Share Share Tweet Email Comment. Vitamin Shoppe has also tried to shift its company’s focus. RetailDive attributes the struggles seen by Vitamin Shoppe and GNC to lessening popularity of malls and supplement store competition. With that announcement, Forever 21’s executive vice president Linda Chang told the New York Times that the company would be closing 350 stores globally and ceasing operations in 40 countries. We’ll discuss another shoe company filing Chapter 11. In 2020, we cannot have a repeat of what happened in 2016…Donald Trump. The owners of chains like Outback Steakhouse, Applebee’s and The Cheesecake Factory are on a newly updated list of national restaurants that are facing the highest likelihood of not paying back their debts. Some of them are in serious trouble, while others are still doing great. Perhaps they should consider a change in offerings like Office Depot? Mattress Firm said it planned to sell 700 of its 3,500 stores with 200 of them planned to close within days of the bankruptcy announcement. Congress is debating whether to extend those benefits. Hopefully, it’ll make a turnaround? Her ex-husband Manny Mashouf founded the company in 1979. PetSmart is faring better it seems. This chain, whose famous Bloomin' Onion item shares a first name with the restaurant’s parent company, faces a 13.2% chance of defaulting. Marvin Ellison left his post as board chairman in May 2018 to lead Lowe’s. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. Cole Haan used to be owned by an athletic shoe company, Nike. What is up with shoes and bankruptcy? The restaurant industry is taking a big hit during the COVID-19 pandemic. This retailer makes personalized keepsakes like engraved jewelry and bags and wallets with a loved one’s name on it. The group of the company was involved in a huge gold mining scandal. But the company said it was moving in the right direction, with more than $500 million dollars in liquidity on hand to weather the storm. This retailer is in charge of companies like Ann Taylor, Dress Barn, LOFT, and Lou & Grey. Its adjusted net sales excluded exited businesses decreased 5.1 percent compared to fiscal year 2017’s first quarter. Kiko USA is a cosmetic store and a subsidiary of bigger company Kiko Milano. Locations today are in open-air or stand-alone shopping centers. To add salt to the wound, S&P Global downgraded David’s Bridal credit rating in June 2018. The AICPA Conference on Current SEC and PCAOB Developments, held December 9-11 in Washington D.C., highlights current key topics that will have an impact on SEC registrants and other public business entities moving forward into … Lands’ End’s association with Sears caused its original troubles according to CheatSheet. Neiman Marcus tried a couple things that RetailDive said seemed to be paying off, but still its interest expenses are troublesome. The AICPA Conference on Current SEC and PCAOB Developments, held December 9-11 in Washington D.C., highlights current key topics that will have an impact on SEC registrants and other public business entities moving forward into 2020. Things aren’t looking too bright for the retailer, even a hedge fund couldn’t keep it afloat. Destination Maternity is huge in the maternity apparel industry with more than 1,000 stores according to RetailDive. In bankruptcy court documents, Diesel attributed its decreasing wholesale orders to “general downturn in the brick-and-mortar retail industry,” among other facts including expensive leases, decreasing net sales, as well as some instances of theft and fraud. Here are the six largest publicly traded restaurant chains that are most likely to default: This chain, which relies heavily on its reputation as an entertainment venue in addition to its food offerings, has a 16.1% chance of defaulting in the next year, according to S&P. Now, add Rockport and this private equity company has quite a varied portfolio! The 2020 presidential election is just 14 months away and before you know we will all be heading for the voting booth. PetSmart also suffered from the same problems. Then, in June 2020, Starbucks announced it would shut down up to 400 of its company-owned stores by late 2021 while opening more "pickup" locations for customers who order and pay by app. But, also like GNC, it is strengthening its e-commerce business and has started offering a subscription service. The company could see a lot more costly court beatings in 2020. Amazon changed things for them. Other claims cite mesothelioma brought on by asbestos in the talc powder that Imerys makes, says Bloomberg. A’gaci said it would be keeping 55 of its store,s as well as 1,500 employees, as it emerged from bankruptcy over summer 2018. CNBC reported in March 2019 that women apparel company Charlotte Russe is liquidating and closing all of its stores. That meant big-time clearances at its 735 stores in the U.S. 1. These car companies are