Skip to content
  • JULY 1: NPC INTERNATIONAL | With $903 million in debt,...

    Jonathan Weiss / Shutterstock

    JULY 1: NPC INTERNATIONAL | With $903 million in debt, NPC International—Pizza Hut and Wendy's biggest franchisee—on July 1 filed for bankruptcy. The company suffered from years of diminishing sales and rising debts that couldn't be cured by the fact it was one of the small minority of businesses to enjoy an uptick in sales during the pandemic.

  • JULY 13: NEW YORK & COMPANY | Retailer New York...

    Joe Seer / Shutterstock

    JULY 13: NEW YORK & COMPANY | Retailer New York & Company's parent company R&W Retailwinds in mid-July filed for bankruptcy, quickly reopening many of its brick-and-mortar locations for liquidation sales. Company CEO and CFO Sheamus Toal said the path forward involved a liabilities restructuring and possible sale of all or part of the business.

  • JUNE 1: LIBBEY | Restaurant glassware supplier Libbey filed for...

    Vasily Saenko / Shutterstock

    JUNE 1: LIBBEY | Restaurant glassware supplier Libbey filed for bankruptcy on June 1 as demand all but ceased during the pandemic. The company, founded in 1818, said it expected to come back as a "stronger, more influential partner to our customers, vendors, and end users," and that lenders had already earmarked $160 million in debtor-in-possession financing.

  • MAY 10: STAGE STORES | Stage Stores, which operates Palais...

    LM Photos / Shutterstock

    MAY 10: STAGE STORES | Stage Stores, which operates Palais Royal, Bealls and Goody's department stores, announced the liquidation of hundreds of retail locations and its search for a buyer. The retailer has been operating in 42 states.

  • APRIL 26: DIAMOND OFFSHORE AND WHITING PETROLEUM | Rig contractor...

    rafapress / Shutterstock

    APRIL 26: DIAMOND OFFSHORE AND WHITING PETROLEUM | Rig contractor Diamond Offshore and Whiting Petroleum was among a number of companies adversely affected by the virtual halt in demand for oil that brought oil prices to below $0 a barrel in late April. As many as 2,500 jobs were expected to be affected.

  • MAY 7: ALDO | Canadian-based shoe company Aldo in early...

    Balkans Cat / Shutterstock

    MAY 7: ALDO | Canadian-based shoe company Aldo in early May sought court protection via the Companies' Creditors Arrangement Act in Canada, as well as similar protections in the U.S. and Switzerland. The company has approximately 3,000 stores and 8,000 employees around the world.

  • APRIL 10: FOODFIRST GLOBAL HOLDINGS | FoodFirst Global Holdings, which...

    Gretchen Gunda Enger / Shutterstock

    APRIL 10: FOODFIRST GLOBAL HOLDINGS | FoodFirst Global Holdings, which operates restaurant chains Bravo Cucina Italiano and Brio Tuscan Grille, filed for Chapter 11 bankruptcy in April. At the time of its filing, just 21 of FoodFirst's almost 100 businesses were open due to pandemic shutdowns around the country. By May, the bankrupt company sought to enter a $30 million deal with GP investments which owns several restaurant chains including Planet Hollywood.

  • JUNE 29: CIRQUE DU SOLEIL | Three months after suspending...

    Ververidis Vasilis / Shutterstock

    JUNE 29: CIRQUE DU SOLEIL | Three months after suspending performances, Cirque du Soleil at the end of June laid off 3,500 workers and filed for bankruptcy as its debts piled up to nearly $1 billion. The company had already begun courting bidders and received a $300 million infusion in new funding.

  • MAY 15: J.C. PENNY | Like virtually all retailers that...

    Jonathan Weiss / Shutterstock

    MAY 15: J.C. PENNY | Like virtually all retailers that filed for bankruptcy during the pandemic, J.C. Penney had already suffered through slumping sales when coronavirus landed on American shores and cratered the economy. The company sought a sale of its retail business as opposed to liquidation. There were 85,000 J.C. Penney employees and 846 stores at the time of the bankruptcy filing; the company expressed hope that 600 stores would reopen.

  • AUG. 2: TAILORED BRANDS | Tailored Brands, the parent company...

    Tada Images / Shutterstock

    AUG. 2: TAILORED BRANDS | Tailored Brands, the parent company of Men's Wearhouse, Jos. A. Banks, K&G Fashion Superstore, and Moores Clothing for Men, announced it would continue operating its retail portfolio despite its bankruptcy filing. The corporation plans to restructure in order to shave off more than $630 million from its debt.

