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Bankruptcy

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…

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by Joe Lombardi
Business
Big Lots Expands Store Closures Amid Bankruptcy Filing: Here's Rundown In Mass. Big Lots Expands Store Closures Amid Bankruptcy Filing: Here's Rundown In Mass.
Big Lots Expands Store Closures Amid Bankruptcy Filing: Here's Rundown In Mass. Discount retail chain Big Lots has filed for bankruptcy as its list of planned store closures expands. It currently has around 1,425 stores nationwide. The company announced on Monday, Sept. 9 that it will sell its assets to an affiliate of private equity firm Nexus Capital Management. In announcing initial store closures late in late July, Big Lots said a bankruptcy filing could be coming. Stores in the Northeast now slated for closure are as follows: New York Delaware Avenue, Buffalo South Ogden Street, Buffalo Route 5 & 20, Canandaigua  Voice Road, Carle Place Centereach …

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by Joe Lombardi
Business
Big Lots To Close Pair Of NY Stores Big Lots To Close Pair Of NY Stores
Big Lots To Close Pair Of NY Stores Discount retail chain Big Lots plans to close around 40 stores this year, according to a filing with the Securities & Exchange Commission (SEC). It currently has around 1,425 stores nationwide. Six stores in New York, Connecticut, and Massachusetts are slated to close, with both New York stores on Long Island. No store closures are scheduled for New Jersey. The company cited rising costs and inflation as reasons for the move and said a bankruptcy filing could be coming. Stores in the Northeast slated for closure are as follows: New York 260 Voice Road, Carle Place 231 Centere…

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by Joe Lombardi
Business
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…

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by Josh Lanier
Business
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."…

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by Joe Lombardi
Business
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…

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by Joe Lombardi
Business
Rite Aid Announces Massachusetts Store Closure After Declaring Bankruptcy Rite Aid Announces Massachusetts Store Closure After Declaring Bankruptcy
Rite Aid Announces Massachusetts Store Closure After Declaring Bankruptcy Rite Aid has announced new store closures after the struggling pharmacy chain filed for bankruptcy in the fourth quarter of 2023. Shortly after declaring bankruptcy, Rite Aid announced 154 store closures. In a filing on Tuesday, April 9, the company said 17 more stores, including one in Massachusetts, in Fall River, at 10 Stafford Road, Rite Aid currently has 2,000 stores and about 44,000 employees. Rite Aid is one of a number of drugstore chains facing litigation related to the deadly abuse of opioids and more than a thousand lawsuits have been filed claiming Rite Aid illegally…

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by Joe Lombardi
Police & Fire
Murder-Suicide: Autopsy Results Shed Light On Mass Family's Deaths Murder-Suicide: Autopsy Results Shed Light On Mass Family's Deaths
Rakesh Kamal Shot Himself, Wife, Daughter In Dover Home: DA The family found dead inside a Dover mansion last week died of a murder-suicide, autopsy reports found this week.  Rakesh Kamal, 57, Teena Kamal, 54, and their daughter Arianna Kamal, 18, were found shot to death inside their 11-bedroom, $4 million home in Dover about 20 miles from Boston just before 7:30 p.m. on Dec. 28, the Norfolk County District Attorney's Office said. They had all been shot to death.  An autopsy found that Rakesh Kamal killed his wife and daughter before turning the .40-caliber pistol on himself, the prosecutor's office said.  The gun was…

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by Josh Lanier
Business
'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…

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by Joe Lombardi
Business
Rite Aid Will Close Stores In Mass, Connecticut After Filing For Bankruptcy Rite Aid Will Close Stores In Mass, Connecticut After Filing For Bankruptcy
Rite Aid Will Close Stores In Mass, Connecticut 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…

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by Josh Lanier
Business
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…

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by Joe Lombardi
Business
Pet Store With 18 Mass Locations Files Bankruptcy, Closes Pet Store With 18 Mass Locations Files Bankruptcy, Closes
Pet Store With 18 Mass Locations Files Bankruptcy, Closes A pet store with locations across Massachusetts is filing for bankruptcy less than five years after announcing its opening.  Loyal Companion, a pet shop with a focus on natural wellness, announced on Monday, Feb. 6 that all stores with the name would close within the month, according to their website.  While individual stores may close on different dates, all will close by Tuesday, Feb. 28.  "With a heavy heart, we want to inform you that we've made the tough decision to close our Loyal Companion stores," the statement read. "We will be offering liquidation discoun…

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by Morgan Gonzales
Business
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…

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by David Cifarelli