Find Your Daily Voice
Villas-Lower Township
North Cape May
Your Local News for Villas, Lower Township and North Cape May, New Jersey
Friday, mar 21
51°
Follow
News
Schools
Business
Obituaries
Police & Fire
Weather
Lifestyle
Politics
Sports
Events
Traffic
Real Estate
Tags
Jobs
Shop
Support Us
Villas-Lower Township
North Cape May
Follow
Find Your Daily Voice
News
Schools
Business
Obituaries
Police & Fire
Weather
Lifestyle
Politics
Sports
Events
Traffic
Real Estate
Tags
Jobs
Shop
Support Us
Home
About us
All sites
Advertise with us
Contact us
Terms of use
Privacy policy
Code of ethics
Site Map
© 2025 Cantata Media
51°
Friday, mar 21
Tag:
Bankruptcy
Business
Ocean State Job Lot Moving Into Three Former Big Lots Stores On Jersey Shore: Here's Where
Ocean State Job Lot is taking over more than a dozen former Big Lots locations, bringing the discount retail chain to new communities across the Northeast and mid-Atlantic. Ocean State Job Lot has acquired 15 former Big Lots stores, the company said in a news release on Wednesday, Mar. 19. The acquisitions come after Big Lots filed for bankruptcy in September 2024. The expansion will include Ocean State opening its first store in Delaware. "This is an exciting chapter for us," said Ocean State CEO and principal owner Marc Perlman. "Expanding into new markets has long been part of…
Business
Purdue Pharma Files New $7.4B Bankruptcy Plan: How Opioid Victims, Families Could Benefit
Purdue Pharma has filed a new bankruptcy plan that will distribute more than $7.4 billion to compensate opioid epidemic victims and fund addiction treatment programs. The Stamford, Connecticut-based company submitted the plan to the US Bankruptcy Court for the Southern District of New York, Purdue said in a news release on Wednesday, Mar. 19. The reorganization increases the Sackler family's payout by $1 billion from a previous deal. The plan will dissolve Purdue and transfer its assets to a new public benefit company focused on opioid crisis abatement. The Sacklers, who have…
Business
Forever 21 Collapses: Bankruptcy Forces US Stores To Shut Down, Reports Say
Forever 21 is going out of business in the US after struggling against online rivals Shein and Temu, according to reports. Forever 21 filed for bankruptcy protection for the second time in six years and has already started liquidation sales at more than 350 stores, CNBC reported. Its US operations are expected to shut down entirely unless a buyer steps in. Sparc Group, Forever 21's operator, had been searching for a buyer for months and contacted more than 200 potential bidders. Court filings show that 30 parties signed confidentiality agreements, but no viable deal materialized. Talks wit…
Business
CVS To Open Pharmacy-Only Locations Amid Store Closings, Corporate Layoffs
CVS is rolling out a new wave of smaller-format pharmacies in select communities nationwide as it tries to adapt to changes in the retail world. CVS plans to open at least a dozen of these compact pharmacies nationwide in 2025, a spokesperson confirmed to Daily Voice on Monday, Mar. 10. The pharmacy-only locations aim to improve access to medications, immunizations, and pharmacist-provided health care services. Each location will average less than 5,000 square feet, with a full-service pharmacy and a limited selection of over-the-counter products tailored to a community. "By taki…
Business
US Layoffs Surge To 2020 Levels As Economic Turmoil Grows: Study
Layoffs are sweeping across the country at a pace not seen in years, hitting government workers, retail employees, and tech professionals the hardest, according to a new study. US employers announced 172,017 layoffs in February, the highest total since the height of the COVID-19 pandemic in July 2020, according to a report released by outplacement firm Challenger, Gray & Christmas on Thursday, Mar. 6. Last month's cuts were 245 percent higher than January and more than double the job losses from February 2024. February marked a dramatic spike in job losses, as businesses and federal age…
Business
Joann Going Out of Business After 80+ Years, Closing All Stores Following Bankruptcy Auction
Joann will shut down all of its 800 locations, ending more than 80 years of selling fabrics and craft supplies. Joann announced the winning bidders at a bankruptcy auction plan to begin going-out-of-business sales at every store, the company said. At its height, the crafts chain had about 850 stores in every state but Hawaii. Financial services company GA Group, in partnership with the prepetition term loan agent, acquired Joann's assets at the auction. "Joann leadership, our board, advisors and legal partners made every possible effort to pursue a more favorable outcome that wou…
