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Debt

Business
Bob's Stores To Close All Locations After Filing For Bankruptcy; Retailer Liquidating Inventory Bob's Stores To Close All Locations After Filing For Bankruptcy; Retailer Liquidating Inventory
Bob's Stores To Close All Locations After Filing For Bankruptcy; Retailer Liquidating Inventory Bob's Stores, the family apparel and shoe retailer, will close all of its 21 locations throughout the Northeast after the company said it is bankrupt. The stores will remain open through July 14 as the company sells its remaining items at greatly reduced prices. Some things were marked down as much as 70 percent, according to a news release. The company, which filed for Chapter 11 bankruptcy late last month, is $29.4 million in debt, according to the court filing.  Bob's President Dave Barton apologized to the communities affected by the closures.  We regret that our financ…

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by Josh Lanier
Schools
Iona College Issues Lifeline To Students Following CNR Closing Announcement Iona College Issues Lifeline To Students Following CNR Closing Announcement
Iona College Issues Lifeline To Students Following CNR Closing Announcement Iona College is offering a lifeline to some students at the College of New Rochelle following last week’s announcement that the institution is likely to close at the end of the summer semester as they contend with a financial crisis. In 2016, the college’s Board of Trustees was alerted about “significant unmet financial obligations that had accrued over a period of time.” The Board subsequently launched an investigation and enlisted the help of officials to restructure and manage CNR’s finances. A forensic accountant and outside legal counsel were also hired to perform the investigation. On…

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by Zak Failla
Business
Retailer Nine West Files For Bankruptcy Retailer Nine West Files For Bankruptcy
Retailer Nine West Files For Bankruptcy Women's clothing and footwear company Nine West announced on Friday that it has filed for bankruptcy, listing debts of more than $1 billion. The company, which owns brands such as Gloria Vanderbilt and Anne Klein, also announced it will sell its Nine West and Bandolino footwear and handbag business to Authentic Brands Group. "This is the right step to address our two divergent business profiles," Ralph Schipani, Nine West Holdings' chief executive officer, said in a statement. "We will retain our strong, profitable and growing apparel, jewelry, and jeanswear businesses and co…

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by Joe Lombardi