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Bankruptcy

Bob's Stores To Close All Locations After Filing For Bankruptcy; Retailer Liquidating Inventory Bob's Stores To Close All Locations After Filing For Bankruptcy; Retailer Liquidating Inventory
Bob's Stores To Close All Locations After Filing For Bankruptcy; Retailer Liquidating Inventory Bob's Stores, the family apparel and shoe retailer, will close all of its 21 locations throughout the Northeast after the company said it is bankrupt. The stores will remain open through July 14 as the company sells its remaining items at greatly reduced prices. Some things were marked down as much as 70 percent, according to a news release. The company, which filed for Chapter 11 bankruptcy late last month, is $29.4 million in debt, according to the court filing.  Bob's President Dave Barton apologized to the communities affected by the closures.  We regret that our financ…
Updated List Of Scheduled Red Lobster Closures Includes Connecticut Location Updated List Of Scheduled Red Lobster Closures Includes Connecticut Location
Updated List Of Scheduled Red Lobster Closures Includes Connecticut Location Red Lobster plans to close more restaurants just weeks after it filed for bankruptcy, according to a new report. In a bankruptcy petition filed on Sunday, May 19, the company listed assets of $1 billion and liabilities of $10 billion. Days before the filing, dozens of Red Lobster locations were listed as "temporarily closed" on the company's website, including these New York locations: Kingston, Scarsdale, Nanuet, Poughkeepsie, Stony Brook In an updated list of closures reported by CNN on Thursday, June 6, five new locations in New York have been added to the list, including it…
Red Lobster Files For Bankruptcy After Abruptly Closing Dozens Of Restaurants Red Lobster Files For Bankruptcy After Abruptly Closing Dozens Of Restaurants
Red Lobster Files For Bankruptcy After Abruptly Closing Dozens Of Restaurants Red Lobster has filed for bankruptcy just days after closing dozens of its restaurants. In its bankruptcy petition filed on Sunday, May 19, the company listed assets of $1 billion and liabilities of $10 billion. The filing stated that the company "intends to use the proceedings to drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern." The company said restaurants not listed as "temporarily closed" on its website will remain "open and operating as usual during the Chapter 11 process."…
Major Mall-Based Chain To Close 543 Stores After Filing For Bankruptcy Major Mall-Based Chain To Close 543 Stores After Filing For Bankruptcy
Major Mall-Based Chain To Close 543 Stores After Filing For Bankruptcy A retailer primarily located in malls is set to close all 543 of its stores following its third Chapter 11 bankruptcy filing. Closures for all rue21 locations are expected to be completed within the next two months with going-out-of-business sales coming soon. Founded in 1970, rue21 specializes in women's & men's casual apparel and accessories. In its filing on Thursday, May 2, the company said, "It became clear that offers to buy the debtors' assets at their current worth could not exceed the expected profits from selling off the closing stores and assets.  "As a result, the deb…
'Pharmageddon': CVS, Walgreens Protests Spread As Workers Seek Better Conditions 'Pharmageddon': CVS, Walgreens Protests Spread As Workers Seek Better Conditions
'Pharmageddon': CVS, Walgreens Protests Spread As Workers Seek Better Conditions Around a thousand pharmacy workers across the country have walked off the job as part of a strike to protest conditions. The so-called "Pharmageddon" series of walkouts at pharmacy chains including CVS and Walgreens stores started Monday, Oct. 30, and is expected to continue at least through the middle of the week. Around 900 people from about 10 states could participate, organizers of the ongoing protest told NBC News. A growing workload and understaffing are the main reasons for the protest, organizers say, noting that the pharmacy workers are not unionized. In a statement to KDKA in Pi…
Rite Aid Will Close CT Store After Filing For Bankruptcy Rite Aid Will Close CT Store After Filing For Bankruptcy
Rite Aid Will Close CT Store After Filing For Bankruptcy Rite Aid, the pharmacy giant that filed for bankruptcy on Sunday, Oct. 15, plans to close 154 underperforming stores nationwide, according to a new filing. Some of those closures will be in Massachusetts and Connecticut.  Related: Why Is Rite Aid Filing For Bankruptcy? Rite Aid announced earlier this week that declining sales and rising debt forced the company's hand in filing for Chapter 11 bankruptcy. The chain has more than 2,100 stores nationwide, and reducing rent costs will play a large part in bringing its balance sheet back into the black.  The only store in Massachusetts…