Business
Forever 21 Preparing To Close 200 More Stores As Bankruptcy Looms: Reports
Forever 21 may close at least 200 more stores and could shut down every location during a possible bankruptcy process, according to reports. Forever 21 is considering the closures and its US operator F21 OpCo. may declare bankruptcy as soon as March, Bloomberg News reported. This would be the fast-fashion chain's second bankruptcy filing in about six years. Unless a buyer acquires the remaining locations, the retailer could be forced to liquidate, shutting down its roughly 350 remaining stores. At its height, Forever 21 operated more than 500 US locations and at least 800 worldwid…
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
Frontier Proposes Another Airline Merger With Spirit: Here's How Spirit Responded
Frontier Airlines and Spirit Airlines have discussed a merger yet again, but Spirit rejected the bid in order to pursue a plan to exit bankruptcy on its own. Frontier confirmed the latest merger discussion in a news release on Wednesday, Jan. 29. Spirit also confirmed the talks in a regulatory filing on the same day. The deal first proposed on Tuesday, Jan. 7, offered $400 million in debt and a 19-percent stake in Frontier to Spirit shareholders. Frontier argued the merger would create a stronger low-cost airline while providing more value than Spirit's existing Chapter 11 ba…
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
Crafting Trouble: Joann Declares Bankruptcy For Second Time In Less Than 12 Months
Arts and crafts retailer Joann is declaring bankruptcy for the second time in less than a year, officials said. Joann filed for Chapter 11 bankruptcy in a Delaware court, the company said in a news release on Wednesday, Jan. 15. The chain known for sewing and other craft materials said the move will help facilitate a sale to maximize the business's value. Interim CEO Michael Prendergast said the bankruptcy declaration was necessary despite the chain's efforts to drastically improve its financial health. "Since becoming a private company in April [2024], the Board and management team h…
Business
Mall Brand Merger: JCPenney Unites With Forever 21, Aeropostale, Brooks Brothers Operator
JCPenney is merging with a company that owns several other retailers that have also struggled as malls have declined in popularity across the US. The 123-year-old department store chain and SPARC Group have combined to form Catalyst Brands, the new company said in a news release on Wednesday, Jan. 8. SPARC Group is the operator of stores including Aéropostale, Brooks Brothers, Eddie Bauer, Forever 21, Lucky Brand, and Nautica. Former JCPenney CEO Marc Rosen will become the CEO of Catalyst Brands, which boasts more than $9 billion of revenue and about 60,000 employees at …
Business
Big Lots Reaches Deal To Keep Hundreds Of Stores Open
Big Lots has announced a major development following its September bankruptcy filing. The discount retail chain says it's entered a strategic agreement with Gordon Brothers Retail Partners and Variety Wholesalers to preserve the brand, save thousands of jobs, and keep hundreds of stores open. Variety Wholesalers, known for its portfolio of retail brands, plans to acquire between 200 and 400 Big Lots locations, along with up to two distribution centers. There are about 1,400 Big Lots stores nationwide. The transition ensures Big Lots can transfer key assets and maintain continuity of its br…
News
Big Lots Laying Off 385 NJ Employees As Stores Close: Here's Where
Big Lots, the popular discount retailer, is officially going out of business, which means hundreds of workers are about to lose their jobs. 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. According to a WARN notice, 385 New Jersey employees will be out of work by Feb. 28, 2025. The layoffs will be in Somers Point, Edgewater Park, North Cape May, Toms River, Clifton, Brickton, South Plainfield, West Deptford, Sicklerville, Middletown, Dover, Barnegat, Cape May Court…
Business
Party City Going Out Of Business, Closing All 800 Stores
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…
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…
51°
