In 2017, more than 30 name-brand retailers – from The Limited and BCBG Max Azria to Payless and denim-maker True Religion – either filed for bankruptcy or shuttered operations, prompting media outlets to dub the period the “Retail Meltdown of 2017.” Coverage at the time pointed to several converging forces – including the rise of e-commerce, the oversupply of malls, and even the surprising effects of a restaurant renaissance – as factors that were reshaping the face of American shopping. By mid-December of that year, 50 U.S. retailers had filed for bankruptcy protection (up from 47 the year before), with filings “surging toward the peaks of the post-financial crash period, when, in 2010 and 2011, retail bankruptcies totaled 67 and 59, respectively,” Axios reported.
Some of the companies that filed in 2017 shuttered their businesses entirely, often through Chapter 7 liquidation, while others opted for Chapter 11 bankruptcy protection. Commonly referred to as a “reorganization” bankruptcy, Chapter 11 allows a company to continue operating while executing a court-supervised restructuring plan. This process can take different forms, but in short: it begins with the filing of a petition with the bankruptcy court by the debtor (the entity that owes the debt – in these cases, the retailers). The debtor then proposes and carries out a reorganization plan, which may be used to restructure, compromise, or eliminate certain classes of debt.
During this period, debtors usually remain in possession of their assets and continue to operate their businesses, subject to oversight by the court and a creditors’ committee. A company that files for Chapter 11 typically does so in an effort to stay afloat, though in some cases, the process facilitates an orderly wind-down and asset sale. Similarly, in the United Kingdom, a number of struggling brands have turned to administration, an insolvency process in which a company is “placed under the control of an insolvency practitioner to enable the insolvency practitioner to achieve objectives laid down by statute.”
Against this backdrop of enduring disruption in the retail sector, we have compiled a tracker of recent fashion- and retail-related bankruptcies, shutterings, and other significant market exits, including some notable examples dating back further …
October 2025 – IKKS
French fashion brand IKKS has been placed into administration amid ongoing financial struggles and restructuring efforts. The move puts more than 1,000 jobs in jeopardy and marks a critical juncture for the ready-to-wear label, which was launched by Gérard Le Goff in 1987. The company has been battling mounting pressures in a challenging retail environment and is expected to explore restructuring options in a bid to stabilize operations and potentially attract new investors or buyers to salvage parts of the business
September 2025 – SKKN by Kim
Reality mega-star and entrepreneur Kim Kardashian has shuttered her skincare and makeup brand SKKN by Kim, marking the end of her standalone beauty venture just over three years after its June 2022 debut. The brand’s website now features a farewell message to customers, stating: “With deep gratitude, we share that SKKN BY KIM will be winding down operations. While this chapter is coming to a close, the commitment to innovation, self-care, and skin confidence that SKKN embodied will live on in new and exciting ways.”
The shutdown comes after Coty reported a $71.1 million loss on its investment in SKKN by Kim in its third quarter results in May 2025, cutting its profit forecast for the year due to economic uncertainty. Coty had invested US$200 million in 2021 for a 20% stake in the brand, which was acquired in March by Kardashian’s shapewear company Skims. That transaction consolidated Kardashian’s cosmetics, skincare, fragrance, and apparel businesses under a single corporate umbrella.
August 2025 – SSENSE
Montreal-based luxury fashion retailer SSENSE filed for protection under Canada’s Companies’ Creditors Arrangement Act (CCAA) on August 29 in response to a surprise creditor-led court application to sell the company, initiated without its consent by a group led by the Bank of Montreal. In an email to staff on August 28, CEO Rami Atallah confirmed that SSENSE will submit its own CCAA application within 24 hours “to protect the company, keep control of our assets and operations, and fight for the future of the company.” He added that SSENSE has worked with financial and legal advisors to develop an internal restructuring plan focused on stabilizing and rebuilding the business.
The move comes amid mounting financial headwinds, including the elimination of the U.S. de minimis exemption and new 25% tariffs on Canadian imports under recent U.S. trade policies—both of which have heavily impacted SSENSE’s U.S. operations.
UPDATED (Sept. 12, 2025): A Canadian court has allowed SSENSE to remain under the control of CEO Rami Atallah and his brothers as they pursue a restructuring plan, despite creditor efforts to push the retailer into a sale. The ruling keeps the current board in place, appoints Ernst & Young as monitor, and provides $40 million in interim financing, $25 million from the Atallah family and $15 million from banks, to support ongoing operations.
August 2025 – Closed GmbH
German premium denim brand Closed GmbH filed for insolvency with the Hamburg district court on August 6, citing excessive debt and high financing costs. Business operations, including its e-commerce platform and 26 German retail stores, will continue during proceedings. Hamburg-based lawyer Stefan Denkhaus of BRL has been appointed provisional insolvency administrator, with pre-financing of benefits for roughly 400 employees already in place. The company has begun talks with potential investors, with management expressing optimism about securing a deal to keep the brand in Hamburg. Founded in 1978, Closed reported estimated 2023 turnover of €125 million and opened its first U.S. store in Los Angeles in 2022.
August 2025 – Claire’s Holdings LLC
Claire’s, the mall staple beloved by pre-teens for its bargain jewelry and ear piercings, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on August 6, the second filing for its U.S. entity in less than a decade. The 64-year-old retailer has struggled to stay relevant amid growing e-commerce competition, changing consumer tastes, and a heavy reliance on imports from Asia hit hard by tariffs. With $496 million in loans due by 2026 and rent going unpaid on underperforming stores, Claire’s has faced mounting financial pressure.
