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Business
TGI Fridays Files For Bankruptcy Weeks After Sudden Closures Of At Least 12 Restaurants TGI Fridays Files For Bankruptcy Weeks After Sudden Closures Of At Least 12 Restaurants
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…

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by Joe Lombardi
Business
Iconic Food Container Maker Tupperware Files For Bankruptcy Iconic Food Container Maker Tupperware Files For Bankruptcy
Iconic Food Container Maker Tupperware Files For Bankruptcy A kitchen staple may soon be getting shelved. Iconic 78-year-old food container pioneer Tupperware filed for Chapter 11 bankruptcy protection on Tuesday, Sept. 17 amid a years-long slump in sales. The company known worldwide for its "Tupperware Parties" is now seeking court approval to continue operating during the proceedings as it pursues a sale. "Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family," said President and Chief Executive Officer Laurie Ann Goldman. "We pla…

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by Joe Lombardi
Business
Red Lobster Revival? Restaurant Chain Exits Bankruptcy With $60M In Funding, New CEO Red Lobster Revival? Restaurant Chain Exits Bankruptcy With $60M In Funding, New CEO
Red Lobster Revival? Restaurant Chain Exits Bankruptcy With $60M In Funding, New CEO Four months after its Chapter 11 filing, restaurant chain Red Lobster says it has exited bankruptcy led by new management. The company announced on Monday, Sept. 16 that it's been acquired by lender group RL Investor Holdings with $60 million in new funding backed by Fortress Investment Group. Damola Adamolekun, former chief executive officer at Asian fusion casual dining chain P.F. Chang’s, is now running Red Lobster. The move comes after the chain, founded in 1968, abruptly closed dozens of locations earlier this year. It still has 544 locations across 44 US states and four provinces in…

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by Joe Lombardi
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
Big Lots Files For Bankruptcy As List Of Store Closures Expands To 10 In NY Big Lots Files For Bankruptcy As List Of Store Closures Expands To 10 In NY
Big Lots Files For Bankruptcy As List Of Store Closures Expands To 10 In NY Discount retail chain Big Lots has filed for bankruptcy as its list of planned store closures expands. It currently has around 1,425 stores nationwide. The company announced on Monday, Sept. 9 that it will sell its assets to an affiliate of private equity firm Nexus Capital Management. In announcing initial store closures late in late July, Big Lots said a bankruptcy filing could be coming. Stores in the Northeast now slated for closure are as follows: New York Delaware Avenue, Buffalo South Ogden Street, Buffalo Route 5 & 20, Canandaigua  Voice Road, Carle Place Centereach …

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by Joe Lombardi
Business
Big Lots To Close Pair Of NY Stores Big Lots To Close Pair Of NY Stores
Big Lots To Close Pair Of NY Stores Discount retail chain Big Lots plans to close around 40 stores this year, according to a filing with the Securities & Exchange Commission (SEC). It currently has around 1,425 stores nationwide. Six stores in New York, Connecticut, and Massachusetts are slated to close, with both New York stores on Long Island. No store closures are scheduled for New Jersey. The company cited rising costs and inflation as reasons for the move and said a bankruptcy filing could be coming. Stores in the Northeast slated for closure are as follows: New York 260 Voice Road, Carle Place 231 Centere…

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by Joe Lombardi
Business
Bob's Stores To Close All Locations After Filing For Bankruptcy; Retailer Liquidating Inventory Bob's Stores To Close All Locations After Filing For Bankruptcy; Retailer Liquidating Inventory
Bob's Stores To Close All Locations After Filing For Bankruptcy; Retailer Liquidating Inventory Bob's Stores, the family apparel and shoe retailer, will close all of its 21 locations throughout the Northeast after the company said it is bankrupt. The stores will remain open through July 14 as the company sells its remaining items at greatly reduced prices. Some things were marked down as much as 70 percent, according to a news release. The company, which filed for Chapter 11 bankruptcy late last month, is $29.4 million in debt, according to the court filing.  Bob's President Dave Barton apologized to the communities affected by the closures.  We regret that our financ…

