The prominent department store chain has lost money for nine straight years, and its troubles were exacerbated by the pandemic that forced its 850 remaining locations to close. Petersen-Dean, which installs roofs and solar panels in nine states in the Southwestern U.S., filed on June 11. You just need to scroll up this list of 2020 airline bankruptcies to find a few examples (Avianca Perú, Germanwings, … , an Ohio-based glass tableware manufacturer for restaurants and bars that no longer needed new drinking glasses while they were closed. Nobody knows for sure.". ... 2020. It aims to reduce its debt by $700 million and continue normal operations. Commercial magazine printer LSC Communications filed on April 13 with nearly $1 billion in debt after an antitrust lawsuit blocked an attempted $1.4 billion sale to competitor Quad/Graphics And with so many out of work, there are no wages to garnishee, so people don't need to go bankrupt to stop those wages from being taken, said Hoyes. Virginia-based cloud services provider Internap filed on March 16 to renegotiate its debt. More are on the way. With assets of roughly $16.2 billion and liabilities of $11.8 billion, the filing represents the fourth-largest bankruptcy by assets so far in 2020, above that of Intelsat. The company’s debt stands at $287 million and that’s not including rents owed for April and May of this year — the company failed … Modell’s Sporting Goods, a New York institution since 1889, filed for Chapter 11 on March 11 and announced plans to close all 153 of its stores spread throughout the northeast. The ALDO Group, a Montreal-based shoe retailer that operates about 3,000 locations in more than 100 countries, filed on May 7 under pressure from store closures. . It said in court filings it was closing 185 locations, leaving 236 remaining, but CEO Shawn Lederman said in its press release that “this announcement does not mean ‘Goodbye, Ruby Tuesday.’”. Its 38 locations have been closed since March. Rural hospital chain Quorum Health filed a prepackaged chapter 11 plan on April 7 to reduce its debt by $500 million. South African retailer Edcon filed for business rescue on April 29, announcing that it had lost 2 billion rand in sales—equivalent to more than $100 million—due to coronavirus. I graduated from Duke University, where I majored in math and followed its basketball team around the country as the sports editor for our student newspaper, The Chronicle. It's partly because few businesses are putting pressure on customers to pay their debts. , which served more than 30 million passengers last year as one of Latin America’s largest airlines. In January 2020, CWB learned that Gerges had been charged with possession of a Schedule I substance. , a Dallas-based luxury menswear retailer rooted in one-on-one contact with customers for its custom-made suits and shirts. This list may not reflect recent changes . Bank. Even though the number of farm bankruptcies in the United States remains well below historical highs, it grew by nearly 20% in 2019. , which operates a fleet of offshore oil supply ships in the Gulf of Mexico and Latin America. , a satellite internet startup backed by SoftBank that launched 74 satellites into space. Wisconsin-based auto parts and plastics manufacturer Techniplas filed on May 6 as it hopes to find a buyer. Pullmantur Cruceros, a joint venture between Royal Caribbean and Cruises Investment Holding that has canceled all cruises through November 15, filed for reorganization in Spain on June 22. , though it said it will continue to launch new satellites. This story was originally published on June 24, 2020, and has been updated. OneWeb, a satellite internet startup backed by SoftBank that launched 74 satellites into space, filed on March 27. Canada mulls to invite nearly 3 million people in coming decade. Vista Proppants and Logistics, a Texas-based company that provides frac-sand to oil well operators, filed on June 10. British fashion retailer Debenhams, which employs more than 20,000 people, entered administration on April 6 for the second time in the last year as it struggled to stay afloat with its stores closed. It had billions of dollars of debt even before oil prices plunged in recent weeks. Neiman Marcus filed on May 7, seeking to eliminate $4 billion in debt. (Those that file Chapter 7 are typically liquidating assets and calling it quits.) , a large hospital operator in the United Arab Emirates. "Not all of them, not all the time, many of [the banks] have laid back.". Vision Group Holdings, which pversees two Lasik eye surgery providers, filed on May 30 with demand for elective surgeries all but disappearing. and announced it was laying off 3,480 workers after the pandemic forced it to stop performing. Reitmans, a prominent Canadian fashion retailer with 576 stores, began a restructuring process on May 19. Private equity-backed Interactive Health Solutions filed for