Tag Archives: bankruptcy

Lord & Taylor, Men’s Wearhouse Declare Bankruptcy

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 …

Read More »

Iconic Clothier Brooks Brothers Files For Bankruptcy

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 …

Read More »

Cirque Du Soleil Files For Bankruptcy Protection

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, …

Read More »

Fracking Pioneer Chesapeake Energy Goes Bankrupt

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 …

Read More »

Chuck E. Cheese Parent Files Chapter 11 Bankruptcy

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 …

Read More »

Bankrupt Hertz Begins Selling 700,000 Car Fleet

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 …

Read More »

Hertz Declares Bankruptcy In US And Canada [VIDEO]

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 …

Read More »

Neiman Marcus Files Chapter 11 Bankruptcy Protection

The Dallas Morning News reports: The first high-profile retail casualty of the global coronavirus pandemic is a 113-year-old luxury retailer that put Dallas on the world’s fashion map. Neiman Marcus said it will shed $4 billion of its debt in the bankruptcy reorganization filed Thursday in U.S. bankruptcy court in Houston. The company said it plans to emerge from bankruptcy …

Read More »

Hertz Granted Two Week Reprieve On Bankruptcy

Yahoo Finance reports: Lenders granted Hertz Global Holdings Inc. an eleventh-hour reprieve from a potential bankruptcy, giving the struggling rental-car company more time to work out a rescue plan after it missed debt payments. The forbearances and waivers give Hertz until May 22 to “develop a financing strategy and structure that better reflects the economic impact of the Covid-19 global …

Read More »

Gold’s Gym Files For Chapter 11 Bankruptcy Protection

USA Today reports: Gold’s Gym filed for Chapter 11 bankruptcy protection Monday as the coronavirus pandemic wreaks havoc on the company’s business. With fitness centers in most of the nation shuttered due to COVID-19, Gold’s Gym said it was forced to seek relief from its creditors. The mostly franchised Gold’s Gym, which recently permanently closed 30 company-owned locations, said the …

Read More »

Retailer J. Crew Files For Chapter 11 Bankruptcy

CNBC reports: Clothing apparel company J. Crew filed for bankruptcy Monday, marking the first major retail bankruptcy of the coronavirus pandemic. The New York-based retailer had already been struggling under a heavy debt load and sales challenges, as it suffered criticism that it fell out of touch with its once-loyal customers. In the past few years, the brand lost both …

Read More »

Report: Retailer J. Crew Prepping To File For Bankruptcy

CNBC reports: Apparel company J. Crew is preparing for a bankruptcy filing that could come as soon as this weekend, people familiar with the matter tell CNBC. Privately held J. Crew is working to secure $400 million in financing to fund operations in bankruptcy, said the people, who requested anonymity because the information is confidential. They cautioned that timing could …

Read More »

Wicker Apocalypse: Pier 1 Imports Declares Bankruptcy

Bloomberg reports: Pier 1 Imports Inc. filed for Chapter 11 bankruptcy protection to facilitate a company sale after the retailer of eclectic home furnishings found itself squeezed by online rivals and crushed under too much debt. The Fort Worth, Texas-based retailer is in talks with multiple potential buyers, according to a statement Monday. Pier 1 also reiterated a plan to …

Read More »

Luxury Retailer Barneys Files For Bankruptcy [VIDEO]

CNBC reports: Barneys New York, an icon of New York retail, filed for bankruptcy early Tuesday morning, with a plan to significantly reduce its footprint, as it looks for a buyer to stave off liquidation. The retailer said it will focus on running only 5 of its more than 10 namesake stores: on New York’s Madison Avenue, in downtown Manhattan, …

Read More »

Gun Distributor Blames Bankruptcy On Hillary’s Loss

Bloomberg reports: Firearms distributor United Sporting Cos. loaded up on guns ahead of the 2016 U.S. presidential election, expecting a surge in sales would follow the election of a Democrat. Then Hillary Clinton lost. The miscalculation sparked a multi-year decline that has reached the courthouse steps in Delaware, where United filed Chapter 11 bankruptcy on Monday. When Republican Donald Trump …

Read More »

Payless To Shutter All 2100 Stores, End Online Sales

USA Today reports: Payless ShoeSource confirmed Saturday that it will close its 2,100 stores in the U.S. and Puerto Rico and start liquidation sales Sunday. The company is also shuttering its e-commerce operations. The closings mark the biggest by a single chain this year and nearly doubles the number of retail stores set to close in 2019. “We expect all …

Read More »

California’s PG&E To Declare Bankruptcy Over Wildfires

The Wall Street Journal reports: PG&E Corp. said it will seek Chapter 11 bankruptcy protection, a day after the company’s CEO stepped down over the financial fallout spurred by the utility’s role in helping spark the California wildfires. The company and its wholly owned subsidiary, Pacific Gas & Electric Co., said they plan to file a petition on or around …

Read More »

California’s PG&E Mulls Bankruptcy Over Wildfires

Reuters reports: California utility company PG&E Corp is exploring filing some or all of its business for bankruptcy protection as it faces billions of dollars in liabilities related to fatal wildfires in 2018 and 2017, people familiar with the matter said on Friday. The company is considering the move as a contingency, in part because it could soon take a …

Read More »

REPORT: Sears Readies Chapter 11 Bankruptcy Filing

Retail Dive reports: After years of speculation and financial losses, Sears is contacting banks to arrange the financing for a possible Chapter 11 filing, which might come as soon as this week, according to reports in The Wall Street Journal, which broke the story, and CNBC, that both cited unnamed sources. The report comes as Sears faces a $134 million …

Read More »

Nation’s Largest Mattress Retailer Declares Bankruptcy

The Associated Press reports: Mattress Firm, Inc., the nation’s largest mattress retailer, filed for bankruptcy protection on Friday, saying its rapid expansion of stores in recent years — with locations often very close to each other — resulted in “cannibalization” of sales. The Houston-based company filed for Chapter 11 bankruptcy protection in federal court in Delaware, saying it plans to …

Read More »