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Thursday, jun 4
Tag:
Chapter 11
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…
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
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
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…
Business
Hooters Files For Bankruptcy, Joining Wave Of Struggling Restaurant Chains
Hooters, the restaurant famous for chicken wings and waitresses with skimpy outfits, is the latest national chain to file for bankruptcy. Hooters of America officially announced the Chapter 11 bankruptcy filing in a news release on Monday, Mar. 31. The Atlanta-based company filed for bankruptcy in a Texas federal court as part of a plan to sell off its corporate-owned locations and shift to a franchise-only model. The company said the move comes with "near unanimous support from key stakeholders" and aims to streamline operations while keeping all restaurants open during the restructuring p…
Business
Joann Closing MD Stores Among 500 Locations Nationwide: See The List
Joann is set to close more than half of its stores nationwide, marking a major contraction for the arts and crafts retailer as it navigates bankruptcy for the second time in less than a year. The Ohio-based chain, which operates about 800 locations, will shutter around 500 stores, a company spokesperson confirmed to the Daily Voice. The move is part of a broader restructuring effort as the company seeks to stabilize its finances following a Chapter 11 bankruptcy filing in January. The spokesperson said the decision was "very difficult" but critical to Joann's future. "A careful a…
Business
Store Closings Surge To Highest Level Since Pandemic: Why 2025 Could Be Worse
Retail store closures surged in 2024, reaching their highest levels since the start of the pandemic, a new study said. A total of 7,325 U.S. stores closed in 2024, driven by inflation and an increasing shift toward online shopping, according to retail data firm Coresight Research. The closings marked the steepest decline in brick-and-mortar retail since nearly 10,000 stores closed in 2020. While 5,970 stores opened—the highest yearly number since 2012—closures outpaced openings by a net loss of 1,355 stores. "Retailers that were unable to adapt supply chains and implement t…
Business
Spirit Airlines Slashes Jobs As It Charts Path Out Of Bankruptcy
Spirit Airlines is laying off about 200 employees as the company tries to survive amid bankruptcy proceedings. The budget carrier will eliminate the positions across various departments, a company spokesperson told Daily Voice on Thursday, Jan. 16. The move came as Spirit looks to emerge from Chapter 11 bankruptcy, which it filed for in November 2024. The layoffs, which follow recent pilot furloughs, aim to align the airline's staffing with its current fleet size and level of flying while achieving $80 million in annual cost reductions. "These decisions are never made lightly, and we are c…
Business
TGI Fridays Files For Bankruptcy Weeks After Sudden Closures Of At Least 12 Restaurants
Casual dining chain TGI Fridays has filed for bankruptcy several weeks after at least 12 of its restaurants suddenly closed. The company filed the Chapter 11 petition on Saturday, Nov. 2, in Texas, near its Dallas headquarters. Founded in New York City in 1965, TGI Fridays has 95 restaurants in the US, 39 of which the company owns and operates. The other 56 are independent franchises not involved in the bankruptcy petition. The company said that all those locations will remain open. According to the TGI Fridays website and other reports, the following locations are now listed as permanent…
Business
LL Flooring To Close Three DMV Stores Amid Chapter 11 Bankruptcy Proceedings
LL Flooring, which filed for Chapter 11 bankruptcy protection, is set to close several stores in Maryland and Virginia amid its financial issues. The flooring company - once known as Lumber Liquidators - plans to shutter the doors of two locations in Maryland, and one in Virginia amid its massive reorganization process. In Maryland, stores in Edgewood (Harford County) and Lutherville (Baltimore County), while in Virginia, the Woodbridge (Prince William County) store is on the chopping block. According to CEO Charles Tyson, who wrote a letter to customers, while they plan to close 94 …
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