Yet one other common company is looking for its monetary footing amid the fallout of the COVID-19 pandemic. Beloved snack company Peeled Snacks filed for chapter in Wilmington, Delaware on March 3, The Wall Street Journal stories. The model, recognized for its dried fruit and fruit crisps, had skilled a significant dip in sales associated to decrease site visitors in airports and fewer kids in colleges, two locations important to the company’s gross sales figures previous to COVID, in response to the model’s chapter submitting.
Peeled Snacks’ chapter submitting comes only one year after the model introduced plans to broaden. After changing into a B Corporation—a certification that signifies the model’s authorized transparency and dedication to moral practices—Peeled introduced in Feb. 2020 that it could be growing its product offerings after receiving a multimillion-dollar funding from Decathlon Capital Partners. “Peeled Snacks is well-positioned in the high-growth market for healthier snacks,” mentioned Decathlon’s Co-Founder and Managing Director John Borchers in a press release relating to the funding. “Their products are not only popular with consumers but start with fair labor policies and sustainable farming practices. Their business ethos and growth potential make us proud to invest in the Peeled Snack vision.”
But sadly, COVID modified Peeled Snacks’ plans, simply because it has for many different companies. Read on to find which different manufacturers are closing up store amid COVID. And for extra manufacturers making main adjustments, This Iconic Chain Is Closing Up to 50 Stores.
Alamo Drafthouse, a film chain recognized for its meals and cocktail service, filed for Chapter 11 bankruptcy protection on March 3. The chain introduced that it plans to shut three of its 41 complete areas as a part of the chapter course of, together with theaters in Kansas City, Missouri, and two areas in Texas: the well-known The Ritz in Austin and one other theater in New Braunfels.
However, in a press release, the model expressed optimism in regards to the future. “Post-COVID, we’ll make certain that all of our signature series will find a new home at another Austin Alamo Drafthouse Cinema and that the spirit and personality of The Ritz will continue,” the company mentioned on their web site. And for the newest information in your favourite manufacturers delivered straight to your inbox, join for our each day publication.
The Disney Store, which sells every thing from Disney-branded toys to character costumes to housewares, introduced on March 3 that it could shuttering 60 of its 300 stores within the close to future, CNBC reported.
“Over the past few years, we’ve been focused on meeting consumers where they are already spending their time, such as the expansion of Disney store shop-in-shops around the world,” Stephanie Young, president of Consumer Products, Games and Publishing at Disney, mentioned in a press release (through People). “We now plan to create a more flexible, interconnected e-commerce experience that provides customers quick access to distinctive, high-quality merchandise throughout all our franchises.” And for some buying experiences you’ll by no means have once more, This Fan Favorite Chain Is Closing All Its Stores.
Paper Source, a beloved card and reward store, filed its petition for Chapter 11 chapter safety on March 2. The almost 40-year-old model, which presently operates 158 retail areas and an e-commerce business, will shut a minimal of 11 shops to assist offload debt.
“As with many other retail brands, [Paper Source has] sustained deep damage to their finances and operations as a result of the ongoing COVID-19 pandemic,” defined Paper Source CFO Ronald Kruczynski within the company’s chapter submitting, through Retail Dive. And for one other company in hassle, take a look at This Popular Pizza Chain Just Filed for Bankruptcy.
Sunglass retailer Solstice filed for Chapter 11 bankruptcy on Feb. 18, asserting that it could making “necessary changes” to its business mannequin within the close to future.
The chain didn’t announce any retailer closures on the time of its submitting, and, in actual fact, the company’s CEO, Mikey Rosenberg, mentioned that there should be good issues coming for the mall staple. “We are optimistic about reorganization as we proceed to see growing business in our shops as COVID restrictions are lifted and within the new fashions that our distributors are offering,” Rosenberg mentioned in a press release. And for extra shops in critical monetary hassle, This Popular Department Store Just Filed for Bankruptcy.