Posts filtered by tags: Bankruptcy[x]


Guitar Center goes bankrupt, idled by coronavirus, slower sales

By Katherine Doherty | Bloomberg Guitar Center, the largest U.S. retailer of music instruments and equipment, filed for bankruptcy after the coronavirus pandemic kept customers at home and job losses made them less able to afford new gear. The filing in the Eastern District of Virginia gives the company a break on its debts by letting it stay in business as it seeks to carry out a restructuring plan. A turnaround will be complicated by the fact that the company’s stores were shut in mid-March to...
Tags: Amazon, Business, Sport, Bankruptcy, Soccer, Guitar Center, Penney, Eastern District of Virginia, ARES, Westlake Village, Moody 's Investors Service, G Realty Partners, Bain Capital LP, Top Stories LADN, Top Stories OCR, Top Stories PE

If Your Business Is in Trouble, Should You File for Bankruptcy?

Owning a business comes with a lot of responsibilities – you need to take care not only of yourself but also of your workers, as well as everyone else who collaborates with your company, such as your suppliers, shippers, and sometimes even lawyers (but only from reputable companies, like Cartwright King or Summerfield Browne Solicitors). Unfortunately, sometimes things don’t go as planned, and you might find yourself in a situation where the only reasonable choice is filing bankruptcy. Ho...
Tags: Business, Sales, Bankruptcy, Company, Blog & Grow, Cartwright King, Summerfield Browne

Guitar Center, the largest retailer for musical instruments in the US, has filed for bankruptcy

View of a Guitar Center store in Hollywood, California. Valerie Macon/AFP via Getty Images Guitar Center, the largest musical instrument retailer in the US, has filed for bankruptcy. The company announced Saturday it was entering the Chapter 11 restructuring process, during which it'll stay in business. Guitar Center said it expects to finish up the process by the end of the year. Like other physical retailers, Guitar Center has felt the negative impacts of consumers' increasing reliance o...
Tags: Music, News, US, Trends, Bloomberg, Bankruptcy, New York Times, Retail, Afp, Guitar Center, Hollywood California, Lord Taylor, Valerie Macon, Paige Leskin, Getty Images Guitar Center, US Guitar Center

Nearly 300 companies that got up to $500 million in US government stimulus aid have filed for bankruptcy. They employed 23,000 people, a WSJ analysis found.

Reuters/Joshua Lott Nearly 300 companies that received up to half a billion dollars in coronavirus-related government loans have filed for bankruptcy, according to an analysis by the Wall Street Journal. The coronavirus pandemic and lack of any additional funding were the main reasons for the businesses going bust, the Journal said. Loans awarded to businesses that went bust amounted to between $228 million and $509 million, the analysis found. The companies that filed for bankruptcy empl...
Tags: Business, Politics, Money, Finance, Government, US, Trends, Economy, Companies, Bankruptcy, United States, Wall Street Journal, PPP, Stimulus, Journal, Hospitality

Guitar Center expects to file for bankruptcy after debt plan

By Katherine Doherty and Niluksi Koswanage | Bloomberg Guitar Center, the largest musical instrument retailer in the U.S., said it expected to file for bankruptcy after reaching an agreement to restructure its debt. The plan will include as much as $165 million in new equity investments from funds managed by its private equity owner Ares Management, as well as the Carlyle Group and Brigade Capital Management, the company said in a statement Friday. It also aims to reduce debt by almost $800 mill...
Tags: Business, Bloomberg, Sport, Bankruptcy, Soccer, Ubs, Guitar Center, Kirkland Ellis LLP, Paul Weiss Rifkind Wharton Garrison, Amazon com Inc, Ares Management, Los Angeles Daily News, Houlihan Lokey, LLP, Westlake Village, Debevoise Plimpton LLP

The DoJ allowed an oil company to hide $10 million in political donations as part of its bankruptcy filings

In early 2020, the Denver-based Extraction Oil & Gas company filed for Chapter 11 bankruptcy protection, hoping to reorganize or otherwise free itself from $1.7 billion in debt. (Because making a billion dollars suddenly disappear is a privilege reserved for corporations, which are people, except when they're not.) — Read the rest
Tags: Post, Corruption, News, Bankruptcy, Citizens United, Dark Money, Corporatism, Denver, Oil Industry, Corporations Are (very Bad) People, Corporate Corruption, Extraction Oil Gas company

The rise and fall of Friendly's, which just filed for bankruptcy after 85 years in business

