• In 2006, my dream job was eliminated right after we had purchased our dream home.
• By 2009, we had to file for bankruptcy and lost our home.
• I was depressed but I couldn't give up, I had to provide for my family.

My position was eliminated in 2006 from a nine-year career as the Chief Investment Officer of a mortgage company I helped start. It had been my dream job.

We purchased our dream home the year before — a four-bedroom corner lot in the suburbs. One daughter was graduating from college, and one had just started college. My parent loan for them was $36,000 for the first two years.

I wasn't worried yet. I had wanted to go into sales in 2003. Now was the time, so, I became a Loan Officer for the same company. I started building my business and was doing well.

Suddenly, you couldn't give money away. I went from closing nine loans a month to zero. The mortgage crash of 2007 to 2009 decimated the economy and my family's life.

Everything changed very quickly

I actively networked with local Chambers of Commerce and civic groups. Networking is a key part of starting and building business relationships.

I presented my "Goal Getting" Goal Achievement seminars to Boards of Realtors and businesses. I wrote a column about lending for a local Real Estate magazine, attended several chamber events, and led a Chamber networking group.

I made friends with a Coffee News franchise owner and loved the business model. I used my 401(k) to buy a franchise selling advertising to local businesses to start another income stream. I could also use it to advertise my Loan Officer business. As the recession continued, however, restaurants, my main distribution channel, started failing, businesses stopped investing in marketing, and sales plummeted. Now I was getting worried.

I started applying for jobs, and contacting people I knew at mortgage technology companies I had worked with previously. I was offered a position at a vendor I had worked with in my previous role. I loved the company. While negotiating salary, my hiring manager called and said their largest mortgage customer had failed. All hiring was frozen.

We had to file for bankruptcy

Now, I was feeling desperate. The "B" word kept me up at night. My parents filed for bankruptcy twice as I was growing up, and I swore I would never do it. I would never put my kids through that. I promised myself.

I found a part-time job as a Bakery Clerk at The Fresh Market near my home for $9.00/hour. While working as a bakery clerk, I continued building my mortgage business and Coffee News business. My wife, at the time, refused to get a job.

I was trying to make ends meet, but we never did. Peanut butter and jelly sandwiches became my breakfast, lunch, and dinner. We used credit cards to buy necessities. Bills were increasing, our limits were reached, and in 2009, we had to file for bankruptcy. I was emotionally devastated.

We lost our home, and our credit score tanked. We moved from our dream home to a 400-square-foot basement apartment on a horse ranch.

I had to call my daughter and tell her I couldn't continue to pay for her college, and we didn't have a house for her to come home to. It was the saddest time of my life as a father. She said she was OK and planned to get an apartment with her friend anyway.

I couldn't give up

I was feeling depressed, but couldn't give up. I did what I needed to provide for my family. I started studying new skills online: programming languages, new technologies, and social media. I started a blog to share my "Life on the Ranch." I posted my résumé everywhere online. I kept a positive attitude, believing I could reinvent myself and thrive again.

In 2010, I closed my businesses and concentrated on the Fresh Market. I applied for a full-time Bakery Manager position and was accepted, earning $16/hour. It wasn't much, but I survived the recession and would start building my career again.

Six months later, my networking and résumé posting caught a recruiter's eye, and First Republic Bank in San Francisco hired me.

I packed up our car and took my wife, kicking and screaming, to San Francisco, leaving that chapter behind.

• Joann said it has reached a deal to sell its assets and wind down operations.
• Earlier this month, the company planned to close around 500 stores.
• The fabric and crafts chain experienced two rounds of Chapter 11 bankruptcy in less than a year.

Joann has reached the end of its thread.

The fabric and crafts chain said Sunday that it has reached a deal to sell its assets and wind down operations, including closing around 300 remaining stores.

"We deeply appreciate our dedicated Team Members, our customers and communities across the nation for their unwavering support for more than 80 years," the company said in a statement.

