实体店节节败退 这些零售巨头过去十年统统破产
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流言传了几周，美国运动用品连锁专卖店Sports Authority终于还是递交了破产申请，成为过去十年破产的最大零售商之一。 申请破产时，Sports Authority的资产高达10亿美元，资产规模在十年间破产的零售商之中位列第七，排在电路城（Circuit City）、Linens & Things和General Atlantic & Pacific Tea（A&P）等零售业巨头之后。 Sports Authority破产案比较耐人寻味，因为其所在的市场实际上在增长。在美国，运动用品的人气一直在上升。很多美国人即使不锻炼身体也喜欢穿运动衫、运动鞋，戴运动帽。 但运动用品的高人气激化了市场竞争。美国零售百货巨头塔吉特和科尔百货等零售商开始出售运动用品加入争夺战。耐克和安德玛等运动用品制造商又在转变销售策略，越来越重视通过旗下电商平台等渠道。加拿大瑜伽服品牌Lululemon等制造商在完全通过自家专卖店销售。 种种因素导致Sports Authority难以竞争。 我们整理出近些年零售业十大破产案，按照企业刚向法院申请破产时的资产规模排序。数据来自追踪美国企业破产数据的网站BankruptcyData.com和法院文件。 1）电路城 申请破产年份：2008年 破产时资产：37.5亿美元 电路城曾是美国最大电子产品零售商。2009年，该公司寻找买家维持经营失败后宣告破产。随着亚马逊等电商崛起，沃尔玛和塔吉特之类巨头又积极出击，电路城未能迅速应对，灵活调整，最终轰然倒下。 2） Linens & Things 申请破产年份：2008年 破产时资产：17.4亿美元 Linens & Things在被私募股权公司Apollo Global Management收购后负债形势恶化，无力承担债务。之前Linens & Things曾拥有570家家居用品连锁店，年销售额高达27亿美元。申请破产后，Linens & Things转为纯线上品牌，近三年前被卖给另一家私募股权公司凯雷集团旗下投资机构Galaxy Brand Holdings。 3）General Atlantic & Pacific Tea （A&P） 申请破产年份：2015年 破产时资产：16亿美元 2015年7月，General Atlantic & Pacific Tea （A&P）根据《美国破产法》第11章条款递交破产申请，也是五年内第二次申请破产。此后，该公司将旗下多家店面卖给竞争对手Acme和Stop & Shop。近几年，A&P客户流失，低端产品有沃尔玛、好事多和塔吉特等零售巨头竞争，高端领域又有全食超市挑战。破产法院至今仍未就A&P破产案作出裁决。 4）Radio Shack 申请破产年份：2015年 破产时资产：15.9亿美元 随着电子产品消费者转向网购和数字技术兴起，曾拥有4000家门店的RadioShack苦苦挣扎多年，最终于2016年2月申请破产。历史长达94年的“老字号”曾售出首台面向大众的电脑，却以不光彩的方式黯然谢幕。2016年2月末，美国联邦法官批准了Radio Shack的破产方案，据此分配清算资产，偿还债权人债务。 5）百视达 申请破产年份：2010年 破产时资产：15.4亿美元 美国影视出租连锁店百视达曾是美国城市商业区的常客。面对Netflix等新兴的在线视频服务供应商，其竞争之路步履维艰。2011年，百视达被卫星广播服务供应商Dish Network 收购，两年后宣布关闭剩下的300家美国门店。 6）Borders 申请破产年份：2011年 破产时资产：14.2亿美元 连锁书店Borders迟迟未能适应电子书潮流，连用户界面友好的电商网站都没搭建。这些致命的错误导致Borders在销售大战中败给亚马逊，落得破产收场。相比之下，另一家零售书店Barnes & Noble表现较好，推出了电子书阅读器品牌Nook，最终因纸质书销售回暖而获益。 7）Sports Authority 申请破产年份：2016年 破产时资产：10亿美元 2006年，私募股权集团Leonard Green & Partners以13亿美元杠杆收购将Sports Authority收入囊中。此后，Sports Authority努力重组大部分债务，清理资产负债表，最终走上通往破产的道路。2016年3月，Sports Authority表示，会关闭旗下463家门店之中的140家。资产负债表整顿可能帮助该公司给予剩余门店亟需的投资。其竞争对手Dick’s Sporting Goods也可能获益，因为据称该公司有意收购部分Sports Authority拟关闭的门店。但同年5月，因未能与债权人和贷款方达成一致，Sports Authority表示将关闭所有门店。 8）Sbarro 申请破产年份：2011年，2014年再度申请 破产时资产：4.9亿美元 2014年，Sbarro三年内第二次递交破产申请。在此之前，这家知名意大利快餐连锁店饱受债务困扰，其在美国多家商场的门店客流量下降。同年6月，Sbarro剥离部分债务后轻装上阵，还宣布推出让顾客自制披萨的新业务，地点在旗下提供再加热披萨服务的连锁店，这也是效法竞争对手Chipotle的路数。 9）Friedman’s 申请破产年份：2008年 破产时资产：4.48亿美元 本世纪以来经济衰退导致中档珠宝商Friedman’s陷入困境，客户纷纷撤销不是特别需要的钻石等订单。债权人依据《美国破产法》第十一章规定，对拥有455家门店的Friedman’s提请非自愿清算，而后强迫执行破产程序。最终，该公司宣告破产。 10）Brookstone 申请破产年份：2014年 破产时资产：4.07亿美元 Brookstone是一家特色产品零售商，以出售按摩椅和旅游电子产品闻名。因债台高筑，该公司于2014年申请破产保护。不过跟很多破产的零售业同行不同，Brookstone已经渡过难关，目前仍以连锁店形式经营，门店超过200家。（财富中文网） |
Sports Authority finally filed for bankruptcy after weeks of speculation and with that, the chain joined the ranks of the largest retail bankruptcies the industry has seen in the past decade. With assets of up to $1 billion, the athletic gear retailer will land in the seventh spot in a tally led by Circuit City, Linens & Things, and General Atlantic & Pacific Tea (A&P). The bankruptcy filing of Sports Authority is interesting because it actually participates in a growing pocket of the broader retail industry. Athletic gear popularity has increased as more Americans wear sneakers, athletic tops and t-shirts