Rite Aid Files For Bankruptcy Amid Drop In Sales, Opioid Lawsuits Rite Aid Files For Bankruptcy Amid Drop In Sales, Opioid Lawsuits
Rite Aid Files For Bankruptcy Amid Drop In Sales, Opioid Lawsuits One of the country’s largest pharmacy chains has just filed for bankruptcy. The move by Rite Aid comes amid declining sales and a rise in debt, which hit $3.3 billion, according to midyear filings.  The company said in an announcement on Sunday, Oct. 15 that in connection with the filing, it has received a commitment for $3.45 billion in new financing from some of its lenders.  "This financing is expected to provide sufficient liquidity to support the company throughout this process," Rite Aid said. Rite Aid is one of a number of drugstore chains facing litigation related to the…
NY-Based Revlon, Iconic 90-Year-Old Multinational Personal Care Company, Files For Bankruptcy NY-Based Revlon, Iconic 90-Year-Old Multinational Personal Care Company, Files For Bankruptcy
Ny-based Revlon, Iconic 90-Year-Old Multinational Personal Care Company, Files For Bankruptcy New York-based personal care and cosmetics company Revlon announced it has filed for bankruptcy on Thursday, June 16. The company is hoping to get $575 million in debtor-in-possession (“DIP”) "to strategically reorganize its legacy capital structure and improve its long-term outlook," according to a release. Revlon says they plan on operating "seamlessly" after the filing   “Today’s filing will allow Revlon to offer our consumers the iconic products we have delivered for decades, while providing a clearer path for our future growth,” said Debra Perelman, Revlon's President an…
JCPenney Offers Billions To Buy Rival Kohl's, Report Says JCPenney Offers Billions To Buy Rival Kohl's, Report Says
JCPenney Offers Billions To Buy Rival Kohl's, Report Says The owners of JCPenney are bidding to acquire rival Kohl’s, according to a new report. Shopping-mall owners Simon Property and Brookfield Asset Management have offered around $8.6 billion for Kohl's stores, the New York Post reports. Under the plan, JCPenney's parent company would maintain two separate brands and cut costs by $1 billion at Kohl’s over the next several years, the Post said, citing a source. After filing for bankruptcy in the spring of 2020, JCPenney was acquired by Simon Property Group and Brookfield Asset Management. With about 1,160 locations in every state except Hawaii…
Purdue Pharma Reaches $6B Settlement With US States Over Thousands Of Opioid-Related Lawsuits Purdue Pharma Reaches $6B Settlement With US States Over Thousands Of Opioid-Related Lawsuits
Purdue Pharma Reaches $6B Settlement With US States Over Thousands Of Opioid-Related Lawsuits OxyContin creators Purdue Pharma and the Sackler family have reached a $6 billion settlement over their roles in the ongoing opioid crisis plaguing the country. The announcement comes following an earlier deal made with Purdue, headquartered in Stamford, Connecticut, that was ultimately appealed by eight states and the District of Columbia until the Sacklers kicked in more cash to get the deal done. Earlier story - NY, Other States Reach $4.5B Settlement With Purdue Pharma Over Its Role In Opioid Epidemic The $6 billion will be paid out over the course of 18 years, with larger payments fro…
Official Cause Of Death For Rapper DMX Released Official Cause Of Death For Rapper DMX Released
Official Cause Of Death For Rapper DMX Released An official cause of death for rapper and lifelong New Yorker DMX has been released following his death in April at the age of 50. The Westchester County Medical Examiner told Vulture on Thursday, July 8 that the hip-hop icon died on April 9 due to a cocaine-induced heart attack which caused a lack of blood circulation to his brain. Original story - Rapper, Westchester Native, Resident DMX Dies At Age 50 
“It was cardiac arrest for a period of time, so there was no circulation to the brain,” the Medical Examiner explained to Vulture. No official statement has been released by the ME’s offi…
Legal Expert Says Indictment Would Be 'Devastating' For Trump Organization Legal Expert Says Indictment Would Be 'Devastating' For Trump Organization
Legal Expert Says Indictment Would Be 'Devastating' For Trump Organization With the Trump Organization expected to face a criminal indictment this week, one of the nation’s top legal experts said that it could be "devastating" for the former president, and could potentially lead to bankruptcy for the company. Attorneys for the Trump Organization were advised that criminal charges will be filed in Manhattan as soon as Thursday, July 1, including top target, Chief Financial Officer Allen Weisselberg, and other lead members of the organization. The former president himself is not expected to be charged with anything criminal. Related story - Trump Foundation Will C…
