A number of large retailers with stores in New Jersey have filed for bankruptcy in 2016. Bob's Stores with locations in Freehold, Springfield Twp, and Totowa, New Jersey filed in April 2016. Golfsmith with locations in Mount Laurel, New Jersey filed in September 2016. Fairway Markets with locations in Woodland Park, Paramus, and Fort Lee, New Jersey filed in May 2016. Also, filing were Eastern Mountain Sports with a Moorestown NJ location and Aeropostale with a Cherry Hill NJ location, among others. Sometimes the filing is to reorganize by filing Chapter 11 and by closing less profitable locations. Sometimes a Chapter 7 is filed where the stores are liquidated.
ELIGIBILITY FOR A CHAPTER 13 BANKRUPTCY
Every year companies of varying sizes may be forced to file bankruptcy or go out of business. This can be small mom and pop businesses in places such as Moorestown New Jersey and Philadelphia Pennsylvania or large name brands. Each year 24/7 Wall St compiles a list of ten brands that it expects to disappear due to bankruptcies or mergers. This year's list includes Smart, OfficeMax, American Apparel, Pacific Sunwear of California, A&P, Volkswagen's TDI Brand, US Airways, Ashley Madison, RadioShack and Sears. It is difficult for some retail brands to compete. Larger retailers with a lot of stores, greater marketing budgets and stronger balance sheets are replacing them. E-retailers, like Amazon.com, are also responsible for disappearing retail brands. Sometimes other events can cause a downfall. Devastating events like hacking of the website for Ashley Madison or the diesel scandal for Volkswagen have impacted those brands. Even success can impact a brand by leading to its disappearance through merger. Changes in the economy, competition and management issues can impact companies large and small.