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68°
Thursday, jun 11
Tag:
Bankruptcy
Business
Spirit Furloughing 1,800 Flight Attendants Amid Second Bankruptcy: Report
Spirit Airlines will furlough roughly a third of its cabin crew as the budget carrier slashes costs during its second bankruptcy in less than a year, according to reports. The airline said that about 1,800 flight attendants will be furloughed, CNBC reported on Monday, Sept. 22. The cuts will begin with voluntary furloughs. Affected employees will be offered six- or 12-month leaves while keeping their medical benefits, according to the Association of Flight Attendants-CWA. "As we work to return Spirit to profitability, we face difficult decisions about our network, our fleet, and …
News
Spirit Flight Urged To Move Away From Air Force One: 'Get Off The iPad!'
An air traffic controller repeatedly ordered a Spirit Airlines flight to turn away from Air Force One's path over Long Island. The tense moment in the skies near New York City happened on Tuesday, Sept. 16. According to FlightAware, Spirit flight 1300 left Fort Lauderdale, Florida, at 7:57 a.m. and landed in Boston at 11:07 a.m. Audio of the incident from LiveATC was posted on social media. An air traffic controller is heard urgently instructing the Spirit pilots to move away from Air Force One's path. Air Force One was flying to the United Kingdom with President Donald Trump abo…
Business
Publishers Clearing House Checks Stop For Winners After Bankruptcy Sale: Report
Several longtime Publishers Clearing House winners, including those who relied on their prizes to pay bills, may never see their millions in promised winnings, according to a report. Ten prize winners are among PCH's largest unsecured creditors, according to federal court records obtained by The New York Times. The Jericho, New York-based sweepstakes giant filed for Chapter 11 bankruptcy back in April. PCH reported liabilities between $50 million and $100 million, with assets of just $1 million to $10 million. In July, online casino operator ARB Interactive bought PCH ou…
Business
Red Lobster Replaces Endless Shrimp With New Deal After Emerging From Bankruptcy
Red Lobster is offering a new deal after its popular Endless Shrimp promotion helped push the company into bankruptcy. The seafood restaurant chain has introduced Ultimate SpendLESS Shrimp. The limited-time deal features Garlic Shrimp Scampi, Shrimp Linguini Alfredo, and Popcorn Shrimp for $15.99. The new promo comes nearly a year after Red Lobster emerged from Chapter 11 bankruptcy. "Since stepping into this role, I've gotten questions about Endless Shrimp," said CEO Damola Adamolekun. "'Is it coming back?' 'What really happened with the promotion?' 'How much shri…
Business
Claire’s To Close Multiple CT Stores As Bankruptcy Restructuring Expands
The future of Claire’s in Connecticut is becoming clearer as the jewelry retailer works through bankruptcy and a new ownership deal. A list released in federal court shows that two Claire’s stores in the state will not survive the latest round of closures. Claire's announced this week it would close 290 locations, which include the company's jewelry and fashion store, Icing. The Icing store at The Shoppes at Buckland Hills in Manchester will shut its doors, though the Claire’s at the same mall will remain open. Claire’s locations at Brass Mill Center & Commons in Waterbury an…
Business
Claire's Closing Three CT Stores, 290+ Nationwide After Bankruptcy Filing: See Which Ones
Claire's has revealed nearly 300 of its stores that will be closing as the popular mall brand navigates bankruptcy. The well-known children's jewelry and ear-piercing retailer released a list of the 291 locations that are shuttering in a bankruptcy court filing on Monday, Aug. 25. That includes 71 Claire's and Icing stores across the Northeast. The closures add to the financial pressure facing the mall chain, which filed for bankruptcy earlier in August. Claire's is working to restructure nearly $500 million in debt by December 2026, Bloomberg reported. Columbia, Maryland-based Ames W…
Weather
Spirit Plane Spotted Flying Over Hurricane Erin Sparks Online Buzz
A Spirit Airlines flight from Philadelphia has drawn attention after it appeared to fly over Hurricane Erin while it was a Category 4 storm. Spirit's flight NK2298 from Philly to San Juan, Puerto Rico, seemingly crossed Hurricane Erin's path on Monday, Aug. 18. Flightradar24's tracker showed the Airbus A320 going over the powerful storm north of the Dominican Republic. In a Facebook post, Flightradar24 jokingly asked if the Spirit flight was collecting crucial data for meteorologists. "Has Spirit Airlines taken on the Hurricane Hunter mission?" Flightradar24 posted. Has Spir…
Business
Claire's Finds Buyer To Keep Mall Brand Alive: See Which Stores Will Close
Famous ear-piercing retailer Claire's has found a buyer as the struggling mall staple navigates bankruptcy and prepares to close more than a dozen stores. Claire's reached a deal with Ames Watson, which will acquire its North American business and intellectual property, the chain announced on Wednesday, Aug. 20. The agreement comes less than two weeks after Claire's declared bankruptcy for the second time since 2018. The deal must be approved by courts in the US and Canada. The companies didn't disclose the agreement's financial terms. Ames Watson is a private holding compan…
