Forma Brands parent company of beauty brands like Morphe, Lipstick Queen, and Bad Habits filed for Chapter 11 bankruptcy at the start of 2023. Summary: New York discount retailer Century 21 will close all 13 of its stores after filing for bankruptcy in September. Its affordable pricing and product variety helped it gain popularity among consumers, and it used partnerships with influencers like James Charles and Jeffree Star to create a robust social media presence. UK-based Missguided fell into administration at the end of May, as it owed more money than it was making and had a number of suppliers that had not been paid for orders. Roberto Cavalli, as an entity, admitted to having financial difficulties as it strategized ways to stay afloat. Notably, the company initially survived the onset of the pandemic however, like others in its space, it ultimately succumbed to decreased foot traffic and supply chain disruption. Summary:2018s first retail apocalypse victim, Texas-based fashion retailer Agaci, filed for Chapter 11 bankruptcy protection in January 2018 due to poor financial performance, which stemmed froma badly planned physical retailexpansion, hurricane damages, and other internal issues. Jared Ellias, who teaches corporate bankruptcy law at Harvard, thinks more companies will enter bankruptcy this year. It previously filed for bankruptcy in January 1996. Retail Ecommerce Ventures acquired its e-commerce business and intellectual property in August for $3.6M. In addition to macro pressures, Revlon had also been finding it increasingly difficult to capture younger consumers amid the growing popularity of beauty startups like, After 124 years in business, the high-end home goods retailer filed for Chapter 11 protection with around, in secured debt. Bankruptcy filings surge in first half of 2023 in US - Epiq Paper Source came under fire when it was revealed it had awarded executives a combined $1.5M in bonuses during the pandemic while reportedly leaving some of its vendors unpaid. As August came to a close, consumer brand-owner Sequential Brands filed for Chapter 11 bankruptcy protection. Summary: Discount department store chain Stein Mart long struggled with declining sales before it fell to bankruptcy in August. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you. The company was then hit with a $3.7M fine in July 2021 after falsely advertising that its clothing was capable of eliminating and providing protection from Covid-19. The company was then hit with a, in July 2021 after falsely advertising that its clothing was capable of eliminating and providing protection from Covid-19. Leading Companies Filing for Bankruptcy - 2023 | Intellizence "There's still going to be trouble . After declaring Chapter 11 bankruptcy in January 2017, private equity firm Sycamore Partners, which specializes in retail investments, bought The Limiteds IP and e-commerce assets. According to court papers,company lacked a sophisticated e-commerce platform to compete in todays market. The company also said its assets and liabilitiesranged between$1M to $10M, with between 1,000 and 5,000 creditors. In addition to a helium shortage in 2019 (which impacted the retailers balloon business), increased costs amid the pandemic, and an inflation-driven slowdown in consumer spending, Party City has also run up against rising competition from big box and online retailers. The clothing retailer saw a 50% month-over-month decline in revenue amid the coronavirus pandemic. Bankruptcy was a strategic move on the retailers part, which hoped to use it as grounds to cancel its 21 US store leases while continuing to sell to US consumers online. Rates rise, access goes down and some people default, Kaiser said. Its hemorrhaged money since 2010, its last profitable year, and has accumulated $4.5B in net losses since then. In early June, Collected received new funding from private equity firm KKR, emerging from bankruptcy to continue its e-commerce business. Capri - According to MSN, the retailer, which operates the Michael Kors, Jimmy Choo, and Versace brands, has about $7.5 billion in assets and $1.1 billion in long-term debt. The company announced that it would maintain regular operations and seek out a buyer via auction by the, The Australia-based activewear retailer filed for Chapter 11 protection in Californias bankruptcy court. Discount home goods retailer Tuesday Morning filed for bankruptcy protection in February. Ultimately, it turned to store closures and layoffs. The Authentic Brand buyout was completed in June 2015. Aeropostale had been owned by private equity firm Palladin Consumer Retail Partners since 2014. It finally filed for bankruptcy in June as the Covid-19 crisis forced it to close 40% of its locations. Established in 2005 by the century-old Li & Fung, the company licenses major brands such as All Saints, Saga, and Le Tigre and makes private label products as well. The company