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December 2, 2008 10:14:43 PM CST

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Chapter 11

Chapter 11 news stories

11 Stories


 Vick's 
 Finances 
 Have Gone 
 to the Dogs 

Bankruptcy filing reveals former highest-paid NFL star's financial mess

Associated Press Associated Press Nov 22, 08 10:45 AM CST
(Newser) - Michael Vick is millions of dollars in debt, with his main hope of solvency hinging on the uncertain prospect of returning to the NFL, the AP reports. The former QB's bankruptcy filing puts his assets at $16 million but his debts at $20.4 million. Friends and family drive around in fancy cars provided by the player's former largesse, but Vick himself now makes 12 cents an hour in prison. More »

More about:  bankruptcy • Michael Vick • dogfighting • Chapter 11

OPINION

 Save GM With 
 Guided Bankruptcy 

Let's make this a Chapter 11 affair, not a Chapter 7

New York Times New York Times Nov 18, 08 8:07 AM CST
(Newser) - GM is claiming all it needs is a “bridge loan,” but the automaker is losing money so fast that bridge would be burned by February, writes Andrew Ross Sorkin in the New York Times. What GM really needs is bankruptcy—but one guided by the government. “Taxpayers shouldn’t fork over a cent, at least until shareholders are wiped out, management is tossed out, and the industry is completely reorganized.” Sorkin goes on to spell out how it should work. More »

More about:  auto industry • General Motors • bankruptcy • Chapter 11

Circuit City Files for Bankruptcy

Dropping consumer spending, tightening credit hurt the electronics giant

Associated Press Associated Press Nov 10, 08 8:21 AM CST
(AP) - Circuit City Stores has filed for bankruptcy protection today, about a week after it said it would close 20% of its stores. The electronics retailer, based in Richmond, Va., has struggled as nervous consumers spend less and credit tightens. More »

More about:  Financial Crisis • bankruptcy • consumer electronics • Chapter 11 • Circuit City

Bankrupt Mervyn's Goes Belly Up

All of chain's 149 stores to be liquidated before end of year

Inside Bay Area (Oakland) Oct 18, 08 6:39 AM CDT
(Newser) - Mervyn's will be closing all of its 149 stores before the end of the year and holding huge going-out-of business sales, the Bay Area's Daily Review reports. The California-based department store chain filed for bankruptcy in July and had been fruitlessly scrambling for a sale or a deal with landlords and creditors that would keep it alive. More than 3,000 jobs will be lost in the Bay Area alone. More »

More about:  bankruptcy • retail • retail stores • Chapter 11 • department stores

Boscov's Files for Chapter 11

Reading, Pa.-based department store
chain to shutter
10 of 49 locations

Associated Press Associated Press Aug 4, 08 2:18 PM CDT
(AP) - The troubled department store chain Boscov's filed for Chapter 11 bankruptcy protection today, becoming the latest victim of the harsh consumer spending environment. The Reading, Pa.-based chain said it will close 10 of its 49 stores, citing sluggish consumer spending and credit issues—and acknowledging that some of its suppliers had stopped shipping merchandise to the company—as contributing factors. More »

More about:  bankruptcy • Pennsylvania • Chapter 11 • department stores

 Steve & Barry's
 Heads to
 Chapter 11 

Deep-discount fashion retailer can't find rescue funding

Wall Street Journal Wall Street Journal Jul 9, 08 7:51 AM CDT
(Newser) - Dress-down discount clothing retailer Steve & Barry’s, which launched its first store nearly a quarter-century ago, could file for Chapter 11 bankruptcy protection as early as today after a fruitless search for rescue financing, reports the Wall Street Journal. The trendy retailer could close all of its 275 outlets, many of which are cavernous anchor stores in financially-squeezed malls. More »

More about:  fashion • Sarah Jessica Parker • Chapter 11 • retailing • retail businesses

 Bankrupt, Linens 'n Things
 Will Fold 120 Stores 

Retailer files for Chapter 11 as consumer spending falls

MarketWatch MarketWatch May 2, 08 5:45 PM CDT
(Newser) - Linens 'n Things filed for bankruptcy protection today, MarketWatch reports, and plans to close 120 stores nationwide as other operations continue. "The significant deterioration in the mortgage, housing and credit markets and the resulting impact on the retail marketplace, particularly the home sector, has overwhelmed the operating and merchandising improvements that we have made over the past two years," the company's new chairman said. More »

More about:  bankruptcy • consumer spending • retail • economics • layoffs • Chapter 11 • Linens 'n Things

London-NYC Exec Airline Eos Files Chapter 11 

High costs, sagging economy put end to another business class carrier

Times (UK) Times (UK) Apr 28, 08 6:06 AM CDT
(Newser) - Business-class only Eos, struggling with rising fuel prices and unable to land a $50 million cash infusion to keep it aloft, filed for Chapter 11 bankruptcy protection last night, reports the Times of London. The airline, which offered business travelers cheap, high-quality flights between London and New York, follows fellow premium carrier Maxjet into bankruptcy. More »

More about:  airline industry • bankruptcy • Chapter 11

Linens 'n
Things to
Go Bust

Home-furnishings giant may be first retail victim of market crisis

Wall Street Journal Wall Street Journal Apr 11, 08 6:50 AM CDT
(Newser) - Linens ‘n Things ls expected to file for Chapter 11 by Tuesday, the deadline for a $15-million quarterly debt payment, the Wall Street Journal reports. The move would make the home-furnishings giant the first major retailer sunk by the housing crisis, after bloated debt and plummeting demand handed the New Jersey company $242 million in losses last year. More »

More about:  retail sales • bankruptcy • retail • retail stores • Chapter 11 • Linens 'n Things

Frontier Airlines Latest Carrier to File for Bankruptcy

Discount airline says it will continue flying as it reorganizes

Wall Street Journal Wall Street Journal Apr 11, 08 6:25 AM CDT
(Newser) - Discount carrier Frontier Airlines today said it was filing for Chapter 11 but would keep flying thorough its reorganization, the Wall Street Journal reports. The carrier made the move after its credit-card processing company decided to withhold a larger share of ticket revenues from Frontier. Aloha and ATA also declared bankruptcy this month; both discontinued operations. Frontier reported a $18.7-million loss in 2007. More »

More about:  bankruptcy • Chapter 11 • Aloha Airlines • ATA • Frontier Airlines

Gift Cards Not Looking So Sharp

Bankrupt retailer isn't honoring $25M in gift cards

MarketWatch MarketWatch Mar 4, 08 11:00 AM CST
(Newser) - Consumers holding Sharper Image gift cards are out a collective $25 million after the gadget retailer stopped honoring the cards when it filed for bankruptcy in February, MarketWatch reports. With the shaky economy likely to produce more bankruptcies over the next year or two, consumers would be wise to redeem other cards they may be hoarding. More »

More about:  US economy • bankruptcy • Chapter 11 • retailing • Sharper Image • gift cards

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