Earlier this month, the company planned to close around 500 stores as it navigated its second round of Chapter 11 bankruptcy in less than a year.

Eight in 10 Joann shoppers surveyed earlier this month by Numerator said they were upset about the news that some of the chain's stores were closing.

Numerator said that three-quarters of those said they were most likely to shop at Michael's or Hobby Lobby as an alternative, about half said they'd shop online, and nearly 40% said they'd go to large stores like Walmart or Target.

The news follows a rough start to the year for retailers, including Party City and Big Lots, which said they are closing 700 and 480 stores, respectively. A Business Insider tally finds more than 2,500 locations are set to close this year so far.

A clearer picture of Bench's downfall is emerging thanks to new bankruptcy filings, which show the accounting startup burned $135 million before collapsing.

© 2024 TechCrunch. All rights reserved. For personal use only.

Canadian Fintech Bench had over $65 million in debt but less than $3 million in cash, documents reveal.

© 2024 TechCrunch. All rights reserved. For personal use only.

• Corporate bankruptcies hit their highest level in over a decade in 2024, according to S&P Global.
• There were 694 bankruptcy filings in 2024, S&P said.
• Delinquency rates on business and personal loans also climbed last year, Fed data shows.

Corporate bankruptcies rose to a 14-year peak in 2024, jumping to the highest level seen since the years following the Great Financial Crisis, according to data from S&P Global.

A total of 694 US companies filed for bankruptcy last year, the intelligence firm said in a report on Monday. It represents the highest number of bankruptcies in the corporate world since 2010, when 828 firms filed for bankruptcy.

Filings for the year were up 9% compared to levels in 2023, and up 86% compared to levels in 2022, when just 372 firms filed for bankruptcy protection.

Consumer discretionary was the most distressed sector in 2024, with 108 companies filing for bankruptcy. That was followed by industrials and healthcare industries, where 88 and 65 firms filed for bankruptcy, respectively.

"The consumer discretionary sector has been particularly susceptible to economic headwinds, even with strong overall US retail sales activity, as consumer buying trends have shifted and budgets have tightened due to inflation," the report said.

Higher levels of debt distress also reflected the strain of high debt balances, as well as higher rates in the economy broadly, the report said.

Over 30 companies that filed for bankruptcy last year had more than $1 billion in liabilities at the time they filed, according to a list compiled by S&P Global. Companies on the list included high-profile bankruptcies like Party City, Spirit Airlines, and Red Lobster.

Meanwhile, credit-rated nonfinancial US firms held a record $8.45 trillion worth of debt in the third quarter of 2024, the firm said.

Central bankers have lowered interest rates in recent years, but borrowing costs for many consumer and business loans remain elevated.

The average yield on seasoned AAA-rated corporate bonds was 5.2% in December, about double the rate in December 2020, according to Moody's data.

Signs of debt distress have increased in recent years as the impact of higher rates continues to work through the economy.

The delinquency rate on business loans held by commercial banks rose to 1.16% in the third quarter of 2024, the highest level since the pandemic. The delinquency rate on consumer loans, meanwhile, rose to 2.73% in the third quarter, the highest level in 12 years.

• Declining foot traffic and rising e-commerce have led thousands of stores to permanently close.
• Former household names like Borders, Circuit City, and Blockbuster are now just retail history.
• BI rounded up dozens of once-beloved stores that no longer have a meaningful brick-and-mortar presence.

Brick-and-mortar retail is a tough business.

One day, your favorite brand can be riding high and enjoying strong sales from loyal customers, while the next it's fighting for survival and fending off creditors.

The only constant is change, especially as emerging trends, shopping patterns, and e-commerce players take larger pieces of the pie.

Here's a look back at some of the retail brands whose stores once greeted thousands of people each day, but are now consigned to retail's history books — or exist only online or as a tiny fraction of what they once were.