now in big trouble, and they include the Detroit three, according to figures sourced from Automobile Mag. 15 Reasons Harley-Davidson Is In Serious Trouble In 2020. In 2017, the Bellevue-based company’s owners (Golden State Capital) considered a sale as one of many strategies to rid its debt. There’s Rockport, Payless, Nine West, and now The Walking Company. There’s a happy ending with this store — in July, the company emerged from bankruptcy. This company had been around for a whopping 100 years! MWC 2020 might be in trouble as another company bails due to coronavirus outbreak. By Stan Schroeder 2020-02-05 08:21:32 UTC. The esteemed Italian fashion house closed all of its US stores and filed for Chapter 7 bankruptcy in the Southern District of New York early April according to court documents. In total during 2017’s fiscal year, the retailer saw sales fall 6.3 percent year over year to $406.2 million. We’re not experts on utility companies but victim claims seem more of a priority over employee bonuses, no? The company told its lenders that its earnings dropped 30 percent during the 2017 fiscal year’s first quarter. It filed for Chapter 11 bankruptcy at the beginning of 2018 in mid-January. Webinar: Key Issues Facing Public Companies in 2020. Besides Mattress Warehouse, Innovative Mattress Solutions also owns Mattress King and Sleep Outfitters. Last April LinkedIn released its 2019 list of top 50 companies to work for in the United States. Things aren’t looking too good for the department store chain, but it has been performing better than Sears. It did acquire an e-commerce site, Chewy, but paying $3.35 billion for the site added to its existing debt. The company’s IHOP chain is faring worse than Applebee’s. (Kim left the company in August 2020.) RetailDive says that the supplement supplier’s top-line revenue in 2017 fell 3.4 percent year over year to roughly $2.5 billion. It closed about 15 of its store in April, the Associated Press reports. All its online, direct mail, B2B retail operations, and 176 of its brick and mortars will retain the Things Remembered name. It did announce $23.4 million net loss for the year, but said it shrunk its loss size to about 10 percent. While the nation’s largest publicly traded restaurants face a less than 1 in 5 chance of defaulting in the next year, according to the new report by S&P Global Market Intelligence, they remain in perilous terrain. Will bonuses for its employees help its bankruptcy issue somehow…? “Across our U.S. portfolio, we experienced consistent weekly sales momentum throughout the second quarter as we adapted to this evolving environment. It filed for bankruptcy in May 2018, joining fellow bankrupt shoe makers Payless and Nine West. Some of them are in serious trouble, while others are still doing great. Bluestem Brands provides apparel, appliances, electronics, health, and beauty products. ... 2020. This is definitely a common reason retailers have linked to finance problems. Z Gallerie’s filings indicated a need for swift proceedings to avoid becoming another retailer whose attempts at reorganization fail and are then forced to liquidate. It also got itself a new CEO, Jack Sinclair, who replaced Geoffrey Covert. RetailDive says the company is having a hard time making a turnaround. What causes a recession and what are the signs? Wonder if Bluestem Brands will try a merger? 6 national restaurant chains in deepest trouble amid COVID-19 include Outback Steakhouse, IHOP and Denny's. “$235 million would go a long way to support the victims of last year’s wildfires,” California state Senator Jerry Hill was reported as saying. MWC 2020 might be in trouble as companies bail due to coronavirus outbreak. S&P Global analysts also downgraded Pier 1’s credit rating. Fred’s CFO then left February 2018, putting a former media exec in as their replacement. ... Aug. 30, 2020; Confronting a climate crisis that threatens the fossil fuel industry, oil companies … The pioneer of the once-invincible Blackberry has become the third company in a two-company... 3. Companies can … As of 2018, the rock n’ roll supplier has about a year to refinance a debt of $900 million. Finally it’s had to file neChapter 11 bankruptcy October 2018, closing 142 stores in the process. President Trump finally issued an Executive Order targeting viewpoint discrimination by Big Tech social media companies. Unlike Stein Mart, JC Penney’s future looks bleak. This isn’t anything new for the company — it did manage to emerge from bankruptcy in 2009. Ford’s stock is off 45% in the last three months , which compares unfavorably with almost any other sector of the market. The pharma company will manufacture, market, sell and distribute products in China. The office supply retailer saw some tough times in 2017 with sales falling 7 percent to $10.2 billion. The research and strategy firm Jeffries said in 2018 that Pier 1 is in for a “heavy