has already brought in Gordon Brothers Retail Partners and Hilco Merchant Resourcesto help sell off inventory and assets in order to pay off debt worth over $100M. Summary: The French brand Sonia Rykiel filed for bankruptcyin the USin April, part of a broader bankruptcy story at the company. Summary: The oldest US department store operator, Lord & Taylor, filed for Chapter 11 bankruptcy in early August and announced it would be liquidating all 38 of its stores. Category/Product(s):Discount retailer for apparel, shoes, houseware, etc. due to pandemic-induced store closures, at which time it shut down a number of locations in restructuring. Covid-induced supply chain disruption proved to further compound the issue, making it more difficult for the company to manage its debt load. February's total was the most in a single month since March 2021. The company filed in order to reorganize and emerge from bankruptcy to form a new company. June 16, 2023 Bankruptcy Intellizence monitors bankruptcy filing, insolvency & liquidation news, and public announcements by companies. Summary: Faced with disruptive competition from bed-in-box startups like Casper, Kentucky-based Innovative Mattress solutions filed for Chapter 11 in January 2019. Party City could emerge from bankruptcy with a much smaller brick-and-mortar footprint while it aims to keep some of its stores open, it is exploring store closures amid bankruptcy proceedings. The company filed for Chapter 11 on February 3, 2019 and emerged with court approval for its reorganization plan in less than 24 hours. Summary: The high-end candy brand Sugarfina filed for Chapter 11 bankruptcy in September. Summary:Texas-based jewelry chain Samuels Jewelers Inc. filed for Chapter 11 bankruptcy in August 2018, mostly due to a drop in sales and profitsfrom increasing online retail competition. Plus, a. However, the company ultimately announced Chapter 7 bankruptcy in July 2015 and that it would be dissolving its entire business due to massive debt. Whats unique about this group is that so-called consumer discretionary companies are leading the filings. Covid-induced supply chain disruption proved to further compound the issue, making it more difficult for the company to manage its debt load. Summary:Shoe retailer Nine West Holdings Inc. filed for bankruptcy in April 2018, with court documents showing the company owed more than $1B to as many as 50,000 creditors. Its parent company and web-based business will remain in operation. After failing to find a buyer to keep the business alive, the company liquidated and sold all its assets in May 2016, signaling continued difficulties for brick-and-mortar sportswear apparel. With retailers facing old challenges in addition to combating newly rising prices and a pullback in consumer spending, some reports indicate that retail bankruptcies may flare up once again in 2023. In late February 2019, the footwear brand received court approval to proceed with its plan to restructure its debts. Despite several consecutive years of year-over-year revenue increases, it began taking accelerating losses in 2016. At the time it entered insolvency, it was reported that its website and 170 stores would continue to operate and nearly 2,000 employees were at risk of redundancy. Summary: Gourmet grocery chain Dean & DeLuca had already ceased all operations when it filed for bankruptcy in March. In May 2015,Comvest Capital and CapX Partners bought Karmaloop out of bankruptcy for $13M. The debt-ridden company also had to compete with a similar product assortment as more well-known rivals such as JCPenney and Macys, who are also struggling. This reportedly marks the third bankruptcy filing for the rental car company, having previously filed in 2008 and 2013. Its why retailers are less likely to make it out of bankruptcy, though most companies in other sectors do eventually recover. news Markets Expect More Bitcoin Miners To Go Bankrupt in 2023 Amid bankruptcies, the fate of struggling crypto miners remains in flux, as some are better positioned to weather the crypto storm by Ben Strack / December 29, 2022 09:00 pm Mark Agnor/Shutterstock.com modified by Blockworks share Europe's seeing inflation fade. GBG USA entered into purchase agreements for its Aquatalia brand and others and looked to sell its remaining assets under court supervision. Twitter Twitter had a crisis as parody accounts ran wild with Twitter Blue. Luxury e-commerce platform Secoo filed for bankruptcy in August 2022. At the time, Charlotte Russe secured a $50M debtor-in-possession financing commitment in the hopes of finding a buyer. Summary:Owner of Eastern Mountain Sports, Bobs Stores, and Sport Chalet, Vestis Retail Group (owned by private equity firm Versa Capital Management LLC) announced plans for Chapter 11 bankruptcy in April 2016. Pressure from larger competitors like Whole Foods and Trader Joes have squeezed smaller chains in recent