Friendly's restaurant. QualityHD/Shutterstock Friendly's, the fast-casual chain known for its ice cream and diner-style menu items, opened in 1935. Founded by brothers Prestley and Curtis Blake, Friendly's has gone through a number of ups and downs throughout the chain's lengthy history, from lawsuits to family feuds and two bankruptcy filings. At the chain's height, there were 850 Friendly's restaurants in the United States. Now, there are just 138 restaurants remaining. On November 2...
Tags: Florida, Washington Post, Boston, Virginia, Massachusetts, US, Trends, Features, Bankruptcy, United States, Connecticut, Retail, Ohio, Ruby, Rhode Island, New England

Save Your Finances by Avoiding These Common Mistakes

It’s easy to make mistakes when you aren’t paying a lot of attention to your financial planning, and some some errors are more costly than others. Here’s a look at some of the common financial missteps and how to avoid them.Read more...
Tags: Budget, Retirement, Insurance, Bankruptcy, Lifehacks, 401k, Credit Card Debt, Budget Tracking

A Pandemic-Induced Bankruptcy Killed the HAL-9000 Smart Speaker

If you need another reminder that it’s an especially risky time to back crowdfunded products on sites like Indiegogo and Kickstarter, Master Replicas Group, who introduced a smart speaker version of the HAL 9000 computer from 2001: A Space Odyssey, is shutting down, and unless a minor miracle occurs (space babies?)…Read more...
Tags: Gadgets, Science, Crowdfunding, Tech, Bankruptcy, Indiegogo, Props, Replicas, Consumer Tech, Smart Speakers, Hal 9000, Master Replicas Group

Stat Of The Week: Commercial Chapter 11s Spike

Bankruptcy lawyers can stop reading here and get back to work.
Tags: Law, Bankruptcy, Biglaw, Lateral Moves, Stat of the Week, Epiq, Lateral Hiring, Leopard Data Solutions, Leopard Law Firm Index

How The Bankruptcy Code Protects Lenders And Harms Student Debtors — And What One Lawyer Is Doing About It

No one has ever had the gall to question the law and try to take down the student loan debt machine — until now.
Tags: Law, Bankruptcy, Student Loans, Law Schools, Small Law Firms, Austin Smith, Ian Frisch

What Are Your Debt Relief Options?

A new month means new bills, and millions of Americans’ finances are well past the breaking point as they grapple with the pandemic. If you can’t pay your debt or are worried about losing your house or car, it’s time to consider these options: credit counseling, hardship relief, a debt management plan, or bankruptcy.Read more...
Tags: Budget, Bankruptcy, Lifehacks, Credit Card Debt, Debt Management, Credit Counseling

A HOUSE DIVIDED: Remington Asset Bids Come to Light

Long-lived firearms manufacturer Remington Arms has been divided up amidst its bankruptcy auctions which started shortly after its second bankruptcy filing earlier this year with the intent to sell assets. The Remington asset bids have recently been revealed with some surprising results with perhaps some looming consequences for some of the more popular firearms from […] Read More … The post A HOUSE DIVIDED: Remington Asset Bids Come to Light appeared first on The Firearm Blog.
Tags: Guns, Companies, Bankruptcy, Breaking News, Editorial, Chapter 11, Ruger, Marlin, Remington, Ammunition, Remington Arms, Barnes Bullets, Franklin Armory, Company Acquisition

As Net 4 buckles under bankruptcy proceedings, customers left with nobody to turn to

On September 7, Ruchit Kapadia couldn’t access his email. He was able to send emails, but not receive them. Kapadia works in Mumbai at his family’s garment export company, DKK Exports, and administers the bulk of his business through email. “My business has come to a standstill, because I can’t access my email,” he lamented. Since all his clients are based abroad, email is the only formal way he has of communicating with them. It’s the only way he can send invoices, take orders, and negotiate w...
Tags: Travel, UK, News, India, Domain Registration, Icann, Bankruptcy, Delhi, Mumbai, Itc, Kolkata, Tcs, Shah, Trai, NPA, Gupta

Chuck E. Cheese wants to destroy 7 billion prize tickets worth $9 million in prizes as the company claws its way out of bankruptcy

Chuck E. Cheese's approximately 7 billion tickets could be redeemed for $9 million in prizes if they are not destroyed. Bruce Bennett/Getty Images Chuck E. Cheese wants to destroy about 7 billion paper prize tickets worth $9 million in prizes. In a Monday emergency motion, Chuck E. Cheese parent company CEC Entertainment requested permission for its vendors to destroy the tickets, which could fill "approximately 65 40-foot cargo shipping containers." Destroying the tickets will cost CE...
Tags: Texas, Trends, Bankruptcy, Fast Food, Retail, Chuck E. Cheese, Bloomberg Law, CEC Entertainment, Chain Restaurants, Irene Jiang, Coronavirus Business, Bruce Bennett Getty Images Chuck E Cheese