Business
Kodak May Not Survive After 130+ Years, Iconic Film Company Warns: 'Substantial Doubt'
Kodak's "moment" may be coming to an end after 133 years. Eastman Kodak Company is warning investors that it may not be able to continue operating without securing new financing. The Rochester, New York, company disclosed its financial concerns in its quarterly earnings release on Monday, Aug. 11. The pioneering photography brand reported a $26 million loss in the second quarter of 2025. That's a $52 million swing from the same period in 2024. The poor earnings report sent Kodak's stock tumbling nearly 20% on Tuesday, Aug. 12. "As a result, these conditions raise substantia…
Business
Spirit Needs More Cash To Survive, Airline Warns: 'There Is Substantial Doubt'
Despite recently emerging from bankruptcy, Spirit Airlines warns that it may not survive the next year without raising more cash, according to a new filing. Spirit said it's facing significant financial pressure due to "elevated domestic capacity and continued weak demand for domestic leisure travel" in the second quarter of 2025. The budget airline disclosed its concerns in a quarterly filing with the Securities and Exchange Commission on Monday, Aug. 11. The Dania Beach, Florida-based company said it expects to face a "challenging pricing environment" through at least the end of…
Business
Bed Bath & Beyond Returns: First New Store Opens, Dozens Planned In Comeback
Bed Bath & Beyond is officially making its comeback, opening its first physical store since the last location shuttered more than two years ago. The new store, called Bed Bath & Beyond Home, opened in Brentwood, Tennessee, on Friday, Aug. 8. The Brand House Collective is planning to start with six locations in the greater Nashville area. The launch marks the first phase of a broader rollout that could see about 75 stores open by the end of 2026. Brand House was previously named Kirkland's until shareholders approved the company's name change in late July. T…
Business
Claire's Files For Bankruptcy As Mall Traffic Declines, Debt Rises For Ear-Piercing Icon
Famous tween retailer Claire's is declaring bankruptcy as the popular mall chain struggles with debt, shrinking traffic, and trendy competition. Claire's is filing for bankruptcy in Delaware and Canadian courts, the company said in a news release on Wednesday, Aug. 6. The retailer known for children's jewelry and piercings is in a race to pay off a nearly $500 million loan by December 2026, Bloomberg reported. The move will allow Claire's to begin selling off assets while continuing talks with potential buyers, according to CEO Chris Cramer. "This decision is difficult, but …
Business
Bed Bath & Beyond Plotting Comeback For Physical Stores: What We Know
Bed Bath & Beyond could be returning with physical stores more than two years after the last location closed. Beyond Inc. hinted at the first Bed Bath & Beyond store opening in the company's earnings report on Monday, July 28. Beyond also owns Overstock and buybuy BABY. The "small-format" store would be located in Nashville. "It's a smart, scalable model that puts our iconic brands back in the heart of communities," said Beyond executive chair Marcus Lemonis. The company hasn't said when the store would open or if more locations are planned. Bed Bath & Beyond filed for b…
Business
Hershey Raising Candy Prices By Double Digits: Here's Why
Hershey is significantly raising prices on candy products as global shortages fuel a large spike in cocoa costs. A spokesperson for The Hershey Company confirmed the double-digit price increases to the Daily Voice on Wednesday, July 23. The decision is tied to rising ingredient costs, not President Donald Trump's sweeping tariffs that have increased prices of other consumer goods. While the eastern Pennsylvania company said it will hike prices, Halloween candy won't be affected. "We're committed to delivering the treats consumers love while continuing to invest in making our products …
News
Health Insurance Premiums Take More From CT Paychecks Than Most States, Study Says
Health insurance premiums are taking a big portion of many Northeast residents' paychecks, while some are losing much less of their incomes, according to a new study. WalletHub released its 2025 list of States Where People Spend the Most & Least on Health Insurance on Thursday, July 10. The study ranked all 50 states by how much residents spend on silver-tier health insurance plans as a share of median household income. Premiums rose 6% for individual plans and 7% for family plans in 2024, continuing a recent trend of dramatic increases. "Inflation has driven up health i…
Business
Chuck E. Cheese Opening Adult Arcade Spinoffs: See What's Inside