  • House Speaker Nancy Pelosi of Calif., walks to her office,...

    Jacquelyn Martin/AP

    House Speaker Nancy Pelosi of Calif., walks to her office, Monday, Sept. 14, 2020, on Capitol Hill in Washington.

  • MAY 7: NEIMAN MARCUS | The Neiman Marcus Group was...

    REPORTS / Shutterstock

    MAY 7: NEIMAN MARCUS | The Neiman Marcus Group was a fixture in the retail fashion world for 113 years before filing for bankruptcy protection in early May. The company owns Bergdorf Goodman, Horchow, Last Call, Mytheresa, and Neiman Marcus. There had already been much speculation prior to the pandemic about potential bankruptcy for the group, which had $4 billion in debt. Store closures and significant drops in demand served as a tipping point for the giant retailer.

  • MAY 27: PQ NEW YORK | PQ New York, which...

    Valentyn Volkov / Shutterstock

    MAY 27: PQ NEW YORK | PQ New York, which licenses the Le Pain Quotidien brand, shuttered its 98 U.S. locations during coronavirus. The company already had plans to file for bankruptcy protection before the pandemic; the unexpected closures forced it to liquidate instead. New York-based restaurant umbrella Aurify Brands bought the 98 Le Pain Quotidien locations with plans to reopen 35 or more.

  • APRIL 8: APEX PARKS | Apex Parks, which operates water...

    Paul Hakimata Photography / Shutterstock

    APRIL 8: APEX PARKS | Apex Parks, which operates water parks and entertainment centers in California, Florida and New Jersey, had already shut one of its New York parks in February amid slumping profits. The pandemic pushed the company into bankruptcy as shutdowns devastated the struggling company's bottom line. Apex Parks was bought out in May for $45 million by lender group Cerberus.

  • JUNE 23: GNC | After nearly 90 years in business,...

    Quality HD / Shutterstock

    JUNE 23: GNC | After nearly 90 years in business, GNC on June 23 filed for Chapter 11 bankruptcy protection and said it would close up to 1,200 of its 5,200 locations in the U.S. while courting buyers. The vitamin and supplement company accrued almost $1 billion in debt amid slumping sales.

  • JULY 3: LUCKY BRAND | Lucky Brand Dungarees, purveyor of...

    DW Labs Inc. / Shutterstock

    JULY 3: LUCKY BRAND | Lucky Brand Dungarees, purveyor of high-end denim, filed in early July for bankruptcy as sales dropped off during the pandemic. The company's initial plans were to close at least 13 stores.

  • JUNE 14: CHUCK E. CHEESE | CEC Entertainment, parent company...

    hedgehog111 / Shutterstock

    JUNE 14: CHUCK E. CHEESE | CEC Entertainment, parent company to Chuck E. Cheese and Peter Piper Pizza, in late June filed for Chapter 11 due to economic hardship following restaurant closures during the pandemic. The company said it would continue operations at a number of its locations during its court-sanctioned reorganization.

  • JULY 30: CALIFORNIA PIZZA KITCHEN | California Pizza Kitchen sought...

    JJava Designs / Shutterstock

    JULY 30: CALIFORNIA PIZZA KITCHEN | California Pizza Kitchen sought bankruptcy protection in order to restructure and lower its debt by an estimated $230 million and get out of bankruptcy within three months. Some of the popular pizza chain's more than 200 locations were expected to permanently close.

  • MAY 27: TUESDAY MORNING | Tuesday Morning filed for Chapter...

    Eric Glenn / Shutterstock

    MAY 27: TUESDAY MORNING | Tuesday Morning filed for Chapter 11 bankruptcy protection in late May and announced around 230 of its almost 700 stores around the country would permanently close. The Dallas-based home goods store further explained plans by the fall to exit Chapter 11 with around 450 stores in tact.

  • JULY 8: SUR LA TABLE | Seattle-based kitchenware brand Sur...

    BCFC / Shutterstock

    JULY 8: SUR LA TABLE | Seattle-based kitchenware brand Sur La Table sought a buyer for the company when it filed for bankruptcy protection in early July. The business made a name for itself by offering in-store cooking classes; approximately half of its 112 stores were expected to close.

  • MAY 5: GOLD'S GYM | Ahead of Gold's Gym early...