Rapper DMX Hospitalized In Westchester In Grave Condition Rapper DMX Hospitalized In Westchester In Grave Condition
Rapper DMX Hospitalized In Westchester In Grave Condition The rapper DMX is hospitalized in his native New York in Westchester County in grave condition, according to a report by TMZ. DMX, age 50, whose birth name is Earl Simmons, suffered an overdose around 11 p.m. Friday, April 2, which led to a heart attack, according to TMZ. He is hospitalized in the critical care unit in White Plains, the report said. Simmons is a Mount Vernon native who grew up in Yonkers. Simmons lived near the Bedford border on McLain Street in Mount Kisco with his now-estranged wife Tashera Simmons before putting the home into foreclosure in 2016 after filing for bankru…
Bridgeport Man Charged After Declaring Bankruptcy Despite Getting Payout Bridgeport Man Charged After Declaring Bankruptcy Despite Getting Payout
Bridgeport Man Charged After Declaring Bankruptcy Despite Getting Payout A Bridgeport man could face five years in prison after neglecting to mention while under oath that he was the beneficiary of a $100,000 life insurance policy for his mother, who died nine days after he filed for bankruptcy. Anthony Faustini, 57, was $86,862 in debt according to the office of the Connecticut U.S. Attorney. He reportedly filed for bankruptcy on March 12 of 2018; nine days later, his mother passed away.  On April 18 of that year, Faustini testified in bankruptcy court. When he was specifically asked whether "anybody died and left you any money," Faustini said "no" under o…
Ex-Restaurant Owner From Fairfield County Sentenced For Fraud Ex-Restaurant Owner From Fairfield County Sentenced For Fraud
Ex-Restaurant Owner From Fairfield County Sentenced For Fraud The former owner and operator of an upscale Northern Westchester restaurant has been sentenced for committing wire fraud in connection with her multi-year scheme to defraud the restaurant’s lenders, mortgagee, bankruptcy creditors, and customers, authorities announced. Fairfield County resident Barbara Meyzen, also known as “Bobbie," 57, of Redding,  owned and operated the La Crémaillère Restaurant in the North Castle hamlet of Banksville starting in 1993 until earlier this year. She pleaded guilty to one count of wire fraud on Thursday, March 5  in White Plains federal court…
COVID-19: Century 21 Files For Bankruptcy, Closing All Stores COVID-19: Century 21 Files For Bankruptcy, Closing All Stores
Covid-19: Century 21 Files For Bankruptcy, Closing All Stores Liquidation sales are under way at all 13 Century 21 stores after the company announced Thursday it filed for Chapter 11 bankruptcy protection. The impetus was a non-payment of approximately $175 million declined by the company's insurance provider as a direct result of losses during the COVID-19 pandemic, the company said in a press release. The off-price retail store in business for more than 60 years was left with "no viable alternative" to closing," the company's co-CEO Raymond Gindi said.  "While retailers across the board have suffered greatly due to COVID-19, and Century 2…
Parent Company Of Balducci’s, Kings Food Markets Files For Bankruptcy Parent Company Of Balducci’s, Kings Food Markets Files For Bankruptcy
Parent Company Of Balducci’s, Kings Food Markets Files For Bankruptcy KB US Holdings, the parent company of Kings Food Markets and Balducci’s Food Lover’s Market, which has locations throughout the region, has filed for Chapter 11 bankruptcy amid the COVID-19 pandemic. The company announced this week that “it has accepted a stalking horse bid from TLI Bedrock to purchase the company for $75 million.” To facilitate the sale, KB and its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York. Kings currently operates 25 specialty supermarkets, including 23 in New Jerse…
Lord & Taylor Closing All Its Stores After Nearly 200 Years In Business Lord & Taylor Closing All Its Stores After Nearly 200 Years In Business
Lord & Taylor Closing All Its Stores After Nearly 200 Years In Business Lord & Taylor, the first department store to be established in the United States, is going out of business, closing all its stores after a 194-year run. Reversing a decision announced last week to keep 14 stores open, the company announced on Thursday, Aug. 27 that all of its 38 remaining stores and website have begun liquidation sales.  Parent company Le Tote had filed for bankruptcy Sunday, Aug. 2. "While we are still entertaining various opportunities, we believe it is prudent to simultaneously put the remainder of the stores into liquidation to maximize value of inv…
Lord & Taylor Closing 24 Department Stores Mostly In CT, NY, NJ, MA Lord & Taylor Closing 24 Department Stores Mostly In CT, NY, NJ, MA
