Overcast 38°
Tag:

Chapter 11 bankruptcy

Business
What Spirit Airlines' Bankruptcy Means For Holiday Travelers What Spirit Airlines' Bankruptcy Means For Holiday Travelers
What Spirit Airlines' Bankruptcy Means For Holiday Travelers Spirit Airlines, the no-frills budget carrier, announced it would file for Chapter 11 bankruptcy a week before a record number of people are expected to fly during the Thanksgiving holiday, reports said.  The Florida-based airline announced Monday, Nov. 18, that its debt, growing losses, and increased competition have kept the company in the red for four years, and it would need to restructure its bills to keep it in the air, NBC News reported.  However, despite its financial troubles, the airline promised passengers they would not feel any of that pain in the air.  "Guests …

SHARE

by Josh Lanier
Business
Popular Fast Casual Dining Chain Files For Bankruptcy Popular Fast Casual Dining Chain Files For Bankruptcy
Popular Fast Casual Dining Chain Files For Bankruptcy A popular fast casual dining chain has filed for bankruptcy after months of reporting financial distress. BurgerFi International, Inc., announced the Chapter 11 filing on Wednesday, Sept. 11. The Florida-based company is also the parent company of Anthony’s Coal Fired Pizza. All 144 locations of the two brands across the the nation will remain open and continue normal operations. BurgerFi makes up 93 of the eateries, and Anthony's the other 51. The Chapter 11 filing includes the 67 corporate-owned locations of both brands. "BurgerFi and Anthony's Coal Fired Pizza & Wings are dyn…

SHARE

by Joe Lombardi
Business
Popular Italian Restaurant Chain Files For Bankruptcy, Closing Multiple Locations Popular Italian Restaurant Chain Files For Bankruptcy, Closing Multiple Locations
Popular Italian Restaurant Chain Files For Bankruptcy, Closing Multiple Locations Buca di Beppo is Buca di bankrupt. The popular Italian eatery chain announced it had filed for Chapter 11 this week and would close several underperforming locations, including restaurants in Pennsylvania, New Jersey, and Maryland.  Like many other restaurant chains, Buca di Beppo said the business hadn't bounced back since the COVID-19 pandemic. Customer spending is lower than expected, and supply costs remain high, according to court documents. It's a common tale for several "fast-casual" dining restaurants that have failed to thrive in recent years.   Revenue for…

SHARE

by Josh Lanier
Business
Rite Aid Will Close Fairfield County Store After Filing For Bankruptcy Rite Aid Will Close Fairfield County Store After Filing For Bankruptcy
Rite Aid Will Close Fairfield County 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…

SHARE

by Josh Lanier
Business
Rite Aid Plans To Close 400-Plus Stores, Report Says Rite Aid Plans To Close 400-Plus Stores, Report Says
Rite Aid Plans To Close 400-Plus Stores, Report Says Rite Aid will close 400 to 500 stores as part of a Chapter 11 bankruptcy reorganization, according to a new report. The drugstore chain is now negotiating with creditors to formulate a bankruptcy plan that would include liquidating a substantial portion of its more than 2,100 drugstores, The Wall Street Journal says. Rite Aid is facing over $3 billion in debt and more than a thousand federal lawsuits alleging it oversupplied opioids, the report said. Founded 61 years ago in Scranton, Pennsylvania, Rite Aid moved its headquarters to Philadelphia in 2022. Click here to read the complet…

SHARE

by Joe Lombardi
Business
Bed Bath & Beyond Lives On - Sort Of: Overstock's Acquisition To Include Rebranding Bed Bath & Beyond Lives On - Sort Of: Overstock's Acquisition To Include Rebranding
Bed Bath & Beyond Lives On - Sort Of: Overstock's Acquisition To Include Rebranding Despite filing for bankruptcy and announcing the closures of its remaining stores, Bed Bath & Beyond will live on -- sort of -- thanks to one of the biggest names in e-commerce. Overstock purchased the home goods retailer's brand and domain names, and loyalty program assets this week for over $21 million. Overstock currently specializes in online furniture and home furnishings. Within the next week, Overstock said it plans to re-launch the Bed Bath & Beyond domain in Canada, followed weeks later by the re-launch of a refreshed website, mobile app, and loyalty program in th…

