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Chapter 11 bankruptcy

Business
What Spirit Airlines' Bankruptcy Means For Holiday Travelers What Spirit Airlines' Bankruptcy Means For Holiday Travelers
What Spirit Airlines' Bankruptcy Means For Holiday Travelers Spirit Airlines, the no-frills budget carrier, announced it would file for Chapter 11 bankruptcy a week before a record number of people are expected to fly during the Thanksgiving holiday, reports said.  The Florida-based airline announced Monday, Nov. 18, that its debt, growing losses, and increased competition have kept the company in the red for four years, and it would need to restructure its bills to keep it in the air, NBC News reported.  However, despite its financial troubles, the airline promised passengers they would not feel any of that pain in the air.  "Guests …

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by Josh Lanier
Business
Popular Fast Casual Dining Chain Files For Bankruptcy Popular Fast Casual Dining Chain Files For Bankruptcy
Popular Fast Casual Dining Chain Files For Bankruptcy A popular fast casual dining chain has filed for bankruptcy after months of reporting financial distress. BurgerFi International, Inc., announced the Chapter 11 filing on Wednesday, Sept. 11. The Florida-based company is also the parent company of Anthony’s Coal Fired Pizza. All 144 locations of the two brands across the the nation will remain open and continue normal operations. BurgerFi makes up 93 of the eateries, and Anthony's the other 51. The Chapter 11 filing includes the 67 corporate-owned locations of both brands. "BurgerFi and Anthony's Coal Fired Pizza & Wings are dyn…

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by Joe Lombardi
Business
Rite Aid Plans To Close 400-Plus Stores, Report Says Rite Aid Plans To Close 400-Plus Stores, Report Says
Rite Aid Plans To Close 400-Plus Stores, Report Says Rite Aid will close 400 to 500 stores as part of a Chapter 11 bankruptcy reorganization, according to a new report. The drugstore chain is now negotiating with creditors to formulate a bankruptcy plan that would include liquidating a substantial portion of its more than 2,100 drugstores, The Wall Street Journal says. Rite Aid is facing over $3 billion in debt and more than a thousand federal lawsuits alleging it oversupplied opioids, the report said. Founded 61 years ago in Scranton, Pennsylvania, Rite Aid moved its headquarters to Philadelphia in 2022. Click here to read the complet…

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by Joe Lombardi
Business
Bed Bath & Beyond Lives On - Sort Of: Overstock's Acquisition To Include Rebranding Bed Bath & Beyond Lives On - Sort Of: Overstock's Acquisition To Include Rebranding
Bed Bath & Beyond Lives On - Sort Of: Overstock's Acquisition To Include Rebranding Despite filing for bankruptcy and announcing the closures of its remaining stores, Bed Bath & Beyond will live on -- sort of -- thanks to one of the biggest names in e-commerce. Overstock purchased the home goods retailer's brand and domain names, and loyalty program assets this week for over $21 million. Overstock currently specializes in online furniture and home furnishings. Within the next week, Overstock said it plans to re-launch the Bed Bath & Beyond domain in Canada, followed weeks later by the re-launch of a refreshed website, mobile app, and loyalty program in th…

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by Joe Lombardi
Business
Store Closures Announced For Christmas Tree Shops, Including In Hudson Valley Store Closures Announced For Christmas Tree Shops, Including In Hudson Valley
Store Closures Announced For Christmas Tree Shops, Including In Hudson Valley Click here for a new, updated story: Christmas Tree Shops Now Plans To Close All Its Stores Christmas Tree Shops has announced it will close 10 of its stores after filing for bankruptcy. The 53-year-old discount home-goods chain offers seasonal decor year-round, along with assorted gifts, kitchen items, and furniture. The 10 stores closures are: Rockland County, New York: 32 Spring Valley Marketplace, Spring Valley; Jefferson County, New York: 21182 Salmon Run Mall Loop West, Watertown; Cape Cod, Massachusetts: Davis Straits, Route 28 Falmouth Plaza, Falmouth, Massachusetts; Barnst…

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by Joe Lombardi
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 by June 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…

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by Joe Lombardi
News
Mortgage Lender Lays Off 119 Melville Employees, State Filing Reports Mortgage Lender Lays Off 119 Melville Employees, State Filing Reports
Mortgage Lender Lays Off 119 Melville Employees, State Filing Reports A national reverse mortgage lender has laid off more than 100 of its Long Island employees, according to a state filing. Reverse Mortgage Funding LLC laid off 119 employees from its Melville branch on Tuesday, Nov. 29, according to a WARN Notice posted on Friday, Dec. 9. The reason for the layoffs was listed as "economic" in the filing. According to Reverse Mortgage Daily, the company has filed for Chapter 11 bankruptcy, and more than 470 employees were laid off across the company in November. A representative for Reverse Mortgage Funding said the organization will not comment o…

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by Nicole Valinote
News
Long Island Couple In $1 Million Securities Scam Targeting Investors, Authorities Say Long Island Couple In $1 Million Securities Scam Targeting Investors, Authorities Say
Long Island Couple In $1 Million Securities Scam Targeting Investors, Authorities Say 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, age 63, and A. Kirsten Gallardo, age 60, of Huntington, 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…

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by Jerry DeMarco
News
Diocese On Long Island Declares Bankruptcy After Sex Abuse Lawsuits Diocese On Long Island Declares Bankruptcy After Sex Abuse Lawsuits
Diocese On Long Island Declares Bankruptcy After Sex Abuse Lawsuits A Roman Catholic diocese on Long Island was forced to declare bankruptcy as it faces hundreds of lawsuits alleging sexual abuse by clergy members. The Diocese of Rockville Centre - one of the largest in the nation - filed for Chapter 11 bankruptcy protection on Thursday, Oct. 1 after more than 200 lawsuits were filed against them. “The financial burden of the litigation has been severe and only compounded by the COVID-19 pandemic,” Bishop John Barres, a leader at the diocese that serves 1.4 million Catholics on Long Island, said in a video posted online. “Our goal is to make su…

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by Zak Failla
Business
COVID-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores COVID-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores
Covid-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores General Nutrition Centers (GNC) plans to close upwards of 1,200 stores after filing for bankruptcy amid the novel coronavirus (COVID-19) crisis. The 85-year-old company, which reportedly has been dealing with nearly a billion dollars of debt announced it will be shuttering at least a quarter of its locations as it faces a shortage of customers due to the COVID-19 outbreak. According to GNC, the company “has been executing a store portfolio optimization strategy to close underperforming stores, while continuing to invest in omnichannel and brand strategies to better meet consumer demand." G…

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by Zak Failla
Business
Fairway Market Files For Bankruptcy, Plans To Sell Its Stores Fairway Market Files For Bankruptcy, Plans To Sell Its Stores
Fairway Market Files For Bankruptcy, Plans To Sell Its Stores Fairway Market has announced it is filing for Chapter 11 bankruptcy and will sell up to five of its stores to ShopRite before selling its remaining 13 locations.  Fairway has markets in New York City, Long Island, Westchester and Fairfield counties. The five Fairway locations being sold to Village Super Market, Inc., the parent company of ShopRite, reportedly for $70 million, are all in New York City: Upper West Side store at 2131 Broadway Harlem store on 2328 12th Ave. (at 125th St.) Chelsea store at 766 6th Ave. Kips Bay store at 550 2nd Ave. Upper East Side store at 240 East 86th …

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by Joe Lombardi