years, with A&P, Winn-Dixie, and Bi-Lo all filing for bankruptcy in recent years. With an increase in plus-size offerings from a range of clothing companies, Avenue struggled to hold onto its market share. Department store chains like Stage Stores have been especially at risk amid the pandemic, as the shift to online shopping has accelerated. Bally Sports New Orleans. The brand was not able to innovate fast enough as it faced competitive pressure fromfast fashion brands like H&M and Zara. Summary: Nebraska-based Gordmans struggled to adapt to e-commerce (it launched an online site in 2015) and experienced declining sales since 2012. Slowed sales stemming from more recent macroeconomic turbulence added fuel to the fire. Freds closed hundreds of locations prior to its Chapter 11 filing in an effort to save the company. Summary:Womens clothing retailer Cache filed for chapter 11 bankruptcy protection in February 2015, citing a lack of time and money to reorganize. However, much to the delight of FR creditors, Amazons claims were dismissed. Continuing supply chain issues persist as China reopens in the face of its COVID crisis. New Jersey-based crypto lender Voyager Digital filed for bankruptcy in the United States on July 6 after Three Arrows Capital (3AC) defaulted on a crypto loan worth more than $650 million. Following 2020, retail experienced a significant rebound as consumers returned to stores. This created issues for customers who had previously purchased products as theyno longerhad a parent company through which to claim warranties. Claires is currently negotiating with its lenders to reduce its debt as it continues to operate its retail locations. Bally Sports Great Lakes. Its CEO blamed the chains demise on its insurers for failing to pay the chain $175M. At the time of filing, BH Cosmetics stated that it planned to sell its intellectual property for $4.3M. While the company successfully emerged from its first bankruptcy, it was unable to stay afloat after one of its major suppliers cut ties. The ruling served as a major blow to Amazons ability to compete with Reliance its rival in the Indian retail market. Log In Free Trial. by the century-old Li & Fung, the company licenses major brands such as All Saints, Saga, and Le Tigre and makes private label products as well. Its current majority owner Lion Capital received court approval to buy the brand in July, which included a $76M credit bid. Chesapeake was an industry leader during the U.S. fracking boom a few years ago, but its ambitious growth led the company to take on about $9 billion in debt, with another $1 billion worth of. Department stores proved to be the most vulnerable, with the pandemic felling iconic names such as Neiman Marcus and JCPenney. More than 230 companies declared bankruptcy between the beginning of the year and the end of April. Later in the month, the Cleveland-based gifts retailer won court approval to close a majority of its 400 stores as it planned to sell most of its business to Enesco, an Illinois-based company that specializes in gift ware, home decor, and accessories. Compounded by supply chain disruption, liquidity issues, and pressing royalty obligations, Covid-induced shifts led to sales dropping, in the fiscal year ended March 2021. Sears will now operate 223 Sears and 202 Kmart stores, down from 687 stores in 2018 and 1,672 stores in 2016. While the company grew its physical footprint considerably in the aughts, it, lagged behind competitors like Target, Amazon, and Walmart. While there were 52 retail bankruptcies in 2020, 2021 saw just 21 a 60% drop year-over-year, according to Axios. Corporate bankruptcies have surged this year - Marketplace 10 Struggling Companies That Might Not Survive 2023 - Yahoo Finance Stocks. Summary: In July 2017,Florida-based Alfred Angelo filed for Chapter 7 bankruptcy, which allowed the company to liquidate instead of restructure its debt. As August came to a close, consumer brand-owner Sequential Brands filed for Chapter 11 bankruptcy protection. Summary:Karmaloop filed for bankruptcy in March 2015 with $100M in debt. its Chuck & Dons and Krisers brands in Minnesota, Colorado, Kansas, Wisconsin, and Illinois. It also shuttered nearly 100 stores in the process, and plans to remodel 100 stores in 2018. The chain had been a pioneer in introducing US customers to international, hard-to-get items, but growing competition from rivals like Amazons Whole Foods and Trader Joes forced it to shutter stores after running out of cash mid-2019. , the company tried to reduce costs by cutting back on trademark offerings like mailer coupons and name-brand inventory. The childrens apparel retailer will also sell its Janie and Jack clothing line to Gap Inc for $35M. At the start of 2020, the retailer had 68 stores across the US, but then supply chain disruptions and a drop in revenue due to the Covid-19 pandemic forced it to close 37 stores. Learn 5 lessons