investment year” as it addresses its “sourcing, merchandising, pricing, marketing, store ops, e-com, and supply chain.” Net sales fell in 2018 quarter one by 9.2 percent year over year to $371.9 million. This caused publications to speculate as to whether or not it was actually gearing up for a reboot. At the time of filing, the retailer said it planned to close all of its 800 Gymboree and Crazy 8 stores. That’s because a liquidator won the auction for it business in bankruptcy court, says CNBC. A common cause of bankruptcy is companies not keeping up with changing consumer habits. Crew. It won’t face debt maturities until 2022 according to Reuters. Pier 1 said in a release that 60 percent of its goods are made in China. It’s one of those retailers that also blames e-commerce giant Amazon for its troubling sales. At the time, 59 locations were open in 10 states. With more than a year under her belt now, CEO... Rite Aid. This was their 4th annual ranking of the most sought-after companies today. Data provider FactSet says 2020 ended a string of annual red ink that began in 2006. In March 2018, the accessory retailer filed for Chapter 11 bankruptcy and planned to reduce its debt by $1.9 billion. Its CEO left during a quarter last year when top-line sales fell over 7 percent. It filed for Chapter 11 bankruptcy in August 2018, saying it planned to close 74 of its more than 340 stores in the U.S. and Puerto Rico, reported CNBC. Known for its all-day breakfast, Denny’s faces an 11.9% chance of defaulting. "While dining rooms were closed, Bloomin’ Brands did not layoff or furlough any employee and provided relief pay. The clothing company favored by former first lady Michelle Obama has been closing some of its ... 2. However, reports started popping up of the brand not being dead yet. The coronavirus (COVID-19) is impacting the global economy and raising fears of a recession. The pet goods retailer has more than 1,500 stores in the U.S., Canada, and Puerto Rico. 3. Vitamin retailers do not seem to be doing too well — like GNC, Vitamin Shoppe has also struggled with its sales. Earth Day 2020: Companies Accused of Greenwashing A growing number of consumers say they’re willing to pay more for products with a sustainability message . The luxury clothing retailer’s gross sales fell 5 percent to $4.7 billion in fiscal year 2017. Here is a list of companies that have filed for bankruptcy protection, including ones that filed earlier in 2020 before the impact of COVID … It owns 13 e-commerce sites such as Appleseed’s, Bedford Fair, Fingerhut, Draper’s & Damon’s, Blair, and Gettingon.com. Innovative Mattress Solutions might close 142 stores, said USA Today January 2019. Vitamin Shoppe is hoping to turn things around with category expansion, events, delivery services, and more. The problem is some of these companies still have a bit of rope to go. A bankruptcy judge in Delaware had declared Bernstein, who originally launched Beauty, the “stalking horse bidder,” meaning he’s in a position to purchase Beauty Brands’ assets unless a better offer comes along. A big factor in the way of its turnaround is its total debt of $4.2 billion. Despite its financial troubles, the instrument retailer was planning on opening new stores and managed to avoid a crisis by doing an emergency loan negotiation. By Michael Weyer May 24, 2020 There are things in the auto industry most take for granted: The Big Three will still be a force even if Detroit is in rough shape. For example, McDonald’s has a less than 1 in 200 chance of defaulting, according to S&P. The department store noticed that their lowest-performing stores were the ones located inside or near malls. Gump’s Holdings, based in San Francisco, is a department store operator and also sells Gump’s Corp and Gump’s By Mail. It lowered its debt by $600 million and closed nearly 100 stores. But when something sounds better for the environment than it actually is, that, my fellow earthlings, is called greenwashing. These closures are in addition to the 51 U.S. and Canada locations that they announced an end-date for back in November 2018. However, also in Q2 2018, GNC said it had declines in top-line and comparable sales as well as profits. Crew Outlet Store/Wikimedia Commons. A decade beforehand it also filed Chapter 11. Sales for the week that ended July 22 were down 41%, compared with a year earlier. “Although we still have work to do, I am confident we are on the right path to build a better Lowe’s and generate long-term profitable growth,” Marvin R. Ellison, Lowe’s president and CEO said. This company, started in Los Angeles, owns Fallas, Conway and Anna’s Linens. Nathan Bomey. This mattress company based in Kentucky filed for Chapter 11 bankruptcy on January 14, 2019, says Business Insider. Meanwhile, the lockdown shut down factories all over the world for days on end, doubling the woes of the automobile industry. Although reporting positive same-store sales, 99 Cents Only is still losing a lot of money just like vitamin retailer, GNC. In February 2020, Airbus, a global provider of civilian and military aircraft based in France, agreed to pay nearly US$4 billion in combined penalties to the US, France and UK to resolve foreign bribery charges. But behind the scenes, there’s turmoil! The clothing company favored by former first lady Michelle Obama has been closing some of its stores due to plunging sales over the years. 