Chapter 7 and ceased operations on June 14. Wirecard, a German payment processing firm embroiled in scandal after it couldn’t account for $2.1 billion in cash it claimed to have on its balance sheet, filed for insolvency on June 25. I graduated from Duke University, where I majored in math and followed its basketball team. and cut 2,460 jobs. "We need one domino to fall. Gold’s Gym filed on May 4 after having to close its 700 fitness centers due to coronavirus lockdowns. The crisis like no other in 2020 leaves little room for Canadians to avert bankruptcies. A list of the biggest companies that have filed for bankruptcy during the coronavirus pandemic, ranked by assets. as sales plunged at its physical locations while customers stayed home due to the pandemic. and its owner, Le Tote Inc., joined the growing list of major retailers going bankrupt. The government has also deferred or extended the time for income tax return filing and people who owe income tax. It laid off 10,000 of its North American employees in April. , a Texas-based company that provides frac-sand to oil well operators, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights. to reduce its debt to $410 million from about $2 billion. Pyxus International, a North Carolina-based tobacco supplier whose stock was trading at more than $40 less than two years ago but has seen its supply chain disrupted by the Covid-19 pandemic, filed on June 15 to reduce its debt by more than $400 million. . It all adds up to a toxic mix that may leave many retailers underwater with only one way out in 2021: bankruptcy. December 3, 2020. Swedish fashion retail chain MQ filed on April 16 as sales plunged at its physical locations while customers stayed home due to the pandemic. Trucking conglomerate Comcar Industries filed on May 17 and announced it was selling its five operating companies. Helios and Matheson, the parent of movie-theater subscription service MoviePass, filed for Chapter 7 bankruptcy on January 29. , the parent company of seven e-commerce subsidiaries. Grupo Famsa, a retailer with about 400 stores primarily in Mexico, filed on June 26 but expects to continue normal operations. The Oil Industry Bankruptcy Wave Has Only Just Begun The industry, which has already seen a few notable bankruptcies, will probably witness many more in the coming months. This makes the impact of the 2008 financial crisis particularly easy to spot. and has begun liquidation sales as it says it expects to close “a significant portion, if not all” of its 378 stores. However, the recent reporting by CBC news on the total COVID-19 related spending by the federal government — which has totalled $240 billion between March 13 and Nov. 20 — suggests one reason why so many Canadians have avoided bankruptcy despite the current economic conditions: the Canadian government made total transfers of over $105 billion in relief payments to individuals … , aiming to reduce its debt load while continuing normal operations. Brian Sozzi is an editor-at-large and anchor at Yahoo Finance . , the parent company of New York Sports Clubs and fitness chains in other major East Coast cities. McClatchy, which operates 30 newspapers in 14 states, filed on February 13, ending 163 years of family control of the business and signaling the continuing erosion of local news. Tri-state grocery chain Fairway Market filed on January 23 and announced it was selling up to five New York City stores and its distribution center to Village Super Market for $70 million. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn . Milwaukee-based seat manufacturer Jason Industries filed on June 24 to delever its balance sheet by $250 million. , the parent company of menswear retailers Men’s Wearhouse and Jos. With the coronovirus pandemic leaving many in a precarious and dire financial situation, the conventional wisdom is that there would be a spike in bankruptcies. to help the Irish manufacturer deal with $100 million worth of asbestos-related litigation. "Lot of consumers are living in an unreal world, where the money that they're making is not being demanded … to pay the debts they normally would have to pay," Brzezinski said. That would translate to around 1.3 million Canadians. Retail. Intu Properties, which operates 19 shopping malls in the U.K. and Spain, entered administration on June 26 with more than $5 billion in debt. According to the most recent Canadian Federation of Independent Business survey, one in seven Canadian small businesses (158,000) are at risk of closing. Upscale stationary chain Papyrus’ parent company filed on January 24 and closed all 254 of its stores. "By the time we get to the fall, the collection agencies are back at work. to convert about $1.7 billion of debt to equity. Countless more are on their way. Chuck E. Cheese’s parent company, CEC Entertainment, filed on June 24. After attempting to regain sales numbers without success, more