from major direct-to-consumer brands like Peloton and Casper that faced disaster. The company subsequently closed its 250 retail stores across the US. The department store chain, which owns Bergdorf Goodman, struggled to adapt to e-commerce, and its heavy debt burden prevented it from being able to compete against rivals like Farfetch and Net-a-Porter.. Summary: Shoe chain Aldo filed for bankruptcy in Canada in May, and it is seeking protection in the US and Switzerland. Serta had already been dealing with ongoing litigation over emergency funding it received during the pandemic. Summary: Beauty Brands filed for bankruptcy in January 2019, entering into an asset purchase agreement with Hilco Merchant Resources for the sale of its operating assets. But according to recent reports, the fashion retailer is going out of business and closing all of its stores nationwide. After filing, Vanitys website (which no longer exists) advertised a going-out-of-business sale. However, after some of its influencers became embroiled in personal scandal, Morphe moved away from leveraging influencer partnerships and rebranded as Forma Brands in 2020. The company cited the general retail industry downturn, declining sales, and increasing operating costs along with internal problems such as merchandising, strategy, and e-commerce fulfillment as major factors that led to bankruptcy. The company filed forChapter 11 protection on December 11, citing declining sales due to issues with inventory, merchandising, and vendors. The company will have to compete with direct-to-consumer perfume brands like Scentbird, Sniph, and others. With Purpose Inc., which does business as GloriFi, is the other regional bank bankruptcy in 2023, listing liabilities in the range of $50 million and $100 million, with assets between $500 million and $1 billion. Summary:Facing legacy supply issues from 2006, Good Times Convenience Stores, once a major player for gas stops and convenience stores, declared Chapter 11 protection in November 2015. While weddings have since picked up again, the company highlighted that its business continued to suffer due to, for wedding apparel post-pandemic. 2023 Public Company Bankruptcies - Stock Analysis That includes stores like Davids Bridal, Party City and Bed Bath & Beyond, which fell behind just as online shopping upended retail, pointed out Jaime Katz, an analyst at Morningstar. Summary: The nations second-largest rental car company, Hertz is one of the highest-profile victims of the coronavirus pandemic, with $19B in debt and some 700,000 cars in its inventory. Summary: Amidst closing over 400 stores in efforts to downsize, teen specialty apparel retailer Rue21 filed for Chapter 11 bankruptcy in May 2017 and agreed to reduce debt and reorganize internally thanks to an injection of new capital from investors. Summary: The Florida-based Hollander Sleep Products company declared bankruptcy as a result of substantial cash limitations and debt constraints. Whats the best way to navigate personal bankruptcy? Summary: Netherlands-based denim brand G-Star, which operates 31 stores in the US, filed for Chapter 11 bankruptcy in July, citing the pandemics disruption to its retail locations. The retailer announced it would close its stores while it tries to sell parts of the business. July 3 (Reuters) - U.S. Chapter 11 bankruptcy filings jumped 68% in the first half of 2023 from a year earlier, Epiq Bankruptcy, a provider of U.S. bankruptcy filing data, said on Monday. Since then, the company has reopened over two-thirds of its closed stores under new leadership and is focused on refreshing its brand. US Realty Acquisitions, the real estate investment arm of private equity firm US Assets, acquired the inventory and assets for approximately $6.9M and reopened stores under a new name, Loves Furniture. Summary: Francescas said it would close roughly half of its 551 locations in malls across the US after filing for bankruptcy protection in December. NPC is hoping to sell its business for at least $725M $400M for its Wendys locations and $325M for its Pizza Hut stores. SVB . in order to maintain business operations as it looked to deleverage its balance sheet by $950M. The company has emerged from bankruptcy in August with plans to move forward by decreasing its brick-and-mortar footprint and foraying into new categories, all while still keeping a mid-price range. The retailer received about$22M in financing from Salus Capital Partners to maintain operationsduring the process. It struggled in the time that followed, with most of its brands failing to hit revenue projections, and it eventually shuttered its brick-and-mortar operations. Exacerbated by a declining popularity in surfwear apparel during the recession, the company opened too many stores that relied too heavily on its surfwear products. The company known for its bangle bracelets experienced success in its early days, notching, . The