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by Josh Lanier
Business
Updated List Of Scheduled Red Lobster Closures Includes 5 New NY Locations Updated List Of Scheduled Red Lobster Closures Includes 5 New NY Locations
Updated List Of Scheduled Red Lobster Closures Includes 5 New NY Locations Red Lobster plans to close more restaurants just weeks after it filed for bankruptcy, according to a new report. In a bankruptcy petition filed on Sunday, May 19, the company listed assets of $1 billion and liabilities of $10 billion. Days before the filing, dozens of Red Lobster locations were listed as "temporarily closed" on the company's website, including these New York locations: Kingston, Scarsdale, Nanuet, Poughkeepsie, Stony Brook In an updated list of closures reported by CNN on Thursday, June 6, five new locations in New York have been added to the list, including it…

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by Joe Lombardi
Business
Red Lobster Files For Bankruptcy After Abruptly Closing Dozens Of Restaurants Red Lobster Files For Bankruptcy After Abruptly Closing Dozens Of Restaurants
Red Lobster Files For Bankruptcy After Abruptly Closing Dozens Of Restaurants Red Lobster has filed for bankruptcy just days after closing dozens of its restaurants. In its bankruptcy petition filed on Sunday, May 19, the company listed assets of $1 billion and liabilities of $10 billion. The filing stated that the company "intends to use the proceedings to drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern." The company said restaurants not listed as "temporarily closed" on its website will remain "open and operating as usual during the Chapter 11 process."…

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by Joe Lombardi
Business
Major Mall-Based Chain To Close 543 Stores After Filing For Bankruptcy Major Mall-Based Chain To Close 543 Stores After Filing For Bankruptcy
Major Mall-Based Chain To Close 543 Stores After Filing For Bankruptcy A retailer primarily located in malls 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. Founded in 1970, rue21 specializes in women's & men's casual apparel and accessories. In its filing on Thursday, May 2, the company said, "It became clear that offers to buy the debtors' assets at their current worth could not exceed the expected profits from selling off the closing stores and assets.  "As a result, the deb…

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by Joe Lombardi
Business
Rite Aid Announces Additional NY Store Closures After Declaring Bankruptcy Rite Aid Announces Additional NY Store Closures After Declaring Bankruptcy
Rite Aid Announces Additional NY Store Closures After Declaring Bankruptcy Rite Aid has announced new store closures after the struggling pharmacy chain filed for bankruptcy in the fourth quarter of 2023. Shortly after declaring bankruptcy, Rite Aid announced 154 store closures, with 20 in New York, and 14 on Long Island. In a filing on Tuesday, April 9, the company said 17 more stores, including three in New York (with two on Long Island) are now slated for closure. Rite Aid currently has 2,000 stores and about 44,000 employees. The Long Island stores slated for closure (with the newly announced closures in bold) are: 283 West Jericho Turnpike, Huntingto…

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by Joe Lombardi
Business
'Pharmageddon': CVS, Walgreens Protests Spread As Workers Seek Better Conditions 'Pharmageddon': CVS, Walgreens Protests Spread As Workers Seek Better Conditions
'Pharmageddon': CVS, Walgreens Protests Spread As Workers Seek Better Conditions Around a thousand pharmacy workers across the country have walked off the job as part of a strike to protest conditions. The so-called "Pharmageddon" series of walkouts at pharmacy chains including CVS and Walgreens stores started Monday, Oct. 30, and is expected to continue at least through the middle of the week. Around 900 people from about 10 states could participate, organizers of the ongoing protest told NBC News. A growing workload and understaffing are the main reasons for the protest, organizers say, noting that the pharmacy workers are not unionized. In a statement to KDKA in Pi…

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by Joe Lombardi
Business
Rite Aid Announces 20 NY Stores Slated For Closure After Declaring Bankruptcy Rite Aid Announces 20 NY Stores Slated For Closure After Declaring Bankruptcy
Rite Aid Announces 20 NY Stores Slated For Closure After Declaring Bankruptcy Rite Aid has announced specific store closures just days after the struggling pharmacy chain filed for bankruptcy. Of the 154 closures nationwide announced on Tuesday, Oct. 18, 20 are in New York, 14 of which are on Long Island. Rite Aid currently has 2,100 stores and about 45,000 employees. The Long Island stores slated for closure are: 2 Whitney Ave., Floral Park 3131 Hempstead Turnpike, Levittown 3199 Long Beach Road, Oceanside 198 West Merrick Road, Valley Stream 836 Sunrise Highway, Bay Shore 2784 Sunrise Highway, Bellmore 901 Merrick Road, Copiague 577 Larkfield Road, East Nor…

