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Chapter 11

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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
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
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
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: Retailer J.Crew, With 450 Stores Throughout Nation, Files For Bankruptcy COVID-19: Retailer J.Crew, With 450 Stores Throughout Nation, Files For Bankruptcy
Covid-19: Retailer J.Crew, With 450 Stores Throughout Nation, Files For Bankruptcy Amid a plunge in sales during the novel coronavirus (COVID-19) pandemic, specialty retailer J.Crew has filed for bankruptcy. More Chapter 11 filings across the retail sector are expected in the coming weeks. J.Crew, which opened its first location in 1989, operates more than 450 stores throughout the United States. The company J.Crew, which was struggling financially before the pandemic hit, was acquired in 2011 by TPG Capital and Leonard Green & Partners for $3 billion. J.Crew said in a statement that it has filed a series of customary "first-day" motions with the Bankruptcy Cou…

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by Joe Lombardi