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Chapter 11 bankruptcy

Business
These 18 NJ Big Lots Stores Are Among Nearly 1,000 Closing Nationwide: Here's When These 18 NJ Big Lots Stores Are Among Nearly 1,000 Closing Nationwide: Here's When
These 18 NJ Big Lots Stores Are Among Nearly 1,000 Closing Nationwide: Here's When Big Lots, the popular discount retailer, is officially going out of business.  The company, which filed for Chapter 11 bankruptcy in September, has announced plans to close all 963 of its remaining stores nationwide, including 18 locations in New Jersey. The last day of business is expected to be in mid-February, according to sources familiar with the closures. While official store closing sales have not yet begun, all Christmas items are currently 50% off, offering shoppers a chance to stock up before the doors shut for good. The closures mark the end of an era for the budget-friendl…

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by Cecilia Levine
Business
Big Lots To Begin 'Going Out Of Business' Sales At Nearly 1,000 Remaining Stores Big Lots To Begin 'Going Out Of Business' Sales At Nearly 1,000 Remaining Stores
Big Lots To Begin 'Going Out Of Business' Sales At Nearly 1,000 Remaining Stores Big Lots has announced plans to close all of its remaining 963 stores, initiating "going out of business" sales following its Chapter 11 bankruptcy filing in September. The company says it's started the process of closing stores in 48 states and liquidating inventory under its court-supervised Chapter 11 bankruptcy proceedings.  The decision comes as the retailer seeks to maximize value for stakeholders while exploring potential going-concern sale opportunities. "We all have worked extremely hard and have taken every step to complete a going concern sale," Big Lots' President and Chie…

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by Joe Lombardi
News
Hackensack Rite Aid To Close Hackensack Rite Aid To Close
Hackensack Rite Aid To Close A Rite Aid is Hackensack is closing. Rite Aid announced the location at 219 Essex St. is set to shutter. The pharmacy closing on Thursday, May 16 and the front end of the store closing on Sunday, June 16, a spokesperson tells Daily Voice.  The closure comes after Rite Aid filed for Chapter 11 bankruptcy last October. More than 200 stores across the country have shut down with another dozen set to close as of last October (click here for a list of New Jersey stores closing). "Rite Aid regularly assesses its retail footprint to ensure we are operating efficiently while meeting the need…

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by Sam Barron
Business
Rite Aid To Close 12 New Jersey Stores After Filing For Bankruptcy Rite Aid To Close 12 New Jersey Stores After Filing For Bankruptcy
Rite Aid To Close 12 New Jersey Stores After Filing For Bankruptcy Rite Aid, the pharmacy giant that filed for bankruptcy on Sunday, Oct. 15, plans to close 154 underperforming stores nationwide, according to a new filing.  A dozen of the stores closing are located in New Jersey. They are: 431 Haledon Avenue in Haledon 35 Mill Road in Irvington 1636 Route 38 Suite 49 in Lumberton 210 Bridgeton Pike in Mantua 108 Swedesboro Road Suite 20 in Mullica Hill 2370 Route 33 in Robbinsville 773 Hamilton Street in Somerset 4057 Asbury Avenue Suite 8 in Tinton Falls 1726 Route 37 in East Toms River 3 Marshall Hill Road in West Milford 1434 South Black …

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by Cecilia Levine
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 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 the com…

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by Joe Lombardi
Business
Settlement Reached In Transformation Of Hackensack's Sears Building: Report Settlement Reached In Transformation Of Hackensack's Sears Building: Report
Settlement Reached In Transformation Of Hackensack's Sears Building: Report A settlement has been finalized in the transformation of Hackensack's longstanding and iconic Sears building, NorthJersey.com reports. After navigating through bankruptcy, as well as not one but two lawsuits, the plan for the nearly-century-old building is to construct 258 apartments while simultaneously conserving the primary tri-story tower, the outlet reports. The plan also comprises a pool, two inside courtyards, and over 17,900 square feet of retail space along Anderson Street and Main Street, the report says. Sears started closing stores across the country in 2018, when the company f…

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by Valerie Musson
Business
Regal Cinemas Closing 2 NJ Locations Regal Cinemas Closing 2 NJ Locations
Regal Cinemas Closing 2 NJ Locations Two New Jersey Regal Cinemas locations will shutter after parent company Cineworld filed for Chapter 11 bankruptcy. Cineworld in a new bankruptcy filing this week announced it would be rejecting the leases of 39 theaters closing in the US, helping to save $22 million a year. The New Jersey locations closing are at the Regal Hamilton Commons in Mays Landing, and the Regal Pohatcong in Phillipsburg. Click here for the full list of Regal Cinemas closures.