SHARE

by Joe Lombardi
Business
New England-Based Christmas Tree Shops Announces Store Closures After Filing For Bankruptcy New England-Based Christmas Tree Shops Announces Store Closures After Filing For Bankruptcy
New England-Based Christmas Tree Shops Announces Store Closures After Filing For Bankruptcy Click here for a new, updated story: Christmas Tree Shops Now Plans To Close All Its Stores Christmas Tree Shops has announced it will close 10 of its stores after filing for bankruptcy. The 53-year-old discount home-goods chain offers seasonal decor year-round, along with assorted gifts, kitchen items, and furniture. The 10 stores closures are: Rockland County, New York: 32 Spring Valley Marketplace, Spring Valley; Jefferson County, New York: 21182 Salmon Run Mall Loop West, Watertown; Cape Cod, Massachusetts: Davis Straits, Route 28 Falmouth Plaza, Falmouth, Massachusetts; Barnst…

SHARE

by Joe Lombardi
Business
Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy
Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy Struggling home goods retailer Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday, April 23 with plans to close all of its remaining stores by June after efforts to raise enough money to keep the company alive came up short. The company said in a statement that it will implement "an orderly wind-down" of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.  For now, 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as…

SHARE

by Joe Lombardi
News
Guitar Center Files For Bankruptcy Guitar Center Files For Bankruptcy
Guitar Center Files For Bankruptcy Guitar Center, a mecca for new and used, affordable musical instruments, has filed for bankruptcy. On Saturday, Nov. 21, the retail chain - and the largest seller of musical equipment in the U.S., said it was filing for Chapter 11 bankruptcy, according to MarketWatch. Guitar Center plans to keep its U.S. 300 stores open during the bankruptcy process. The filing is expected to help Guitar Center reduce its debt by $800 million. As is the case with many recent bankruptcy filings, Guitar Center said economic restrictions brought on by the global COVID-19 pandemic have negatively affected bus…

SHARE

by Kristin Palpini
Business
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…

SHARE

by Zak Failla
Business
Fairway Market Files For Bankruptcy, Plans To Sell Its Stores Fairway Market Files For Bankruptcy, Plans To Sell Its Stores
Fairway Market Files For Bankruptcy, Plans To Sell Its Stores Fairway Market has announced it is filing for Chapter 11 bankruptcy and will sell up to five of its stores to ShopRite before selling its remaining 13 locations.  Fairway has markets in New York City, Long Island, Westchester and Fairfield counties. The five Fairway locations being sold to Village Super Market, Inc., the parent company of ShopRite, reportedly for $70 million, are all in New York City: Upper West Side store at 2131 Broadway Harlem store on 2328 12th Ave. (at 125th St.) Chelsea store at 766 6th Ave. Kips Bay store at 550 2nd Ave. Upper East Side store at 240 East 86th …

SHARE

by Joe Lombardi
Business
Charlotte Russe Stores In Stamford, Danbury, Trumbull Slated For Closure Charlotte Russe Stores In Stamford, Danbury, Trumbull Slated For Closure
Charlotte Russe Stores In Stamford, Danbury, Trumbull Slated For Closure Young fashionistas who are fans of Charlotte Russe will soon have to look for another favorite store when all local stores close after filing for bankruptcy. The clothing retailer confirmed on Wednesday, March 6, that it plans to close all of its brick-and-mortar and online shops including those at the Stamford Town Center, Danbury Fair, and Westfield Trumbull malls. The announcement comes about a month after the company filed for Chapter 11 bankruptcy protection. Last month, the company closed its Milford, Meriden, and Ledyard stores. The company states on its website that …

SHARE

by Kathy Reakes
Business
Jewelry Store Giant Claire's Files For Bankruptcy Jewelry Store Giant Claire's Files For Bankruptcy
Jewelry Store Giant Claire's Files For Bankruptcy Accessory and jewelry store giant Claire's filed for Chapter 11 bankruptcy Monday. Claire's Stores Inc. hopes to clear $1.9 billion in debt and close some underperforming stores. Claire's has locations in 99 percent of malls across the U.S., selling cubic zirconia jewelry and other low-priced accessories. The store claims to be the world’s leading ear piercer, having pierced over 100,000,000 ears worldwide, and nearly 3.5 million last year in the U.S. alone. Claire's has several locations across Fairfield County: Westfield Trumbull Mall CT Post Mall Stamford Town Center Danbury Fair Mal…

SHARE

by Cecilia Levine