What Do Neiman Marcus, Guitar Center And Men’s Wearhouse Have In Common? All Filed For Bankruptcy In Turbulent 2020.

U.S. business owners saw the trouble beginning in March as the pandemic broke out, with a significant percentage eventually forced into bankruptcy.

Stores were closed for weeks and shoppers shifted to bare essentials. Hardest hit were department stores, clothing companies and other retailers.

The result has been 610 bankruptcies in 2020 as of Dec. 13, according to S&P Global Market Intelligence. (S&P tracks companies, private or publicly traded, with debt traded on the markets.)

This year, Neiman Marcus and J.C. Penney bankruptcies joined Sears, Toys R Us and Circuit City as among the biggest-ever filings.

“The magnitude of bankruptcies has been larger this year compared to previous years,” said David Berliner, chief of BDO’s business restructuring and turnaround practice.

According to a CNBC.com story, roughly 60% of the retailers filing for bankruptcy in 2020 (through August) listed more than $100 million in assets, compared with 50% of filings during the same period in 2019 and 36% in 2018, Berliner said.

The holidays are always a pressure-packed time for retailers, but analysts say that’s especially true in 2020 – and next year can’t come soon enough.

Here are the top five companies that filed for bankruptcy in 2020:

JCPenney

Assets: More than $5 billion

Liabilities: More than $10 billion

Stores at time of filing: 846

Neiman Marcus

Assets: More than $5 billion

Liabilities: More than $5 billion

Stores at time of filing: 67

Guitar Center

Assets: More than $1 billion

Liabilities: More than $1 billion

Stores at time of filing: Approximately 300

Tailored Brands, owner of Men’s Wearhouse and Jos. A. Bank

Assets: More than $1 billion

Liabilities: More than $1 billion

Stores at time of filing: 1,400

Ascena Retail Group, parent of Ann Taylor and Loft

Assets: More than $1 billion

Liabilities: More than $1 billion

Stores at time of filing: 2,800