Many retail stores have faced substantial losses as a result of the shift in the way consumers are making their buying decisions. Several stores in Mission Viejo have recently filed for bankruptcy, such as BCBG Max Azria. Some, however, are simply shutting their doors, like Bebe.
BCBG Max Azria is a Los Angeles brand that filed for bankruptcy back in February. It is now expected to shut more than half of its stores throughout the United States. This company has been a major brand in the Los Angeles fashion industry for the past three decades. Several stores, including the one located at The Shops at Mission Viejo, have shut down after seeking bankruptcy protection. Other BCBG stores have been able to stay open, however.
BCBG Max Azria Group filed for bankruptcy under Chapter 11 on February 28th. The company’s turnaround plan includes closing down the majority of its 191 stores across the country with numerous outposts on several other continents. In addition, the company has lain off many employees.
The retailer Bebe is another company that has also suffered from this change in the way buyers are making their purchases. Bebe announced its plan to close its brick and mortar stores throughout California in April and will now only be focusing on its online sales. 7 of the 35 stores that are closing are located in Mission Viejo. As a result, the company has lain off around 700 employees across the state. This company will not, however, be filing for bankruptcy since it has no significant debt.
Several other retailers have either filed for bankruptcy or closed their doors in the past few months. Wet Seal filed for bankruptcy for the second time this past February and is now closing all of its stores. Pacific Sunwear, also known as PacSun, filed for a reorganization plan under Chapter 11 and handed its stock over to Golden Gate Capital. Quicksilver and Aeropostale Inc. are just some of the other companies that have filed for bankruptcy.
If you need assistance filing for bankruptcy in Mission Viejo, we encourage you to work with our bankruptcy attorneys at your earliest convenience!