J.C. Penney lenders, landlords sign deal to keep retailer open

By Jeremy Hill and Eliza Ronalds-Hannon | Bloomberg J.C. Penney Co.’s lenders have agreed to team up with mall landlords Simon Property Group and Brookfield Property Partners to buy the bankrupt chain of department stores. The tentative rescue deal, which would preserve about 70,000 jobs, includes a $300 million equity investment by the landlords, a lawyer for J.C. Penney said at a Wednesday bankruptcy hearing in Texas. The Wall Street Journal reported earlier that the deal is valued at about $8...
Tags: Business, Texas, Sport, Bankruptcy, Soccer, Wall Street Journal, Journal, Commercial Real Estate, Penney, Simon Property Group, Jeremy Hill, Brookfield Property Partners, J C Penney Company Inc, Shopping-malls, Coronavirus Economy, Eliza Ronalds Hannon

Half Of Twentysomethings Live At Home As Tenth Circuit Chips Away At Debt Protections For Student Loan Lenders

Until there’s real change for student borrowers, a super-narrow court decision will have to suffice.
Tags: Law, Finance, Bankruptcy, Student Loans, Tenth Circuit, Jonathan Wolf

A New Bankruptcy Ruling Could Impact Your Private Student Loans

One of the biggest downsides of private student loans is there are fewer borrower protections. Federal student loans, for example, offer more repayment plans, deferment or forbearance, subsidized interest, and loan forgiveness. Read more...
Tags: Bankruptcy, Student Loans, Lifehacks, Student Debt

J.C. Penney lenders plan takeover after sales talks hit impasse

By Eliza Ronalds-Hannon and Jeremy Hill | Bloomberg J.C. Penney Co.’s lenders plan to take ownership of the retailer after talks with potential outside buyers have so far failed, an attorney for the company said in a bankruptcy court hearing Monday. “We’ve hit a stalemate,” the attorney, Joshua Sussberg of Kirkland & Ellis LLP, said in the hearing. “Our lenders will no longer be held hostage” by outside bidders, he said. The company will continue exploring outside bids, Sussberg said, but the re...
Tags: Business, Sport, Bankruptcy, Soccer, Taylor, Saks Fifth Avenue, Penney, Kirkland Ellis LLP, Jeremy Hill, J C Penney Company Inc, Hudson 's Bay Co, Sycamore Partners, Sussberg, Shopping-malls, Eliza Ronalds Hannon, Bloomberg J C Penney Co

Traditional universities must adapt or die

Covid-19 made obvious the need for universities to adopt fourth industrial revolution strategies The post Traditional universities must adapt or die appeared first on The Mail & Guardian.
Tags: Technology, Education, Bankruptcy, Universities, Online Learning, Openaccess, Fourth Industrial Revolution, Coronavirus, COVID-19, 4IR, Traditional Universities

Virgin Atlantic files Chapter 15 bankruptcy petition

By Josh Saul and Claire Boston | Boston Richard Branson’s Virgin Atlantic Airways Ltd. filed for Chapter 15 bankruptcy protection in the U.S. on Tuesday after telling a London court it was set to run out of cash next month if a pending rescue deal isn’t approved. The airline filed its petition in the Southern District of New York. Chapter 15 allows foreign companies with U.S. assets to protect themselves against claims while they work on a turnaround plan at home. The company had said during pro...
Tags: Business, New York, London, Sport, Bankruptcy, Soccer, United States, Delta, Virgin, Airlines, Latin America, Virgin Atlantic, Bloomberg Intelligence, Vaal, Claire Boston, Josh Saul

Lord & Taylor seeks bankruptcy as retail rout continues

Lord & Taylor, America’s oldest retailer, is seeking bankruptcy protection, as is the owner of Men’s Wearhouse and Jos. A. Bank, lengthening the list of major retail chains that have faltered in the pandemic. Household names, many longtime anchors in malls nationwide, were already struggling to keep up with a radical reformation in what people buy, and where they buy it. Much of that activity has moved online. Thousands of store closures forced by the arrival of COVID-19 has proved too much. Lor...
Tags: Business, New York, Sport, Bankruptcy, Barneys New York, Soccer, Manhattan, Fifth Avenue, Taylor, Ascena Retail Group, Lane Bryant, Brooks Brothers, Ann Taylor, Jos A Bank, Tailored Brands, Men 's Wearhouse

