Since 2017, dozens of fashion and retail companies have cycled through bankruptcy courts, liquidated, restructured, or exited the market entirely, often in recurring waves that track broader shifts in consumer behavior, real estate economics, and capital markets. That year alone, 50 U.S. retailers filed for bankruptcy protection, a figure that approached post-financial-crisis highs and included more than 30 recognizable brands such as The Limited, BCBG Max Azria, Payless, and True Religion. While the period was quickly labeled the “Retail Meltdown of 2017,” the data shows that the disruption it captured was not episodic, but structural.
A review of retail insolvencies since then reveals several consistent patterns. Certain categories including mall-based apparel, mid-priced denim, and footwear have appeared disproportionately often. Private-equity-backed brands recur frequently in Chapter 11 filings, where heavy debt loads, long-term lease obligations, and declining foot traffic converge. At the same time, bankruptcy has increasingly functioned not only as a signal of failure, but as a strategic tool enabling lease rejection, balance-sheet resets, brand and IP sales, and, in some cases, repeated reentries into the market under new ownership.
The outcomes, too, are uneven. Some companies proceed directly to Chapter 7 liquidation and disappear altogether. Others use Chapter 11 to engineer going-concern sales or emerge leaner, only to refile years later under similar pressures. Parallel dynamics are visible in the U.K., where administration has served as both a rescue mechanism and a pathway to asset realization amid persistent strain on the retail sector.
Against this backdrop, we have compiled a tracker of fashion- and retail-related bankruptcies, store closures, and market exits, supplemented by select historical filings. Read together, the data illustrates how financial distress has become a recurring, category-specific, and capital-driven feature of the modern fashion business rather than an exception to it.
January 2026 – Saks Global
Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, filed for Chapter 11 bankruptcy protection on January 13 after running out of cash and failing to secure sufficient investor financing following its highly leveraged $2.7 billion acquisition of Neiman Marcus in 2024. The filing gives the owner for the 159-year-old Saks Fifth Avenue luxury department store an opportunity to restructure its balance sheet, continue operating as a going concern, and potentially pursue a sale, rather than entering liquidation under Chapter 7.
Saks Fifth Avenue, the retail arm of Saks Global, listed $1 billion to $10 billion in assets and liabilities, according to court documents filed in U.S. Bankruptcy Court in Houston, Texas.
November 2025 – Lugano Diamonds & Jewelry Inc.
Lugano Diamonds & Jewelry Inc., a premier designer and retailer of high-end jewelry, voluntarily filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware on November 16 to facilitate a value-maximizing sale. Backed by a stalking horse bid from Enhanced Retail Funding, an experienced jewelry sector investor, the company aims to ensure business continuity while seeking higher and better offers through a court-supervised auction. Lugano said in a statement that it will continue operating as usual, maintaining its signature service and customer programs, and has secured DIP financing to support operations throughout the process.
“Lugano has worked extensively to prepare the business for this process, and I look forward to helping guide the company through the steps ahead,” said J. Michael Issa of GlassRatner, who is serving as Chief Restructuring Officer of Lugano. “I am committed to working closely with the management team and company advisors during this period to assess the best path forward.”
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 (Jan. 12, 2026): SSENSE issued a release announcing that “it has been notified by the Court-appointed Monitor that the bid submitted by its co-founders, Rami Atallah, Bassel Atallah, and Firas Atallah, together with their strategic partner, a leading Canadian multi-family office, has been selected as the successful bid in the Court-supervised Sale and Investment Solicitation Process (SISP) conducted under the Companies’ Creditors Arrangement Act (CCAA). The parties have entered into a definitive purchase agreement.
Closing of the transaction remains subject to the satisfaction of customary closing conditions, including Court and other applicable regulatory approvals. Assuming timely receipt of all necessary approvals and the satisfaction of all other conditions, the closing of the transaction is expected to occur no later than February 13, 2026. Upon closing, the company will be positioned to complete the remaining steps of the CCAA process.”
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.
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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