Lord & Taylor Closing 24 Department Stores Mostly In CT, NY, NJ, MA Department Store chain Lord & Taylor has announced the closure of 24 more of its stores - many of them located in Connecticut, New York, Massachusetts, and New Jersey. Lord & Taylor filed for Chapter 11 Bankruptcy in August. The retail giant, which was established in 1826, joins other chains that couldn’t survive the tragic COVID-19 economy. Other bigs that are closing shops across the country include J.C. Penny, Pier One, and Brooks Brothers. So far this year, 6,000 department stores in the U.S. have been permanently closed, according to Coresight Research. The local Lord & …
Fairway Market To Close Fairfield County Location Fairway Market To Close Fairfield County Location
Fairway Market To Close Fairfield County Location It’s closing time for a Fairway Market in Fairfield County. Signage has been posted at the grocery store on Canal Street and adjacent liquor store saying that the Fairway Market in Stamford will be closing down after months of speculation. Signs have been posted on the market that state "store closing," "everything must go,” ”nothing held back,” and other warning messages. According to the Stamford Office of Economic Development, plans are now for the store to close around Friday, Aug. 20 as the developer searches for a replacement operator following the company's filing for bankruptcy ear…
Original Ann Taylor's in New Haven Closes - More Closures for Parent Co. Ascena Planned Original Ann Taylor's in New Haven Closes - More Closures for Parent Co. Ascena Planned
Original Ann Taylor's in New Haven Closes - More Closures for Parent Co. Ascena Planned The original Ann Taylor’s in New Haven closed for good on Monday, July 27. The retailers first launched from New Haven in 1954, eventually growing to a women’s clothing store giant. Ann Taylor’s parent company, Ascena, filed for bankruptcy earlier this month. In addition to Ann Taylor, Ascena owns the brands: LOFT, Lane Bryant, Justice, Catherines, Cacique, and Lou & Grey. All of the retailers will continue to operate, though many of its 2,800 stores will be closed, according to Ascena. Catherines is being sold to City Chic. In announcing the bankruptcy filing and restructuring on July…
Popular Restaurant Chain Closes Danbury Mall Location Popular Restaurant Chain Closes Danbury Mall Location
Popular Restaurant Chain Closes Danbury Mall Location Another Fairfield County restaurant has closed its door due to the financial hardships connected with the COVID-19 pandemic. The Brio Tuscan Grille, a local favorite for Italian dining in the Danbury Fair Mall, has permanently closed, according to its parent company. The company has filed for bankruptcy protection from creditors, crediting the global pandemic as the reason. The restaurant was part of the mall's redevelopment efforts after Filene's department store shuttered.  Other businesses that were part of the redevelopment attempt included the Cheesecake Factory, Dick’s Sporting…
COVID-19: Retailer Closing Connecticut Location COVID-19: Retailer Closing Connecticut Location
Covid-19: Retailer Closing Connecticut Location A popular retailer has filed for bankruptcy and plans to permanently close nearly half its stores, including one in Connecticut, after temporary store closures amid the novel coronavirus (COVID-19) pandemic. Kitchen goods retailer Sur La Table made the Chapter 11 filing late this week, saying 51 of 121 stores will close. The Seattle-based company, founded in 1972, brands itself as "the leading retail destination for those passionate about cooking and entertaining." The company announced it would sell its remaining stores and brand names to Fortress Investment Group. "Following the sale, …
Locally Owned, Operated GNC In Greenwich Marks 24th Year In Business Locally Owned, Operated GNC In Greenwich Marks 24th Year In Business
Locally Owned, Operated GNC In Greenwich Marks 24th Year In Business Though hundreds of GNC stores are closing after the company filed for bankruptcy this week, one location in Fairfield County is open and thriving - and has been for nearly a quarter of a century. The GNC in the Riverside Commons Shopping Center on East Putnam Avenue in Greenwich will continue to stay open, serving the customers who have frequented it since 1997, franchise owner Michael Saluzzi wants the community to know. Earlier story - COVID-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores Saluzzi opened his first GNC franchise in Brooklyn in 1992 before setting up shop in Fai…
COVID-19: Chuck E. Cheese Files For Bankruptcy After Reopening Locations COVID-19: Chuck E. Cheese Files For Bankruptcy After Reopening Locations
Covid-19: Chuck E. Cheese Files For Bankruptcy After Reopening Locations The novel coronavirus (COVID-19) crisis has claimed another victim. Chuck E. Cheese, the popular entertainment and pizza chain that has been the place to go for children's birthday parties for 43 years, has filed for bankruptcy protection after the virus forced locations to shut their doors more than three months ago. The bankruptcy announcement came after the company began reopening some locations as the region begins recovering from the COVID-19 outbreak. As of Wednesday, June 24, 266 Chuck E. Cheese and Peter Piper Pizza restaurant and arcade locations had reopened in accordance with th…
