bankruptcy

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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
More Bad News
for a Longtime Retailer
Feb 17, 2020 12:47 PM CST

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 Overturns Myth, Wiping Out a Student Loan Tab
Judge Wipes Out
a Student Loan Tab
in case you missed it
Jan 12, 2020 4:20 PM CST

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
Pier 1 Closing Half of Its Stores
Jan 7, 2020 7:21 AM CST

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...

Bankruptcy for Company That Began Before the Civil War

Borden Dairy Co. follows in the footsteps of Dean Foods

(Newser) - One of the top 10 advertising icons of the 20th century belongs to a company that filed for bankruptcy on Monday. Borden Dairy Co. is following in the footsteps of No. 1 milk producer Dean Foods, which did the same in November. CNN reports the company cited the burden of...

It&#39;s Chapter 11 for Forever 21
It's Chapter 11 for Forever 21
Sep 30, 2019 4:07 AM CDT

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...

Purdue Pharma Files for Bankruptcy
Purdue Pharma
Files for Bankruptcy
Sep 16, 2019 12:50 AM CDT

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...

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...

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'...

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...

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...

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...

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...

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