Tag Archives: bankruptcy

Axios reports: Bed Bath & Beyond coupons that never expire finally expired. Tuesday was the last day to use the iconic blue coupons — which households across the country have stowed away for years — before they are worthless. The company’s gift cards won’t have value for much longer, either. But consumers may still be able to snag deals during …

CNBC reports: Bed Bath & Beyond on Sunday filed for Chapter 11 bankruptcy protection after a series of last-ditch efforts to raise enough equity to keep the business alive failed at the eleventh hour. The struggling home goods retailer has been warning of a potential bankruptcy since early January, when it issued a “going concern” notice that it may not …

The New York Daily News reports: Food-storage company Tupperware’s stock tumbled on Monday after warning it could be on the brink of going out of business after nearly 80 years. The 45% slide came after the company announced it had hired financial advisers to help keep the company solvent amid “substantial doubt about the company’s ability to continue as a …

ABC News reports: Bed Bath & Beyond told Nexstar Monday that it will be closing 87 additional stores, an announcement that comes days after the beleaguered home goods chain said it had defaulted on its loans. Bed Bath & Beyond said the closures are being done to increase efficiency as the company works with advisors to “consider multiple paths” as …

CNN Business reports: Party City filed for bankruptcy protection Tuesday after years of losses and weak sales. The largest party goods and Halloween specialty retail chain in the United States said in a regulatory filing that it reached an agreement with debtholders to cut its $1.7 billion debt load. The company said it secured $150 million in financing that will …

CNN Business reports: Sears Hometown Stores Inc., a franchise-owned unit of Sears, has filed for Chapter 11 bankruptcy protection. Sears spun off Sears Hometown in 2012 to give the parent company a much-needed infusion of cash. The average Sears Hometown store is only 8,000 to 10,000 square feet, a fraction of the size of the average full Sears, which is …

CBS News reports: FTX Trading on Friday filed for Chapter 11 bankruptcy, capping a sudden and startling downfall for one of the world’s biggest cryptocurrency exchanges. Founder and CEO Sam Bankman-Fried also resigned from the company, which appointed John J. Ray III as its new chief executive. “The immediate relief of Chapter 11 is appropriate to provide the FTX Group …

Reuters reports: Cineworld Group, the world’s second largest cinema chain operator, is preparing to file for bankruptcy, the Wall Street Journal reported on Friday, just days after warning that a lack of blockbusters would hit its liquidity in the near term. Shares in the London-listed company slumped more than 81% to a record low of 1.8 pence after the WSJ …

Reuters reports: Revlon Inc has filed for bankruptcy after the U.S cosmetics firm buckled under debts it built up in a bid to compete with online-focused upstarts. Known for its nail polishes and lipsticks, the 90-year-old company listed assets and liabilities of between $1 billion and $10 billion in a court filing on Wednesday. Revlon has in recent years lost …

Reuters reports: Johnson & Johnson is exploring a plan to offload liabilities from widespread Baby Powder litigation into a newly created business that would then seek bankruptcy protection, according to seven people familiar with the matter. J&J is now considering using Texas’s “divisive merger” law, which allows a company to split into at least two entities. For J&J, that could …

Bloomberg News reports: Washington Prime Group Inc., a real estate investment trust that operates enclosed malls and strip centers across the U.S., filed for bankruptcy after the Covid-19 pandemic drove away shoppers. The Chapter 11 filing in Houston lets Washington Prime stay in business while it restructures its debts in a deal that it reached with certain creditors, according to …

Just in via press release: The National Rifle Association of America (“NRA”) today announced it will restructure the Association as a Texas nonprofit to exit what it believes is a corrupt political and regulatory environment in New York. The move will enable long-term, sustainable growth and ensure the NRA’s continued success as the nation’s leading advocate for constitutional freedom – …

CNBC reports: The off-price chain Stein Mart announced Wednesday it has filed for Chapter 11 bankruptcy protection and plans to permanently close most, if not all, of its stores, adding to the turmoil in a retail industry that has been hammered by the coronavirus pandemic. The Jacksonville, Florida-based company said in a press release that it has already launched a …

CNBC reports: Lord & Taylor, one of America’s oldest department stores, has filed for bankruptcy, joining a growing list of stores slammed by the coronavirus pandemic. Tailored Brands, the parent company of Men’s Wearhouse and Jos. A. Banks, filed for bankruptcy as well. Many of the companies that have filed for Chapter 11 in recent weeks were already struggling, but …

CNBC reports: The coronavirus pandemic has now claimed one of the country’s oldest and most prestigious retailers. Brooks Brothers — pioneer of the polo and uniform of the polished prepster — filed for bankruptcy on Wednesday, as it continues to search for a buyer. The retailer, which is more than two centuries old, boasts of having dressed 40 U.S. presidents …

The New York Daily News reports: Cirque du Soleil announced Monday it was filing for bankruptcy protection, blaming “immense disruption and forced show closures as a result of the COVID-19 pandemic.” The Montreal-based entertainment company also said it was entering a “stalking horse” agreement with some of its existing stakeholders, TPG, Fosun and Caisse de dépôt et placement du Québec, …

The Guardian reports: Chesapeake Energy, the shale gas drilling pioneer that helped to turn the United States into a global energy powerhouse, has filed for bankruptcy protection. The Oklahoma City-based company said on Sunday that it had been forced to enter chapter 11 protection because its debts of $9bn were unmanageable. It has entered a plan with lenders to cut …

The Dallas Business Journal reports: As hundreds of Chuck E. Cheese and Peter Piper Pizza locations work to reopen across the country, parent company CEC Entertainment Inc. has filed for Chapter 11 bankruptcy protection. The Irving-based arcade and pizza restaurant chain filed for bankruptcy Thursday in the Southern District of Texas. The company claimed more than $1 billion in liabilities …

USA Today reports: Weeks after filing for Chapter 11 bankruptcy protection on May 22, car rental company Hertz is selling vehicles in its fleet at discount prices. As of Saturday morning, Hertz had thousands of used cars available on its website HertzCarSales.com. The volume of cars for sale in an area depends on the location used in the search and …

Yahoo Finance reports: Global car rental company Hertz became the latest economic casualty of the coronavirus pandemic Friday, filing for bankruptcy in the US and Canada after more than a century in business. “The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the Company’s revenue and future bookings,” Hertz said in a press …