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Business
COVID-19: Neiman Marcus Becomes First Department Store To File For Bankruptcy During Pandemic COVID-19: Neiman Marcus Becomes First Department Store To File For Bankruptcy During Pandemic
Covid-19: Neiman Marcus Becomes First Department Store To File For Bankruptcy During Pandemic High-end retailer Neiman Marcus became the first department store to file for bankruptcy amid the novel coronavirus (COVID-19) pandemic. The outbreak temporarily forced the closure of all 43 Neiman Marcus stores, as well as the company's Bergdorf Goodman stores and Last Call outlets, in late March. On Thursday, May 7, the company said in a statement that it has entered into a restructuring agreement with creditors that will allow it to "substantially reduce debt and position the company for long-term growth." No specific store closures have been announced. Neiman Marcus, whose headq…

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by Joe Lombardi
Politics
COVID-19: 'Who's Bailing Out Whom?' Says Cuomo, Taking On Republican Senators COVID-19: 'Who's Bailing Out Whom?' Says Cuomo, Taking On Republican Senators
Covid-19: 'Who's Bailing Out Whom?' Says Cuomo, Taking On Republican Senators New York Gov. Andrew Cuomo is taking on Republican lawmakers who have made comments about “blue state bailouts” during the novel coronavirus (COVID-19) pandemic. During his daily COVID-19 briefing, Cuomo again took on Senate Majority Leader Mitch McConnell (Kentucky) and added first-term Sen. Rick Scott (Florida) to his line of fire. Both said providing federal aid to states hit hard by the crisis would amount to a bailout and some states should file for bankruptcy. Related - COVID-19: 'I Dare You,' Says Cuomo, Firing Back At Mitch McConnell Over State Bankruptcy Cuomo again made note tha…

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by Zak Failla
Politics
COVID-19: 'I Dare You,' Says Cuomo, Firing Back At Mitch McConnell Over State Bankruptcy COVID-19: 'I Dare You,' Says Cuomo, Firing Back At Mitch McConnell Over State Bankruptcy
Covid-19: 'I Dare You,' Says Cuomo, Firing Back At Mitch McConnell Over State Bankruptcy With New York State revenues projected to decline by approximately $13.3 billion dollars this year due to the novel coronavirus (COVID-19) pandemic, Gov. Andrew Cuomo dared Senate Majority Leader Mitch McConnell to sign a bill allowing states to declare for bankruptcy. McConnell (R-Kentucky) had said that states facing budget crises due to the pandemic should declare bankruptcy, a notion that Cuomo called “one of the really dumb ideas of all time.” During his daily COVID-19 briefing on Friday, April 24, Cuomo doubled down, daring McConnell and the Senate to pass a bill allowing states to …

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by Zak Failla
Business
Nearly Two Dozen Modell's Stores Slated For Closure Nearly Two Dozen Modell's Stores Slated For Closure
Nearly Two Dozen Modell's Stores Slated For Closure With online shopping leading to the demise of many traditional brick-and-mortar retailers, Modell’s Sporting Goods announced it will be closing nearly two dozen East Coast stores in an attempt to save the entire company. Eight Modell’s locations will be closing in New York - including one on Long Island - though the Hudson Valley avoided the chopping block.  The move comes so the retailer can avoid filing for bankruptcy as soon as Sunday, March 1, according to reports. Modell’s didn’t announce which Long Island location would be closing, and no closing dates or start of closing sales …

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by Zak Failla
Lifestyle
Popular, Fast-Growing Burger Chain Opening Store In Hudson Valley Popular, Fast-Growing Burger Chain Opening Store In Hudson Valley
Popular, Fast-Growing Burger Chain Opening Store In Hudson Valley One of the nation’s fastest-growing and trendiest burger chains is getting closer to opening its doors in the Hudson Valley. Late in 2018, Burgerim announced that it would be opening a new location in Orange County off Temple Hill Road in New Windsor. According to a new report, new signs reading “Serving Soon” have been posted outside the building next to the new Bubbakoo’s Burritos. According to Burgerim, it is the fastest-growing franchise in the country, though it has reportedly faced bankruptcy difficulties and has closed multiple locations, Though as recently as last October, the resta…

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by Zak Failla
Business
Luxury Retailer Barneys Sets Closing Date For Its Stores Luxury Retailer Barneys Sets Closing Date For Its Stores
Luxury Retailer Barneys Sets Closing Date For Its Stores Barneys New York luxury goods stores and its corporate office will officially be closed later this month, costing hundreds of jobs after the company went bankrupt. The once iconic luxury retailer will shutter the doors of 15 stores across the country as of Sunday, Feb. 23, with 719 employees losing their jobs, according to the New York State Department of Labor. According to reports, any employee at the 97-year-old chain who has worked for the company at least two years received five-weeks severance, though workers did not receive accrued vacation time. The closures come after Barneys file…

