bankruptcy

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End of an Icon? Tupperware Goes Belly Up

Struggling brand files for Chapter 11 bankruptcy

(Newser) - Tupperware Brands, the company that revolutionized food storage decades ago, has filed for Chapter 11 bankruptcy protection. The company plans to continue operating and will seek court approval for a sale, it said just before midnight on Tuesday. The company is seeking bankruptcy protection amid growing struggles to revitalize its...

Company That Built Titanic Goes Bankrupt
Titanic Shipbuilder
Goes Bankrupt
Sep 17, 2024 5:40 PM CDT

Titanic Shipbuilder Goes Bankrupt

Harland & Wolff says core operations won't be affected by filing

(Newser) - The company that built the Titanic has entered administration, the British equivalent of US Chapter 11 bankruptcy proceedings, for the second time in five years. Harland & Wolff said it had been left in a "difficult financial position" by the British government's rejection of a request for a...

Big Discount Retailer Files for Bankruptcy
Big Lots Files for Bankruptcy
Sep 9, 2024 10:40 AM CDT

Big Lots Files for Bankruptcy

Discount retailer has been struggling as consumers have been spending less

(Newser) - Discount retailer Big Lots filed for bankruptcy on Monday, unable to turn around a long losing stretch. The plan laid out in its Chapter 11 filing is to sell to Nexus Capital Management, reports CNN . No new store closings were announced, but the chain already was in the process of...

Red Lobster Sees End to Chapter 11 Protection
Judge Approves
Sale of Red Lobster
Sep 5, 2024 3:55 PM CDT

Judge Approves Sale of Red Lobster

Chain says it can see the end of bankruptcy protection

(Newser) - After months of dozens of restaurant closings and headlines about "endless shrimp" woes, Red Lobster is poised to soon exit from Chapter 11 bankruptcy protection. A US bankruptcy judge on Thursday approved the casual seafood chain's reorganization plan and sale to a lender group led by asset manager...

Red Lobster Is Shuttering More Restaurants

Nearly 2 dozen more around the country, amid chain's bankruptcy proceedings

(Newser) - The hope for Red Lobster that experts expressed just last month may be increasingly fading. After shuttering more than 100 of its locations earlier this summer amid bankruptcy proceedings, a recent court filing shows the seafood restaurant chain has just turned down the leases for 23 more sites and will...

There's Still Hope for Red Lobster
There's Still Hope
for Red Lobster
Jul 31, 2024 1:55 PM CDT

There's Still Hope for Red Lobster

Bankruptcy expert predicts chain will emerge 'stronger' after sale

(Newser) - Red Lobster has closed more than 100 of its roughly 650 US locations amidst bankruptcy, but the remainder can and likely will be saved, experts say. As of May 22, Red Lobster's website listed 99 locations in 28 states that had been closed. Another seven locations have since been...

Alex Jones: 'Infowars Is a Sinking Ship'

Sandy Hook families are also now going after the conspiracy theorist's social media accounts

(Newser) - Alex Jones has ceased fighting the liquidation of his assets to pay Sandy Hook families after he spread conspiracy theories about the 2012 school shooting in Newtown, Connecticut, that killed 26. Included in that liquidation is Jones' stake in his Infowars web program, but the families are now going after...

New Mugshot, '9/11 Lung Disease' Claim for Giuliani

Lawyers say he can't be forced to get a job

(Newser) - Rudy Giuliani's lawyers say he has "possible" lung disease related to his response to the 9/11 terrorist attacks as they argue he should not have to get a job to pay the $148 million defamation judgment against him. The former mayor of New York, who spent days at...

Alex Jones Decides to Stop Fighting Asset Liquidation

Sandy Hook families might finally see some cash

(Newser) - The Sandy Hook families to whom Alex Jones owes more than $1 billion might finally see some cash soon. CNN reports that the conspiracy theorist, "facing mounting legal pressure" from the families of the school massacre victims, has agreed to liquidate his personal assets. Jones has asked a judge...

Red Lobster Shutting a Bunch of Locations
Red Lobster Opts for
the 'Best Path Forward'
UPDATED
May 20, 2024 5:34 AM CDT

Red Lobster Opts for the 'Best Path Forward'

Seafood chain files for Chapter 11 bankruptcy protection

(Newser) - The whispers are now official: Red Lobster has filed for bankruptcy protection. The seafood restaurant chain announced Sunday that it filed for relief under Chapter 11, under a stalking-horse agreement in which Red Lobster will sell the business to an entity created and controlled by its existing term lenders, reports...