COVID-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores COVID-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores
Covid-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores General Nutrition Centers (GNC) plans to close upwards of 1,200 stores after filing for bankruptcy amid the novel coronavirus (COVID-19) crisis. The 85-year-old company, which reportedly has been dealing with nearly a billion dollars of debt announced it will be shuttering at least a quarter of its locations as it faces a shortage of customers due to the COVID-19 outbreak. According to GNC, the company “has been executing a store portfolio optimization strategy to close underperforming stores, while continuing to invest in omnichannel and brand strategies to better meet consumer demand." G…
JCPenney Reveals Locations Of 13 More Store Closures JCPenney Reveals Locations Of 13 More Store Closures
JCPenney Reveals Locations Of 13 More Store Closures JCPenney has revealed the locations of another 13 stores it will close permanently. Earlier this month, the community released a list of 154 stores nationwide that will close through the summer. The closures began in mid-June amid JCPenney's Chapter 11 bankruptcy filing. New closures include one JCPenney on Long Island -- located in Suffolk County in Bay Shore at the  South Shore Mall on Sunrise Highway. Farther north, a Hudson Valley JCPenney will close - located in Dutchess County at the Poughkeepsie Galleria on Route 9 (South Road). No other New York, New Jersey or Connectic…
JCPenney Announces 154 Stores Set To Close Through Summer JCPenney Announces 154 Stores Set To Close Through Summer
JCPenney Announces 154 Stores Set To Close Through Summer JCPenney has released a list of 154 stores nationwide that will close through the summer. The closures, beginning on Friday, June 12, include New York and Connecticut. Seven closures are scheduled in New York (all upstate) and one in Connecticut (at the Torrington Commons in Torrington). To view the complete list, click here. More closures will be announced in the coming weeks, JCPenney said. The company filed for bankruptcy on Friday, May 15 in the largest retail casualty of the novel coronavirus (COVID-19) pandemic. Founded in 1902, JCPenny has about 800 stores in the United…
Pier 1 Imports Closing All Stores, Going Out Of Business Pier 1 Imports Closing All Stores, Going Out Of Business
Pier 1 Imports Closing All Stores, Going Out Of Business Pier 1 imports is going out of business and closing all stores including e-commerce operations, the company said in a statement. The company announced plans to run liquidation sales through the end of October once stores can reopen in compliance with novel coronavirus (COVID-19) restrictions, officials said in a statement. Intellectual property will also be sold in the bankruptcy, officials said. “This is not the outcome we hoped for when we began this process, and we are deeply saddened to move forward with winding down Pier 1,” said Robert Riesbeck, Pier 1’s Chief Executive Officer and C…
COVID-19: JCPenney Plans To Permanently Close More Than 240 Stores COVID-19: JCPenney Plans To Permanently Close More Than 240 Stores
Covid-19: JCPenney Plans To Permanently Close More Than 240 Stores JCPenney, which filed for bankruptcy last week, now says it plans to close nearly one-third of its stores amid the novel coronavirus (COVID-19) pandemic. JCPenny will be left with about 600 stores after the planned 242 closures. Earlier report - COVID-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic The retailer also says it is aiming to double its e-commerce business, which currently accounts for about 14 percent of its revenue. “The coronavirus (COVID-19) pandemic has created unprecedented challenges for our families, our loved ones, our communitie…
COVID-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic COVID-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic
Covid-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic In the largest retail casualty of the novel coronavirus (COVID-19) pandemic, JCPenney has filed for bankruptcy. Founded in 1902, JCPenny has about 800 stores in the United States. “The coronavirus (COVID-19) pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country," said Jill Soltau, chief executive officer of JCPenney, in a statement released on Friday, May 15. "As a result, the American retail industry has experienced a profoundly different new reality, requiring JCPenney to make difficult decisions in running our business to pr…