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by Cecilia Levine
News
NJ Crypto Lender BlockFi Files For Bankruptcy NJ Crypto Lender BlockFi Files For Bankruptcy
NJ Crypto Lender BlockFi Files For Bankruptcy New Jersey-based cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy. The company, headquartered on Montgomery Street in Jersey City, in a statement said it will "focus on recovering all obligations owed to BlockFi by its counterparties," including the now-bankrupt Bahamian cryptocurrency exchange. BlockFi also said it expects a delay in recoveries from FTX. Acting in the best interest of our clients is our top focus and continues to guide our path forward. Chapter 11 is a transparent process and we will continue to communicate with our clients to ensure they hear directly…

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by Cecilia Levine
News
Gun Manufacturer Remington Settles With Sandy Hook Families For $73M Gun Manufacturer Remington Settles With Sandy Hook Families For $73M
Gun Manufacturer Remington Settles With Sandy Hook Families For $73M Families of five children and four adults killed in the 2012 Sandy Hook Elementary School shooting reached a historic $73 million settlement with gun manufacturer Remington, officials announced. Attorneys for the families who filed the suit against the now-bankrupt Remington and its four insurers, announced on Tuesday, Feb. 15 that they had reached the settlement, representing the first time a gun manufacturer has been held liable for a mass shooting in the US. As part of the settlement, lawyers for the families said that Remington agreed to release thousands of pages of internal company do…

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by Zak Failla
Business
Report: GNC Closes Additional 40 New Jersey Stores Report: GNC Closes Additional 40 New Jersey Stores
Report: GNC Closes Additional 40 New Jersey Stores After filing for Chapter 11 bankruptcy in June, GNC has announced closures of an additional 40 stores. The nutritional supplement company had originally planned on closing just 10 stores. According to NJ.com, the following 50 stores have either closed, or will soon: Blackwood, Gloucester Premium Outlets Bridgewater, Bridgewater Commons Cinnaminson, The Shoppes At Cinnaminson Closter, Heidenberg Plaza Delran, Hartford Corners Denville, The Shoppes At Union Hill Denville,  Diamond Spring Road Deptford, Deptford Mall East Hanover, Hanover Commons East Rutherford, American Dream Mall E…

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by Cecilia Levine
News
Dave & Busters To Lay Off 107 NJ Workers Dave & Busters To Lay Off 107 NJ Workers
Dave & Busters To Lay Off 107 NJ Workers Dave & Busters is the latest company to crumble amid the COVID-19 pandemic. The food and games chain filed a WARN notice saying it will be laying off 107 New Jersey employees. Dave & Busters -- with New Jersey locations in Wayne and Woodbridge -- could file for Chapter 11 bankruptcy if a deal with lenders isn't reached, the Wall Street Journal reports. The WARN notice indicates that the 107 employees being laid off are at the Wayne location --  the Willowbrook Mall. It's unclear if any of the workers in the Woodbridge center will be impacted. Dave & Busters reached a deal…

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by Cecilia Levine
Business
Century 21 Files For Bankruptcy, Closing All 13 Stores Century 21 Files For Bankruptcy, Closing All 13 Stores
Century 21 Files For Bankruptcy, Closing All 13 Stores Liquidation sales are under way at all Century 21 stores after the company announced Thursday it filed for Chapter 11 bankruptcy protection. The impetus was a non-payment of approximately $175 million declined by the company's insurance provider as a direct result of losses during the COVID-19 pandemic, the off-price retail company said in a press release. In business for more than 60 years, Century 21 was left with "no viable alternative" to closing all 13 stores the company's co-CEO Raymond Gindi said.  Century 21 has four New Jersey locations: East Rutherford, American Dream…

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by Cecilia Levine
Business
Lord & Taylor Closing All U.S. Stores Including 9 In NJ Lord & Taylor Closing All U.S. Stores Including 9 In NJ
Lord & Taylor Closing All U.S. Stores Including 9 In NJ Lord & Taylor is going out of business. The company initially said it would be closing 19 stores after filing for Chapter 11 bankruptcy earlier this month. On Thursday, Lord & Taylor said it will instead be closing all of its stores, including the nine in New Jersey, after 194 years in business. "While we are still entertaining various opportunities, we believe it is prudent to simultaneously put the remainder of the stores into liquidation to maximize value of inventory for the estate while pursuing options for the company's brands," said Ed Kremer, Lord & Taylor's chief restr…

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by Cecilia Levine
Business
Lord & Taylor Shutters 3 NJ Stores, 24 Across U.S. Lord & Taylor Shutters 3 NJ Stores, 24 Across U.S.
Lord & Taylor Shutters 3 NJ Stores, 24 Across U.S. Lord & Taylor will shutter two dozen locations nationwide including three in New Jersey. After filing for Chapter 11 bankruptcy, the nation’s oldest department store announced it will also be closing seven stores in New York, three in Connecticut, two in Massachusetts, two in Illinois and two in Maryland, CNBC reports. One store each in Florida, Michigan, New Hampshire, Virginia and Pennsylvania will also close. The New Jersey stores set to shutter are: Livingston, 111 Eisenhower Pkwy. Rockaway, 317 Mt. Hope Ave. Wayne, Willowbrook Mall These two dozen stores are just a few of t…

