Retail Bankruptcies, Administrations & Store Closures 2026 – A Running Market Watch
Last Updated: February, 2026
At RetailOasis, we believe understanding failure is as important as studying success. This live tracker documents retail bankruptcies, administrations and significant store closures across Australia and globally.
Our goal isn’t to sensationalise, it’s to observe patterns, identify signals, and help retailers stay ahead of structural change.
2026 Snapshot (Year to Date)
Total Bankruptcies / Administrations: 6
Major Store Closure Programs: 2 (Full fleet wind-downs)
Most Impacted Categories: Apparel (mid-market & outdoor), Luxury Department Store, Prestige Beauty, Discount Retail
Geography Most Affected: United States
Emerging Pattern: Debt-heavy capital structures, liquidity constraints and physical retail cost pressure accelerating both restructuring activity and selective footprint consolidation across discretionary and value segments.
January 2026
Cheap as Chips
Country: Australia
Category: Discount Variety Retail
Event: Voluntary Administration & Business Sale
Footprint Impact: 44 of 47 stores to be sold to Choice; 3 stores (Albury, Wonthaggi, Windsor Gardens) closing prior to completion; approximately 525 employees.
Notes: Administrators were appointed to oversee a proposed restructure and sale following a reported $34.9m loss in the prior financial year. The majority of stores are expected to continue trading under Choice ownership.
David Jones
Country: Australia
Category: Premium Department Store
Event: Store Closures (Network Optimisation)
Footprint Impact: 2 stores closing (Castle Towers and Tuggerah, NSW); customers redirected to nearby locations and online.
Notes: The company cited ongoing retail network optimisation, right-sizing and investment in omnichannel capabilities. Closures form part of a broader transformation strategy focused on consolidation and digital growth rather than insolvency.
REI (Recreational Equipment, Inc.)
Country: United States
Category: Outdoor & Sporting Goods Retail
Event: Store Closures (Profitability Restructure)
Footprint Impact: 3 stores closing in 2026 (Paramus, NJ in Q1; SoHo, NYC and Boston later in 2026).
Notes: The closures follow declining sales (down 6.2% to $3.53bn) and a net loss of $156.4m in FY2024. The company cited the need to adapt to evolving customer needs and return to profitability amid broader outdoor industry pressure.
Saks Global (Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman)
Country: United States
Category: Luxury Department Store
Event: Chapter 11 Bankruptcy
Footprint Impact: Stores remain open during restructuring; operations supported by $1.75bn financing package.
Notes: The filing follows a debt-heavy $2.7bn merger that combined Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman. Revenue declined 13% in the prior quarter, vendors withheld inventory amid overdue payments, and the group listed between $1bn and $10bn in assets and liabilities. The company cited restructuring and balance sheet pressure as the primary drivers.
Pat McGrath Labs
Country: United States
Category: Beauty & Cosmetics
Event: Chapter 11 Bankruptcy
Footprint Impact: Operations continuing during restructuring; assets and liabilities estimated between $100m–$200m; between 200–999 creditors.
Notes: The brand cited an unsustainable capital structure, accumulated legacy liabilities and liquidity constraints following a $17.5m loan secured in 2025. Once valued at $1bn, the company’s valuation had fallen significantly amid debt pressure, investor exits and repeated restructuring attempts.
February 2026
Barbeques Galore
Country: Australia
Category: Outdoor Furniture & BBQ Retail
Event: Voluntary Administration
Footprint Impact: 68 company-owned stores affected; 27 franchise stores not impacted; approximately 500 employees.
Notes: Administrators cited ongoing liquidity challenges and cash flow pressures. The business posted $172m revenue in FY2024 with a pre-tax loss of $16.1m. The company is expected to be restructured or sold.
Francesca’s
Country: United States
Category: Women’s Fashion Retail
Event: Chapter 11 Bankruptcy (Second Filing in Six Years)
Footprint Impact: Approximately 400 leased stores entering phased liquidation; around 3,000 employees impacted.
Notes: The company cited constrained liquidity following prior restructuring, ongoing supply chain disruption, increased competition from e-commerce, inflationary pressures and a failed alternative financing process. Francesca’s has approximately $30 million in secured debt and has commenced store closing sales across its fleet.
Eddie Bauer (North America Stores Operator)
Country: United States & Canada
Category: Apparel & Outdoor Retail
Event: Chapter 11 Bankruptcy & Full Store Wind-Down
Footprint Impact: 175 stores closing across the U.S. and Canada (down from ~220 at the start of the year); closures expected by April 30 unless a buyer emerges.
Notes: The stores operator cited sustained negative earnings driven by macroeconomic pressures, inflation, shifting consumer preferences and supply chain challenges. Brick-and-mortar operations carry liabilities exceeding $1 billion, while wholesale and e-commerce operations continue under separate licensing arrangements.