Active · distressed
Ruby Tuesday
Filed Chapter 11 on October 7, 2020, citing COVID-19 impacts, and permanently closed 185 locations; emerged from bankruptcy on February 24, 2021, with 209 restaurants remaining.
Remains privately owned by NRD Capital Management, which took it private for about $335 million in December 2017; about 187 locations were operating as of 2026.
- Founded
- 1972
- Sponsor at closure
- NRD Capital Management
Sources
- Wikipedia · founded February 19, 1972; NRD Capital Management take-private deal closed December 21, 2017; October 7, 2020 Chapter 11 with 185 closures; emerged February 24,
- Nation's Restaurant News · 2017 · NRD Capital, described as an Atlanta-based private-equity firm founded in 2014 by Aziz Hashim, agreed to buy Ruby Tuesday for $2.40/share, valuing the 599-unit
- Nation's Restaurant News · 2017 · acquisition finalized December 20, 2017 after shareholder approval, at $2.40/share ($335 million), with a $115 million secured loan and $12.5 million revolver
Active · distressed
Bar Louie
Filed Chapter 11 on March 26, 2025, immediately closing 13 corporate locations after falling from 66 units in 2023 to 48 at filing, citing rising food and labor costs. Dallas-based Sun Holdings, led by Guillermo Perales, bought the chain out of bankruptcy in October 2025 with 39 locations remaining.
Sold out of bankruptcy to Sun Holdings, a Dallas multi-concept restaurant operator, in October 2025, ending Sun Capital Partners' investment dating back to 2010.
- Founded
- 1990
- Cause
- Debt left at exit
Sources
- Wikipedia · founded 1990; Sun Capital major investor since June 2010; January 2020 Chapter 11 (38 closures) and March 26, 2025 Chapter 11 (13 corporate closures)
- Nation's Restaurant News · 2025 · March 26, 2025 Chapter 11 filing; dropped from 66 locations at year-end 2023 to 48 at filing; assets of $1-10 million vs liabilities of $50-100 million; US Food
- Nation's Restaurant News · 2025 · Sun Holdings, a Dallas-based operator led by Guillermo Perales, purchased Bar Louie out of bankruptcy in October 2025; chain had 39 locations at acquisition, do
Active · distressed
Boston Market
Sun Capital Partners sold Boston Market to Jay Pandya's Engage Brands in April 2020. Under Pandya the chain fell from about 300 locations in early 2023 to 16 by December 2024 and 22 by March 2025, amid unpaid rent and wage lawsuits.
Owned by Jay Pandya's Engage Brands since April 2020; about 22 locations were open as of March 2025, the most recent count found, with no 2026 figure confirmed.
- Founded
- 1985
Sources
- Wikipedia · founded 1985; Sun Capital bought it from McDonald's in 2007 (completed August 27, 2007) and sold to Engage Brands/Jay Pandya in April 2020; location counts of 1
- The Daily Meal · Sun Capital's 2007-2020 ownership and 2011-2015 revitalization attempts; sale to Pandya's Engage Brands
- Nation's Restaurant News · 2023 · Colorado locations seized for unpaid taxes; employee quote describing Pandya's mismanagement
Active · distressed
Bertucci's
Filed Chapter 11 in April 2018 while owned by Levine Leichtman Capital Partners, exiting via a $20 million sale to Earl Enterprises; filed Chapter 11 again in December 2022 and a third time in April 2025, each time continuing to operate.
Owned by Earl Enterprises (Planet Hollywood, Buca di Beppo) since 2018, a restaurant operator rather than a financial sponsor; roughly a dozen locations remained open as of the 2025 filing.
- Founded
- 1981
- Sponsor at closure
- Levine Leichtman Capital Partners
Sources
- Levine Leichtman Capital Partners (company primary) · LLCP invested in Bertucci's in July 2012 and exited in April 2018; investment marked realized
- FSR Magazine · December 2022 second Chapter 11 filing, debt load, 47 units across nine states at the time
- Wikipedia · founded November 3, 1981; ownership chain; April 2018, December 2022, and April 2025 Chapter 11 filings; ~12 locations under Earl Enterprises as of 2025
Active · distressed
Vitamin World
Filed Chapter 11 in September 2017 under Centre Lane Partners ownership after supply-chain and rent disputes; roughly 51 of 334 stores were slated for closure while remaining locations stayed open through the case.
