bankruptcy

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It's Chapter 11 for Forever 21

Retailer calls bankruptcy filing a 'deliberate step'

(Newser) - Low-cost fashion retailer Forever 21 says it has filed for bankruptcy protection—but that doesn't mean it is doomed. In a letter to customers Sunday, the 35-year-old chain said it will be business as usual during reorganization and filing for Chapter 11 protection "is a deliberate and decisive... More »

Purdue Pharma Files for Bankruptcy

But OxyContin maker's legal battles are far from over

(Newser) - Purdue Pharma, the company that made billions selling the prescription painkiller OxyContin, has filed for bankruptcy in White Plains, NY, days after reaching a tentative settlement with many of the state and local governments suing it over the toll of opioids. The filing was anticipated before and after the tentative... More »

High-End Clothier to Shutter Most Stores

Barneys' flagship NYC location will remain open, but many others to close in bankruptcy filing

(Newser) - Barneys New York is filing for Chapter 11 bankruptcy protection, the latest retailer to buckle as shoppers move online and real estate costs soar. The iconic clothier founded almost a century ago will keep the doors open at its 10-story Madison Avenue store, but it has secured $75 million in... More »

Jamie Oliver 'Devastated' About Chain's Collapse

Chef's British restaurant chain has filed for bankruptcy protection

(Newser) - Celebrity chef Jamie Oliver's British restaurant chain filed for bankruptcy protection on Tuesday, partly due to increased competition and escalating rents in local commercial districts. The insolvency put 1,300 jobs at risk and reignited worries about local retail and food outlets in Britain, reports the AP . "I'... More »

Publisher Behind Iconic Black Magazines Files for Bankruptcy

Johnson Publishing Co. sold 'Ebony' and 'Jet' in 2016

(Newser) - Chicago's iconic Johnson Publishing Co., owner for decades of Ebony and Jet magazines that helped change the image of black people portrayed by US media, has filed for bankruptcy liquidation in federal court. In announcing the petition filed Tuesday, the company said it was "caught in a tidal... More »

Collapse of British Airline Strands Hundreds

Airline Flybmi blames Brexit 'uncertainty'

(Newser) - Hundreds of passengers throughout Europe have been stranded by the abrupt collapse of a British regional airline. British Midland Regional Limited, which operates as Flybmi, said it is filing for administration—a British version of bankruptcy—because of higher fuel costs and uncertainty caused by Britain's upcoming departure from... More »

This May Be Biggest US Retail Liquidation Ever

Payless is shuttering all 2,100 of its stores here, as well as its e-commerce operation

(Newser) - In what the Wall Street Journal says may be the biggest retail liquidation ever in America, one of the nation's most well-known chains for shoes on the cheap is closing all of its stores here. A spokesman says all of Payless' 2,100 or so US locations are expected... More »

In Wake of Calif. Wildfires, PG&E Makes a Big Move

Largest utility in America files for bankruptcy

(Newser) - America's largest utility, Pacific Gas & Electric Corp., filed for bankruptcy Tuesday as it faces billions of dollars in potential damages from wildfires in California. The utility filed documents in a US court seeking Chapter 11 reorganization despite state investigators determining last week that its equipment wasn't to... More »

Erin Brockovich Hammered PG&E. Now She Wants to Save It

It's all about getting money for California's wildfire victims

(Newser) - Consumer activist Erin Brockovich, who famously took on Pacific Gas & Electric Co. in the 1990s, urged California lawmakers Tuesday not to let the utility go bankrupt—because it could mean less money for wildfire victims. "I'm mad, I think we should all be mad," Brockovich said... More »

Say Goodbye to Gymboree

Children's clothing retailer is winding down operations after 4 decades

(Newser) - Gymboree has filed for bankruptcy protection for a second time in as many years, but this time the children's clothing retailer will begin winding down operations for good. The San Francisco company said it will close all of its Gymboree and Crazy 8 stores and attempt to sell its... More »

Looks Like Sears Has One Final Gasp of Breath

Chairman Eddie Lampert won bankruptcy auction, can maybe keep stores open

(Newser) - Sears has won a reprieve in a desperate attempt to stave off its own demise. The company's largest shareholder and chairman, Eddie Lampert, won a bankruptcy auction in New York, per a source familiar with negotiations. Lampert had upped his bid to more than $5 billion in recent days,... More »

Utility That Serves 16M Declares Bankruptcy

Liabilities for state wildfires are just too expensive for PG&E

(Newser) - California's largest utility is crying uncle. PG&E Corp said Monday it will file for bankruptcy protection as it deals with billions in possible liability costs over huge state wildfires, the Wall Street Journal reports. The utility and its main unit, Pacific Gas and Electric Co., plan to file... More »

Sears Gets Another Lifeline

Eddie Lampert says he can add cash to bid

(Newser) - Sears received another lifeline Tuesday when the company's chairman and largest shareholder promised to line up the necessary financing to keep the struggling department store chain afloat. The reprieve came after what Sears lawyers described to a bankruptcy judge in New York as "round-the-clock" negotiations following the company... More »

Sears Could Be Dead by Saturday

Bid to save retailer needs to be in by 4pm Friday

(Newser) - After 125 years in business, Sears could now be in its final hours. The iconic retailer, which filed for bankruptcy in October , may have to be liquidated if a bid to save it doesn't materialize before a 4pm Friday deadline. Chairman Eddie Lampert has proposed a $4.6 billion... More »

USA Gymnastics Files for Bankruptcy

AP calls it an effort to ensure organization's survival

(Newser) - USA Gymnastics is turning to bankruptcy in an effort to ensure its survival, the AP reports. The embattled organization filed a Chapter 11 bankruptcy petition on Wednesday as it attempts to reach settlements in the dozens of sex-abuse lawsuits it faces and to forestall its potential demise at the hands... More »

David's Bridal Files for Bankruptcy

But don't worry about your dress

(Newser) - David's Bridal is filing for bankruptcy protection but there is no danger for customers who have ordered dresses because operations continuing as normal while the wedding and prom retailer restructures, the AP reports. The bankruptcy filing, the private company said Monday, will wipe out more than $400 million in... More »

Not Everyone Sorry to See Sears Go

Companies that run malls can finally renovate money-losing sites, raise rents

(Newser) - Sears filed for bankruptcy Monday morning, marking what might be the beginning of the end of one of the most remarkable business stories in American history. As the AP explains, the big question is whether the chain will go away for good or emerge as a smaller version of itself.... More »

'Sad Day for American Retail': Sears Declares Bankruptcy

Company hopes to keep some stores open

(Newser) - A $134 million debt payment due Monday was the final straw for the business Richard Warren Sears started in 1886. Sears, an American institution for many years, filed for Chapter 11 bankruptcy protection early Monday, CNN reports. The company, which also owns Kmart, says it plans to remain in business... More »

Toys 'R' Us: We're Not Dying After All

Hedge funds plan to revive brand

(Newser) - They may not be ready to declare "We 'R' Solvent," but Toys 'R' US appears to be back from the brink of oblivion. The company's top creditors have decided to cancel the bankruptcy auction of its famous name and other intellectual property and will attempt... More »

Mystery Shopper Buys Out Toys R Us Store

The buyer reportedly plans to donate the toys

(Newser) - Santa Claus came early to the Toys R Us store in Raleigh, NC, on Friday, even as 800 Toys R Us stores across the country prepared to close their doors for good. According to CBS , an anonymous good Samaritan paid $1 million to purchase all the toys that remained in... More »

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