The place "where a kid can be a kid" is now somewhere a grown-up can also be a kid! Chuck E. Cheese is creating gaming centers that cater to adults called "Chuck's Arcade," the Texas company said in a news release on Monday, June 30. The new concept combines modern gaming and retro classics. The chain has opened 10 arcade-only locations in malls across eight states, including Trumbull, Connecticut; Nashua and Salem, New Hampshire; and Victor, New York. "Chuck E. Cheese has spent decades mastering the arcade experience — it's in our DNA," said CEO David McKillips. "Thanks to the expert…
Business
Canned Food Giant Declares Bankruptcy As Trump's Aluminum, Steel Tariffs Hurt Industry
Del Monte Foods is filing for bankruptcy as the canned food giant looks to stay in business amid rising packaging costs and supply disruptions tied to President Donald Trump's steel tariffs. Del Monte announced it filed for Chapter 11 in New Jersey federal court in a news release on Tuesday, July 1. The company plans to sell as it restructures nearly $1 billion in debt during the bankruptcy proceedings. The move comes as the canned goods industry has warned about rising costs due to Trump's 50% tariffs on aluminum and steel imports. "This is a strategic step forward for Del Monte…
Business
Online Hiring Pioneers CareerBuilder, Monster File For Bankruptcy
Once the most recognizable names in online hiring, CareerBuilder and Monster are filing for bankruptcy. CareerBuilder + Monster has entered into Chapter 11 bankruptcy proceedings, the Chicago-based company said in a news release on Tuesday, June 24. The websites were founded in the mid-1990s and merged in September 2024. The company aims to restructure its operations amid several financial issues. "For over 25 years, we have been a proud global leader in helping job seekers and companies connect and empower employment across the globe," said CEO Jeff Furman. "However, like m…
Real Estate
Builder Confidence Sinks Near Pandemic Low As Trump Tariffs Worry Homebuyers
Homebuilder confidence just sank to its third-lowest level since 2012 as President Donald Trump's sweeping tariffs and stubbornly high mortgage rates scare off prospective homebuyers. Builder sentiment dropped two points to 32 in June, according to the National Association of Home Builders/Wells Fargo Housing Market Index released on Thursday, June 17. That's barely above the readings of 31 in December 2022 and 30 in April 2020. In the Northeast, sentiment slipped one point to 43 on a three-month moving average. A score above 50 means more builders see conditions as good than poor…
Business
Retail Sales Fall Sharply As Trump Tariffs Hurt Consumer Spending In May
US retail sales fell more than expected in May as consumers pulled back on spending amid rising economic anxiety fueled by President Donald Trump's tariffs. Seasonally adjusted sales dropped 0.9% in May to $715.4 billion, the US Census Bureau said on Tuesday, June 17. That was even worse than the 0.6% decline forecasted by the Dow Jones consensus, CNBC reported. The tumble followed a downward revision for April, which is now listed as a 0.1% decrease. Compared to last May, sales were up 3.3%, but momentum appears to be slowing. The steepest decline came from a…
Sports
Pickleball Company Owner Scammed Hundreds, Owes $47M In Debts: DOJ
A pickleball company owner accused of running a Ponzi-like scheme won't be able to walk away from more than $47 million in unpaid debts, authorities said. Rodney Grubbs agreed to waive his right to bankruptcy discharge, the Department of Justice announced on Wednesday, June 11. Grubbs was the owner of Indiana-based All About Pickleball LLC, also known as Pickleball Rocks. Creditors can continue to go after him for repayment, even after his bankruptcy case is closed. "The USTP is committed to addressing fraudulent and abusive conduct that threatens the integrity of the bankruptcy …
Business
Rite Aid Closing 110+ More Stores Amid New Bankruptcy Filing: See Full List
Rite Aid will shut down more than 100 additional stores nationwide as the struggling pharmacy chain moves deeper into bankruptcy. The closings were disclosed in a recent bankruptcy court filing, less than a month after Rite Aid filed for Chapter 11 on Monday, May 5. The Philadelphia-based chain is working to sell off its pharmacies, inventory, and other assets to several potential buyers. Rite Aid said it has secured $1.94 billion in new financing to keep locations open during the bankruptcy process. Pharmacy services and immunizations will continue in-store and online. The lates…
Business
Big Lots Reopening 78 Stores As Retailer Finishes Bankruptcy Comeback: See The Full List
Dozens of more Big Lots stores will reopen, finishing a nationwide comeback months after the discount chain filed for bankruptcy. Big Lots will open 78 stores on Wednesday, June 5, the company said in a news release on Friday, May 30. The chain began reopening locations in April after it was purchased by Variety Wholesalers in December 2024. After this wave of reopenings, Big Lots will have 219 stores back in business in the mid-Atlantic, Midwest, and South. Nine stores were the first to open on Thursday, April 10, and 132 locations joined in May. Big Lots said its reop…
Business
Regeneron Buying Bankrupt 23andMe For $256M, Pledges To Protect DNA Data