3 Companies That Might Not Live to See 2020 ... we asked several of our Foolish contributors to highlight a company that they think is in trouble and could be gone in a few years time. Additionally, 20/20 has many energy efficiency and fuel switching companies as clients, where the company has developed financing solutions for their governmental and non-governmental clients. The company said in a July 24 statement that comparable restaurant sales at locations that are allowing indoor dining fell 10.7% for the week that ended July 19, versus a … Changing consumer interest has also affected David’s Bridal. According to an April 8 report in Retail Dive, Roberto Cavalli was also planning to liquidate the rest of its North American operations. Claire’s has been a fond memory in many women’s formative years. A March 5 article in Retail Dive indicated Diesel’s plans for reorganization includes relocating specific stores to locations “with a smaller footprint,” opening a Miami pop-up shop, opening new stores in strategic locations, and rebranding. However, the stock exchange says that it’s no longer concerned about Eddie Bauer — the outdoors retailer is exploring a merger with Pacific Sunwear of California. While United, Delta, and other major carriers have declared bankruptcy and emerged stronger as a... 2. Some big chains are filing for bankruptcy or facing challenges paying debts. Those are all very different companies. The Walking Company, makers of comfy walking shoes, filed for Chapter 11 bankruptcy March of 2018. Eventbrite The ticketing company … Now, several of the largest restaurant companies in the U.S. are struggling with capacity restrictions on indoor dining and attempting to lure customers with takeout in a bid to avoid financial disaster. In this press release, Bluestem had reported its 2017 numbers. Deep Dive These U.S. oil companies are most at risk in the danger zone Published: April 25, 2020 at 9:35 a.m. Interestingly, Mercury News reports that PG&E wants to approve $235 million of bonuses for its employees. They found that the Kohl’s locations performing best are the smaller locations that are about one-sixth of the average Macy’s retailer. GNC’s chief exec said that it was doing well in China and in e-commerce in Q2 2018. 2019 and 2020 closings: 50. ... who have trouble protecting the European market from Chinese companies that undercut the prices of European players. 08-15-2020. Biz goes onto say Bertucci’s struggles to compete with other fast casual restaurants. The company started out in 1985 as "Boston Chicken" in suburban Newton. Toys R Us’ financial troubles have been covered intensely in the media. Coronavirus pandemic ushers in new slate of permanent store closings, Simon reportedly in talks with Amazon to convert former Sears, JCPenney stores, Your California Privacy Rights/Privacy Policy. ", The company added in a statement for this story: "Denny’s is proud of the work we have done throughout this pandemic to navigate the ever-changing economic landscape brought on by COVID-19. Its other locations were in malls but they’re closing all 101 of them, CNBC says. This retailer’s casual clothing, luggage, and home furnishings aren’t resonating with consumers as much anymore. USA TODAY. Gump’s has already brought in liquidators to take care of merch and start to repay creditors. In 2017, it had an operating loss of $4.6 million. It was able to close on a $50 million term loan this March, according to RetailDive, which could be increased. To salvage the brand, it’ll shutter 25 percent of its Dress Barn stores by 2019, says website RetailDive. Biz Journals reported that the deal included $13 million in debt, $4 million in credit and $3 million in cash. At the beginning of the year, Stein Mart had announced it hired advisors to help turn the chain around. It announced in October 2018 that it relaunched its e-commerce site and will open select stores. Kiko has about 30 in the U.S., which seem to be within shopping malls. RetailDive says the new emphasis is pushing up the company’s top-line. Initially, Beauty Brands entered an asset purchasing agreement with Hilco Merchant Resources. The company says it’s shifted its focus to rebranding and remodeling stores that are still open, which they hope will turn things around. It closed 130 stores by May 2018 and plans to markets itself to potential buyers and investors. American Airlines. But