bankruptcy

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Guitar Center: It's Bankruptcy Time

The nation's biggest musical instrument retailer files for Chapter 11

(Newser) - The Guitar Center filed for Chapter 11 bankruptcy Saturday as yet another US retailer revealed its pandemic financial woes, Reuters reports. In a bankruptcy filing , the 61-year-old company said it plans to stay afloat with up to $165 million in fresh equity investments and a debt reduction of nearly $800...

Another Corporate Casualty of COVID

Friendly's restaurant chain, known for its ice cream sundaes, has filed for Chapter 11

(Newser) - Friendly's Restaurants, an East Coast dining chain known for its sundaes, is filing for bankruptcy protection. The company, which runs its restaurants under the parent company FIC Restaurants Inc., will sell substantially all of its assets to the restaurant company Amici Partners Group, per the AP . All 130 of...

COVID's 'Unprecedented Impact' Drives Another Big Bankruptcy

Ruby Tuesday reduced to 236 restaurants

(Newser) - Ruby Tuesday has filed for bankruptcy, partly blaming the "unprecedented impact" of the coronavirus pandemic, though it was struggling well before March. The classic American dining chain will permanently shutter 185 restaurants across the US, according to a Wednesday release. Another 236 restaurants will continue operating. "This announcement...

JCPenney Nearly Sold After 'Screaming Matches'

The department store chain negotiates a $1.75B deal

(Newser) - Looks like JCPenney has found itself a buyer. The dying department store chain—which filed for Chapter 11 bankruptcy protection back in May—has struck a tentative deal with a group of lenders and mall owners, USA Today reports. Brookfield Property Partners, Simon Property Group, and bankruptcy lenders are expected...

'Nation's First Department Store' Files for Bankruptcy

Lord & Taylor files for Chapter 11

(Newser) - Another big retail name is going under amid the coronavirus pandemic: Lord & Taylor filed for Chapter 11 bankruptcy protection Sunday. However, as the New York Times reports, the department store chain had been struggling even before COVID-19. Clothing rental start-up Le Tote bought Lord & Taylor last year, and...

COVID Brings Another Retailer to Chapter 11

Parent company of Ann Taylor, Lane Bryant seeks bankruptcy protection

(Newser) - The pandemic has pushed another big-name retailer into bankruptcy. The parent company of Ann Taylor and Lane Bryant filed for Chapter 11 protection on Thursday. The Ascena Retail Group plans to close about 1,100 stories across the country, including all of its Catherines stores and many of its Justice...

200-Year-Old Firm Becomes Latest Pandemic Victim

Brooks Brothers has filed for bankruptcy

(Newser) - Brooks Brothers, the 200-year-old company that dressed nearly every US president, filed for bankruptcy protection Wednesday, the latest major clothing seller to be toppled by the coronavirus pandemic. Founded in New York in 1818, Brooks Brothers survived two world wars and the Great Depression and even managed to stay afloat...

Fracking Pioneer Files for Bankruptcy

Chesapeake Energy says it has nearly $9B in debt

(Newser) - Chesapeake Energy, a shale drilling pioneer that helped to turn the US into a global energy powerhouse, has filed for bankruptcy protection. The Oklahoma City-based company said Sunday that it was a necessary decision given its debt, the AP reports. Its debt load is currently nearing $9 billion. It has...

America Is Hit With Another Big Bankruptcy

GNC files for Chapter 11

(Newser) - Like your vitamins and whey proteins? Better buy them now, because GNC has filed for Chapter 11 bankruptcy. The health and wellness company says it will shutter 800 to 1,200 stores and either reorganize or sell itself outright, USA Today reports. "The COVID-19 pandemic created a situation where...

SEC Puts Damper on Hertz Plan to Sell Possibly 'Worthless' Stock

Car rental company wanted to dump $500M in common stock during bankruptcy proceedings

(Newser) - After a tumultuous few months, Hertz now has another wrench thrown into its works. Unable to endure the coronavirus pandemic, the car rental company filed for bankruptcy protection last month, then noted Monday in a government filing that it planned to sell $500 million in common stock—all while warning...