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by Joe Lombardi
Business
Rite Aid Files For Bankruptcy Amid Drop In Sales, Opioid Lawsuits Rite Aid Files For Bankruptcy Amid Drop In Sales, Opioid Lawsuits
Rite Aid Files For Bankruptcy Amid Drop In Sales, Opioid Lawsuits One of the country’s largest pharmacy chains has just filed for bankruptcy. The move by Rite Aid comes amid declining sales and a rise in debt, which hit $3.3 billion, according to midyear filings.  The company said in an announcement on Sunday, Oct. 15 that in connection with the filing, it has received a commitment for $3.45 billion in new financing from some of its lenders.  "This financing is expected to provide sufficient liquidity to support the company throughout this process," Rite Aid said. Rite Aid is one of a number of drugstore chains facing litigation related to the…

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by Joe Lombardi
Business
NY-Based Revlon, Iconic 90-Year-Old Multinational Personal Care Company, Files For Bankruptcy NY-Based Revlon, Iconic 90-Year-Old Multinational Personal Care Company, Files For Bankruptcy
Ny-based Revlon, Iconic 90-Year-Old Multinational Personal Care Company, Files For Bankruptcy New York-based personal care and cosmetics company Revlon announced it has filed for bankruptcy on Thursday, June 16. The company is hoping to get $575 million in debtor-in-possession (“DIP”) "to strategically reorganize its legacy capital structure and improve its long-term outlook," according to a release. Revlon says they plan on operating "seamlessly" after the filing   “Today’s filing will allow Revlon to offer our consumers the iconic products we have delivered for decades, while providing a clearer path for our future growth,” said Debra Perelman, Revlon's President an…

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by David Cifarelli
Business
JCPenney Offers Billions To Buy Rival Kohl's, Report Says JCPenney Offers Billions To Buy Rival Kohl's, Report Says
JCPenney Offers Billions To Buy Rival Kohl's, Report Says The owners of JCPenney are bidding to acquire rival Kohl’s, according to a new report. Shopping-mall owners Simon Property and Brookfield Asset Management have offered around $8.6 billion for Kohl's stores, the New York Post reports. Under the plan, JCPenney's parent company would maintain two separate brands and cut costs by $1 billion at Kohl’s over the next several years, the Post said, citing a source. After filing for bankruptcy in the spring of 2020, JCPenney was acquired by Simon Property Group and Brookfield Asset Management. With about 1,160 locations in every state except Hawaii…

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by Joe Lombardi
News
Purdue Pharma Reaches $6B Settlement With US States Over Thousands Of Opioid-Related Lawsuits Purdue Pharma Reaches $6B Settlement With US States Over Thousands Of Opioid-Related Lawsuits
Purdue Pharma Reaches $6B Settlement With US States Over Thousands Of Opioid-Related Lawsuits OxyContin creators Purdue Pharma and the Sackler family have reached a $6 billion settlement over their roles in the ongoing opioid crisis plaguing the country. The announcement comes following an earlier deal made with Purdue, headquartered in Stamford, Connecticut, that was ultimately appealed by eight states and the District of Columbia until the Sacklers kicked in more cash to get the deal done. Earlier story - NY, Other States Reach $4.5B Settlement With Purdue Pharma Over Its Role In Opioid Epidemic The $6 billion will be paid out over the course of 18 years, with larger payments fro…

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by Zak Failla
News
NY Man Who Hasn't Paid Mortgage In 23 Years Will Finally Be Evicted, Judge Rules NY Man Who Hasn't Paid Mortgage In 23 Years Will Finally Be Evicted, Judge Rules
NY Man Who Hasn't Paid Mortgage In 23 Years Will Finally Be Evicted, Judge Rules After missing mortgage payments for more than 23 years, a New York man is set to be evicted from his home after a new ruling from a judge.   A judge ruled that Long Island resident Guramrit Hanspal does not qualify for COVID-19 eviction protections because he has been illegally squatting in the Nassau County home and is not a renter, according to the Daily Mail. The real estate firm that owns the property has been trying to evict the 52-year-old.  The firm's attorney said the firm intends to "immediately" enforce the court's order, Daily Mail reported. Related - Nas…