Regeneron Pharmaceuticals will acquire embattled DNA testing company 23andMe in a $256 million court-supervised sale, promising to honor existing privacy protections and continue consumer services with no changes. The agreement to buy 23andMe was announced in a news release on Monday, May 19. It comes two months after 23andMe filed for Chapter 11 bankruptcy. Under the deal, Westchester County, New York-based Regeneron will take over 23andMe's personal genome service, total health, and research services. The telehealth brand Lemonaid Health will be shut down and Regeneron has offered to…
Business
Spirit Adds Extra-Legroom Seats, Joining Airline Industry's Premium Push
Another airline is looking to compete for flyers wanting more comfortable travel experiences. Spirit Airlines will offer new extra-legroom seats on its flights, the company said in a news release on Tuesday, May 13. The budget airline also announced upgrades to its Free Spirit loyalty program. The updates mark a major shift for Spirit, which recently exited bankruptcy and is working to win over flyers with added perks and space. "Spirit's new premium options offer travelers exceptional value, and we're creating even more opportunities for guests to experience them with our new extra-legroo…
Business
On The Border Finds Buyer After Tex-Mex Restaurant Chain Declared Bankruptcy
A Texas restaurant company is set to buy On The Border Mexican Grill & Cantina after the Tex-Mex chain filed for bankruptcy, closing more than 70 locations – including more than a dozen in the Northeast. Pappas Restaurants won an auction for On The Border, the Houston-based group said in a news release on Wednesday, May 7. The deal needs court approval and is expected to be finalized "in the coming weeks." The price wasn't mentioned in Pappas' announcement. The company previously submitted a $15.9 million stalking horse bid to buy On The Border, FSR Magazine reported in A…
Business
Rite Aid Files For Bankruptcy As Pharmacies Struggle: What It Means For Your Prescriptions
Rite Aid has declared bankruptcy for the second time in less than two years, as part of a plan to sell off its pharmacies, inventory, and other assets. The Philadelphia-based pharmacy chain officially filed for Chapter 11 bankruptcy on Monday, May 5. Rite Aid has entered talks with several potential national and regional buyers. The company said it has secured $1.94 billion in new financing to keep most stores open during the process. Pharmacy services and immunizations will remain available in-store and online. In October 2023, Rite Aid previously filed for bankruptcy …
Business
Big Lots Reopening 130+ More Stores In Discount Chain's Revival: See The Full List
Big Lots is ramping up its comeback plans under new ownership by opening more than 130 stores, including nearly two dozen in Pennsylvania and Virginia. The discount chain plans to reopen 132 stores across 14 states in May, Variety Wholesalers announced in a news release on Monday, April 28. Pennsylvania (13 stores) and Virginia (10 stores) are among the top states for returning locations. Big Lots will reopen 54 stores on Thursday, May 1, and 78 locations on Thursday, May 15. "The customer response to the newly expanded assortment of fresh inventory and great deals has been overw…
Business
Spirit Airlines Hires New CEO From Competitor After Flying Out Of Bankruptcy
Spirit Airlines is bringing in new leadership to guide its economic reroute after emerging from bankruptcy and shedding nearly $800 million in debt. Dave Davis will take over as Spirit's new president and CEO starting Monday, April 21, the company said in a news release. Since December 2019, Davis has been the president of fellow budget carrier Sun Country Airlines. Davis will also join Spirit's board of directors. "We're excited to welcome Dave as Spirit's new president and CEO," Spirit's board chair Robert Milton said. "He brings with him a wealth of experience and a solid track rec…
Business
The Ground Round Returns To New England, Promising 'Great Food And Unforgettable Memories'
A nostalgic favorite in family-friendly dining has officially returned to Massachusetts. The Ground Round in Shrewsbury is now offering limited dinner service, the restaurant announced on its Facebook page. It's located at 271 Grafton Street, in the former home of a Chinese-Japanese restaurant named Bauhinia. A grand opening celebration will be held on Wednesday, April 30. "First few days have been incredible, thank you to all who stopped in this weekend," The Ground Round posted on Monday, April 7. "Fish & Chips and Steak Tips were flying out of the kitchen!" The bar is open for walk…
Business
Spirit Airlines CEO Resigns After Bankruptcy Exit, $800M Debt Cut
Spirit Airlines is changing its senior leadership after exiting bankruptcy and shedding nearly $800 million in debt. Ted Christie, who has led the airline since 2019, stepped down as CEO and president on Monday, April 7. He also resigned from the board of directors for the company based in Dania Beach, Florida. The board has not yet named a permanent replacement, opting for an interim "Office of the President," made up of executive vice president and CFO Fred Cromer, executive vice president and COO John Bendoraitis, and senior vice president and general counsel Thomas Canfield. "Ted has k…
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