California Pizza Kitchen the latest chain to file for bankruptcy

By Luca Casiraghi and Josh Saul | Bloomberg California Pizza Kitchen filed for Chapter 11 bankruptcy in Houston on Wednesday, becoming the latest restaurant chain to try to cut debt as it grapples with the pandemic. “For many restaurants, the COVID-19 pandemic will be the greatest challenge they will ever face; for some, it may also be their last,” Chief Executive Officer James Hyatt said in a declaration filed as part of the bankruptcy. The company, which operates more than 200 restaurants in t...
Tags: Business, Restaurants, Sport, Bankruptcy, Soccer, Houston, U S, CPK, Le Pain Quotidien, Golden Gate Capital, California Pizza Kitchen, James Hyatt, Top Stories LADN, Top Stories OCR, Top Stories PE, Top Stories IVDB

Remington Files Chapter 11 for a Second Time Amid Record Firearms Sales Months

A few weeks ago we covered how Remington appeared to be preparing to file for Chapter 11 Bankruptcy a second time. It turns out that everything except for the buyout by Navajo Nation came to pass over the past couple of months which saw a massive spike in gun sales amid the COVID-19 pandemic and […] Read More … The post Remington Files Chapter 11 for a Second Time Amid Record Firearms Sales Months appeared first on The Firearm Blog.
Tags: News, Guns, Companies, Bankruptcy, Navajo Nation, Daily News, Chapter 11, Remington, Firearms Sales

Hat Trick: BBS Experiences Bankruptcy for Third Time

German wheel manufacturer BBS is, once again, confronting bankruptcy. However, it’s likely to come out on the other side intact if its own history is anything to go by. During its quest for global dominance, BBS found itself out of money in 2007. Decades of expansion crippled the company’s finances, but not before it became one […] The post Hat Trick: BBS Experiences Bankruptcy for Third Time appeared first on The Truth About Cars.
Tags: Bankruptcy, Autos, Wheels, Bankrupt, News Blog, Aftermarket, BBS, BBS Kraftfahrzeugtechnik, Equipment Manufacturers

Oil Company California Resources Corp Files For Chapter 11 Bankruptcy Protection

SANTA CLARITA (AP) – One of the state’s major oil companies said it has filed for Chapter 11 bankruptcy protection as part of an agreement with creditors to restructure $5 billion in debt. Citing “unprecedented market conditions,” California Resources Corp. President and CEO Todd A. Stevens said Wednesday that oversupply and reduced demand because of the COVID-19 pandemic required the Chapter 11 process, but he asserted that the company will emerge strong and healthy. Transactions under the rest...
Tags: Business, Local, California News, Sacramento, Bankruptcy, Sierra Club, Gavin Newsom, California Resources Corp, CRC, Center for Biological Diversity, Uduak Joe Ntuk, Oil Company California Resources Corp, Todd A Stevens, San Joaquin Los Angeles Ventura, Ntuk

"Brooks Brothers, the clothier best known for men's wear that traces its roots back to 1818, filed for bankruptcy on Wednesday..."

"... as the brand buckled under the pressure from the coronavirus pandemic following years of declining sales.... [The pandemic has] pushed major names like J.C. Penney, Neiman Marcus and J.Crew into Chapter 11 proceedings.... All of the chains, including Brooks Brothers, plan to keep operating, though likely in a pared-back fashion. Brooks Brothers, with its tony men's wear, has been hit especially hard by the pandemic in an era of remote work and job interviews through Zoom, and the postponeme...
Tags: Fashion, Shopping, Law, Stephen Colbert, Bankruptcy, United States, Commerce, Madison, Donald J Trump, James Monroe, Brooks Brothers, Ann Althouse, The Presidency, Men's Suits, Washington Adams Jefferson, Post-coronavirus Culture

How to Find a New Job After Bankruptcy

Bankruptcy is no laughing matter, and unfortunately going bankrupt can cause significant damage to your credit history, to your job, and to future career prospects. Many business owners have to follow regulations when it comes to employing bankrupt people, and many professions actually bar people who are bankrupt from working for them." theme
Tags: Jobs, Bankruptcy, Career Advice

After Losses From Looting Memorial Day Weekend, Kicx Unlimited May File For Bankruptcy

SACRAMENTO (CBS13) — A businessman who deals in sneakers wants his money back after a consignment of shoes were stolen during looting at the end of May. The images were disturbing, dozens of looters grabbed whatever they could get their hands on, stealing thousands of dollars in sneakers from Kicx Unlimited, a shoe consignment store near DOCO. “Complete loss. It’s unfortunate,” said Darshan Patel. Patel says he had 40 pairs of sneakers on consignment there. “Pairs of shoes ranging in price from ...
Tags: News, Local, Downtown Sacramento, Sacramento, Bankruptcy, Jordan, Henry Fields, DOCO, Looting, Kicx Unlimited, Darshan Patel Patel