Chinese infant-formula maker Feihe International bought the business as a going concern for $28 million in January 2018; vitaminworld.com is an active retail site with a store locator as of 2026.
- Founded
- 1977
- Sponsor at closure
- Centre Lane Partners
Sources
- Retail Dive · Centre Lane Partners bought Vitamin World from NBTY for $25 million in 2016; September 2017 Chapter 11 filing details, ~1,500 employees and 334 stores at filing
- Bloomberg Law · Vitamin World's Chapter 11 filing and ownership transition context
- Wikipedia · founded 1977 by Arthur Rudolph; Feihe International bought the company for $28 million in a January 2018 Section 363 sale; continues operating with 60-plus stor
Active · distressed
Brookstone
Filed a second Chapter 11 on August 6, 2018, and closed all 101 US mall stores, but its roughly 35 airport locations and website continued operating throughout the case.
Bluestar Alliance and Apex Digital bought the online, wholesale and IP business for about $65 million in 2018; brookstone.com operates today.
- Founded
- 1965
- Sponsor at closure
- Sailing Capital and Sanpower Group
Sources
- Wikipedia · founded 1965; Sailing Capital/Sanpower's June 2014 buyout for over $173 million; April 2014 first Chapter 11; August 6, 2018 second Chapter 11 filing; closure o
- AVCJ · Sailing Capital and Sanpower Group ownership at the time of the 2018 bankruptcy filing
- Retail Dive · sale of Brookstone's online and wholesale businesses and IP to a Bluestar Alliance/Apex Digital partnership for about $65 million, saving roughly 30 airport sho
Active · distressed
ZIPS Car Wash
Atlantic Street Capital-controlled Zips filed Chapter 11 on February 5, 2025 with about $654 million of funded debt after a debt-financed acquisition run, keeping its car washes open while rejecting about 41 leases. The plan took effect April 30, 2025, handing all new equity to term-loan lenders.
Controlled by its former term-loan lender group, which took 100% of the reorganized company's equity when the plan became effective April 30, 2025.
- Founded
- 2004
- Sponsor at closure
- Atlantic Street Capital
- Cause
- Roll-up integration · with debt left at exit
Sources
- Elevenflo (restructuring case tracker) · February 5, 2025 filing, $653.9 million debt, continued operations at 260+ locations shrinking to ~230, Atlantic Street Capital's 2020 majority acquisition and
- CRE Daily · confirms Chapter 11 filing, 260 locations at filing, plan to reject 41 leases, and description of debt and lease pressure as the filing cause
Active · distressed
Liberty Tax Service
Parent NextPoint Financial filed for creditor protection under Canada's CCAA and US Chapter 15 in July 2023 after its consumer-lending expansion strained its finances. A court-approved sale to BP Commercial Funding Trust closed January 2, 2024 with the tax-preparation business operating throughout.
Liberty Tax and Community Tax operate today under BP Commercial Funding Trust, Series SPL-X, which acquired the businesses out of NextPoint Financial's 2023-2024 insolvency proceeding.
- Founded
- 1997
- Sponsor at closure
- NextPoint Financial
Sources
- Newswire (company primary) · going-concern sale to BP Commercial Funding Trust, Series SPL-X closed January 2, 2024; Liberty Tax and Community Tax continued as a going concern under new own
- The Progressive Accountant · Liberty Tax and Community Tax continuing to operate under BP Commercial Funding Trust, Series SPL-X after the CCAA/Chapter 15 sale
Active · distressed
Acosta Sales & Marketing
Carlyle-owned Acosta filed a prepackaged Chapter 11 on December 1, 2019 to eliminate about $3 billion of debt while continuing to serve clients. It emerged on January 2, 2020 with Carlyle's equity wiped out.
Owned by funds associated with Elliott Management, Oaktree Capital, Davidson Kempner and Nexus Capital following the January 2020 debt-for-equity reorganization.