CEO John Miller said in a July 28 statement that "we believe we are well-positioned to effectively navigate further impacts of the pandemic while preparing for eventual and future growth. Read on…. Like Gump’s, Brookstone is also looking for a buyer but just for its airport locations, e-commerce businesses and wholesale operations. However, financial services company Moody’s said in May that Ascena “is on a path to developing a strong ‘backbone’ of retail capabilities.” Stein Mart has struggled too but is also on a good path. Coronavirus: What to expect in a recession, depression. This department store chain is scrambling to get traction. These companies are closing locations in 2020. (We’ve got to get our knockoffs somewhere, right?) Pier 1 might have to figure out new strategies, but we hope it’s not similar to Lands’ End’s efforts. In order to save itself, Nine West has sold off its Easy Spirit brand and closed all of its stores except for a mere 25. The tumultuous events of 2020 underlined the need to change for legacy technology companies like IBM. Share on Facebook. Can shopping malls survive? The 35-year-old company had tried to turn things around years prior. The publication goes on to say what might have caused its troubles: National Stores has collected many brands over the years, thus likely taking on too much debt. So far we’ve named quite a few shoe companies that have had to file for Chapter 11 bankruptcy. The Weinstein Company filed for bankruptcy in March 2018. Its expansion also didn’t meet its performance goals, which contributed to its business woes. The move, accompanied by strong guidance for 2020, was seen as a signal of the payoff from the company’s two-year effort to upgrade its … Nikon is a camera company through and through, and while large ($5.5 billion turnover and 25,000 employees), its success has been largely predicated on the performance of its Imaging Division. Toys R Us’ owners’ called off its bankruptcy auction at the end of 2018. FullBeauty did have a shake-up of its executive team in July 2018, bringing on Bob Riesbeck as CFO, Liz White as chief customer officer and Robert Lepere as chief people officer. Harley-Davidson has been struggling for years to keep up with younger companies, but they're in serious trouble in 2020, and here are reasons why. Casual dining chains were already facing challenges before COVID-19, hurt by the rise of fast-casual competition and increased food costs. “But the ongoing financial hits from the virus and uncertainty over whether laid-off consumers will receive expanded unemployment benefits continue to pressure the industry as more companies enter bankruptcy.”. On Monday, March 16 - one business day later - the company announced that it had given a participant the first dose of … There was some light at the end of the tunnel — it saw a 40 percent increase in e-commerce comps. Sears Holdings. That’s before fellow shoe company Rockport. But also oil producers, mall landlords, and gyms across the country. Canvas hoped to feature clothing in “designer styles to relaxed looks.” The brand, although trendy, wasn’t able to get its core clientele onboard. On the face they might look fine — the clerks still have smiling faces when you walk in and the clothing is still folded neatly on the shelves. Meanwhile, it would seek an accord with creditors in order to keep the day-to-day business going. As of Jan. 13, 2020, ratings firm Moody's listed 17 retail or apparel companies with credit ratings of Caa1 or lower, the point at which companies are … Destination Maternity guessed that a relationship break from Kohl’s was the root of its issues. Payless was able to come back successfully reorganized in August 2017 but S&P Capital Markets says it is still in danger of default. Its Gump’s By Mail was an attempt to sell goods online but perhaps it couldn’t compete with e-commerce giant Amazon? Sears Holdings has undergone trouble for a decade, with their sales continuing to decline. COVID-19: Restaurants are taking biggest hits due to the pandemic. In an attempt to try and avoid bankruptcy, CEO Eddie Lampert’s hedge fund has loaned hundreds of millions of dollars to Sears Holdings (with interest, of course). Research In Motion. CheatSheet says its electric guitar sales dropped 36 percent from 2005 to 2016. Drexler left his position of 14 years and was succeeded by former West Elm CEO Jim Brett. They also sell things to keep your personalized keepsakes in, like jewelry boxes. It hopes that it’ll be able to get out of unwanted leases and restructure its business. DJI. Pureplay has taken over 50 Bonmarché … The company could see a lot more costly court beatings in 2020. The wedding dress superstore faces operational and market challenges; it saw sales, earnings and margins drop according to RetailDive. Its bankruptcy filing had put in limbo claims from wildfire victims and its creditors. It moved into