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Monday, dec 23
Tag:
Bankruptcy
Business
Nj-b
ased Party City Going Out Of Business, Closing All 800 Stores, Including 25 In Garden State
The party is over for a popular chain store that's been in business for decades. Party City is “winding down” operations immediately at its approximately 800 locations, CEO Barry Litwin told corporate employees in a video call on Friday, Dec. 20, CNN reports. Workers were told they will not receive severance pay, and that their benefits would end as the company goes out of business, CNN says. The company, headquartered in in Woodcliff Lake, New Jersey, is running low on cash and unable to pay rent in some locations, according to an earlier Bloomberg report. Party City was foun…
Business
Red Lobster Launches Revamped Menu With 7 New Items After Exiting Bankruptcy
Two months after exiting bankruptcy, restaurant chain Red Lobster is unveiling a revamped menu. It features these seven new items: Lobster Pappardelle Pasta Bacon Wrapped Sea Scallops Lobster Bisque Lemon Basil Mahi Simply Prepared Mahi Parmesan-Crusted Chicken Roasted Asparagus In addition, a pair of old fan-favorites that had been discontinued are back: Popcorn Shrimp, Hush Puppies Red Lobster is now giving guests the ability to customize their seafood favorites with the launch of "Create your Own Ultimate Feast." Customers can mix and match two premium picks such as …
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…
Business
Big Lots To Shut These New Jersey Stores: Closing Sales Under Way
Big Lots! has announced the closures of even more locations since filing for bankruptcy in September. The company announced on Monday, Sept. 9 that it will sell its assets to an affiliate of private equity firm Nexus Capital Management. Additional closures were approved this month in bankruptcy court. New Jersey has 27 stores, and 13 of them are set to close with closing sales underway. They are: Cherry Hill, 949 Church Road Dover, 550 Mount Pleasant Avenue East Brunswick, 275 Route 18 Freehold, 220 Trotters Way Glassboro, 811 N Delsea Drive Jersey Ci…
News
South Jersey Man Who Scammed $500K+ Sentenced In Foreign Currency, Car Loan Schemes: Feds
A Mount Laurel man will spend several years in prison after scamming hundreds of investors and car owners out of more than $500,000, authorities said. Michael Salerno, 55, was sentenced on Monday, Aug. 26 to three years and one month in prison, U.S. Attorney for the Eastern District of Pennsylvania Jacqueline Romero said in a news release. He had pleaded guilty to three counts of wire fraud after he was indicted for schemes in September 2020 and February 2023. Salerno operated Black Diamond Forex, L.P., BDF Trading, L.P., Advanta Capital Markets, Inc., and Advanta FX between …
Business
Red Lobster Suddenly Closes Dozens Of Locations Nationwide: Here's Where
Red Lobster has abruptly closed dozens of locations across the United States. According to a Bloomberg, the fast-casual seafood restaurant has considered filing for bankruptcy. The following locations are listed as being temporarily closed on the Red Lobster website, with some set to be auctioned off. MD: Columbia, Laurel, Silver Spring, Gaithersburg NJ: Ledgewood, Lawrenceville, East Brunswick, Bridgewater PA: Erie VA: Newport News, Williamsburg, Colonial Heights TAGeX Brand, which bills itself as the world's largest after-marketplac…
Business
Major Mall-Based Chain To Close 543 Stores After Filing For Bankruptcy
A major retailer primarily located in malls and headquartered in Pennsylvania is set to close all 543 of its stores following its third Chapter 11 bankruptcy filing. Closures for all rue21 locations are expected to be completed within the next two months with going-out-of-business sales coming soon. The company, headquartered in Pennsylvania outside Pittsburgh, had first filed for bankruptcy in 2003, and then for a second time in 2017, when it closed around 400 stores. Founded in 1970, rue21 specializes in women's & men's casual apparel and accessories. rue21 has locations in …
Business
New Jersey's Last-Standing Sears Store Says It's Closing
And then there were none. New Jersey's last-standing Sears store, located in Jersey City, appears to be closing. The store at Newport Centre announced a store closing sale on Friday evening, Jan. 5 on Facebook. A voice answering service said the store was closed when Daily Voice called Friday at 7 p.m. Daily Voice has reached out to the Simon Property Group, who owns Newport Centre, and Sears corporate for comment. Sears Holdings filed for bankruptcy in 2018. The Jersey City store became the final Sears in New Jersey in 2020 after the store in Hackensack — a local landmark — shutter…
Real Estate
Rite Aid Is Selling These Seven New Jersey Leases After Filing For Bankruptcy
Of the dozen New Jersey Rite Aid stores closing amid filing for bankruptcy, seven of the leases are being sold. A&G Real Estate Partners is acting as the real estate advisor for the pharmacy chain, which filed for bankruptcy on Oct. 15, and has plans to close 154 underperforming stores nationwide. The following leases are for sale, according to A&G: 2 Vernon Ave., Hamburg 1636 Route 38, Lumberton 210 Bridgeton Pike, Mantua 108 Swedesboro Road, Mullica Hill Route 33/Robbinsville-Edinburg Road, Robbinsville 773 Hamilton St., Somerset 1434 South Black Horse Pike, Williamstown The dea…