- Founded
- 1927
Sources
- Jacksonville Daily Record · 2019 · Carlyle-owned Acosta's December 1, 2019 prepackaged Chapter 11 filing, CEO statement that operations would continue without disruption, and $3 billion debt elim
- Bloomberg Law · Acosta emerged from Chapter 11 on January 2, 2020, with new equity ownership by Elliott Management, Oaktree Capital, Davidson Kempner and Nexus Capital funds, e
Active · distressed
Cengage Learning
Formed in a 2007 Apax and OMERS buyout of Thomson Learning that left it with about $5.8 billion of debt, Cengage filed Chapter 11 in July 2013 and kept selling textbooks throughout. It emerged April 1, 2014 after cutting about $4 billion of debt, with the sponsors' original equity expunged.
Operates today as Cengage Group under lenders/creditors who took equity in the 2014 restructuring, not the original Apax/OMERS buyout ownership.
- Founded
- 2007
Sources
- Inside Higher Ed · 2014 · Cengage emerged from Chapter 11 April 1, 2014 after eliminating about $4 billion in debt
- Bloomberg · 2013 · 2013 Chapter 11 filing; non-U.S. subsidiaries excluded and continued operating without interruption
- Mergr (M&A deal database) · 2007 Apax Partners/OMERS Private Equity leveraged buyout of Cengage from Thomson for about $7.75 billion, leaving $5.8 billion in debt
Active · distressed
Clear Channel Outdoor (iHeartMedia)
Parent iHeartMedia, taken private by Bain Capital and Thomas H Lee Partners in 2008, filed Chapter 11 in March 2018 with more than $20 billion of debt. The Clear Channel Outdoor billboard unit was not part of that filing and kept operating as a separately traded company.
Clear Channel Outdoor Holdings trades independently on the NYSE, and iHeartMedia emerged from Chapter 11 in 2019 under its creditors; neither is controlled by the 2008 buyers.
Sources
- Wolf Street · 2018 · iHeartMedia's March 2018 Chapter 11 filing, its 2008 Bain Capital/Thomas H. Lee LBO, and that the Chapter 11 filing did not include the Clear Channel Outdoor bi
- SEC EDGAR (Clear Channel Outdoor Holdings 10-K) · Clear Channel Outdoor Holdings operated as an independent public company, structurally separate from iHeartMedia's bankruptcy
Active · distressed
Hertz
Filed Chapter 11 on May 22, 2020, citing a pandemic-driven collapse in rental demand, and kept renting vehicles throughout the case. A plan backed by Knighthead, Certares and Apollo cut more than $5 billion of debt and took effect June 30, 2021.
Publicly traded (NASDAQ: HTZ) since its 2021 emergence; not controlled by a single private-equity sponsor as of the reorganization.
- Founded
- 1918
Active · distressed
Neiman Marcus
Filed Chapter 11 in May 2020 under owners Ares Management and CPPIB, wiping out their equity, and emerged September 30, 2020 with stores open throughout. After Saks acquired it in December 2024, the combined Saks Global filed Chapter 11 again on January 14, 2026 with stores still operating.
Operates today as part of Saks Global Enterprises, which is restructuring in Chapter 11 as of its January 2026 filing; stores continue operating.
- Founded
- 1907
Sources
- The Globe and Mail · 2020 Chapter 11 filing wiped out Ares Management and CPPIB equity
- CBS News · 2020 · no plans to liquidate; stores and website continued operating during the 2020 filing
- NBC 5 Dallas-Fort Worth · 2026 · Saks Global's January 2026 Chapter 11 filing; Neiman Marcus stores including the Dallas flagship remained open
Active · distressed
Guitar Center
Guitar Center, controlled by Ares Management since a 2014 debt-for-equity conversion of a Bain Capital-era leveraged buyout, filed Chapter 11 in November 2020; stores stayed open throughout, and the company exited bankruptcy about a month later after cutting nearly $800 million of debt.
As of October 2023, owned by funds managed by Ares, The Carlyle Group and Brigade Capital Management, the group formed in the 2020 restructuring.