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by Nicole Valinote
News
COVID-19: Long Island Man Dodging Eviction For 20-Plus Years Uses Virus To Delay Court Hearing COVID-19: Long Island Man Dodging Eviction For 20-Plus Years Uses Virus To Delay Court Hearing
Covid-19: Long Island Man Dodging Eviction For 20-Plus Years Uses Virus To Delay Court Hearing A Long Island man who has avoided paying his mortgage for decades is now claiming COVID-19 as a reason to allow him to stay in his home, officials said. Guramrit Hanspal, age 52, who has made just one mortgage payment on his East Meadow home - back in 1998 - has been navigating his way through the legal system for more than 20 years using a series of tactics to stave off eviction. Now, Hanspal’s latest gambit includes that he has suffered financial hardships because he was diagnosed with COVID-19, which allowed him to avoid his latest hearing in Nassau County Housing Court. Original stor…

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by Zak Failla
Obituaries
Official Cause Of Death For Westchester Native, Rapper DMX Released Official Cause Of Death For Westchester Native, Rapper DMX Released
Official Cause Of Death For Westchester Native, Rapper DMX Released An official cause of death for rapper and lifelong New Yorker DMX has been released following his death in April at the age of 50. The Westchester County Medical Examiner told Vulture on Thursday, July 8 that the hip-hop icon died on April 9 due to a cocaine-induced heart attack which caused a lack of blood circulation to his brain. Original story - Rapper, Westchester Native, Resident DMX Dies At Age 50 
“It was cardiac arrest for a period of time, so there was no circulation to the brain,” the Medical Examiner explained to Vulture. No official statement has been released by the ME’s offi…

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by Zak Failla
Politics
Legal Expert Says Indictment Would Be 'Devastating' For Trump Organization Legal Expert Says Indictment Would Be 'Devastating' For Trump Organization
Legal Expert Says Indictment Would Be 'Devastating' For Trump Organization With the Trump Organization expected to face a criminal indictment this week, one of the nation’s top legal experts said that it could be "devastating" for the former president, and could potentially lead to bankruptcy for the company. Attorneys for the Trump Organization were advised that criminal charges will be filed in Manhattan as soon as Thursday, July 1, including top target, Chief Financial Officer Allen Weisselberg, and other lead members of the organization. The former president himself is not expected to be charged with anything criminal. Related story - Trump Foundation Will C…

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by Zak Failla
News
Rapper DMX Hospitalized In Westchester In Grave Condition Rapper DMX Hospitalized In Westchester In Grave Condition
Rapper DMX Hospitalized In Westchester In Grave Condition The rapper DMX is hospitalized in his native New York in Westchester County in grave condition, according to a report by TMZ. DMX, age 50, whose birth name is Earl Simmons, suffered an overdose around 11 p.m. Friday, April 2, which led to a heart attack, according to TMZ. He is hospitalized in the critical care unit in White Plains, the report said. Simmons is a Mount Vernon native who grew up in Yonkers. Simmons lived near the Bedford border on McLain Street in Mount Kisco with his now-estranged wife Tashera Simmons before putting the home into foreclosure in 2016 after filing for bankru…

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by Joe Lombardi
News
Long Island Catholic Diocese Sells Headquarters for $5.2M After Filing Bankruptcy Long Island Catholic Diocese Sells Headquarters for $5.2M After Filing Bankruptcy
Long Island Catholic Diocese Sells Headquarters for $5.2M After Filing Bankruptcy The Roman Catholic Diocese of Rockville Centre on Long Island has sold its headquarters for $5.2 million in an effort to compensate its creditors. The property in Rockville Centre, at 50 North Park Ave., was purchased by Synergy Holding Partners, which includes a five-story office building and a parking lot, said Sean P. Dolan, director of communications for the Diocese.  As part of the agreement, the diocese will continue to occupy the building until August 31, while it completes its transition to new facilities.  The diocese, home to 1.4 million Catholics on Long Isla…

