Apocalypse Now

For a number of years there have been media reports on the coming retail apocalypse, with heavy debt loads and on-line competition often cited as the leading causes. There certainly have been an unusual number of retail bankruptcies in recent years, particularly among department stores and mall-based retailers; however, so far it has been more of a ‘slump’ or ‘downswing’ than an actual ‘apocalypse’. Thanks to COVID-19 the retail apocalypse is now really here. Three major retailers have already filed for bankruptcy in May (, , and J. Crew). Rumors are that several more will file in the next week or so. This is likely the tip of the iceberg of retail filings. Although stores are slowly beginning to open, many have had no in-person sales for about two months, and even retailers that were relatively healthy a few months ago are facing major financial distress. Following is a list of prominent retail chapter 11 filings since 2016. (This listing was taken from reports on the Daily Headlines on the ABI website: https://www.abi.org/newsroom/headlines ) The list for 2020 will almost certainly end up being longer than the combined filings for 2016 – 2019.

Prominent Retail Filings in 2020 Company Date of Filing Primary Product Stage Stores 5/10/2020 Department Stores Neiman Marcus 5/7/2020 Department Stores J. Crew 5/4/2020 Clothing True Religion (also filed in 2017) 4/13/2020 Designer Jeans Modell's 3/11/2020 Sporting Goods Art Van Furniture 3/9/2020 Furniture Papyrus 1/23/2020 Greeting Cards/Stationery

Prominent Retail Filings in 2019 Company Date of Filing Primary Product Destination Maternity 10/29/2019 Maternity Clothing 9/29/2019 Clothing Fred’s 9/19/2019 Discount Retailer Avenue Stores 8/16/2019 Plus-Size Clothing Lolli & Pops 8/12/2019 Candy Barneys’s New York 8/6/2019 Department Stores FTD 6/3/2019 Flowers Z Gallerie 3/11/2019 Home Furnishings Payless Shoes (also filed in 2017) 2/18/2019 Shoes Things Remembered 2/6/2019 Specialty Gifts Charlotte Russe 2/3/2019 Women's Apparel Shopko 2/3/2019 General Merchandise Gymboree (also filed in 2017) 1/16/2019 Children's Clothing

Prominent Retail Filings in 2018 Company Date of Filing Primary Product David's Bridal 11/19/2018 Wedding Dresses 10/15/2018 Department Stores Mattress Firm 10/5/2018 Mattresses Samuel's Jewelers 8/7/2018 Jewelry National Stores 8/6/2018 Discount Stores Gump's 8/3/2018 Home Furnishings Brookstone 8/2/2018 Electronic Products Nine West 4/6/2018 Shoes & Accessories Claire's 3/19/2018 Women's Accessories Walking Company 3/6/2018 Shoes Bon Ton Stores 2/4/2018 Department Stores Kiko Milano USA 1/12/2018 Makeup A'Gaci 1/9/2018 Women's fashion

Prominent Retail Filings in 2017 Company Date of Filing Primary Product Charming Charlie 12/11/2017 Women's Fashion Toys "R" Us 9/19/2017 Toys Aerogroup International, LLC 9/15/2017 Shoes Vitamin World 9/12/2017 Vitamins & Health Supplements Perfumania 8/26/2017 Perfumes & Fragrances Goodwill of Southern Nevada 8/11/2017 Donated Goods Peekay Boutiques 8/10/2017 Lingerie Alfred Angelo Bridal 7/14/2017 Wedding Dresses Gymboree 6/11/2017 Childrens' Clothing True Religion 7/5/2017 Designer Jeans Cornerstone Apparel (Papaya) 6/15/2017 Teen Clothing Rue 21 5/15/2017 Teen Clothing Pawn America 4/12/2017 Pawn Shops Payless Shoes 4/4/2017 Shoes Gordmans Stores Inc. 3/13/2017 Department Stores Gander Mountain 3/10/2017 Camping & Outdoors Gear General Wireless Operations (Radio Shack) 3/8/2017 Electronics HH Gregg 3/6/2017 Appliances Vanity 3/1/2017 Clothing for Young Women Max Azria 2/28/2017 Designer Clothing MC Sports 2/16/2017 Sporting Goods Eastern Outfitters (Bob's) 2/5/2017 Outdoors Clothing & Gear Wet Seal 2/2/2017 Teen Clothing Lukes Locker 1/24/2017 Running & Fitness Gear Limited Stores 1/17/2017 Clothing

Prominent Retail Filings in 2016 Company Date of Filing Primary Product Yoga Smoga 12/19/2016 Yoga Gear Gracious Homes 12/14/2016 Home Furnishings American Apparel 11/14/2016 Clothing Nasty Gal 11/9/2016 Online Fashion Direct Buy 11/1/2016 Membership Buying Service Offenbachers 10/24/2016 Outdoor Furniture Golfsmith 9/14/2016 Golf Equipment Hastings Entertainment 6/13/2016 Movies, Books, etc. Aeropostale 5/4/2016 Teen Clothing Bobs Stores 4/18/2016 Footwear & Apparel 3/2/2016 Sports Equipment Hancock Fabrics 2/2/2016 Fabrics & Crafts Star Auto Parts 1/6/2016 Auto Parts & Accessories