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Friday, jan 31
Tag:
Chapter 11 bankruptcy
Business
Frontier Proposes Another Airline Merger With Spirit: Here's How Spirit Responded
Frontier Airlines and Spirit Airlines have discussed a merger yet again, but Spirit rejected the bid in order to pursue a plan to exit bankruptcy on its own. Frontier confirmed the latest merger discussion in a news release on Wednesday, Jan. 29. Spirit also confirmed the talks in a regulatory filing on the same day. The deal first proposed on Tuesday, Jan. 7, offered $400 million in debt and a 19-percent stake in Frontier to Spirit shareholders. Frontier argued the merger would create a stronger low-cost airline while providing more value than Spirit's existing Chapter 11 ba…
Business
Revealing Clothes, Offensive Tattoos May Now Get You Kicked Off This Airline's Flights
Travelers on Spirit Airlines may not be allowed on flights with offensive clothing or tattoos, according to a new policy. Spirit made the change in its Contract of Carriage, which was updated on Wednesday, Jan. 22. The new rules allow the airline to deny boarding or remove passengers whose attire or body art is deemed "lewd, obscene, or offensive in nature." The changes, outlined in section 4.3 of the contract, could prevent a flyer from boarding or forcing that person to leave a plane for not following the policy. Passengers removed for violating these rules will not be elig…
Business
Crafting Trouble: Joann Declares Bankruptcy For Second Time In Less Than 12 Months
Arts and crafts retailer Joann is declaring bankruptcy for the second time in less than a year, officials said. Joann filed for Chapter 11 bankruptcy in a Delaware court, the company said in a news release on Wednesday, Jan. 15. The chain known for sewing and other craft materials said the move will help facilitate a sale to maximize the business's value. Interim CEO Michael Prendergast said the bankruptcy declaration was necessary despite the chain's efforts to drastically improve its financial health. "Since becoming a private company in April [2024], the Board and management team h…
Business
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…
Business
Rite Aid To Close These Maryland Stores 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 Maryland. The stores closing are: 5 Bel Air South Parkway, Suite 1347 in Bel Air 728 East Pulaski Highway in Elkton 5624 Baltimore National Pike in Baltimore 5804 Ritchie Highway in Baltimore 7501 Ritchie Highway in Glen Burnie 7967 Baltimore Annapolis Boulevard in Glen Burnie Rite Aid announced earlier this week that declining sales and rising debt forced the company's hand in filing …
Business
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 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 the com…
Business
These Regal Cinema Theaters In The DMV Region Will Be Closing For Good
The show will not be going on for several Regal Cinemas locations in the DMV area as the theater’s parent company contends with Chapter 11 bankruptcy concerns. A total of 39 Regal theaters across the country are set to shutter their doors - following the closure of several others that have already been shut down - after parent company, Cineworld filed for bankruptcy last year. In Maryland, Virginia, and Washington, DC, these Regal Cinemas theaters will soon be a relic of the past: Bowie Stadium 14 in Maryland; Rockville Center Stadium 13 in Maryland; Greenbriar Stadium 13 in Chesapeake…
News
Gun Manufacturer Remington Settles With Sandy Hook Families For $73M
Families of five children and four adults killed in the 2012 Sandy Hook Elementary School shooting reached a historic $73 million settlement with gun manufacturer Remington, officials announced. Attorneys for the families who filed the suit against the now-bankrupt Remington and its four insurers, announced on Tuesday, Feb. 15 that they had reached the settlement, representing the first time a gun manufacturer has been held liable for a mass shooting in the US. As part of the settlement, lawyers for the families said that Remington agreed to release thousands of pages of internal company do…
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