Business
David's Bridal Laying Off 9,200 Employees Amid Bankruptcy Filing
David's Bridal will send more than 9,000 workers home in an upcoming round of layoffs, according to a disclosure form it filed with the Pennsylvania Department of Labor and Industry. The Montgomery County, PA-wedding retailer expects to lay off 9,236 employees nationwide in a three-phase plan that began on Friday, April 14, according to the state website. It's not clear how many of those workers are in Pennsylvania, though the layoffs are expected to affect locations in Blair, Dauphin, Delaware, Erie, Luzerne, and York counties, as well as four shops in Allegheny County, two sho…
News
Feds Charge Exiled Chinese Tycoon With $1B Fraud That Funded $26.5M Mahwah Mansion, More
Exiled Chinese tycoon Miles Guo was arrested by the FBI Wednesday on charges of swindling his online followers out of more than $1 billion that the government said he used, in part, to buy a 58-room mansion in Mahwah. Some of the agents were still at Guo’s 15-room penthouse in the Sherry-Netherland Hotel on Manhattan’s Upper East Side the afternoon of March 15, six hours after he’d been arrested there, when a mysterious fire broke out on the 18th floor, responders said. No injuries were reported, but authorities said the blaze significantly damaged Guo’s unit. No one drew any immediate conn…
Business
Bed Bath & Beyond Closures Include 36 NJ Locations
Three dozen Bed Bath & Beyond stores in New Jersey are among 87 locations scheduled to close in 2023, the struggling retailer announced. That brings the total number of Bed Bath & Beyond locations scheduled to close to at least 162 announced since September 2022. A spokesperson told Axios that the latest round of closures will include all of the company's Harmon beauty shops, as well as five Buy Buy Baby locations. The following locations in New Jersey are set to close in 2023: Bridgewater, 155 Promenade Blvd. Mays Landing,190 Hamilton Commons Mays Landing Mount Laurel, 8 Centert…
News
Authorities: Long Island Couple In $1 Million Securities Scam Targeted Elderly NJ Investors
Several New Jersey seniors were scammed out of more than $1 million combined by a Long Island couple, Garden State authorities have charged. Salvatore Magaraci, 63, and A. Kirsten Gallardo, 60, of Huntington, NY specifically targeted elderly victims to pitch unregistered securities to for a crooked – and now defunct -- company, Acting New Jersey Attorney General Andrew J. Bruck said. The Woodbridge Group of Companies purported to be a commercial lender that made hard-money loans secured by mortgages on commercial property. It ended up being ordered to pay $1 billion -- and saw its foun…
News
High-Living Ex-Bergen Stockbroker Arrested By IRS For Ducking $4.3M In Taxes, Feds Say
A disgraced stockbroker from Bergen County was arrested Thursday by IRS agents who said he lived the high life while shortchanging Uncle Sam $4.3 million. Jason Kronick, 48, of Woodcliff Lake made headlines after he was fired from one job for alleged “unauthorized trading and unauthorized positions,” then resigned from after allegedly omitting $330,000 in judgments against him on his job application. Kronick, who eventually filed for bankruptcy, earned $20 million during tax years 2008 through 2010, Acting U.S. Attorney Rachael A. Honig said Thursday. Honig said Kronick: used roughly $1.…
News
Injured EMT Settles Suit Against Mountain Creek For $1.75 Million
An EMT who was injured in a fall while working at Mountain Creek reportedly settled a lawsuit against the resort for $1.75 million. Frank Villecco was working for Atlantic Health, which provided emergency medical services to the Vernon Township resort, when he slipped on water while bringing an injured skier into a medical room in March 2013, New Jersey Law Journal reported. Villecco suffered a herniated disc, which required fusion surgery, a spinal cord stimulator implant and pain medication for what became a chronic condition, his lawyer said. He sued Mountain Creek for not removing the …
News
NJ, NY, PA Among States Sharing Historic $4.3B Purdue Pharma Settlement
Oxycontin-maker Purdue Pharma has reached an historic $4.3 billion settlement with New Jersey, New York, Pennsylvania and a dozen other states that one attorney general said involved the “most that individuals have ever paid for breaking the law.” New Jersey expects to receive more than $110 million from the deal, state Attorney General Gurbir S. Grewal said Thursday. As part of the settlement, the Sackler family must surrender ownership of the bankrupt drug company. They also must release more than 30 million family and Purdue Pharma documents that outline their roles in an opioid epidemi…
News
'Get The Truth Uncovered': Nine More NJ Priests Accused Of Sex Abuse
The names of nine Catholic priests from New Jersey have been added to one law firm's list of accused child sex abusers. The priests below are the latest named in sex abuse settlements stemming from the Diocese of Camden County's bankruptcy case, according to the law firm of Jeff Anderson & Associates. The alleged crimes took place in Camden, Collingswood, Hammonton, Pennsauken, Waterford, Cherry Hill, Laurel Springs, and Carney’s Point, with the abuse spanning from the mid-1950s through the early 1980s, Anderson said. Rev. Jerome Prisco Rev. Joseph O’Connell Rev. John O’Brien Rev. Ken…