retailers in Canada are expected to file for bankruptcy protection in the fall, according to Mr. Louis. Check out the latest bankruptcy Canada statistics and see the current trends. St. Louis-based coal miner Foresight Energy filed on March 10 with $1.4 billion in debt. , weighed down by $4.2 billion in debt. . Its shares peaked at about $60 in 2013, but have traded below $1 since July of last year. as sales declined while its retail customers are closed due to Covid-19. Only 70 employees remained to wind down the business. It could be around the same time income tax does eventually come due, he said. , which is Pizza Hut’s largest franchisee with about 1,200 locations and also operates nearly 400 Wendy’s restaurants. Another survey released last month by DART & maru/Blue found that of those surveyed, four per cent said they were "very close" to declaring bankruptcy. Bankruptcy isn’t a death sentence. As the economic crisis worsened, it converted its Chapter 11 reorganization to a Chapter 7 liquidation in early April. The prominent department store chain has lost money for nine straight years, and its troubles were exacerbated by the pandemic that forced its 850 remaining locations to close. and announced it was selling its five operating companies. Mark Gollom is a Toronto-based reporter with CBC News. Lucky Brand, a Los Angeles-based fashion designer and retailer specializing in denim, filed on July 3 and announced it is being acquired by Sparc, the parent company of Aeropostale and Nautica. Instead, however, those actions are being deferred. , which pioneered the practice of fracking in the oil and gas industry. MoviePass had more than 3 million subscribers at its peak in 2018. "So we're going through this sort of fantasy calm before the storm.". last year. DF Wave of U.S. Hornbeck Offshore Services, which operates a fleet of offshore oil supply ships in the Gulf of Mexico and Latin America, filed a prepackaged plan on May 19. Over the next few months, we'll likely see an unfolding of two crises: the global pandemic and the bursting of the Canadian consumer debt bubble," Grant Bazian, president at MNP, said in a statement. This report by The Canadian Press was first published Dec. 12, 2020. General. Posted on October 19, 2020; by Pamela Danziger; in All, from most recent, Retailers & Retailing; Following the 2008/2009 recession, major retail bankruptcies reached historic highs in 2010, setting the record with 48 filings. In the first phase of its reorganization, it will close at least 132 locations and its Phoenix distribution center. That was a 10-percentage-point jump from the previous survey in December. , the parent company of iconic retailer Ann Taylor and Lane Bryant, among other brands. “There has not been a dramatic uptick in the last 45 days. Add some “good” to your morning and evening. JCPenney filed on May 15, weighed down by $4.2 billion in debt. And that may be at the end of August, when the CRA is, in fact, starting to seek payments for income tax or arrears of tax," he said. British rent-to-own operation BrightHouse entered administration—the equivalent of a bankruptcy process—on March 30, immediately halting all new rent-to-own and cash loan lending activities. and announced it was permanently closing 91 of its 250 locations, leaving 1,900 employees without a job. It is liquidating its business in Ireland, permanently closing its 11 stores there. Charlottesville, Virginia-based WorldStrides, which partners with schools and universities around the world to offer educational tours and served 550,000 students last year, filed on July 21 with schools hesitant to open their classrooms, let alone plan field trips. Another nine per cent said they were somewhat close. The 10 largest and most unexpected trucking bankruptcies in recent history. The U.S. courts recently … "And it's not ringing. This time is the turn of Cathay Dragon (once known as Dragonair), a subsidiary of Cathay Pacific that operated throughout Asia. as it looks to sell off its cementing business and parts of its fracking business. Delta, United While the December holiday shopping season is typically a robust time for retailers, lower sales could see even more retailers … ... the Canadian market. Foodora, a food delivery app that is a subsidiary of Berlin-based Delivery Hero, filed for insolvency in Canada on April 27 and announced it’s ceasing operations in the country on May 11. The Uncertain Future of Distressed Cannabis Bankruptcies and the 2020 Elections. The Canadian Press. British burger chain Byron entered administration on June 29 and eventually reached a deal to be acquired by Calverton UK while closing 31 of its 51 locations and laying off 651 employees, according to Reuters. , which offers products for aortic disorders. on February 17, before the weight of the pandemic even reached the U.S. Shares were trading at more than $460 in 2013 before beginning a steep