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Chapter 11 bankruptcy

Business
Crafting Trouble: Joann Declares Bankruptcy For Second Time In Less Than 12 Months Crafting Trouble: Joann Declares Bankruptcy For Second Time In Less Than 12 Months
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…

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by Chris Spiker
Business
PA Attorney General Warns Consumers Amid Big Lots Bankruptcy, Closures PA Attorney General Warns Consumers Amid Big Lots Bankruptcy, Closures
PA Attorney General Warns Consumers Amid Big Lots Bankruptcy, Closures Attorney General Michelle Henry is warning Pennsylvanians to protect themselves as Big Lots closes its remaining 64 stores across the state amidst Chapter 11 bankruptcy proceedings. The retailer began going-out-of-business sales on Dec. 20, 2024, following a federal bankruptcy court order. Henry issued the alert on Friday, Jan. 10, to ensure consumers understand their rights and avoid potential financial losses during the liquidation process. “Consumers should take steps to safeguard their purchases and claims as Big Lots winds down operations,” Henry said. The Attorney General’s Office of…

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by Jillian Pikora
Business
These 64 PA Big Lots Stores Are Among Nearly 1,000 Closing Nationwide: Here's When These 64 PA Big Lots Stores Are Among Nearly 1,000 Closing Nationwide: Here's When
These 64 PA Big Lots Stores Are Among Nearly 1,000 Closing Nationwide: Here's When Big Lots, the popular discount retailer, is officially going out of business. The company, which filed for Chapter 11 bankruptcy in September, has announced plans to close all 963 of its remaining stores nationwide, including the remaining 64 locations in Pennsylvania. Big Lots had 73 stores located in the Keystone State when they declared bankruptcy over the summer. More than 6% of all Big Lots were located in the commonwealth, with the most stores located in Texas.  The last day of business is expected to be in mid-February, according to sources familiar with the closures. While offi…

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by Jillian Pikora
Business
Big Lots To Begin 'Going Out Of Business' Sales At Nearly 1,000 Remaining Stores Big Lots To Begin 'Going Out Of Business' Sales At Nearly 1,000 Remaining Stores
Big Lots To Begin 'Going Out Of Business' Sales At Nearly 1,000 Remaining Stores Big Lots has announced plans to close all of its remaining 963 stores, initiating "going out of business" sales following its Chapter 11 bankruptcy filing in September. The company says it's started the process of closing stores in 48 states and liquidating inventory under its court-supervised Chapter 11 bankruptcy proceedings.  The decision comes as the retailer seeks to maximize value for stakeholders while exploring potential going-concern sale opportunities. "We all have worked extremely hard and have taken every step to complete a going concern sale," Big Lots' President and Chie…

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by Joe Lombardi
Business
Big Lots To Close 5 More Pennsylvania Stores Big Lots To Close 5 More Pennsylvania Stores
Big Lots To Close 5 More Pennsylvania Stores Things have gotten worse for the discount retailer Big Lots.  The national chain was previously set to close approximately 300 stores, then they decided to close 40 more, but following a new filing with the Securities & Exchange Commission on Friday, Oct. 4,  the impending closure of another 150 stores nationwide has been announced. The store closures are part Chapter 11 bankruptcy process. This latest round brings the total number of planned and completed closures to about 500. Big Lots had 73 stores located in the Keystone State when this process started, at the tim…

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by Jillian Pikora