News
Bergen Exec From Passaic County Admits $91.5 Million Bank Fraud, Questions Remain
Now that an executive of a Glen Rock property management company has admitted his role in a $91.5 million loan fraud, questions remain about an "unnamed co-conspirator." Barton Schack, 65, of Ringwood, told a federal judge in Newark this week that he helped the other participant fraudulently secure a massive commercial mortgage loan by lying about how many tenants were in a network of medical office buildings used as collateral and how much rent they’d paid, Acting U.S. Attorney Rachael A. Honig said. The pair then pocketed millions of dollars in rent from the properties -- which …
News
Watch Atlantic City Trump Plaza Implosion (
Video
)
Trump Plaza in Atlantic City is officially gone. The hotel casino that has loomed over Missouri and Mississippi avenues since 1984 was imploded at 9 a.m. Wednesday morning. Do you have photos or video? Email clevine@dailyvoice.com. The property owned by former President Donald Trump closed when Trump Entertainment Resorts filed for its fifth bankruptcy in 2014. Trump later filed a lawsuit requesting his name be removed from the deteriorating building. Carl Icahn bought the property in 2018 and in 2020 applied to have it demolished, as the former hotel and casino was deemed a p…
News
Ruby Tuesday's Another Victim Of Coronavirus
First bankruptcy, then coronavirus. Ruby Tuesday's is the latest restaurant chain to close more restaurants in New Jersey. The company confirmed it recently closed its restaurants in Toms River and Eatontown. The Toms River restaurant was located at 1311 Route 37 W., off of Route 9. The Eatontown restaurant was located at Monmouth Mall on Route 35. There are now four Ruby Tuesday restaurants remaining in New Jersey: Elizabeth, Mount Laurel, Somerset and at Newark International Airport. In May, Ruby Tuesday closed its Freehold, Neptune and Lakewood restaurants, After filing for bankruptcy…
News
Neiman Marcus Markdown Store Among 17 Closing Across U.S.
Neiman Marcus has announced the closure of four department stores and 17 of its "Last Call" locations across the U.S. including one in Paramus. The luxury department store chain filed for bankruptcy in May. The Paramus store at Bergen Town Center, the 16 other markdown stores and the four department stores are expected to close by the fall of this year. The other "Last Call" locations closing are in New York, Florida, Washington, California, Texas, Georgia, Illinois, Louisiana, Maryland and Nevada. “As part of our Chapter 11 proceedings, we provided to the court a list of Neiman Marcus st…
Business
Pier 1 Imports Closing All Stores, Going Out Of Business
Pier 1 imports, with 16 New Jersey stores, is going out of business and closing all stores including e-commerce operations, the company said in a statement. The company announced plans to run liquidation sales through the end of October once stores can reopen in compliance with COVID-19 restrictions, officials said in a statement. Intellectual property will also be sold in the bankruptcy, officials said. “This is not the outcome we hoped for when we began this process, and we are deeply saddened to move forward with winding down Pier 1,” said Robert Riesbeck, Pier 1’s Chief Executive Offic…
News
Pier 1 Closing All Stores For Good, Cites 'New Reality, Uncertainty Of Post
-covid
World'
Pier 1 Imports has become the latest retailer knocked against the ropes by the "new reality" of online shopping and finished off by COVID-19. Nearly 60 years after its first store opened -- and three months after filing for bankruptcy -- the company announced Tuesday that it wants to close all retail operations "as soon as reasonably possible." The explosion in online shopping, intense competition from larger chains and the coronavirus pandemic "are requiring us to wind down," Robert Riesbeck, Pier 1’s chief executive and chief financial officer, said in a statement. "This decisi…
News
JCPenney Closing 242 Stores
JCPenney plans to permanently close 242 stores this year and next as it continues to reel from billions of dollars of debt, severe competitive disadvantages and the coronavirus pandemic. “Penney’s” cited COVID-19 when filing for bankruptcy late last week – the fourth national retailer to do so this month following J.Crew, Neiman Marcus and Stage Stores. "Until this pandemic struck, we had made significant progress rebuilding our company," CEO Jill Soltau said in a statement Friday. "Implementing this financial restructuring plan through a court-supervised process is the best path to ensure…
Business
Neiman Marcus Reportedly Filing For Bankruptcy Amid
Covid-
19 Crisis
Neiman Marcus is preparing to seek bankruptcy protection as soon as this week, Reuters reports. The company is the first major U.S. department store operator to crumble during the coronavirus shutdown, which closed 43 locations -- along with nearly 24 Last Call stores and a pair of Bergdorf Goodmans in New York. A negotiation loan totaling hundreds of millions of dollars is in the final stages with creditors, as Neiman Marcus is $4.8 billion in debt, Reuters says. Neiman Marcus' three New Jersey locations are at Westfield Garden State Plaza in Paramus, a Last Call Studio at The Outlets at …
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