Bargain Hunt files Chapter 11 bankruptcy
America ı By Rihem Akkouche
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Bargain Hunt Stores, a discount retailer operating 92 stores across 10 states, has filed for bankruptcy in Tennessee, citing over $50 million in liabilities and plans to liquidate under Chapter 11. The company, which has struggled financially for years, attributes its collapse to increasing competition, unfavorable economic conditions, and the loss of a crucial contract with Amazon.
Bargain Hunt’s Path to Bankruptcy
The Antioch, Tennessee-based retailer, officially known as Essex Technology Group LLC, filed its Chapter 11 petition on Monday. In a declaration, Chief Restructuring Officer Rob Hubbard stated that the company has been unable to turn a profit for several years, reporting net losses exceeding $20 million in both 2023 and 2024, with up to $19 million in additional losses as of late November 2024.
Bargain Hunt faced stiff competition from big-box retailers, local convenience stores, and e-commerce giants, while also battling inflation, rising interest rates, and supply chain disruptions. The company’s "reverse logistics" business, which involved reselling returned merchandise from other retailers, had been a primary revenue source—but that line of business collapsed when Amazon cut ties with Bargain Hunt in 2024.
Amazon’s Exit Deals Major Blow
Amazon was Bargain Hunt’s largest reverse logistics partner, but in 2024, the e-commerce giant began soliciting bids for new service providers, reducing Bargain Hunt’s Amazon-related business by 25% before fully severing ties. This loss significantly impacted revenue, accelerating the company’s financial decline.
In addition to its $16.9 million in secured debt and $3 million in subordinated promissory notes, Bargain Hunt also owes Amazon $29.4 million in trade debt, making it the company’s largest unsecured creditor.
Liquidation or Last-Minute Buyer?
With no "stalking horse" buyer in place for a going-concern sale, Bargain Hunt plans to liquidate its assets through store closures to maximize creditor recovery. However, the company remains open to a sale if a viable buyer emerges, Hubbard stated.
“The debtor believes that in the absence of a stalking horse buyer for a going concern sale, which it does not currently have, an immediate liquidation of its assets through its retail stores is the only way to maximize value,” Hubbard said.
Debt Obligations and Bankruptcy Proceedings
Bargain Hunt’s financial troubles led to defaults under its prepetition credit agreement, prompting its senior lenders to appoint an independent director, who subsequently placed the company into bankruptcy proceedings.
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