    Marboo Wisnant / Shutterstock

    MAY 5: GOLD'S GYM | Ahead of Gold's Gym early May bankruptcy filing, the company in April shuttered 30 locations. The chain's existing 700 gyms around the world stayed open as Gold's Gym sought restructuring plans.

  • MAY 22: HERTZ | The country's second-largest car rental company...

    Alexfan32 / Shutterstock

    MAY 22: HERTZ | The country's second-largest car rental company filed in late May for bankruptcy protection for its $19 billion in debt and 700,000 rental cars left sitting in lots as travel ground to a halt during the pandemic. From May 26 to June 8, Hertz's stock exploded from 56 cents a share to $5.53 a share ahead of creditors' reorganization plan expected for the end of the year. The company has to sell more than 180,000 vehicles before the end of the year as part of its bankruptcy agreement; many are being sold at below market value.

  • JULY 23: ASCENA RETAIL GROUP | Ascena Retail Group, the...

    lev radin / Shutterstock

    JULY 23: ASCENA RETAIL GROUP | Ascena Retail Group, the parent company of Ann Taylor, Catherines, and Lane Bryant, announced that almost one-third of its 2,800 stores would close following its bankruptcy filing in late July. The retail group had seen reduced sales and rising debt for years.

  • JULY 8: BROOKS BROTHERS | Citing significant drops in sales...

    MPH Photos / Shutterstock

    JULY 8: BROOKS BROTHERS | Citing significant drops in sales during pandemic-related store closures, Brooks Brothers joined the ranks of other major U.S. retailers to seek bankruptcy protection in the last six months. The company was founded in 1918 in Manhattan and has outfitted 40 U.S. presidents.

  • APRIL 25: CMX CINEMAS | CMX Cinemas is the country's...

    Felix Mizioznikov / Shutterstock

    APRIL 25: CMX CINEMAS | CMX Cinemas is the country's eighth-largest movie theater operator, with 41 locations throughout the Midwest, Northeast and South offering dine-in movie-going options for customers. As the cinema group's parent corporation, Cinemex Holdings USA (owned by Grupo Cinemex SA de CV in Mexico) was in the process of acquiring Star Cinema Grill when the pandemic struck and sent Cinemex Holdings into bankruptcy.

  • JUNE 14: 24-HOUR FITNESS | 24-Hour Fitness in its June...

    Sundry Photography / Shutterstock

    JUNE 14: 24-HOUR FITNESS | 24-Hour Fitness in its June 14 Chapter 11 filing announced the permanent closure of 100 U.S. locations and said it expected to open a majority of its remaining 300 locations by the end of June. The U.S. Bankruptcy Court for the District of Delaware in late July approved a $250 million post-bankruptcy loan for the struggling business to ensure operations can continue into the new year as the coronavirus cases continue to climb in many parts of the country and many gym locations remain shut.

  • MAY 4: J. CREW | When J. Crew filed for...

    JHVE Photo / Shutterstock

    MAY 4: J. CREW | When J. Crew filed for bankruptcy in early May, it marked the first retail casualty of the coronavirus. Bankruptcy terms stipulated that the retailer's chief creditors would cancel approximately $1.65 billion in debt and take control of the corporation.

  • MAY 19: PIER 1 IMPORTS | Pier 1 Imports announced...

    Sundry Photography / Shutterstock

    MAY 19: PIER 1 IMPORTS | Pier 1 Imports announced in January that it would be closing almost half of its locations; it filed for Chapter 11 bankruptcy protection the following month. As businesses closed during the coronavirus pandemic, the retailer in May shifted gears and announced the additional economic strain had prevented the sale of the company and Pier 1 Imports would instead close all of its stores.

  • AUG. 4: VIRGIN | Virgin Atlantic on Aug. 7 secured...

    Ripitya / Shutterstock

    AUG. 4: VIRGIN | Virgin Atlantic on Aug. 7 secured U.S. bankruptcy protection following Virgin's Aug. 4 bankruptcy filing in the U.K., ensuring oversight of debt reorganization and asset protection. Money infusions were expected from Virgin founder Richard Branson and U.S. hedge fund Davidson Kempner Capital Management.

of

Expand
PUBLISHED: | UPDATED:

President Donald Trump parachuted into the coronavirus aid debate Wednesday, upbraiding his Republican allies for proposing too small of a relief package and encouraging both parties to go for a bigger one that would include his priority of $1,200 stimulus checks for most Americans. Read the latest here.