Blockbuster

Blockbuster got its start in 1985, and acquired the Sound Warehouse and Music Plus music chains to create Blockbuster Music in 1992. The music division was sold to Wherehouse Entertainment in 1998 before closing for good, but there remains one single Blockbuster video rental store in Bend, Oregon.

Thom McAn

Thom McAn was a chain of shoe stores that peaked in the 1960's and closed up shop by 1996. The brand's shoes continued to be available at Sears and Kmart.

Kinney Shoes

First opened in 1894, Kinney Shoes had 467 stores at its peak, all of which shuttered in 1998.

Warner Bros. Studio Store

Warner Bros. Studio Store competed with the Disney store until the company closed all of its locations in 2001.

Zany Brainy

Zany Brainy filed for bankruptcy in 2001 and closed all locations in 2003. The educational toy retailer's founder, David Schlessinger, co-founded the discount company Five Below.

Ames Department Store

Debt and poor sales forced Ames Department Store into bankruptcy twice., and in 2002, the remaining Ames stores closed.

Imaginarium was an educational toy store in the 1980s. Stores started closing in the 1990s, and by 2003, its parent company, Toys R Us, had closed them all.

Imaginarium was an educational toy store in the 1980s. Stores started closing in the 1990s, and by 2003, parent company Toys R Us closed all remaining locations.

Hecht's Department Store

Hecht's was purchased by Macy's in 2005 and all locations were either turned into Macy's stores or closed.

Marshall Fields

Federated Department Stores bought Marshall Fields in 2005 and converted the stores to the company's more recognizable flagship brand, Macy's.

Gadzooks

Gadzooks was a teen clothing store that was around from 1983 to 2005. It filed for bankruptcy in its final year and was purchased by Forever 21, which then closed all of the stores.

Kaufmann's

In 2006, Macy's retired the Kaufmann's name, and the brand disappeared.

Tower Records

Tower Records couldn't keep up with the rise of digital music, and all stores in the US were closed in 2006.

Media Play

Media Play was a big box store selling books, movies, software, toys and video games. It closed for good in 2006.

Discovery Channel

Discovery Channel's 103 stand-alone stores closed in 2007.

KB Toys

KB Toys announced it would be going out of business in 2008, and by early 2009 all locations were closed.

Sharper Image declared bankruptcy in 2008. But the company still sells merchandise through its website, catalog, and third-party retail partners.

Sharper Image declared bankruptcy and wound down its physical retail operation in 2008.

Levitz Furniture

Levitz Furniture declared bankruptcy twice — first in 1997, and then in 2005. It closed all of its stores in 2008.

Linens 'n Things had over 500 stores in 2006, but by the end of 2008, they were all closed. The company still does business online.

Linens 'n Things had over 500 stores in 2006, but by the end of 2008, they were all closed.

Mervyn's

Mervyn's once had almost 200 locations in the western US. In 2008, the company declared bankruptcy and closed all of its stores.

Limited Too

Limited Too's success began dwindling in the early 2000s, and all stores were eventually rebranded as Justice by 2008.

Tweeter

Tweeter filed for bankruptcy in 2008 and all of its stores were closed by the end of the year.

Circuit City

Circuit City filed for bankruptcy in 2008 and shuttered all stores the following Spring.

Steve & Barry's

Steve & Barry's filed for bankruptcy in 2008 and closed all of its stores in 2009.

Filene's and Filene's Basement

Filene's Basement's parent company went bankrupt in 2009, and by 2011 all of its stores were closed.

B. Dalton Books

B. Dalton was acquired by Barnes & Noble in 1987, which officially closed the bookstore in January 2010, except for a single location in Oviedo, Florida.

Waldenbooks

Waldenbooks merged with Borders in 1994, and all Waldenbooks stores closed when Borders Group liquidated in 2011.

Borders Books & Music

Borders Books & Music stores closed shortly after the company was forced to liquidate in 2011.

CompUSA

CompUSA started in 1984, but by 2007, Best Buy and other superstores had taken over, and the last CompUSA closed in 2012.

