Tag Archives: bankruptcy

Filene’s Basement Bankrupt

Discount clothing retailer Filene’s Basement and its parent company Syms have declared bankruptcy and will close all stores nationwide on January 1st. CEO Mary Syms, whose father Sy Syms founded the company in 1958 based on offering bargain prices for designer clothes, blamed the move on competition from department stores and private label discounters, plus the weak economy. “Filing for …

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Bankruptcy Looms For Postal Service

Unless Congress takes some dramatic action, the long-predicted bankruptcy of the Postal Service may become a reality. The USPS may default on a $5.5B loan which is due at the end of this month. “Our situation is extremely serious,” the postmaster general, Patrick R. Donahoe, said in an interview. “If Congress doesn’t act, we will default.” In recent weeks, Mr. …

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Borders Books To Liquidate

Months after declaring bankruptcy and with no buyer in sight, Borders Books has requested the court’s permission to liquidate the stock at its 399 locations. The U.S. Bankruptcy Court of the Southern District of New York is set to approve the move on Thursday. Liquidation sales could start as soon as Friday. In a statement, Borders President Mike Edwards said …

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Bankrupcy Court: DOMA Unconstitutional

The U.S. Bankruptcy Court for the Central District of California has declared DOMA to be unconstitutional. The ruling arises from a case in which a married gay couple was denied the right to jointly declare bankruptcy. Chris Geidner at Metro Weekly provides the court’s money quote: This case is about equality, regardless of gender or sexual orientation, for two people …

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WISCONSIN: Kiddie-Fucking Sends Catholic Archdiocese Into Bankruptcy

The Archdiocese of Milwaukee has filed for bankruptcy due to all those pesky child molestation lawsuits. The move follows the recent failure of efforts to reach a mediated settlement of the claims and a court decision in November that makes insurance coverage of the claims unlikely, the archdiocese said in a statement. The archdiocese is appealing the decision to the …

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A&P Files For Bankruptcy

The 151 year-old Great Atlantic & Pacific Tea Company, which operates 400 grocery stores under the names A&P, Food Emporium, Pathmark and others, has filed for Chapter 11 bankruptcy. The company said it will have access to $800 million in debtor-in-possession financing and that all of its stores are fully stocked and open for business. The company said that it …

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Blockbuster Files For Bankruptcy

It’s a Netflix world. Blockbuster has filed for Chapter 11 bankruptcy protection from its creditors. Blockbuster Inc., once the dominant movie rental company in the U.S., filed for Chapter 11 bankruptcy protection on Thursday, after reeling from mounting losses, rising debt and competitors that have better catered to Americans’ changed media habits. Blockbuster will continue to operate its 3,000 U.S. …

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Bankruptcy For BP?

BP’s stock price is plummeting and some are beginning to wonder if the company will be forced into bankruptcy. Shares in BP plunged again today in London after yet another sell-off in New York Wednesday, wiping out more than $82 billion in value from the London-based oil and natural gas firm. BP, No. 5 in sales worldwide on Forbes list …

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Real Bankruptcy

Here’s some “real” insanity. Teresa Giudice, the bling-loving fake-boobed star of The Real Housewives Of New Jersey, has filed for bankruptcy. And court papers reveal that although Guidice and her husband only make a combined $80K annually, they are a staggering $11M in debt. The Giudices say they owe creditors $10,853,648.04. Teresa, known for her lust for designer clothes and …

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Air America Shuts Down

The liberal talk radio network Air America abruptly announced Chapter 7 bankruptcy today and ceased operations. It is with the greatest regret, on behalf of our Board, that we must announce that Air America Media is ceasing its live programming operations as of this afternoon, and that the Company will file soon under Chapter 7 of the Bankruptcy Code to …

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Citadel Broadcasting Declares Bankruptcy

Citadel Broadcasting, the massive national radio network of over 200 stations, has filed for bankruptcy. Citadel syndicates wingnut Don Imus and some of its stations, such as flagship New York City-based WABC, are home to Rush Limbaugh. Citadel owns and operates 224 radio stations, including KABC-AM in Los Angeles, WLS-AM in Chicago, WABC-AM and WPLJ-FM in New York and KGO-AM …

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The Death Of Jolt Cola

Jolt Cola, the 24 year-old product credited/blamed for creating the multi-billion dollar energy drink market, is going out of business. Pittsford-based Jolt Co. Inc. now seems likely to close, according to an attorney for the company, after a contentious attempt at reorganizing fell apart earlier this week. “The name will show up someplace else, but just that,” said William I. …

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Bankruptcy For Massive Media Company

Freedom Communications, a sprawling media company comprising eight TV stations and more than 75 newspapers, including 30 dailies, is expected to declare bankruptcy this week. Freedom’s most well-known property is the Pulitzer-winning Orange County Register. The company will continue to operate as it reorganizes under bankruptcy protection. It’s just nonstop bad news for print anymore.

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Bankruptcy For GM

General Motors will get another $30B in bailout loans as it steers the company into bankruptcy next week. The Obama administration is preparing to send General Motors into bankruptcy as early as the end of next week under a plan that would give the automaker tens of billions of dollars more in public financing as the company seeks to shrink …

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Bankruptcy For Chrysler

Today the Obama administration will announce that Chrysler will enter into bankruptcy in order to force a debt reduction with their partner Fiat. With the UAW late Wednesday ratifying cost cuts in its contract and cuts in the money due its retiree health-care trust fund, President Barack Obama will announce a Chrysler-Fiat deal and the government’s “surgical” bankruptcy plan later …

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