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Chapter 11 bankruptcy

Business
Big Lots To Begin 'Going Out Of Business' Sales At Nearly 1,000 Remaining Stores Big Lots To Begin 'Going Out Of Business' Sales At Nearly 1,000 Remaining Stores
Big Lots To Begin 'Going Out Of Business' Sales At Nearly 1,000 Remaining Stores Big Lots has announced plans to close all of its remaining 963 stores, initiating "going out of business" sales following its Chapter 11 bankruptcy filing in September. The company says it's started the process of closing stores in 48 states and liquidating inventory under its court-supervised Chapter 11 bankruptcy proceedings.  The decision comes as the retailer seeks to maximize value for stakeholders while exploring potential going-concern sale opportunities. "We all have worked extremely hard and have taken every step to complete a going concern sale," Big Lots' President and Chie…

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by Joe Lombardi
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 …

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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…

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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…

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by Josh Lanier
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 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…

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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…

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by Joe Lombardi
Business
Store Closures Announced For Christmas Tree Shops, Including In Hudson Valley Store Closures Announced For Christmas Tree Shops, Including In Hudson Valley
Store Closures Announced For Christmas Tree Shops, Including In Hudson Valley 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…

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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…

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by Joe Lombardi
News
Former FTX CEO, MIT Grad Sam Bankman-Fried Charged With Defrauding Investors Of $1.8 Billion Former FTX CEO, MIT Grad Sam Bankman-Fried Charged With Defrauding Investors Of $1.8 Billion
Former FTX CEO, MIT Grad Sam Bankman-Fried Charged With Defrauding Investors Of $1.8 Billion The former CEO of what used to be one of the world's largest cryptocurrency companies has been charged with defrauding investors of almost two billion dollars, authorities said. The Securities and Exchange Commission (SEC) charged Samuel Bankman-Fried on Tuesday, Dec. 13, with defrauding FTX investors out of more than $1.8 billion.  The SEC alleges that Bankman-Fried raised the funds – including $1.1 billion from 90 US-based investors – by falsely promoting a safe, responsible cryptocurrency since May 2019.  "We allege that Sam Bankman-Fried built a house of cards on a foundation of dece…

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by David Cifarelli
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…

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by Kristin Palpini