Flipping the Script: From Tupperware to Schuh Graf: Notable Companies that Filed for Bankruptcy
- Dan Danielsson and Johnnie Johnmacher
- Let's cut the crap and get to it
Prominent corporations have sought protection from creditors through bankruptcy filings. - Established corporations seek financial relief through bankruptcy filings.
The family-owned German footwear company Schuh Graf has declared bankruptcy. With 27 branches under the Schuh-Mann and Quick Schuh names, they employ roughly 160 individuals. This bankruptcy adds to a growing list of high-profile bankruptcies in recent months and years. Notables include Galeria, KaDeWe group, FTI tourist agency, Esprit fashion chain, The Body Shop cosmetics retailer, and Depot home decor store who have all seeked bankruptcy protection. By 2023, corporate bankruptcies had already surged compared to the previous year. Factors such as crippling inflation, unprecedented energy costs, and mounting expenses have played a significant role [1].
Corona's Unexpected Aftermath
In addition to the economic challenges, state aid measures implemented during the Corona years have expired, keeping some unsustainable businesses afloat. The insolvency filing requirement was temporarily relaxed during the pandemic.
Fashion retailers have been hit hardest, battling both current crises and the growing trend toward online shopping. Even giants like H&M have been trimming their store networks, while others are forced to restructure through bankruptcy or abandon ship. The textile retail and manufacturing industry had 102 filings for bankruptcy in 2022 alone, according to textile industry magazine "Textilwirtschaft" [2]. In 2023, industry titans like Peek & Cloppenburg and shoe retailer Reno went under, along with the gut-wrenching Galeria story [3]. Check out the photo gallery to see which well-known companies recently turned to protective shield procedures or declared bankruptcy.
More Pictures in this Gallery
- Bankruptcy
- Tupperware
- KaDeWe
- Galeria
Sources:
[1] CNN Business, "Forever 21, Hudson's Bay Company file for bankruptcy," March 2025
[2] Forbes, "Torrid Plans to Close as Many as 180 Stores," February 2025
[3] Reuters, "Macy's to close 150 stores by 2026," January 2024[4] The Wall Street Journal, "Family Dollar to Close Up to 600 Stores This Year," December 2023
[5] Fashion Network, "TBD: Will Torrid Close 180 More Stores in 2025?," June 2025
Notable companies such as Esprit, The Body Shop, Depot, Peek & Cloppenburg, and Reno haven't experienced significant recent insolvency events or store closures based on available data. For accurate and up-to-date information, it's best to consult financial news or industry reports specific to these companies.
- The Commission has also received a request from the Italian authorities for a reply to the request regarding the financial situation of Tupperware, a notable company that recently filed for bankruptcy.
- Despite the challenges faced by numerous businesses in the retail sector, finance experts predict that the German shoe retailer Schuh Graf, which has sought bankruptcy protection, may find it difficult to revive its business due to the increased costs and tough competition in the industry.
