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Chapter 11 bankruptcy

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
Bankruptcy Fraud: Ex-Attorney From Hudson Valley Lied To Keep Home, Sports Car, Officials Say Bankruptcy Fraud: Ex-Attorney From Hudson Valley Lied To Keep Home, Sports Car, Officials Say
Bankruptcy Fraud: Ex-Attorney From Hudson Valley Lied To Keep Home, Sports Car, Officials Say A former attorney from Westchester faces possible prison time after allegedly submitting false bank records to bankruptcy court in an effort to keep his multi-million dollar home and Aston Martin sports car, federal officials said.  Bronxville resident John Roesser, age 52, was arrested on Tuesday morning, March 28 on charges that he allegedly lied to bankruptcy court and the Internal Revenue Service about receiving millions of dollars in order to receive bankruptcy protections while still keeping his assets and not paying his bills, according to the US Attorney's Office for the Souther…

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by Ben Crnic
Business
COVID-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores COVID-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores
Covid-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores General Nutrition Centers (GNC) plans to close upwards of 1,200 stores after filing for bankruptcy amid the novel coronavirus (COVID-19) crisis. The 85-year-old company, which reportedly has been dealing with nearly a billion dollars of debt announced it will be shuttering at least a quarter of its locations as it faces a shortage of customers due to the COVID-19 outbreak. According to GNC, the company “has been executing a store portfolio optimization strategy to close underperforming stores, while continuing to invest in omnichannel and brand strategies to better meet consumer demand." G…

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by Zak Failla
Business
Fairway Market Files For Bankruptcy, Plans To Sell Its Stores Fairway Market Files For Bankruptcy, Plans To Sell Its Stores
Fairway Market Files For Bankruptcy, Plans To Sell Its Stores Fairway Market has announced it is filing for Chapter 11 bankruptcy and will sell up to five of its stores to ShopRite before selling its remaining 13 locations.  Fairway has markets in New York City, Long Island, Westchester and Fairfield counties. The five Fairway locations being sold to Village Super Market, Inc., the parent company of ShopRite, reportedly for $70 million, are all in New York City: Upper West Side store at 2131 Broadway Harlem store on 2328 12th Ave. (at 125th St.) Chelsea store at 766 6th Ave. Kips Bay store at 550 2nd Ave. Upper East Side store at 240 East 86th …

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by Joe Lombardi