Sam Goody

Sam Goody music stores suffered from the rise of digital media, and most Sam Goody stores were either ultimately shuttered or converted into other brands like FYE by 2012. Two locations remain: one in Clairsville, Ohio, and one in Medford, Oregon.

A&P

A&P filed for Chapter 11 bankruptcy in 2010 and again in 2015, closing its stores that year.

 

Sports Authority

Competition drove Sports Authority into bankruptcy in 2016, when it closed all its stores and sold its website to Dick's Sporting Goods.

Sport Chalet

Sport Chalet, which first opened in 1959, abruptly closed all of its stores in 2016.

Wet Seal

Wet Seal, a teen clothing store, filed for bankruptcy in 2015 and closed for good in 2017.

Virgin Megastores

Virgin Megastores stopped operating in the US in 2017, but the brand continues online and in select international markets.

The Limited

The Limited abruptly shut down all of its stores in 2017, and the brand is now sold exclusively through Belk.

Teavana's 379 locations were closed by its parent company, Starbucks. in 2018.

Starbucks closed Teavana's 379 locations in 2018.

Bon-Ton Stores

The Bon-Ton stores included its namesake brand, as well as Bergner's, Boston Store, Elder-Beerman, and Younkers.

Toys R Us

Toys R Us and its subsidiaries closed in 2018, but in 2021 Macy's announced that it would open Toys R Us sections in hundreds of its stores, while Babies R Us is opening within Kohl's stores across the US.

Henri Bendel

After 123 years of business, luxury retailer Henri Bendel closed all of its stores in 2019.

Dress Barn

Dress Barn shut down in 2019 after 50 years in business.

Papyrus

At its peak in 2009, Papyrus had 500 stores across the US and Canada, but the company ultimately filed for bankruptcy and closed its 254 stores in 2020.

Lord & Taylor

Lord & Taylor filed for bankruptcy in 2020, leading to the closure of its 38 stores. An attempt at reviving the brand as a "digital collective" was unsuccessful.

Century 21

Century 21 closed its 13 locations after going bankrupt in 2020. The company reopened its New York flagship store in 2023 with a greater focus on e-commerce.

Olympia Sports

After a slow decline and a tumultuous stint with private equity owners, Maine-based Olympia Sports shut down its remaining stores in 2022.

Bed Bath & Beyond

Bed Bath & Beyond filed for bankruptcy and closed its 896 remaining stores in 2023, though the brand was sold and relaunched online.

In October 2024, Beyond and Kirkland's Home announced a $25 million deal to open 15,000-square-foot small-format "neighborhood" Bed Bath & Beyond locations across the US. The companies said the concept would include an assortment of classic BB&B products.

Tuesday Morning

The Dallas-based home goods company shut down all of its stores in 2023 after it had only planned to close half of its stores amid bankruptcy proceedings.

Christmas Tree Shops

The Massachusetts-based seasonal specialty retailer filed for bankruptcy in 2023, winding down the remaining 72 locations across 20 states.

Moosejaw

Just months after buying Moosejaw from Walmart, Dick's Sporting Goods closed most of the brand's locations and formed one team that would handle both the Public Lands and Moosejaw brands moving forward. Only three Moosejaw locations remain open.

Foxtrot

Chicago-based Foxtrot abruptly shuttered its 33 locations in April 2024 after it came up $35 million short of its 2023 sales goal.

Rue21

Teen apparel retailer rue21 — known for its presence in shopping malls — filed for bankruptcy for the third time in May 2024. The company's 540 locations also shut down.

The retailer had attempted multiple turnaround plans after a 2017 bankruptcy and 2023 bankruptcy filing.

Conn's HomePlus

Conn's HomePlus, a home goods retailer known throughout the South, filed for bankruptcy protection in July 2024 before announcing that it was shuttering all of its stores.

The chain operated more than 170 stores in 15 states.