- Founded
- 1959
Sources
- Retail Dive · Chapter 11 filing in November 2020, plan to refinance debt and exit before year-end, stores continuing to operate
- Retail Dive · exit from Chapter 11 after reducing debt by nearly $800 million
- PR Newswire (company primary) · 2023 · current ownership by funds managed by Ares Private Equity Group, The Carlyle Group and Brigade Capital Management
Active · distressed
Chuck E. Cheese
CEC Entertainment, owned by Apollo Global Management since a 2014 buyout, filed Chapter 11 in June 2020 after pandemic venue closures; most locations continued operating or reopened during the case, and the company emerged in December 2020 having shed about $705 million of debt.
Monarch Alternative Capital has owned CEC Entertainment, the operator of nearly 700 venues, since the 2020 restructuring.
- Founded
- 1977
Sources
- CNBC · 2020 · Chapter 11 filing, Apollo Global Management ownership since 2014, plan to continue operations through bankruptcy
- ABL Advisor · emergence from Chapter 11 having eliminated $705 million in debt
- CNBC · 2025 · Monarch Alternative Capital ownership since 2020, current footprint of nearly 700 venues across 47 states and 17 countries
- SEC 10-K (CEC Entertainment, company primary) · approximately 21,400 employees as of February 11, 2002
Active · distressed
Belk
Completed a one-day prepackaged Chapter 11 on February 24, 2021, backed by majority owner Sycamore Partners, cutting about $450 million of debt with every store open. A second, out-of-court deleveraging on July 24, 2024 handed control to lenders KKR and Hein Park.
The July 2024 deleveraging shifted controlling interest from Sycamore Partners to lenders KKR and Hein Park; Belk continues operating its department stores under that lender ownership.
- Founded
- 1888
Sources
- PR Newswire (company primary) · 2021 · 2021 one-day prepackaged Chapter 11, ~$450 million debt reduction, all stores remained open, Sycamore Partners as majority owner
- Home Textiles Today · 2024 · July 2024 recapitalization: KKR and Hein Park take controlling interest from Sycamore Partners, over $950 million debt eliminated, $485 million new capital rais
Active · distressed
TGI Fridays
TGI Fridays Inc. filed Chapter 11 on November 2, 2024, after a long contraction that had already shrunk its US footprint from about 270 restaurants to 163; restaurants stayed open throughout the case, and the court later confirmed the case involved no further restaurant closures beyond the corporate entity's wind-down.
Sugarloaf Hospitality, led by former CEO Ray Blanchette, bought 19 restaurants out of the bankruptcy and took control of the TGI Fridays brand in 2025.
- Founded
- 1965
Sources
- CNN · 2024 · Chapter 11 filing date, store count decline from 270 to 163
- Restaurant Business · TriArtisan Capital Partners and Sentinel Capital Partners bought TGI Fridays from Carlson Restaurants for over $800 million in 2014
- Nation's Restaurant News · restaurants stayed open throughout the case; Sugarloaf Hospitality/Ray Blanchette took control of the brand; liquidation plan confirmed July 24, 2026
Active · distressed
Mattress Firm
Filed a prepackaged Chapter 11 in October 2018, exiting bankruptcy one month later after closing about 700 underperforming stores; stores stayed open during the process.
Acquired by Tempur Sealy International in a deal that closed in February 2025 after Tempur Sealy prevailed over an FTC challenge.
- Founded
- 1986
- Sponsor at closure
- Steinhoff International Holdings N.V.
- Cause
- Roll-up integration · with debt left at exit
Sources
- Retail Dive · prepackaged Chapter 11, stores remaining open, store closures
- Simpson Thacher · 2025 · Tempur Sealy acquisition closing after FTC litigation
- Wikipedia · Mattress Firm was founded July 4, 1986 in Houston, Texas by Steve Fendrich, Harry Roberts and Paul Stork; Steinhoff International, which bought Mattress Firm fo
- The Daily Economy · Mattress Firm's roll-up of competitors including Sleepy's created heavy store overlap and debt that led directly to the October 2018 Chapter 11 filing and closu
Active · distressed
Claire's
Filed Chapter 11 in 2018, closing 92 stores, and continued operating. Filed a second Chapter 11 in August 2025; stores stayed open through a sale process.