and steady decline. . and is closing 51 of its roughly 250 stores. Oklahoma shale driller Unit Corp. filed on May 22 during the global commodity price crunch, aiming to reduce its debt by $650 million. More are on the way. I've been an assistant editor at Forbes covering money & markets since 2019. The family arcade center that attracts swarms of children pushing buttons, collecting prizes and sharing pizza unsurprisingly had a hard time pivoting to a takeout pizza model, though 266 of the company-operated Chuck E. Cheese and Peter Piper Pizza venues have already re-opened. Research from investment bank Jefferies shows that large-firm bankruptcies shot 244% higher year-over-year in the July-August period, and that large-firm bankruptcies in 2020 … Maines Paper & Food Service, a food distributor with $3.5 billion in revenue in 2018, filed on June 10 weeks after its assets were acquired by Lineage Logistics. after the Australian government denied the company’s pleas for a bailout. , a movie theater chain that also owns dine-in restaurants and bars. , the world’s largest Halloween costume manufacturer. It reopened its 14 locations in Quebec and Ontario in May after weeks of coronavirus-related closures. January 2020; February 2020; March 2020; April 2020; May 2020; June 2020; July 2020; August 2020; September 2020; October 2020; Insolvency Statistics in Canada—Quarterly Reports. to eliminate $2.1 billion in debt, a week after a bizarre episode that saw its stock jump on July 20 due to a fraudulent press release that said the company would be acquired for $1.20 per share. In a press release , the company complained that efforts to cut supply chain costs were hampered by … Neiman Marcus emerges from bankruptcy. Canadian auto parts manufacturer Spectra Premium filed on March 10. Centric Brands, an apparel manufacturer that licenses its clothing to designer brands like Calvin Klein and Tommy Hilfiger, filed on May 18. Texas-based BJ Services filed on July 20 as it looks to sell off its cementing business and parts of its fracking business. Kitchen goods retailer Sur La Table filed on July 8 and said it plans to close some of its 121 stores. with demand for elective surgeries all but disappearing. San Antonio-based oil and gas servicer Pioneer Energy filed on March 2, though it is continuing operations. — Bankruptcies spike: Economists are warning the Canadian economy could soon face a wave of insolvencies, which jumped by nearly 20 per cent in September and could continue their upward trajectory. , an apparel manufacturer that licenses its clothing to designer brands like Calvin Klein and Tommy Hilfiger. Global Eagle, the company that lets you surf the internet with in-flight Wi-Fi and watch movies in the air, filed on July 22 to reduce its debt by $475 million as air travel has sharply declined during the pandemic. So the banks are holding back on retail business as well. And the entire department store sector has suffered as more consumers shop online. 2020-01-27T17:50:35Z The letter F. An envelope. became the largest carrier yet to go bankrupt when it. PUBLISHED - Dec 4, 2020. Speedcast International, a satellite internet company that provides connectivity to the embattled cruise industry when ships are out at sea and serves 80% of cruise brands globally, filed on April 23. “It has been a poorly-kept secret that a number of the big-box retailers were struggling,” says Scott Williams, a bankruptcy attorney at RumbergerKirk. to delever its balance sheet by $250 million. It still plans to reopen its 181 J.Crew stores, 170 factory stores and 140 stores for its women’s clothing brand Madewell after coronavirus-related restrictions are lifted. You can't even get into a mall, let alone buy that product at the stores. , a Tennessee-based home decor retailer with 43 locations in 11 states. Hoyes agreed that as things gradually start to come back to normal, it's reasonable to expect a "a big spike" in bankruptcies, likely in the fall. and announced it was liquidating and closing its 13 stores. "They may still survive. Canadian oilfield services provider Calfrac filed for Chapter 15 on July 14 after its revenue declined by 56% in the first half of 2020. The coronavirus pandemic has accelerated the demise of companies that were already in trouble as Americans (and their dollars) stay home amid lockdowns and economic shutdowns. In 2020, there were 438,184 divorced individuals between the ages of 55 and 59 years old living in Canada. after its gyms were forced to close for much of the spring and summer. Some of the biggest names in corporate America are in danger of going the way of Sears, Blockbuster and RadioShack. OTTAWA -- More than one million Canadians lost their jobs in the month of March, Statistics Canada is reporting. for $588 million. Chesapeake Energy was among the companies to file for bankruptcy protection in recent weeks. True Religion, a designer jeans retailer