Top U.S. Retail Chains Bankrupt

Bombay - Sadly, this chain failed and filed for bankruptcy in September 2007. All assets were liquidated and the company's trademark, intellectual property and trade names were later purchased by Hilco Consumer Resources and Gordon Brothers Group for $2 million in cash. You'll see these investors pop up throughout this list. They acquired many of these dismantled stores.

Circuit City - If you've got any of this company's gift cards, better redeem them before March 31, when they close their doors for good. During the liquidation period, warranties on new purchases will continue to be honored and they will still offer theater installation. This store filed for Chapter 11 Bankruptcy in November of last year but never recovered.

CompUSA - Although this chain closed its last few doors in March of 2008, following a final sales push during the Christmas holiday season in 2007, it is noteworthy to mention. Known for its strong presence in the consumer appliance market, CompUSA met its demise due to sluggish sales and competition with Best Buy, Fry's and Circuit City.

Goody's Family Clothing - This retail apparel chain is a privately held company based in Knoxville, Tennessee that came out of Chapter 11 Bankruptcy in October of last year. The company, however, was forced to liquidate its collateral and inventory the beginning of this year due to the recession in the economy.

Linens `n Things - This retail chain filed Chapter 11 Bankruptcy in May of 2008, but closed its doors later last year. A joint venture, Hilco Consumer Capital and Gordon Brothers Brands, purchased the chain for $1 million. That's a far cry from the $1.3 billion a group of private investors paid for it in 2006.

Mervyn's - Most of this retail chain's stores were located in California where it held a strong presence before filing Chapter 11 Bankruptcy in July of last year. The last stores closed their doors in December of 2008. The store was founded in 1949 by Mervin G. Morris, the stores' namesake, although, the "i" in his first name was changed to a "y" for marketing reasons.

The Sharper Image Corp. - After filing for bankruptcy early last year, this retail store known for its electronic gadgets closed its doors in August of 2008. Hilco Consumer Capital and Gordon Brothers Group won the bid at the bankruptcy auction for all assets of The Sharper Image. The final cost? Forty-nine million, along with some conditional recapture of the company's assets.

Tweeter - By November of 2007, this retail chain filed bankruptcy for the 2nd time in 18 months. Hit by declining projection and flat screen TV sales and competition from Best Buy and Circuit City, Tweeter finally gave up the ghost. The company had been purchased by Schulze Asset Management in June 2006, but even the $38 million invested in the company couldn't save it.

Woolworth's - This almost century old chain succumbed to the same demise so many others that went before it did - competition and slumping sales. All of this chain's stores were closed earlier this year after filing for bankruptcy in November of last year.

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