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Sunday, feb 16
Tag:
Chapter 11
Business
Joann Closing NJ 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…
News
Coach USA Terminates 20 NJ Transit Lines In Filing For Bankruptcy, NJT 'Exploring Every Option'
The pressure is on for NJ Transit. The company was left high and dry when Coach USA announced it would be terminating its agreement with the major transportation company, halting service to 20 of its bus routes in Bergen, Hudson, and Passaic counties come Aug. 16. The decision to do so was made amid Coach USA filing for Chapter 11 bankruptcy. A spokesperson from NJ Transit said the company received written notice of Coach's intentions to abandon three of its five contracts in Bergen, Passaic, and Hudson counties "with a cessation of operation at the close of business" on Aug. 16. NJ Trans…
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