Tag:

Chapter 11

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…
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…
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…
LL Flooring To Close Three DMV Stores Amid Chapter 11 Bankruptcy Proceedings LL Flooring To Close Three DMV Stores Amid Chapter 11 Bankruptcy Proceedings
LL Flooring To Close Three DMV Stores Amid Chapter 11 Bankruptcy Proceedings LL Flooring, which filed for Chapter 11 bankruptcy protection, is set to close several stores in Maryland and Virginia amid its financial issues. The flooring company - once known as Lumber Liquidators - plans to shutter the doors of two locations in Maryland, and one in Virginia amid its massive reorganization process. In Maryland, stores in Edgewood (Harford County) and Lutherville (Baltimore County), while in Virginia, the Woodbridge (Prince William County) store is on the chopping block. According to CEO Charles Tyson, who wrote a letter to customers,  while they plan to close 94 …
LL Flooring Files For Bankruptcy, To Close 4 CT Stores, Including Norwalk LL Flooring Files For Bankruptcy, To Close 4 CT Stores, Including Norwalk
LL Flooring Files For Bankruptcy, To Close 4 CT Stores, Including Norwalk With some 300 stores nationally, the mega-floor retailer LL Flooring has filed for bankruptcy and announced it plans to close at least 90 stores, including four in Connecticut. According to a statement from LL Flooring, the stores being closed in Connecticut include Fairfield County in Norwalk and New Haven County in Milford, North Haven, and Waterbury. The business said the three remaining stores in Danbury, Waterford, and Harford will remain open. Charles Tyson, president and CEO of LL Flooring, said, “After comprehensive efforts to enhance our liquidity position in a challenging ma…
Coach USA Terminates 20 NJ Transit Lines In Filing For Bankruptcy, NJT 'Exploring Every Option' Coach USA Terminates 20 NJ Transit Lines In Filing For Bankruptcy, NJT 'Exploring Every Option'
Coach USA Terminates 20 NJ Transit Lines In Filing For Bankruptcy, NJT 'Exploring Every Option' The pressure is on for NJ Transit. The company was left high and dry when Coach USA announced it would be terminating its agreement with the major transportation company, halting service to 20 of its bus routes in Bergen, Hudson, and Passaic counties come Aug. 16. The decision to do so was made amid Coach USA filing for Chapter 11 bankruptcy. A spokesperson from NJ Transit said the company received written notice of Coach's intentions to abandon three of its five contracts in Bergen, Passaic, and Hudson counties "with a cessation of operation at the close of business" on Aug. 16. NJ Trans…
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…
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…
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."…
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…
VA Christmas Tree Shops Store Among 10 National Store Closures VA Christmas Tree Shops Store Among 10 National Store Closures
VA Christmas Tree Shops Store Among 10 National Store Closures 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; Barnstable County, Massachusetts: Cranberry Highway Route 6A, Sagamore; Lancaster County, Pennsylvania:…
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…
Neiman Marcus Markdown Store Among 17 Closing Across U.S. Neiman Marcus Markdown Store Among 17 Closing Across U.S.
Neiman Marcus Markdown Store Among 17 Closing Across U.S. Neiman Marcus has announced the closure of four department stores and 17 of its "Last Call" locations across the U.S. including one in Paramus. The luxury department store chain filed for bankruptcy in May. The Paramus store at Bergen Town Center, the 16 other markdown stores and the four department stores are expected to close by the fall of this year. The other "Last Call" locations closing are in New York, Florida, Washington, California, Texas, Georgia, Illinois, Louisiana, Maryland and Nevada. “As part of our Chapter 11 proceedings, we provided to the court a list of Neiman Marcus st…
COVID-19: Retailer Closing Connecticut Location COVID-19: Retailer Closing Connecticut Location
Covid-19: Retailer Closing Connecticut Location A popular retailer has filed for bankruptcy and plans to permanently close nearly half its stores, including one in Connecticut, after temporary store closures amid the novel coronavirus (COVID-19) pandemic. Kitchen goods retailer Sur La Table made the Chapter 11 filing late this week, saying 51 of 121 stores will close. The Seattle-based company, founded in 1972, brands itself as "the leading retail destination for those passionate about cooking and entertaining." The company announced it would sell its remaining stores and brand names to Fortress Investment Group. "Following the sale, …
COVID-19: Retailer Closing Hudson Valley Location COVID-19: Retailer Closing Hudson Valley Location
Covid-19: Retailer Closing Hudson Valley Location A popular retailer has filed for bankruptcy and plans to permanently close nearly half its stores, including one in the Hudson Valley, after temporary store closures amid the novel coronavirus (COVID-19) pandemic. Kitchen goods retailer Sur La Table made the Chapter 11 filing late this week, saying 51 of 121 stores will close. The Seattle-based company, founded in 1972, brands itself as "the leading retail destination for those passionate about cooking and entertaining." The company announced it would sell its remaining stores and brand names to Fortress Investment Group.  …