company previously filed for bankruptcy in 2020. Summary: Clothing retailer Lucky Brand declared bankruptcy in July, with plans to close at least 13 stores and sell its business to an apparel group owned by Authentic Brands and Simon Property Group, which also operate Aropostale and Nautica. Summary:Employee-owned jewelry chainGM Pollack, which was family-owned until 2009, began shutting down stores in June but did not originally plan to close all of its stores. While the company emerged from its first bankruptcy in 2019, it was then thrust into the pandemic, which saw events like weddings (and the demand for wedding apparel) come to an abrupt halt. As of March 2023, the largest all-time bankruptcy in the United States remained Lehman Brothers. After closing a number of unprofitable stores between 2013 and 2019, it was acquired by private equity firm CriticalPoint Capital and held with the investors other sporting goods assets under the Running Specialty Group (RSG). The downturn didnt stop there: from March 2020 to March 2021, income fell from $10M to $3.3M. It previously filed for bankruptcy in May 2020 due to pandemic-induced store closures, at which time it shut down a number of locations in restructuring. After filing for Chapter 11 protectiion in March 2017, the company decided to close all of its 140 stores across the US, effectively eliminatingjobs for approximately 1,400 employees. Sport Chalet began closing all of its locations that month, while EMS and Bobs closed only 9 locations in total. It also faced a myriad of other interrelated challenges, like sales contract disputes, false advertising charges, and consumer rights protection complaints. Summary: Sunglasses retailer Solstice filed for Chapter 11 bankruptcy in February, with plans to restructure. The company had been on the verge of bankruptcy for months, after sales declined more than 60% amid the pandemic. The retailer tasked management consulting company Teneo with overseeing the administration and was reported to be exploring the sale of its business. Welcome to 2023! Its US business has reportedly been operating at a loss for the past 3 years, due to high rents and cheaper alternatives. 21.9 percent in the first quarter of 2023 relative to . Summary: FullBeauty Brands entered and exited bankruptcy in record time. The company's roots go back to the 1950s near Cape Cod, Massachusetts. After initiating a liquidation process earlier in the year, Olympia Sports filed for Chapter 11 bankruptcy in mid-September. Bluestem owns a variety of brands, including Appleseeds, Blair, Drapers & Damons, and Fingerhut, spanning multiple retail categories such as apparel and electronics. Summary:Within a year of its first bankruptcy, American Apparel declared bankruptcy for the second time in November 2016. -Best places to eat. This time, Canadian apparel company Gildan acquired the company and replaced its made in America manufacturing (which was highly expensive) with the motto Globally Sourced, Ethically Made, Still Sweatshop Free. Summary:Discount retailer National Stores Inc. filed for Chapter 11 protection in August 2018, with plans to close 74 of its 344 stores. After filing for Chapter 11 protection in July, the company exited in October with plansto establish a smaller footprint and increase digital growth. Amid the pandemic, the company had to temporarily close approximately 700 gyms globally and permanently close 30 locations. The company stated that it had secured. Company Name Jun 30, 2023: SRGAQ: Surgalign Holdings Inc: Jun 30, 2023: EOCW: Elliott Opportunity Ii Corp: Jun 23, 2023: ONCSQ: Oncosec . The company pointed to pandemic-driven changes in beauty routines as contributing to its decline (it suffered a multi-million dollar revenue drop in 2020), and those involved with the restructuring process highlighted complications stemming from the unsuccessful launch of a number of product lines. At the time of its filing, the company was behind on $15M in rent and was looking to exit 29 burdensome leases where its sales had fallen, claiming its rent at those locations no longer reflect the market.In August, the company announced that it had completed restructuring and planned to emerge from Chapter 11 proceedings by the end of the month. After teetering on the edge of bankruptcy for months, Bed Bath & Beyond filed for Chapter 11 bankruptcy protection in April. Summary: The teen accessories retailer, well-known for its ear-piercing service, filed for bankruptcy protection in March 2018. The World's Biggest Bankruptcies 2023 | Global Finance Magazine the company hoped to close only 10 stores considered to be underperforming and come out of its bankruptcy a stronger, more stable business by the end of August. Category/Product(s):Luxury womens shoes and accessories. Boxed an e-commerce platform selling wholesale consumer goods entered into bankruptcy in April. Categories/Product(s): Discount