UPDATED (Aug. 20, 2025): Claire’s has agreed to sell most of its North American business to private equity firm Ames Watson, a move that pauses liquidation at many stores just weeks after the retailer filed for bankruptcy. The companies did not disclose financial details, but Claire’s said the deal will help maximize value and preserve the brand during restructuring.
June 2025 – Cosmoss Ltd
Cosmoss Ltd, the wellness brand founded by British supermodel Kate Moss, has entered voluntary liquidation less than three years after its launch in September 2022. The company debuted with a tightly curated range of premium products – including skincare priced up to £105 and the £120 fragrance Sacred Mist – but failed to gain commercial traction. According to Companies House filings, a liquidator was appointed in June following a prolonged period of inactivity across Cosmoss’s website and social media channels.
June 2025 – CaaStle, Inc.
CaaStle, Inc. has filed for Chapter 7 bankruptcy in Delaware, initiating a full liquidation of its assets. The move comes just months after the abrupt resignation of CEO Christine Hunsicker, who is now at the center of a wide-ranging fraud scandal. The once-promising fashion rental platform cited untenable financial losses and leadership turmoil as key factors behind the decision. In its filing, CaaStle disclosed between $10 million and $50 million in both assets and liabilities, with as many as 999 creditors. The company indicated that after liquidation, funds may be available for distribution to unsecured creditors.
CaaStle’s remaining operations will be overseen by board member George Goldenberg, who stepped in as interim CEO following Hunsicker’s departure in March.
June 2025 – Hemper Enters Liquidation
Sustainable fashion brand Hemper has entered liquidation, underscoring the ongoing challenges facing mission-driven consumer brands in a competitive retail landscape. Founded to merge sustainability, transparency, and craftsmanship, Hemper gained early attention for its use of natural hemp fibers, artisanal production in Nepal, and commitment to ethical sourcing. The brand attracted a loyal customer base drawn to its environmentally responsible approach and handmade designs.
Despite positive consumer sentiment and rising demand for sustainable fashion, Hemper struggled to scale its operations while maintaining profitability. Supply chain complexities, rising production costs, and increased competition in the sustainable category contributed to mounting financial pressure. After evaluating strategic alternatives, the company ultimately filed for liquidation.
June 2025 – Fenice Retail
Fenice Retail, the retail arm of Fenice Srl, in which Italian fashion influencer Chiara Ferragni holds a 99% stake, has entered liquidation after posting combined losses of €1.2 million across 2023-2024, according to Radiocor. The closure includes Ferragni’s Rome store, following revenues of €644,000 and operating costs of roughly €2 million over the period. The company’s financial troubles have been compounded by Ferragni’s ongoing fraud trial related to allegedly misleading charity-linked product sales. After Fenice Retail’s liabilities pushed its equity into negative territory, a liquidator was appointed to wind up operations.
Separately, Ferragni injected €6.4 million to recapitalize Fenice Srl, which reported losses of approximately €10.2 million, allowing her to assume full control of the parent company. Ferragni said her relaunch plan will begin taking shape in the second half of 2025, promising “maximum transparency and reliability” in the group’s next chapter.
March 2025 – Forever 21
F21 OpCo, LLC, operator of Forever 21 stores in the U.S., has filed for chapter 11 bankruptcy in the District of Delaware and entered into a Plan Support Agreement with its secured lenders. The company said in a statement on March 17 that it plans to wind down its U.S. operations in an orderly fashion while exploring the potential sale of some or all of its assets. As part of this dual-path strategy, F21 OpCo will conduct liquidation sales and pursue a court-supervised auction process, aiming to maximize value and optionality. U.S. stores and the Forever 21 website will remain open during this process. Operations outside the U.S. are unaffected and will continue as usual.
“Following the conclusion of our strategic review and after careful deliberation, we made the decision to file for chapter 11 to implement a court-supervised marketing process to solicit a going concern transaction, and, in the absence of such an arrangement, an orderly wind down of operations,” said Brad Sell, Chief Financial Officer of F21 OpCo. “While we have evaluated all options to best position the Company for the future, we have been unable to find a sustainable path forward, given competition from foreign fast fashion companies, rising costs, and evolving consumer trends.”
March 2025 – Hudson’s Bay Co.
Hudson’s Bay Co. has filed for creditor protection in Canada as it moves to restructure amid mounting financial pressures. The historic department store chain, founded in 1670, cited economic headwinds, shifting post-pandemic shopping patterns, and trade tensions with the U.S. as key factors behind the decision. The filing under the Companies’ Creditors Arrangement Act will enable Hudson’s Bay to continue operating while working to stabilize its business.
In a statement, a Hudson’s Bay spokesperson said, “This decision was made with the best interests of our customers, associates, and partners in mind. Creditor protection will allow Hudson’s Bay to restructure financially and position itself for long-term success while maintaining its operations.”
The move does not affect Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, though Hudson’s Bay’s Canadian Saks locations will continue to operate under a licensing agreement. The company has secured interim financing from Restore Capital, LLC, and other lenders to support its restructuring efforts.
UPDATED (Jun. 3, 2025): In a $30 million deal approved by a bankruptcy court in Ontario, Canadian Tire has acquired Hudson Bay’s intellectual property, including its iconic multi-colored stripes, trademarks, domain names, and a trove of customer data from decades of loyalty programs. “Bankrupt Hudson’s Bay Co. will use the cash to pay some of its debts before the 355-year-old retailer disappears entirely,” according to CBC. The company wrapped up liquidation sales and closed its remaining 96 Bay and Saks-branded stores to the public on June 1.
This is a short excerpt from a data set that is published exclusively for TFL Pro+ subscribers. For access to our up-to-date fashion & retail bankruptcies and brand closures tracker, inquire today about how to sign up for a Professional subscription.
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