Bankruptcy for Hertz: 'No Business Is Built for Zero Revenue'

But Hertz and subsidiaries will continue to operate after being slammed in pandemic

(Newser) - Hertz filed for bankruptcy protection Friday, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company's business. The company's lenders were unwilling to grant it another extension on its auto lease debt payments past a Friday deadline,...

Walmart Stats Present a Snapshot of Pandemic

Sales surged, especially online, as Americans stocked up

(Newser) - The pandemic has brought financial ruin to some retailers . Not so with Walmart, whose sales boomed in the quarter that ended May 1, reports CNBC . Overall, same-store sales were up 10%, but the details show how the coronavirus radically altered shopping patterns. For one thing, online sales rose a staggering...

Another Retailer Topples in Pandemic: JCPenney

Chain files for bankruptcy protection

(Newser) - The coronavirus pandemic has pushed troubled department store chain JCPenney into Chapter 11 bankruptcy, per the AP . It's the fourth major retailer to meet that fate. As part of its reorganization, the 118-year-old company said late Friday it will be closing some of its stores and will disclose details...

First Department Store Chain Falls to Coronavirus

Luxury giant Neiman Marcus files for Chapter 11

(Newser) - Neiman Marcus, the 112-year-old storied luxury department store chain, has filed for Chapter 11 bankruptcy protection, the first department store chain to be toppled by the coronavirus pandemic, per the AP . The move follows the bankruptcy filing by J. Crew , which became the first major retailer to reorganize during the...

First Big Retailer to Fail From Virus Files for Bankruptcy

J. Crew was already struggling even before the pandemic

(Newser) - J. Crew was having a tough time even before the pandemic arrived. Now, the New York Times says it's the "first major retailer to fall" from the virus, seeking bankruptcy protection to try to stay alive. On Monday, the clothing retailer's parent company, Chinos Holdings, filed to...

This Might Be First Major Department Store Casualty

Neiman Marcus to file for bankruptcy amid pandemic, says Reuters

(Newser) - With all of its stores closed, burdened by $4.8 billion in loans, Neiman Marcus is moving toward seeking bankruptcy protection. The filing could come this week, Reuters reports. It would be the first major department store company to reach that point since the pandemic hit the US, and Neiman...

Boy Scouts of America Files for Bankruptcy

Organization faced flood of sexual abuse lawsuits

(Newser) - The Boy Scouts of America, fighting for survival amid a flood of sexual abuse lawsuits, has filed for bankruptcy protection. The Chapter 11 filing early Tuesday marks the start of what is expected to be one of the most complex bankruptcies in US history, lawyers tell NBC . Changes in statute-of-limitation...

More Bad News for a Longtime Retailer

Pier 1 files for bankruptcy

(Newser) - First came news early in the year that Pier 1 Imports was shuttering almost half of its stores . Now comes the not-so-surprising follow-up: The Texas-based retailer filed for bankruptcy protection on Monday, reports the Wall Street Journal . Nine straight quarters of declining store sales will do that to a company,...

Judge Wipes Out a Student Loan Tab

$220K decision reflects the rethinking of standards for helping borrowers

(Newser) - Kevin J. Rosenberg borrowed about $116,500 between 1993 and 2004 to get him through the University of Arizona, where he earned a history degree, and Cardozo Law School. With interest, that debt grew to $221,400, the Wall Street Journal reports. In 2018, Rosenberg filed Chapter 7 bankruptcy, unable...

Pier 1 Closing Half of Its Stores

300 employees to be laid off at corporate HQ: Bloomberg

(Newser) - Pier 1 Imports is planning to close nearly half of its 942 stores in the US and Canada, as well as some distribution centers. Monday's announcement—meaning layoffs for 300 people, or about 40%, of staff at its headquarters in Fort Worth, Texas, per Bloomberg —came as the...

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