Chapter 11

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Crafts Retailer Joann Files for Chapter 11

But it expects to emerge from bankruptcy protection as early as next month

(Newser) - Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, reports the AP , as consumers continue to cut back on discretionary spending. In a Monday release, the company based in Hudson, Ohio, said that it expected to emerge from bankruptcy as early as the end of next month....

Once a Darling, WeWork Has Now Filed for Bankruptcy

Sources had indicated move was imminent

(Newser) - As sources indicated last week that it would, a onetime darling of the startup world on Monday filed for Chapter 11 bankruptcy protections in federal court. The coworking company WeWork, which has long been struggling, isn't quite ready to throw in the towel: "Now is the time for...

A Pandemic Darling Falls Into Bankruptcy

Instant Pot is in trouble as sales wane

(Newser) - The all-in-one pressure cooker Instant Pot became a smash hit during the pandemic. But that meteoric growth couldn't be sustained, and maker Instant Brands filed for bankruptcy Monday, reports the Wall Street Journal . The newspaper sums things up succinctly, noting that the move reflects "the difficulties that Instant...

For the 2nd Time in 5 Years, Bad News for David's Bridal

70-year-old chain, $257M in debt, files for Chapter 11 bankruptcy protection

(Newser) - For more than 70 years, David's Bridal has served as one of the nation's biggest one-stop wedding party shops, claiming that 1 in 4 brides don its wedding dresses on their big day. Now, however, the Pennsylvania-based chain is $257 million in debt, per court documents, and it'...

Party City, Once 'One of the Best', Files for Bankruptcy
Party City's Woes
Come to a Head

Party City's Woes Come to a Head

Company files for Chapter 11 bankruptcy protection

(Newser) - America's biggest party goods store has filed for Chapter 11 bankruptcy protection after struggling with rising prices and a pullback in customer spending. Party City, based in Woodcliff Lake, New Jersey, is planning an expedited restructuring that it said would substantially lower its debt and free up cash, reports...

Cineworld Looks at Bankruptcy
Theaters Weigh Chapter 11

Theaters Weigh Chapter 11

Cineworld, which owns Regal Cinemas, is $5B in debt

(Newser) - Struggling under debt totaling $5 billion, the parent company of Regal Cinemas said Monday it's weighing a bankruptcy filing in the US. Cineworld said that while it considers reorganization, its theaters will remain open and none of its 28,000 jobs globally will be cut, the BBC reports. The...

Guitar Center Files for Bankruptcy
Guitar Center:
It's Bankruptcy Time

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...

Not-So-Sweet News for Friendly's Chain
Another Corporate
Casualty of COVID

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 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...

COVID Claims Another Business Casualty

Small-engine maker Briggs & Stratton seeks bankruptcy protection

(Newser) - Briggs & Stratton Corp., billed as the world's largest manufacturer of small gas engines, has filed for bankruptcy protection, per the AP . "The challenges we have faced during the COVID-19 pandemic have made reorganization the difficult but necessary and appropriate path forward to secure our business," Chief...

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...

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...

It's Chapter 11 for Forever 21
It's Chapter 11 for Forever 21

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...

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...

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...

It's Chapter 11 for Guitar Maker to the Stars

Les Paul maker Gibson to 'refocus' on musical instruments

(Newser) - It made what VH1 calls "arguably the most famous guitar in rock," the Les Paul Standard cradled by Led Zeppelin's Jimmy Page. Now Gibson needs help churning out its guitars also favored by David Bowie and John Lennon . The company filed for Chapter 11 bankruptcy protection Tuesday,...

'Dawning of a New Era' With Toys R Us Bankruptcy

'Finally, the straw broke the camel's back'

(Newser) - More trouble in the world of big-box stores: Toys R Us, hobbled by a huge debt load and struggling to compete with online retailers, has filed for Chapter 11 bankruptcy protection. Dave Brandon, chief executive of the world's biggest toy store chain, describes the move as the "dawning...

Toshiba Throws In Nuclear Towel: Chapter 11 for Westinghouse

Challenges proved too great—and may be nuclear industry harbinger

(Newser) - More fallout from Toshiba's reported "nuclear" loss last month, this time in the form of a bankruptcy filing. In what the AP says was a "largely expected" move, Toshiba noted in a statement Wednesday that its Westinghouse nuclear unit has submitted a Chapter 11 petition to the...

Company Shkreli Wanted to Turn Around Files for Chapter 11

KaloBios Pharmaceuticals is still appealing its Nasdaq delisting

(Newser) - Earlier this month, Martin Shkreli's company dumped him as CEO after he was arrested for securities fraud . But the damage to KaloBios Pharmaceuticals has been done, and Tuesday the company filed for Chapter 11 bankruptcy protection in Delaware, Reuters reports. The filing lists assets of more than $8 million...

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