Ames Watson Capital bought the North American business and IP for $140 million in September 2025, closing 291 stores and keeping roughly 800 to 950 open.
- Founded
- 1961
- Cause
- Debt left at exit
Sources
- Newsweek · 2018 · 2018 bankruptcy filing, 92 stores closing
- Commercial Observer · 2025 · Ames Watson acquisition, store closure and retention counts
- Wikipedia · Claire's was founded in 1961 as Fashion Tress Industries, a wig retailer; peak employee count of 18,100 (2015); Elliott Investment Management and Monarch Altern
- History Oasis · Claire's was taken private by Apollo Global Management in a $3.1 billion 2007 leveraged buyout that loaded the retailer with roughly $2.5 billion of debt, which
Active · distressed
Fairway Market
Filed Chapter 11 in 2020 and said stores would remain open during the process.
Village Super Market bought five stores and the distribution center for $70 million in 2020 and still operates Fairway-named locations today, per its own current store listing.
- Founded
- 1933
- Cause
- Debt left at exit
Sources
- Gothamist · stores remaining open during the Chapter 11 process
- Grocery Dive · 2020 · Village Super Market purchase of five Fairway stores and the distribution center for $70 million
- Village Super Market (company primary, live store listing) · Fairway-branded locations still appear in the current store list alongside ShopRite and Gourmet Garage
- Wikipedia · Fairway Market was founded in 1933 by Nathan Glickberg in New York City
- Grocery.com · Fairway's workforce peaked at around 4,300 employees before contracting sharply after the 2020 bankruptcy
- Crain's New York Business · a 2018 'rescue financing' package of $37 million in super-senior secured loans lifted Fairway's debt burden to $227 million, which precipitated the January 2020
Active · distressed
Gold's Gym
Corporate parent GGI Holdings filed Chapter 11 in May 2020; nearly 700 franchised gyms worldwide were unaffected by the filing.
RSG Group bought Gold's Gym for $100 million at auction in July 2020 and operates it today, with about 600 locations on six continents.
- Founded
- 1965
- Sponsor at closure
- TRT Holdings, Inc.
Sources
- TheStreet · franchise gyms unaffected by the corporate filing
- RSG Group · RSG Group acquisition and current global footprint
- Wikipedia · Gold's Gym was founded August 25, 1965 in Venice Beach, California by Joe Gold; TRT Holdings (which bought Gold's Gym in 2004 for $150 million) owned GGI Holdin
- PYMNTS · court papers filed with the May 2020 bankruptcy noted the company had furloughed most of its 4,600 employees amid the COVID-19 shutdown
Active · distressed
J.Crew
Filed Chapter 11 in May 2020; e-commerce operations continued throughout and stores reopened as COVID-19 restrictions eased.
Anchorage Capital Group took majority ownership in September 2020 after lenders converted more than $1.6 billion of debt to equity.
- Founded
- 1983
- Cause
- Dividend recapitalization · with debt left at exit
Sources
- CBS News · e-commerce continued throughout, no immediate store closures
- PYMNTS · debt-to-equity conversion, Anchorage Capital ownership
- Wikipedia · J.Crew was founded in 1983 (predecessor Popular Merchandise, Inc. dates to 1947); peak reported employee count of 9,400 (2019), shortly before the May 2020 Chap
- Private Equity Stakeholder Project · TPG Capital and Leonard Green & Partners, which acquired J.Crew in a $3 billion 2011 leveraged buyout, collected $765 million in fees and dividends from the com
Active · distressed
David's Bridal
Filed Chapter 11 in April 2023, its second bankruptcy in five years; stores remained open throughout.
Taken over in July 2023 by its own secured lender, CION Investment Corporation, via a credit bid; operated 195 stores at the time.
