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Sunday, nov 24
Tag:
Bankruptcy
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…
News
Stealing Deed From Dead Man Lands Bucks County Men Jail Time:
Usdoj
Two Bucks County men were convicted on Friday, Sept. 20 of trying to steal a deed from a dead man and other financial crimes, authorities said. Alan Kane, 59, of Jamison, and Derrell Johnson, 42, of Bensalem, were found guilty after a trial for multiple fraud schemes, said U.S. Attorney Jacqueline C. Romero in a press statement on Monday, Sept. 23. A federal jury convicted Kane, an attorney, on two counts of bankruptcy fraud, one count of filing a false claim in a bankruptcy proceeding, and one count of making a false statement to the FBI, Romero explained. Johnson was convicted on tw…
Business
Big Lots To Close 4 More Pennsylvania Stores
It's more bad news for discount retailer Big Lots. The national chain previously announced plans to close around 40 stores this year, according to a filing with the Securities & Exchange Commission (SEC), but in a new filing last week, the company said it may need to shutter nearly 300 locations — several of them in Pennsylvania. In an updated term sheet Big Lots filed with the SEC on Friday, Aug. 2, the company detailed that it would need to close 20 percent of its 1,392 stores — about 290 in all Big Lots has 73 stores located in the Keystone State. The company cited…
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 …
Real Estate
Rite Aid Is Selling These Pennsylvania Leases After Filing For Bankruptcy
Of the 39 Rite Aid stores closing in Pennsylvania amid filing for bankruptcy, nearly two dozen 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 deadline for the following leases for in Pennsylvania is Monday, Nov. 20: 2722 West 9th St., Chester 5900 University Boulevard, Corapolis 1709 Liberty Ave., Erie 353 East 6th St., Erie 6090 Route 30, Greensburg 301 Eisenhower Dr., Hanover 1130 Cumberland St., Lebanon 1730 Wi…
Business
Rite Aid To Close 39 Pennsylvania Stores After Filing For Bankruptcy
Rite Aid, the pharmacy giant that filed for bankruptcy on Sunday, Oct. 15, plans to close 154 underperforming stores nationwide, according to a new filing. Thirty-nine of the stores closing are located in Pennsylvania. They are: 1441 Old York Road in Abington 1628 South Fourth Street in Allentown 169 West Lancaster Avenue in Ardmore 5235 Library Road in Bethel Park 2178 West Union Boulevard in Bethlehem 2722 West 9th Street in Chester 200 West Ridge Avenue Suite 112 in Conshohocken 2715 Parade Street in Erie 1709 Liberty Street in Erie 4830 William Penn Highway in Export 6090 …
Business
PA's David's Bridal Laying Off 9,200 Employees Amid Bankruptcy Filing
Montgomery County's own 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 state Department of Labor and Industry. The Conshohocken-based 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 C…
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 Four Pennsylvania Locations
Four Bed Bath & Beyond stores across Pennsylvania 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 Pennsylvania are set to close in 2023: Bethel Park, 1700 Oxford Drive North Wales, 1261 Knapp Road Pittsburgh, 160 Quinn Drive Mon…
Business
Regal Cinemas Quietly Closes Bucks County Theater
Regal Cinemas has closed a Bucks County location. The Regal Richland Crossing movie theater off Route 309 in Quakertown shuttered on Thursday, Sept. 15, the company announced on its website. Regal's parent company Cineworld Group LLC filed for Chapter 11 bankruptcy earlier this month. "The pandemic was an incredibly difficult time for our business, with the enforced closure of cinemas and huge disruption to film schedules that has led us to this point,” Cineworld CEO Mooky Greidinger said. The following 18 Regal locations remain open in Pennsylvania: Conshohocken, Regal Plymouth M…
News
Harrisburg Diocese Agrees To Create $7.5 Million Trust For Sex Abuse Survivors
A settlement has been reached and the Diocese of Harrisburg has agreed to set up a trust for the survivors of sexual abuse at the hands of its clergy. The agreed $7.5 million trust would allow the Diocese to come out of bankruptcy protection— the dioceses had filed for bankruptcy in 2020, and more than 50 people have filed claims that they were abused by priests since that time. "The steps we take today continue our commitment and responsibility to support survivors of clergy abuse, and to make restitution for the suffering they have endured," Bishop Ronald Gainer said in a news…
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…
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