COVID-19: Retailer Closing Hudson Valley Location COVID-19: Retailer Closing Hudson Valley Location
Covid-19: Retailer Closing Hudson Valley Location A popular retailer has filed for bankruptcy and plans to permanently close nearly half its stores, including one in the Hudson Valley, after temporary store closures amid the novel coronavirus (COVID-19) pandemic. Kitchen goods retailer Sur La Table made the Chapter 11 filing late this week, saying 51 of 121 stores will close. The Seattle-based company, founded in 1972, brands itself as "the leading retail destination for those passionate about cooking and entertaining." The company announced it would sell its remaining stores and brand names to Fortress Investment Group.  …
Locally Owned, Operated GNC In Greenwich Marks 24th Year In Business Locally Owned, Operated GNC In Greenwich Marks 24th Year In Business
Locally Owned, Operated GNC In Greenwich Marks 24th Year In Business Though hundreds of GNC stores are closing after the company filed for bankruptcy this week, one location in Fairfield County is open and thriving - and has been for nearly a quarter of a century. The GNC in the Riverside Commons Shopping Center on East Putnam Avenue in Greenwich will continue to stay open, serving the customers who have frequented it since 1997, franchise owner Michael Saluzzi wants the community to know. Earlier story - COVID-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores Saluzzi opened his first GNC franchise in Brooklyn in 1992 before setting up shop in Fai…
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…
JCPenney Files For Bankruptcy JCPenney Files For Bankruptcy
JCPenney Files For Bankruptcy JCPenney has filed for bankruptcy, becoming the largest retailer to crumble during the coronavirus crisis. The retailer has 11 stores in New Jersey and is expected to announce which ones will close in the coming weeks. JCPenney hopes to come out of Chapter 11 "and this pandemic as a stronger retailer," company CEO Jill Soltau said. The Garden State Plaza location shuttered in March 2018. Click here for more from the New York Times.
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…
WATCH: Paul McCartney Rocks Jersey City Waterfront Restaurant WATCH: Paul McCartney Rocks Jersey City Waterfront Restaurant
Watch: Paul McCartney Rocks Jersey City Waterfront Restaurant Sir Paul McCartney had a packed house singing and dancing -- and recording -- at an invitation-only party on the Hudson River waterfront over the weekend. Wife Nancy Shevell, an Edison native, joined the gum-chewing, 77-year-old musical legend as he removed his jacket and launched the band into the Beatles' "I Saw Her Standing There" at the Hudson House in Jersey City Saturday night. The event was reportedly a farewell party for Shevell's family's Elizabeth-based New England Motor Freight company, which filed for Chapter 11 in U.S. Bankruptcy Court in Newark earlier this year. McCartney an…
Payless Going Out Of Business, With Eight Westchester Stores Among Closures Payless Going Out Of Business, With Eight Westchester Stores Among Closures
Payless Going Out Of Business, With Eight Westchester Stores Among Closures Another iconic retailer is going out of business. Payless ShoeSource will be closing all of its 2,100 remaining stores in the U.S. and Puerto Rico. The chain had filed for Chapter 11 bankruptcy protection nearly two years ago, closing hundreds of stores as part of its reorganization. Liquidation sales start Sunday, Feb. 17 with all stores staying open until the end of March with many others remaining in business until May. Store closures in the Hudson Valley and Fairfield County are as follows: Hudson Valley Westchester County Burlington Shopping Center, Yonkers Cortlan…
Fashion Retailer Charlotte Russe To Close Stores In Westchester, Rockland Fashion Retailer Charlotte Russe To Close Stores In Westchester, Rockland
Fashion Retailer Charlotte Russe To Close Stores In Westchester, Rockland Another traditional brick-and-mortar retailer will soon be shuttering its doors in the Hudson Valley. Charlotte Russe Holding Corp., which operates Charlotte Russe, a fashion brand for females filed for Chapter 11 bankruptcy protection over the weekend, impacted local stores. The company announced that it is planning to close 94 stores, including locations at the Jefferson Valley Mall in Yorktown Heights and Rockland Plaza on Route 59 in Nanuet. The stores at the Galleria Mall in White Plains and Palisades Center in West Nyack were not on the initial list of locations closing. Charlotte Ru…
Two Westchester Diners File For Bankruptcy Two Westchester Diners File For Bankruptcy
Two Westchester Diners File For Bankruptcy American Diner Group, Inc., which owns two popular eateries in Hawthorne and Yonkers, has filed for federal bankruptcy protection, according to multiple sources.  The family-owned diners claim they were forced to file for bankruptcy because of an $837,000 U.S. Department of Labor judgment that was assessed last year for paying workers less than they had earned. American Classic Broadway Diner in Yonkers and American Classic Executive Diner in Hawthorne filed for Chapter 11 reorganization on May 2 in U.S. Bankruptcy Court in White Plains. “It is the debtor’s intention to immediately seek med…