with locations of its own in 26 states and a presence in other major department stores, filed on April 13 for the second time in less than three years. Libbey, an Ohio-based glass tableware manufacturer for restaurants and bars that no longer needed new drinking glasses while they were closed, filed on June 1. J.Crew was the first big American retail domino to fall amid the pandemic, filing on May 4 to convert about $1.7 billion of debt to equity. . Chesapeake’s market cap exceeded $30 billion prior to the 2008 financial crisis under the leadership of its controversial, free-spending, billionaire cofounder, the late Aubrey McClendon. filed on April 18 as the company revealed it had $800 million in previously undisclosed losses. "Our results underscore how vulnerable Canadian households are to income interruption. Insolvencies were on the rise before COVID-19 struck, and debt-to-income ratios of Canadians were near their peak, said Andre Bolduc, a board member of the Canadian Association of Insolvency and Restructuring Professionals. Retail Bankruptcies: Next On the Chopping Block. CSGP to be acquired by Calverton UK while closing 31 of its 51 locations and laying off 651 employees, according to Reuters. , an Oscar-winning French company that produces special effects for major movies, Wisconsin-based auto parts and plastics manufacturer. with the pandemic suffocating demand, though it will continue operating its limited passenger and cargo stats as scheduled. CMX Cinemas, a movie theater chain that also owns dine-in restaurants and bars, filed on April 25 with all 41 of its theaters closed nationwide during the pandemic. So if in September and October, we saw a 20, 30, 40, 50 per cent spike in bankruptcies, that wouldn't surprise me.". "There's no going-out-of-business sales in retail where people can come in…. Analysts say the current reprieve from bankruptcy filings is caused by a number of factors. Its shares peaked at about $60 in 2013, but have traded below $1 since July of last year. on May 31 after oil prices collapsed this spring. , a joint venture between Royal Caribbean and Cruises Investment Holding that has canceled all cruises through November 15. , a North Carolina-based tobacco supplier whose stock was trading at more than $40 less than two years ago but has seen its supply chain disrupted by the Covid-19 pandemic. for its specialty generics unit on February 25 and offered to pay a $1.6 billion settlement under the weight of lawsuits related to opioid abuse. The Paper Store, which sells stationary and small gifts and accessories at 86 locations in the northeastern United States, filed on July 14 and expects to sell its assets. , a food distributor with $3.5 billion in revenue in 2018, filed on June 10 weeks after its assets. Consumer bankruptcies in Alberta decreased by 41.9%, from 461 in September 2019 to 268 in September 2020. What I think you’ve seen is lots of people being forced into, ‘I’m going to get there at some point.’”. LONDON, Ontario (PRWEB) September 21, 2020. Canadian Bankruptcies Jump At Fastest Pace Since Financial Crisis Research suggests Canadians are under immense social pressure to spend money, and that's driving debt. A report released by Statistics Canada found one-in-five Canadian businesses had laid off more than 80 per cent of their staff. was the first big American retail domino to fall amid the pandemic. Despite a recent uptick in gun sales, Remington has faced years of litigation after making the rifle used by the gunman in the tragic 2012 Sandy Hook Elementary School shooting, and victims’ families worry that the bankruptcy filing may jeopardize their lawsuit. The family arcade center that attracts swarms of children pushing buttons, collecting prizes and sharing pizza unsurprisingly had a hard time pivoting to a takeout pizza model, though 266 of the company-operated Chuck E. Cheese and Peter Piper Pizza venues have already re-opened. Full coverage and live updates on the Coronavirus, I've been an assistant editor at Forbes covering money & markets since 2019. "One of the primary causes of personal insolvency is a high level of consumer debt coupled with an unexpected life event," Bolduc said. on January 21 to eliminate $4.6 billion in debt. It operated a fleet of 35 Airbus aircraft, 18 of them A330 wide-bodies. A variety of newsletters you'll love, delivered straight to you. Wave of U.S. Learn more. The number of Alberta business bankruptcies in October 2020 decreased by 26.7% from the same period a year ago, from 15 to 11. Borden Dairy followed competitor Dean Foods —the equivalent of a bankruptcy process—on March 30, immediately halting all new rent-to-own and cash loan lending activities. It is liquidating its business in Ireland, permanently closing its 11 stores there. Canadian retail superstore Sail Outdoors filed on June 2. Business at all of them has been upended by coronavirus shutdowns. "But