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by Zak Failla
Business
Pier 1 Will Close Nearly Half Its Stores Amid Bankruptcy Speculation Pier 1 Will Close Nearly Half Its Stores Amid Bankruptcy Speculation
Pier 1 Will Close Nearly Half Its Stores Amid Bankruptcy Speculation Pier 1 Imports announced it will close up to 450 stores, nearly half of its 942 outlets. The news comes amid rumors unconfirmed that the retailer will soon file for bankruptcy and after another quarter of declining sales and losses. Pier 1 said sales decreased 11.4 percent compared to the third quarter of fiscal 2019. Pier 1, which did not reveal the timetable for store closures, said it plans to shut down some distribution centers and reduce its corporate headcount while also slashing expenses. To view the Pier 1 statement, click here.

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by Joe Lombardi
Real Estate
College Of New Rochelle Campus Sells For $32M At Auction College Of New Rochelle Campus Sells For $32M At Auction
College Of New Rochelle Campus Sells For $32M At Auction  After being forced to shutter its doors earlier this year, the College of New Rochelle has found a buyer for its campus officially after filing for Chapter 11 bankruptcy. Following a three-year financial crisis, the 115-year-old college concluded classes on Saturday, Aug. 10. Mercy College is temporarily leasing the campus and will use the facilities through 2020. On Monday, Nov. 25, The Masonic Hall & Asylum Fund announced it had purchased the 15.6-acre campus for $32 million at auction. The United States Bankruptcy Court has already approved the sale at a hearing held on Mo…

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by Zak Failla
Business
Luxury Movie Theater To Close In Westchester Luxury Movie Theater To Close In Westchester
Luxury Movie Theater To Close In Westchester The iPic Theaters Westchester will screen its last film this weekend as the Dobbs Ferry theater will close amid a company restructuring. The closure will be on Monday, Nov. 11 and follows parent company, iPic Theaters filing for bankruptcy over the summer. The Dobbs Ferry location, which opened in April 2017, is the only closure that has been announced. “As part of our financial restructuring, we made the tough decision to close the iPic Westchester location due to economic reasons,” the company announced. “We greatly appreciate all of the support over the years from the local communit…

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by Zak Failla
Real Estate
College Of New Rochelle Files For Bankruptcy College Of New Rochelle Files For Bankruptcy
College Of New Rochelle Files For Bankruptcy After being forced to shutter its doors earlier this year, the College of New Rochelle has officially filed for Chapter 11 bankruptcy and its campus is expected to be sold within the next two months. Following a three-year financial crisis, the 115-year-old college concluded classes on Saturday, Aug. 10. Mercy College is temporarily leasing the campus and will use the facilities through 2020. In response to the financial crisis, the college has been selling off its assets, including its 15.6-acre campus, which includes more than 425,000-square-feet and includes 20 buildings. A&G Realty…

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by Zak Failla
Business
Luxury Retailer Barneys Closing 15 Stores, Files For Bankruptcy Luxury Retailer Barneys Closing 15 Stores, Files For Bankruptcy
Luxury Retailer Barneys Closing 15 Stores, Files For Bankruptcy Barneys has gone bankrupt. The luxury retailer has officially filed for bankruptcy due to decreased sales, and will be closing down 15 stores as part of a reorganization effort. “For more than 90 years, Barneys New York has been an iconic luxury specialty retailer, renowned for its edit, strong point of view, creativity, and representation of the world's best designers and brands," Barneys CEO and President Daniella Vitale said. "Like many in our industry, Barneys New York's financial position has been dramatically impacted by the challenging retail environment and rent structures that are …

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by Zak Failla
News
Father/Son Owners Of Area Auto Dealership Charged With Tax, Bank Fraud Father/Son Owners Of Area Auto Dealership Charged With Tax, Bank Fraud
Father/Son Owners Of Area Auto Dealership Charged With Tax, Bank Fraud A father and son who own a Hudson Valley auto dealership are facing charges for an alleged multi-million dollar tax and bank fraud scheme. Central Valley residents Mehdi and Saeed Moslem, the owners of the Exclusive Motor Sports car dealership in their Orange County hometown, were arrested and indicted for their roles in conspiring to defraud the United States, U.S. Attorney Geoffrey Berman announced. It is alleged that from 2009 through 2016, Mehdi Mosel, 70 and his son, 35, concealed millions of dollars in profits from the IRS that were tied to their dealership. Berman said that to fals…

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by Zak Failla