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by Kathy Reakes
Business
COVID-19: Century 21 Files For Bankruptcy, Closing All Stores COVID-19: Century 21 Files For Bankruptcy, Closing All Stores
Covid-19: Century 21 Files For Bankruptcy, Closing All Stores Liquidation sales are under way at all 13 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 company said in a press release. The off-price retail store in business for more than 60 years was left with "no viable alternative" to closing," the company's co-CEO Raymond Gindi said.  "While retailers across the board have suffered greatly due to COVID-19, and Century 2…

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by Cecilia Levine
Business
Parent Company Of Balducci’s, Kings Food Markets Files For Bankruptcy Parent Company Of Balducci’s, Kings Food Markets Files For Bankruptcy
Parent Company Of Balducci’s, Kings Food Markets Files For Bankruptcy KB US Holdings, the parent company of Kings Food Markets and Balducci’s Food Lover’s Market, which has locations throughout the region, has filed for Chapter 11 bankruptcy amid the COVID-19 pandemic. The company announced this week that “it has accepted a stalking horse bid from TLI Bedrock to purchase the company for $75 million.” To facilitate the sale, KB and its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York. Kings currently operates 25 specialty supermarkets, including 23 in New Jerse…

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by Zak Failla
Business
Lord & Taylor Closing All Its Stores After Nearly 200 Years In Business Lord & Taylor Closing All Its Stores After Nearly 200 Years In Business
Lord & Taylor Closing All Its Stores After Nearly 200 Years In Business Lord & Taylor, the first department store to be established in the United States, is going out of business, closing all its stores after a 194-year run. Reversing a decision announced last week to keep 14 stores open, the company announced on Thursday, Aug. 27 that all of its 38 remaining stores and website have begun liquidation sales.  Parent company Le Tote had filed for bankruptcy Sunday, Aug. 2. "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 inv…

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by Joe Lombardi
Business
COVID-19: Chuck E. Cheese Files For Bankruptcy After Reopening Locations COVID-19: Chuck E. Cheese Files For Bankruptcy After Reopening Locations
Covid-19: Chuck E. Cheese Files For Bankruptcy After Reopening Locations The novel coronavirus (COVID-19) crisis has claimed another victim. Chuck E. Cheese, the popular entertainment and pizza chain that has been the place to go for children's birthday parties for 43 years, has filed for bankruptcy protection after the virus forced locations to shut their doors more than three months ago. The bankruptcy announcement came after the company began reopening some locations as the region begins recovering from the COVID-19 outbreak. As of Wednesday, June 24, 266 Chuck E. Cheese and Peter Piper Pizza restaurant and arcade locations had reopened in accordance with th…

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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
JCPenney Reveals Locations Of 13 More Store Closures JCPenney Reveals Locations Of 13 More Store Closures
JCPenney Reveals Locations Of 13 More Store Closures JCPenney has revealed the locations of another 13 stores it will close permanently. Earlier this month, the community released a list of 154 stores nationwide that will close through the summer. The closures began in mid-June amid JCPenney's Chapter 11 bankruptcy filing. New closures include one JCPenney on Long Island -- located in Suffolk County in Bay Shore at the  South Shore Mall on Sunrise Highway. Farther north, a Hudson Valley JCPenney will close - located in Dutchess County at the Poughkeepsie Galleria on Route 9 (South Road). No other New York, New Jersey or Connectic…

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by Joe Lombardi
Business
JCPenney Announces 154 Stores Set To Close Through Summer JCPenney Announces 154 Stores Set To Close Through Summer
JCPenney Announces 154 Stores Set To Close Through Summer JCPenney has released a list of 154 stores nationwide that will close through the summer. The closures, beginning on Friday, June 12, include New York and Connecticut. Seven closures are scheduled in New York (all upstate) and one in Connecticut (at the Torrington Commons in Torrington). To view the complete list, click here. More closures will be announced in the coming weeks, JCPenney said. The company filed for bankruptcy on Friday, May 15 in the largest retail casualty of the novel coronavirus (COVID-19) pandemic. Founded in 1902, JCPenny has about 800 stores in the United…

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by Joe Lombardi
Business
Pier 1 Imports Closing All Stores, Going Out Of Business Pier 1 Imports Closing All Stores, Going Out Of Business
Pier 1 Imports Closing All Stores, Going Out Of Business Pier 1 imports 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 novel coronavirus (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 Officer and C…

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by Valerie Musson