- Founded
- 1950
- Cause
- Debt left at exit
Sources
- Forbes · 2023 · CION Investment credit-bid acquisition, store count
- Wikipedia · David's Bridal was founded in 1950 as a small bridal boutique in Fort Lauderdale, Florida; Oaktree Capital Management led the group of lenders that took control
- CBS News · David's Bridal had approximately 10,000 employees (2,000 full-time, 8,000 part-time) across 294 stores at the time of its April 2023 Chapter 11 filing
- The Business of Fashion · David's Bridal's financial instability traced to roughly $1 billion of debt from the 2012 Clayton, Dubilier & Rice / Leonard Green & Partners leveraged buyout,
Active · distressed
Instant Brands (Instant Pot / Pyrex)
Filed Chapter 11 in June 2023 carrying roughly $512 million in debt; the company continued selling Instant Pot, Pyrex and its other products throughout.
Split in the sale: Centre Lane Partners bought the appliances business (Instant Pot) in November 2023, and the housewares business exited separately in February 2024 as Corelle Brands.
- Founded
- 2009
Sources
- NBC News · continued sales during Chapter 11
- Centre Lane Partners (company primary) · 2023 · Centre Lane Partners closed its acquisition of the Instant Brands appliances division in November 2023
- Retail Dive · housewares business (Corelle, Pyrex, CorningWare, Snapware) exited separately as Corelle Brands, February 2024
- Wikipedia · the company was founded in 2009 as Double Insight Inc. by Robert Wang, Yi Qin and three Canadian partners
- CNN Business · 2023 · Instant Brands employed over 2,400 people worldwide around the time of its June 2023 Chapter 11 filing
- PR Newswire (company primary) · 2019 · Cornell Capital's Corelle Brands merged with (effectively acquired) Instant Brands in 2019, making Cornell Capital the controlling owner heading into the 2023 b
Active · distressed
Red Lobster
Filed Chapter 11 in May 2024, closing about 50 of its restaurants while the remaining locations continued operating.
Sold in September 2024 for $375 million to RL Investor Holdings, an entity led by Fortress Investment Group; operated 545 locations at the time of sale.
- Founded
- 1968
- Sponsor at closure
- Thai Union Group
- Cause
- Sale-leaseback · with debt left at exit
Sources
- Fortress Investment Group · 2024 · sale terms, store count, new ownership
- Wikipedia · Red Lobster was founded January 18, 1968 in Lakeland, Florida; approximately 55,000 employees; Thai Union Group held full ownership (after buying out Golden Gat
- Restaurant Dive · Golden Gate Capital's 2014 sale-leaseback of about 500 Red Lobster properties to American Realty Capital Properties (later VEREIT) for $1.5 billion converted ow
Active · distressed
TXU Energy (Energy Future Holdings)
Parent Energy Future Holdings filed Chapter 11 in April 2014; TXU Energy continued supplying retail electricity customers throughout the case.
The retail business became part of Vistra Energy Corp in 2016 under the TXU Energy brand; the regulated grid unit, Oncor, was sold separately to Sempra.
- Founded
- 1945
- Cause
- Debt left at exit
Sources
- The Motley Fool · bankruptcy background and restructuring into Vistra/Oncor
- TXU Energy (company primary) · Texas Utilities Company was formed September 4, 1945, uniting Texas Power & Light, Dallas Power & Light and Texas Electric Service
- Fortune company profile · employee count figure of approximately 9,100 for Energy Future Holdings Corp
Active · distressed
Caesars Entertainment
Caesars Entertainment Operating Company filed Chapter 11 in January 2015 to cut about $10 billion of debt; casinos under the Caesars, Harrah's and Horseshoe brands continued operating throughout.
Emerged in October 2017 as a merged company, later combined with Eldorado Resorts in 2020 to form the current Caesars Entertainment.
- Founded
- 1937
- Cause
- Debt left at exit
Sources
- Las Vegas Review-Journal · continuous casino operation, debt reduction, merger and emergence
- Wikipedia · the company's origin traces to Bill Harrah opening a bingo parlor in Reno in 1937
- SEC 10-K (Caesars Entertainment Corporation, FY2014) · 2015 · approximately 68,000 total employees group-wide as of fiscal year-end 2014, of which about 34,000 were employed by Caesars Entertainment Operating Company, the
- Fortune · 2015 · Apollo Global Management and TPG Capital led the January 2008 leveraged buyout of Harrah's Entertainment (renamed Caesars) that loaded it with roughly $22 billi
Active · distressed
Tops Markets
Filed Chapter 11 in February 2018 and emerged six months later after clearing $445 million of debt, stores operating throughout.