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by Valerie Musson
News
Sears To Shutter Hackensack Store Leaving Only 1 NJ Location Standing Sears To Shutter Hackensack Store Leaving Only 1 NJ Location Standing
Sears To Shutter Hackensack Store Leaving Only 1 NJ Location Standing The Sears in Hackensack is one of many that will soon close permanently -- leaving only one last Sears store standing in New Jersey. The chain had added two temporary closing jobs at the Hackensack store to its online database as of June 30 -- two days after the Rockaway Townsquare Mall listed its own closing positions. Available positions include backroom and cashier. Sears has been closing stores across the country since 2018, when the company -- which also owns Kmart -- filed for Chapter 11 bankruptcy protection. The Sears within the Newport Center Mall in Jersey City is the last store…

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by Valerie Musson
News
Sears To Shutter Rockaway Townsquare Mall Location, Closing Jobs Available Sears To Shutter Rockaway Townsquare Mall Location, Closing Jobs Available
Sears To Shutter Rockaway Townsquare Mall Location, Closing Jobs Available The Sears at Rockaway Town Square Mall is just one of many that will soon close permanently in yet another Coronavirus-related blow to the brick-and-mortar retail landscape. The Sears in Hackensack will also shutter, according to closing jobs listed June 30. The retail chain had added four closing jobs at the Rockaway store to its online database as of June 29. Available positions include home appliance sales, cashiers, hardware sales and backroom. Calls placed to the store were not answered. Sears has been closing stores across the country since 2018, when the company -- which also …

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by Valerie Musson
News
LIST: Bankrupt GNC Closing 248 Stores, Including 20 In NJ, NY LIST: Bankrupt GNC Closing 248 Stores, Including 20 In NJ, NY
List: Bankrupt GNC Closing 248 Stores, Including 20 In NJ, NY GNC on Wednesday released a list of stores that the company is closing in New Jersey and New York as part of its filing for Chapter 11 bankruptcy protection. The retailer, which had 5,200 stores in the U.S. and 7,300 worldwide at the end of March, said it expects to close anywhere from 800 to 1,200 of them, beginning with those listed below. GNC already was submerged in an estimated $700 million in debt and facing delisting on the New York Stock Exchange when COVID-19 struck. The coronavirus pandemic “created a situation where we were unable to accomplish our refinancing and the abrupt cha…

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by Jerry DeMarco
News
24 Hour Fitness Closing 7 New Jersey Gyms 24 Hour Fitness Closing 7 New Jersey Gyms
24 Hour Fitness Closing 7 New Jersey Gyms 24 Hour Fitness will be closing seven gyms across North Jersey amid the coronavirus pandemic. The company in a statement Monday said it filed for voluntary Chapter 11 bankruptcy and will be closing 130 locations across the U.S. Among them are ones in Jersey City, Hasbrouck Heights, Piscataway, Saddle Brook, Wayne, Whippany and Woodbrige. "Removing these financial and operational constraints allows us to focus entirely on transforming our business and the club experience for the better," the chain said.  "We will have the financial flexibility and resources to upgrade equipment and ex…

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by Cecilia Levine
Business
CMX Cinemas Files For Chapter 11 Bankruptcy CMX Cinemas Files For Chapter 11 Bankruptcy
CMX Cinemas Files For Chapter 11 Bankruptcy Cinemex Holdings USA, Inc. and Cinemex USA Real Estate Holdings, Inc. (CMX) filed for Chapter 11 bankruptcy protection amid the COVID-19 pandemic. CMX -- the dine-in, luxury movie theater chain -- has a location in Closter and another planned for the American Dream Mall in East Rutherford. "We are in a state of complete uncertainty as to when we can re-open our theaters and when our customers will feel safe and secure in returning to them given that there is presently no vaccine against the virus," according to a news release. "We cannot forecast when — if ever — customer numbers will retu…

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by Cecilia Levine
Business
UPDATE: Fairway Market's NJ Stores Could Stay Open After All UPDATE: Fairway Market's NJ Stores Could Stay Open After All
Update: Fairway Market's NJ Stores Could Stay Open After All Fairway Market stores in New Jersey could stay open, after all. Although the New York Post on Wednesday reported the New York City grocer planned on filing Chapter 7 bankruptcy and closing all 14 of its locations, Fairway apparently has new plans in place. Fairway -- which has stores in Paramus and Woodland Park -- filed for Chapter 11 bankruptcy Thursday, after denying The Post's report of filing for Chapter 7 Wednesday. The New York City grocer reached a deal to sell its distribution center and five NYC stores to Village Super Market (which operates more than two dozen ShopRite stores) …

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by Cecilia Levine