'An Unbelievable Result' in FTX Bankruptcy

Customers to have value of assets repaid, with interest

(Newser) - Customers of Sam Bankman-Fried's imploded cryptocurrency exchange will get paid—with interest. FTX says it will have billions more than owed to customers once it wraps up the sale of its remaining assets, including investments held by Bankman-Fried's crypto trading firm Alameda Research and FTX Ventures. It expects...

'I Wonder If They Are All Bad Debtors Like Me'

In China, those in default go on a national blacklist and are barred from high-speed trains

(Newser) - In the US, people who run into insurmountable debt can declare bankruptcy and attempt to regroup. In China, not so much. In fact, the Wall Street Journal reports that people who fall behind on debt—all of them listed "on a publicly available government delinquency blacklist"—face a...

Right-Wing Blog Heads for Chapter 11

Founder of Gateway Pundit blames 'progressive liberal lawfare attacks' but vows to keep publishing

(Newser) - A popular far-right blog has filed for bankruptcy, though its founder vows to continue publishing. The Washington Post reports that the Gateway Pundit, run by Jim Hoft, is seeking Chapter 11 protections after a series of lawsuits accusing the site of promoting conspiracy theories on the 2020 election, school shootings,...

Crafts Retailer Joann Files for Chapter 11

But it expects to emerge from bankruptcy protection as early as next month

(Newser) - Fabric and crafts retailer Joann has filed for Chapter 11 bankruptcy protection, reports the AP , as consumers continue to cut back on discretionary spending. In a Monday release, the company based in Hudson, Ohio, said that it expected to emerge from bankruptcy as early as the end of next month....

Debt-Ridden Giuliani Getting Help From Outside Sources
Here's How Much
Rudy Giuliani Owes
Feb 23, 2024 1:00 PM CST

Here's How Much Rudy Giuliani Owes

It's a lot, as revealed in bankruptcy proceedings, and 2 groups are covering cost of his legal defense

(Newser) - This week brought a minor victory for Rudy Giuliani, but also those hungry for details about his paralyzing debt . The New York judge overseeing Giuliani's bankruptcy case allowed the former New York City mayor to appeal the $146 million penalty awarded to two former Georgia election workers Giuliani was...

Judge Hears From Coalition Wanting Money From Giuliani

Group includes election workers, IRS, and Hunter Biden

(Newser) - A group of people and businesses saying they are owed money by Rudy Giuliani gathered virtually Friday for the first court hearing since he declared bankruptcy last month after losing a defamation suit to two Georgia election workers. During a two-hour Zoom hearing, an attorney for Giuliani told a US...

Rudy Giuliani Files for Bankruptcy
Rudy Giuliani
Files for Bankruptcy
Dec 21, 2023 12:16 PM CST

Rudy Giuliani Files for Bankruptcy

Move comes after he is ordered to immediately pay two election workers nearly $150M

(Newser) - One day after being order to immediately pay two Georgia election workers nearly $150 million, Rudy Giuliani has filed for bankruptcy. In Chapter 11 paperwork filed in New York on Thursday, the former New York City mayor listed assets of about $10 million and debts of nearly $500 million, reports...

Bidder Emerges to Save Yellow, but She Needs Uncle Sam

Industry exec Sarah Riggs Amico has a plan to resurrect a leaner version of bankrupt trucking firm

(Newser) - Pressure from Congress has been increasingly directed toward the US Treasury in recent weeks to help rescue trucking giant Yellow Corp. after the firm filed for bankruptcy over the summer and shuttered operations. Now, as Yellow's assets are prepped for sale and its former drivers struggle to find work...

Once a Darling, WeWork Has Now Filed for Bankruptcy

Sources had indicated move was imminent

(Newser) - As sources indicated last week that it would, a onetime darling of the startup world on Monday filed for Chapter 11 bankruptcy protections in federal court. The coworking company WeWork, which has long been struggling, isn't quite ready to throw in the towel: "Now is the time for...

Amid Opioid Lawsuits, Rite Aid Goes Belly-Up

Major pharmacy chain has filed for bankruptcy, will restructure finances

(Newser) - Rite Aid said Sunday that it has filed for bankruptcy and obtained $3.45 billion in fresh financing as it carries out a restructuring plan while coping with falling sales and opioid-related lawsuits. Some stores will be closed, though no details were immediately available on that. In 2022, the pharmacy...

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