home goods. The operator of more than 1,200 Pizza Huts and nearly 400 Wendys restaurants, NPC has seen increasing turmoil in the past year, with a growing debt burden of nearly $1B, rising food and labor costs, and, finally, the pandemic-induced shutdowns. My wife and I (both in our mid 60s) did it last summer. However, after some of its influencers became embroiled in personal scandal, Morphe moved away from leveraging influencer partnerships and rebranded as Forma Brands in 2020. and looked to sell its remaining assets under court supervision. Interest rates will drive the practice in 2023 as distressed companies across sectors struggle to find financing. Databricks acquired MosaicML for $1.3B. The nearly 200-year-old retailer was acquired by Hudsons Bay Company in 2012 and then sold to clothing rental subscription service Le Tote for a paltry $75M in 2019. Category/Product(s): Consumer electronics & home appliances. Sign up for the daily Marketplace newsletter to make sense of the most important business and economic news. Warning signs revealed themselves gradually in the months leading up to its filing. In August 2021, the retailer emerged from bankruptcy after Second Avenue Capital Partners provided it with a $6.5M exit financing facility. Founded in 2004, the company has historically provided mid-price range, color-coordinated apparel and accessories assortments. Bed Bath & Beyond files for bankruptcy | CNN Business Summary:Surf and skate apparel brand PacSun faced evolving teen apparel trends and long-term debt issues and ultimately declared bankruptcy in April 2016. In its 2023 Chapter 11 filing, Tuesday Morning had liabilities and . Summary: Chuck E. Cheeses parent company CEC Entertainment declared bankruptcy in late June. Summary: The California-based comfort footwear retailer filed for bankruptcy in March 2018, its second in the past ten years. Crypto, retail and energy are likely to keep driving demand in the near future. Summary:Nasty Gal filed for chapter 11 bankruptcy to address immediate liquidity issues, restructure our balance sheet and correct structural issues including reducing our high occupancy costs and restoring compliance with our debt covenants. In 2012, it hit $100M in sales (just 6 years after launch), but the companys sales started dropping$85M in 2014 and then $77M in 2015, thanks in part to leadership turnover. The Montreal-based retailer has failed to gain a foothold in the growing casual footwear market in recent years. Formerly known as Big R Stores, Stock+Field filed for Chapter 11 bankruptcy at the start of the year. If you are not fast enough to convert your model to whatever the next big consumer trend is, you ultimately fall out of favor, she said. Jewelry brand Alex and Ani filed a restructuring support agreement in June 2021, requiring the company to file Chapter 11 proceedings in Delawares bankruptcy court. Late last week, the company decided to permanently close its business instead. The company recently announced a new strategy that will shift its focus to Hispanic markets, establish a new pricing strategy, and streamline corporate headquarters. Summary: The luxury fashion brand Roberto Cavalli filed Chapter 7 bankruptcy in April for its US division, Art Fashion Corp, which entailed closing all American stores and letting go of nearly 100 employees. The chain filed for bankruptcy previously in 2016, after going public in 2013. Feb 16, 2023, 2:05 PM. Summary: Bakery and cafe chain Le Pain Quotidien filed for bankruptcy in May, but its filings revealed that the company had planned to do so pre-pandemic. However, it was reported that the brand is now under new ownership, as its social media page announced a relaunch of the online store in November. Bally Sports Kansas City. At the time Revlon filed for bankruptcy, more than half of that sum had still not been returned. The companywill use the capital from the liquidity to fund operations, in addition to receiving a commitment of $108M in debtor-in-possession financing from its existing lenders. Payless represents one of the one of the largest retailer liquidations to date, according to the Wall Street Journal. Unemployment figures persist at record lows, despite many large employers cutting back. Summary: Another victim to financial woes and a leveraged buyout (by Bain Capital in 2010), Gymboree filed for Chapter 11 protection in June 2017. Boxed announced it would wind down retail operations and sell its software business amid bankruptcy proceedings. Summary:The New York City-based activewear brand Yogasmoga filed for chapter 11 bankruptcy in December 2016, following an involuntary chapter 7 bankruptcy in November by three creditors who said that they were owed $3.2M. The business, like many others in the retail industry, had struggled with complications like supply chain disruption and decreased consumer spending.
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