Speaker Nancy Pelosi said Tuesday the House will remain in session until lawmakers deliver another round of COVID-19 relief, a move that came as Democrats from swing districts signaled discontent with a standoff that could force them to face voters without delivering more aid.

“We are committed to staying here until we have an agreement, an agreement that meets the needs of the American people,” Pelosi said on CNBC.

Pelosi told her Democratic colleagues on a morning conference call that “we have to stay here until we have a bill.” That’s according to a Democratic aide speaking on condition of anonymity but authorized to quote her remarks.

Pelosi’s comments came as moderate Democrats, many from areas won by President Donald Trump four years ago, signed on to a $1.5 trillion rescue package endorsed by the bipartisan Problem Solvers Caucus, a group of about 50 lawmakers who seek common solutions to issues.

The plan contains many elements of COVID rescue packages devised by both House Democrats and Republicans controlling the Senate, including aid to schools, funding for state and local governments, and renewal of lapsed COVID-related jobless benefits.

The price tag is significantly less than the $2.2 trillion figure cited by Pelosi but it’s also well above an approximately $650 billion Senate GOP plan that failed last week due to Democratic opposition.

Talks between Pelosi and the Trump administration broke down last month and there had been little optimism they would rekindle before Election Day. And last week, Senate Democrats scuttled a scaled-back GOP coronavirus rescue package.

Pelosi has maintained a hard line in negotiations and has been at odds with White House chief of staff Mark Meadows. She orchestrated passage of a $3.4 trillion COVID rescue package back in May, but the effort was immediately dismissed by Senate Republicans and the Trump administration.

Tuesday’s remarks, said Pelosi spokesman Drew Hammill, don’t mean that the speaker is adopting a more flexible position. She instead seems to be signaling continued determination to press ahead and won’t adjourn the House without an agreement with the administration.

Success is by no means guaranteed and many people on Capitol Hill remain very skeptical that an agreement between the White House and Democrats is likely before the election.

“My sense is the clock is running out,” said Senate GOP Whip John Thune of South Dakota. “I don’t see any intention or desire on the part of the Democrat leadership at the moment — regardless of what their members are saying — to cooperate and to work together on a solution. I think they feel like they’ve got the issue and they want to try and ride it in November.”

As the leadership talks collapsed, some moderate Democrats have been agitating for greater compromise. Their talks with pragmatic Republicans yielded common ground but the group does not have much of a track record of broadening their efforts and dominating debates.

House Speaker Nancy Pelosi of Calif., walks to her office, Monday, Sept. 14, 2020, on Capitol Hill in Washington.
House Speaker Nancy Pelosi of Calif., walks to her office, Monday, Sept. 14, 2020, on Capitol Hill in Washington.

“This is how Congress is supposed to work,” said Rep. Dusty Johnson, R-S.D., a member of the Problem Solvers group, describing a lengthy, bipartisan negotiation that produced a consensus. The group hopes the package illustrates the kinds of compromises that top Democrats and the administration would have to agree to in order to actually get a measure through the warring House and Senate and get signed into law.

“I hope our leadership is paying attention. I hope our leadership is looking hard at what we’re doing,” said Rep. Kurt Schrader, D-Ore. “We consider this the basic tenets of any package that comes out of the House and the Senate and is signed by the president of the United States.”

No. 2 House Democrat Steny Hoyer of Maryland said the moderates had developed “useful ideas, important ideas” but said it did not do enough to address the ongoing needs of helping the economy recover from the COVID-19 crisis.

“We believe that getting to a compromise is absolutely essential,” Hoyer told reporters Tuesday. “Getting to a compromise that does not deal with the problems, however, is not useful, because the longer you delay addressing many of the problems, the greater you weaken both the economy and the response to COVID-19.”

And a set of powerful Democratic committee chairs swung against the moderates’ proposal as well, saying it “leaves too many needs unmet” — a leadership effort that signals that the Problem Solvers bill is going nowhere.

The Problem Solvers measure contains another round of $1,200 direct payments favored by Trump and Democrats but rejected by Senate Republicans in their most recent bill. It contains a liability shield against lawsuits brought against businesses that have reopened their doors that’s favored by Republicans but opposed by Pelosi and trial lawyers.

It also offers a two-month extension of bonus pandemic jobless benefits that splits the difference between the Pelosi-backed extension of the expired $600 weekly benefit that lapsed at the end of July and the $300 benefit favored by Senate Republicans. After two months, the benefit would increase back to $600 but not if that benefit causes a worker to exceed their wages.