Completed a merger with Price Chopper/Market 32 on November 8, 2021, under a new parent, Northeast Grocery; continues operating under the Tops name.
- Founded
- 1962
- Cause
- Dividend recapitalization · with debt left at exit
Sources
- The Shelby Report · debt reduction and emergence from Chapter 11
- PR Newswire (company primary) · 2021 · merger completion date, Northeast Grocery parent company structure, Tops retains its own brand and headquarters
- Wikipedia · Tops opened its first modern supermarket in 1962 in Niagara Falls, NY; current/recent employee count around 14,000
- Bloomberg Law · Morgan Stanley Private Equity loaded Tops with debt used to pay itself and investors approximately $375 million in dividends after its 2007 buyout; trustee's la
- The American Prospect · detail on the 2007 Morgan Stanley/Graycliff LBO, the debt load, and the 2013 management buyout of Morgan Stanley's stake before the 2018 bankruptcy
Active · distressed
Southeastern Grocers (Winn-Dixie/Bi-Lo)
Filed Chapter 11 in March 2018 and emerged two months later in May 2018, stores operating throughout.
Renamed The Winn-Dixie Company in January 2026; C&S Wholesale Grocers, already a co-owner, agreed to become majority owner in a deal expected to close in early 2027.
- Cause
- Dividend recapitalization · with debt left at exit
Sources
- CNBC · 2018 · Chapter 11 filing and rapid emergence
- Jacksonville Daily Record · 2025 · Aldi acquisition and subsequent sale to investor group in February 2025
- C&S Wholesale Grocers (company primary) · 2026 · January 2026 rename to The Winn-Dixie Co.; C&S Wholesale Grocers agreement to become majority owner, expected close early 2027
- Wikipedia · Southeastern Grocers formed by Lone Star Funds in 2013 as parent of BI-LO, Winn-Dixie and other banners; 2012 BI-LO/Winn-Dixie combination created a chain of ab
- Center for Economic and Policy Research (CEPR) · Lone Star Funds took roughly $839 million in dividends from Southeastern Grocers/BI-LO between 2011 and 2013 through debt-funded dividend recapitalizations, inc
Active · distressed
Sears / Kmart
Sears Holdings filed Chapter 11 in October 2018; ESL Investments bought it as a going concern in February 2019 through a new entity, Transformco.
Store count has continued shrinking under Transformco; as of January 2026, five Sears stores and three Kmart locations remained open.
- Founded
- 1892
- Cause
- Sale-leaseback · with deferred capital investment
Sources
- Forbes · 2026 · five remaining Sears stores and their locations, as of January 2026
- Axios · 2024 · last full-size Kmart in the continental US closed; remaining Kmart locations are in Miami, Guam, and the US Virgin Islands
- Yahoo Finance · Sears founded 1892 by Richard Warren Sears and Alvah C. Roebuck; employed over 350,000 people at its peak in the 1950s-60s
- Retail Dive · 2019 · Sears' own bankruptcy-estate lawsuit alleged Eddie Lampert and ESL Investments transferred billions of dollars of company assets, including through the 2015 Ser
- The American Prospect · 2018 · describes Lampert's 2015 sale-leaseback of 235 Sears/Kmart properties to Seritage Growth Properties (in which Lampert's ESL held a 43.5% stake) for $2.7 billion
Active · distressed
24 Hour Fitness
Filed Chapter 11 in June 2020, closed more than 100 clubs, and eliminated $1.2 billion of debt before emerging that December.
Founder Mark Mastrov and LongRange Capital acquired the chain in January 2026 from its post-bankruptcy lender-owners; about 240 clubs operate today.
