Major consumer and retail bankruptcies

Consumer and retail bankruptcies are on the rise this year — a tell-tale sign of how the consumer is faring economically.

Why it matters: While the job market is steady, the performance of the C&R space is showing how vulnerable companies are as interest rates continue to rise.

The big picture: Overall, bankruptcy filings in the first half of 2023 eclipsed filings from any other comparable period since 2010, according to S&P Global Market Intelligence.

• Consumer discretionary companies accounted for more bankruptcies than any other sector, clocking in 45 filings in the first half of the year, per S&P Global.
• Others on the list include sleepwear company Lunya Co. and Instant Pot parent Instant Brands (S&P Global includes auto and travel companies as well).

State of play: Big-box retailer Bed Bath & Beyond’s stores are no more now that its intellectual property has been sold off to Overstock. However, its name will live on.

• The fate of its crown jewel Buybuy Baby is still up in the air as the beleaguered retailer seeks a more limited sale of the business.
• The company canceled its auction for all of Buybuy Baby’s assets last week after no bidders topped retailer Dream on Me’s $15.5 million cash offer.
• It will seek court approval of Dream on Me’s IP bid at a July 11 court hearing.

The latest: The Newton, Massachusetts shoemaker Rockport Group is one of the latest companies to file, this being its second time in five years.

Axios is compiling an updated list of recent, major bankruptcies and where the companies are in their bankruptcy status. The chart was last updated on July 18, 2023.