around town, not just for the purpose of working out. But that success had led to more competition. Retailers like Target (TGT, +0.45%) and Kohl’s (KSS, +1.82%) have entered the space by moving to sell more athletic wear. Meanwhile, manufacturers like Nike (NKE, +1.16%) and Under Armour (UA) have increasingly focused on selling their gear through their own channels, including their e-commerce platforms. Other players, like Lululemon, completely sell their gear through their own store channels. All of those factors made it difficult for Sports Authority to compete. Here is a look at the 10 largest retail bankruptcies in recent years, as ranked by assets at time of the initial court filing. Data is from BankruptcyData.com as well as court filings. 1) Circuit City Shoppers leave a Circuit City outlet running a store closing sale in Greensboro, North Carolina, U.S., on Sunday, Jan. 25, 2009. Photograph by Jim R. Bounds — Bloomberg via Getty Images Year: 2008 Assets: $3.75 billion Circuit City, once the top U.S. electronics retailer, went out of business in 2009 after failing to find a buyer that would keep it going. The company was ultimately felled by its inability to respond as quickly and deftly to the rise of online retailers like Amazon.com (AMZN, +0.19%) and aggressive incursions by mass merchants like Walmart (WMT, -0.24%) and Target (TGT, +0.45%). 2) Linens & Things Customers walk away after shopping at the going-out-of-business sale at Linens 'N Things November 21, 2008 in Miami, Florida. Photograph by Joe Raedle — Getty Images Year: 2008 Assets: $1.74 billion The 570-store housewares chain went under after private equity firm Apollo Global Management (AGM, -4.22%) saddled it with more debt than it could handle. Linens & Things, which at one point had annual sales of $2.7 billion, later came back to life as an online only brand. And nearly two years ago, it was sold to Galaxy Brand Holdings, an investment vehicle owned by private equity firm The Carlyle Group (CG, +1.84%). 3) General Atlantic & Pacific Tea (A&P) A&P Supermarket, is shown at 230 Saw Mill River Road, Yorktown Heights, N.Y., Dec. 10, 2010. A&P is expected to file for bankruptcy. Photograph by Bloomberg/Getty Images Year: 2015 Assets: $1.6 billion The supermarket chain recently filed for Chapter 11 protection for the second time in five years and sold the bulk of its stores to rivals Acme and Stop & Shop. The grocer was hurt in recent years by companies like Walmart, Costco (COST, +1.02%) and Target stealing consumers on the lower end of the price spectrum, and Whole Foods (WFM, +0.00%) on the higher end. The A&P case is still making its way through bankruptcy court. 4) Radio Shack A RadioShack store in 2015, the last time the company filed for bankruptcy protection. Photograph by Joe Raedle — Getty Images Year: 2015 Assets: $1.59 billion After struggling for years as electronics shoppers shifted online and digital technology emerged, the 4,000-store RadioShack filed for bankruptcy on February, marking an ignominious end for a94-year-old retailer that had sold the first mass-market computer. Last week, a federal judge signed off on Radio Shack’s Chapter 11 plan, which distributes proceeds from the company’s liquidation to creditors. 