owns Conway, Anna’s Linens, and Fallas. In August 2018, the company filed for Chapter 11 bankruptcy, stating that it planned to stop operations of 74 of its over 340 stores in Puerto Rico and the U.S., according to CNBC. The said publication even went on to say what may have caused the company’s problems. The fact that National Stores has acquired many brands throughout the years may have caused it to take on a lot of debt. This possibly dragged the whole business – including all of its brands – down into bankruptcy. Today, locations are in stand-alone shopping centers or in open-air. Up next is a company from California that filed for Chapter 11.
National Stores
Gump’s Holdings
This San Francisco-based department store operator also sells Gump’s By Mail and Gump’s Corp. CNBC said that when it couldn’t find a buyer, in August 2018, it filed for Chapter 11 bankruptcy. In the company’s press release, it said that an “overwhelmingly difficult retail environment” has made business function very challenging. The company’s Gump’s By Mail was its attempt to sell their products online but competing against the e-commerce giant Amazon seem to be difficult. It is still looking for a buyer. Until it does, Gump’s Holdings will continue to operate despite the challenging circumstances. It will also work on getting rid of a lot of its goods. It has already sought the help of liquidators to take care of its merchandise and begin repaying its creditors.
Gump’s