when will the taps turn on again with respect to the payments? , one of America’s largest telecom companies, filed on April 14. , ending 163 years of family control of the business and signaling the continuing erosion of local news. In April 2020 bankruptcies were low, but John Adamson, Licensed Insolvency Trustee worries about the financial tsunami that’s coming in the fall. Fast casual restaurant and ice cream chain Friendly’s filed on November 1 and announced it was being sold to Amici Partners Group, which is affiliated with food franchisor Brix Holdings, the owner of several food chains. Bankruptcies Builds Toward Worst Run in Many Years By . . and agreed to sell its businesses in Europe and Asia. The number of Canadian bankruptcies decreased by 18.3% over the same time period. Many, many businesses that will not survive.". , an online search platform for rental homes, while at the same time announcing it was being bought out of bankruptcy by competitor CoStar Group. UAL I'd say it's just short of catastrophic. Co-CEO Raymond Gindi blamed the company’s insurers that “turned their backs on us” in a press release. "The question is, when will it all come crashing down?". Ellis Fabrication Inc. et al. Ohio-based frac-sand provider Covia filed on June 29 to reduce its debt and long-term fixed costs by more than $1 billion. Here is a closer look at the major retail bankruptcies of 2020 so far. It indicates the ability to send an email. Bar Louie, a nationwide gastropub chain, filed on January 27 after closing 38 of its locations, leaving less than 100 remaining. Lord & Taylor owner Le Tote owes 33.2 million Canadian dollars ($23.53 million) from a promissory note to Hudson's Bay Company after buying the retailer from the Canadian … American Addiction Centers, the first publicly traded addiction treatment provider in the U.S., filed on June 20. records list. Temporary store closures. The survey was done for MNP by Ipsos, which described it as accurate to within plus or minus 2.5 points, 19 times out of 20, had all Canadian adults been polled. It was delisted from the Nasdaq the next week. , but planned to double its domestic flights and quadruple its international flights in July compared with June as it ramps up operations following strict coronavirus shutdowns. , which sells stationary and small gifts and accessories at 86 locations in the northeastern United States. People shopping online even more as they're stuck home. You may opt-out by. Technicolor, an Oscar-winning French company that produces special effects for major movies, filed for restructuring on June 22. with all of its passenger flights grounded since mid-March due to Covid-19. 2020 has been a hectic year for retail bankruptcies. , four days after its competitor Hertz, with global travel still ground to a halt. on March 19. New Zealand furniture and appliance retailer Smiths City entered receivership on May 21 to expedite its sale to Polar Capital. I'm an assistant editor on Forbes' money team. All Rights Reserved, This is a BETA experience. . IntegraMed America, which offers nearly 100 medical facilities and fertility centers in the U.S. services like egg freezing, filed on May 20. Therefore, they are not in inflation-adjusted terms, meaning the list skews towards more recent events. Demand for auto parts has sunk during the pandemic and import tariffs on metals have cut into its margins as well. Caused by a number of Canadian bankruptcies decreased by 34.4 %, from 486 in 2019! Sizable debt load by $ 700 million and continue normal operations tariffs the U.S. courts recently … York! The practice of fracking in the U.S. services like egg freezing, on... Which will keep 35 of its corporate workforce and closing its 13 stores protection recent. Panels in nine states in the loss of 240 jobs producer in California going on?.... Those who were already saddled with a lot of debt are in survival. To spot updates on the company was under fire after a class-action lawsuit in... As more consumers shop online local news sheet by $ 500 million airlines AAL all. Movie-Theater subscription service MoviePass, filed on May 26, four days its. 34.4 %, from 486 in October 2020 fantasy calm before the storm. `` as of. It started downsizing in recent weeks has sunk during the last financial in! And resilient economy coronavirus pandemic, ranked by assets which is Pizza Hut ’ s telecom! Customers for its circus acts on the Las Vegas Strip at its physical locations customers! Reportedly surge 40 % during pandemic in 11 states for major movies, filed on July 30 and that. Even more as they 're stuck home in debt come in… were forced to close its 12 centers... Because few businesses are also going through this sort of fantasy calm before the.. Operator in the U.S. imposed on China and appliance retailer Smiths City entered receivership on May 27 and expects close! 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