strictly e-commerce only by paying out $65 million to get rid of its physical retail stores. Hopefully, the reorganization works out for all the denim fans out there! A year earlier, Tesla lost $862 million. The company filed for Chapter 11 bankruptcy protection on October 5, 2018, CNBC reported. If you’re starting a shoe company, probably best to learn from the mistakes of these ones! 99 Cents Only. The company's profits dove 91% during the first three months of 2020 after it was forced to shut theme parks and resorts and delay the release of major films like "Mulan." Rockport Group is a shoe company with retailers in more than 60 countries selling their products. When companies default on loans, they are often forced to file for bankruptcy protection, close locations or occasionally liquidate. The company filed for Chapter 11 bankruptcy on February 6, 2019, says Business Insider. “The Company’s liquidity has been further limited and the Company is no longer able to operate as a going concern,” read court documents. The children clothing company filed for bankruptcy protection in January 2019 says CNBC. Bankruptcy filings this year have already surpassed what we saw in … Shopko said it would close 70 percent of its retail locations between February and May 2019 while reorganizing. Moving forward we firmly trust in our brand’s ability to weather this storm.". The Paris unit of Imerys Talc America Inc. and two of its other subsidiaries (Vermont and Canada units) filed for Chapter 11 bankruptcy February, 2019, says Bloomberg. Mon, Nov 23rd 2020. Historically, Charlotte Russe stores have been housed in malls. : Coronavirus pandemic ushers in new slate of permanent store closings, Plans for distribution centers: Simon reportedly in talks with Amazon to convert former Sears, JCPenney stores. Some of the businesses that have made this list might surprise you! Women's clothing chain Bonmarché fell into administration on Wednesday, December 2, for the second time in... Arcadia Group. Bebe is another clothing store affected by declining interest in malls. A number of retailers and restaurant companies have filed for bankruptcy in 2020. In May 2018, the 70-year-old pharmacy said its top-line sales for the past fiscal year fell 4.3 percent and its net loss was at $139.3 million. It was the most downloaded app in the first three months of 2020. Curious to see if your favorite store is on the list? they don’t have [debt] maturities that are coming up in 2020 and 2021. J. ... China's economy grows 2.3% in 2020. In March, the retailer said that top-line sales fell year over year. It completed a sale to gift and home decor business Enesco according to a March 11, 2019 article on Retail Dive. https://moneywise.com › a › chains-closing-the-most-stores-in-2020 That was after many locations were open only for drive-thru during the early weeks of the coronavirus outbreak. Health and Science. This includes more services rather than products. We teamed up with Qlik, the Official Analytics Partner of the Fortune 500, to bring to life the shifting fortunes of iconic companies and sectors in an interactive data visualization. The majority of claims are from women that believe Imerys talc powder caused their ovarian cancer. It clarifies that it isn’t related to Innovative Mattress Solutions’ bankruptcy although sharing the same name as one of its subsidiaries. ET Earl Enterprises also owns the very recognizable Planet Hollywood, Earl of Sandwich and another Italian restaurant chain, Buca di Beppo. Things haven’t been going well, even after bringing in a new chief for Dress Barn. Forbes said Bebe had 180 stores at the end of 2016. On the other hand, experts say the company’s decision not to pay rent on time might have been a negotiating tactic with landlords. There were 40 altogether in 2017. To remediate its U.S. troubles, Kiko USA has tried to negotiate with landlords to lower rent and terminate leases. Services now include 14 percent of the retailer’s sales. In December 2017, the company reported a net loss of $27.1 million on top of $33.6 million in losses the second quarter and $8.8 million in Q1. The company reported almost $15 billion in debt at the end of 2019, according to an SEC filing, and previously signaled trouble when it skipped a … The catalog items see strong sales, the website said, but Lands’ End’s former CEO Federica Marchionni made some fatal errors. Top-lines sales have also taken a nosedive at Fred’s. The outdoor company faced problems with debt. The New York Times says Lantern offered $310 million plus the assumption of $115 million in debt. Strategy, the retailer, even more than last year according to retaildive, which owns both chains, purchased... To decline this department store has struggled with its sales a › chains-closing-the-most-stores-in-2020 6 national restaurant chains in trouble... 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