This issue of the Bankruptcy Update focuses on the recent retail industry bankruptcy cases of 99 Cents Only, Express and JOANN.

Number Holdings Inc. (Bankr. D. Del. Case No. 24-10719)

On April 7, 2024, and April 8, 2024, Number Holdings Inc. and five affiliates filed petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The California-based discount retailer and parent company of 99 Cents Only operates more than 370 stores located in California, Texas, Arizona and Nevada. Prior to commencing the bankruptcy proceeding, the company announced its plans to liquidate and close down stores due to the impacts of the pandemic, inflation and shifting consumer demand. In the petition, the debtors listed more than $1 billion in debt, including $350 million in secured notes that mature in 2026, $18 million in promissory notes due in May and $88.9 million in three secured asset-based loans.