5) Blockbuster Photograph by David Friedman — Getty Images Year: 2010 Assets: $1.54 billion Blockbuster, once a fixture in America’s shopping and strip malls, struggled to compete with the emergence of Netflix (NFLX, +1.82%)and other video-on-demand services. Blockbuster was bought by Dish Network (DISH, -0.78%) in 2011, but two years later the video-rental company said it close its remaining 300 U.S. stores. 6) Borders UNITED KINGDOM - FEBRUARY 25: Customers browse in a Borders bookstore in a mall on Liverpool Road in the borough of Islington, London, U.K., Saturday, February 25, 2006. Photographer Adrian Brown/Bloomberg News (Photo by Adrian Brown/Bloomberg via Getty Images) Photograph by Adrian Brown — Bloomberg via Getty Images Year: 2011 Assets: $1.42 billion The Borders bookstore chain was slow to adapt to the e-books phenomenon — or even to build a user-friendly e-commerce site — fatal mistakes that saw it lose sales to Amazon (AMZN, +0.19%) and ultimately led to its collapse. Barnes & Noble (BKS, -1.87%) fared better, launching the Nook and eventually benefiting from the revival of print book sales. 7) Sports Authority Photograph by Karen Desjardin — Moment Editorial/Getty Images Year: 2016 Assets: $1 billion Owned by private equity group Leonard Green & Partners after a leveraged buyout for $1.3 billion in 2006, the company is entering bankruptcy in a bid to held shed much of its debt and clean up its balance sheet. It will close about 140 of its 463 stores, a move that will likely help rival Dick’s Sporting Goods. It could also help Dick’s open new locations in underserved markets. Dick’s reportedly is interested in buying some stores in bankruptcy court. Meanwhile, a cleaner balance sheet could help Sports Authority make much-needed investments in the company’s remaining stores. 8) Sbarro Photograph by Alex Wong — Getty Images Year: 2011 and again in 2014 Assets: $490 million The food-court fixture filed for bankruptcy protection in 2014 for the second time in three years after choking under too much debt and declining traffic at many U.S. malls. That June, Sbarro re-emerged with a smaller debt load and a plan to let customers make their own pizzas at a chain known for reheating pizza, taking a page out of Chipotle’s (CMG, +0.71%) playbook. 9) Friedman's Photograph by Yves Herman — Reuters Year: 2008 Assets: $448 million The recession was a hard time for mid-tier jewelers, with consumers pulling back on items they didn’t really need (i.e., diamonds). Friedman’s, which had 455 stores, was hit by an involuntary Chapter 7 liquidation filing at force, later changed to a Chapter 11 proceeding. But ultimately, Friedman’s went out of business. 10) Brookstone A Brookstone store is seen at Rockefeller Center in New York City. Photograph by Mario Tama — Getty Images Year: 2014 Assets: $407 million Brookstone, the specialty retailer famous for massage chairs and travel electronics, filed for bankruptcy protection in early 2014, hurt by high debt. But unlike many of its bankrupt retail peers, the company has pulled through and continues to operate as a chain with over 200 stores. |