- Founded
- 1983
- Sponsor at closure
- AEA Investors and Ontario Teachers' Pension Plan
Sources
- Business Wire · 2020 · debt reduction, emergence from Chapter 11
- Bloomberg Law · lender group taking 95% of reorganized equity in 2020
- PR Newswire (company primary) · 2026 · Mastrov/LongRange Capital acquisition, current owners named (Monarch Alternative Capital, Sculptor Capital Management, Keyframe Capital Partners) selling
- Axios · 2026 · current club count (~240), deal context
- Wikipedia · 24 Hour Fitness founded in 1983
- Jones Day · AEA Investors, Ontario Teachers' Pension Plan, and Fitness Capital Partners acquired 24 Hour Fitness for about $1.85 billion in 2014, a leveraged buyout that ad
- Bankruptcy Directory · 24 Hour Fitness had 445 locations and 19,200 employees before its June 2020 Chapter 11 filing, which closed more than 100 clubs
Active · distressed
Friendly's
Filed Chapter 11 in November 2020 and was sold for just under $2 million rather than liquidated.
Owned since 2021 by Amici Partners Group, a BRIX Holdings affiliate; BRIX was acquired July 22, 2025 by Legacy Brands International, led by Friendly's franchisee Amol Kohli, now BRIX's chairman.
- Founded
- 1935
- Cause
- Debt left at exit
Sources
- CNBC · 2020 · sale rather than liquidation
- Tasting Table · Amici Partners/BRIX Holdings ownership, 89 locations as of March 2025
- Friendly's (BRIX Holdings, company primary) · 2025 · Legacy Brands International, led by Friendly's franchisee Amol Kohli, acquired BRIX Holdings; Kohli became chairman, Mityas continued as CEO
- TheStreet · Friendly's founded 1935 in Springfield, Massachusetts by brothers Curtis and S. Prestley Blake; grew to more than 850 restaurants at its peak
- AOL/AP · 2011 · workforce of about 10,300 at the time of the 2011 bankruptcy filing
Active · distressed
Envision Healthcare
Filed Chapter 11 in May 2023 carrying roughly $7 billion in debt, and continued operating throughout the case.
Split into two independent companies, EVPS and AmSurg, when the plan took effect in November 2023; KKR relinquished ownership of both.
- Founded
- 1972
- Cause
- Debt left at exit · with roll-up integration
Sources
- Healthcare Dive · continued operation, debt reduction, split into EVPS/AmSurg, KKR exit
- Wikipedia · EmCare, the predecessor of what became Envision Healthcare, was founded in Dallas, Texas in 1972
- Healthcare IT News · KKR took Envision Healthcare private, with the deal closing in October 2018 at a total transaction value of $9.9 billion including about $7 billion in debt fina
- Hospitalogy · Envision/EmCare grew heavily through a rollup of acquisitions, including roughly two dozen deals between 2007 and 2011, before its 2018 KKR buyout and 2023 bank
Active · distressed
Prospect Medical Holdings
Filed Chapter 11 in January 2025; hospitals and physicians offices stayed open throughout. Two Pennsylvania hospitals, Crozer-Chester Medical Center and Taylor Hospital, wound down in 2025.
Its larger medical-group network, Prospect Health, was not part of the filing and was sold to Astrana Health for $708 million in July 2025, continuing to serve about 600,000 members.
- Founded
- 1996
- Cause
- Dividend recapitalization · with sale-leaseback
Sources
- Business Wire (company primary) · 2025 · hospitals and medical centers remained open throughout Chapter 11, uninterrupted patient care, PHP Holdings/Prospect Health medical groups not part of the filing
- Astrana Health investor relations (SEC 8-K, company primary) · 2025 · acquisition of Prospect Health closed July 1, 2025 for $708 million, ~600,000 members across CA/TX/AZ/RI
- Delaware County, PA · Crozer-Chester Medical Center and Taylor Hospital wind-down
- CBS News · Prospect Medical Holdings founded 1996; Leonard Green & Partners owned Prospect from 2010 to 2021 and extracted about $645 million in dividends, including rough
- WHYY · Leonard Green sold hospital real estate to a REIT, saddling Prospect with about $1.3 billion in lease obligations, then sold its 60% stake to executives Sam Lee