Chapter 11

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After Closings, Chain Files for Bankruptcy Protection

TGI Fridays says it's looking for long-term solutions

(Newser) - After closing dozens of its locations this month, TGI Fridays took the next step on Saturday by filing for bankruptcy protection. The restaurant chain said in a statement that it will look for ways to "ensure the long-term viability" of its brand during the Chapter 11 process, CNN reports....

End of an Icon? Tupperware Seeks Chapter 11 Bankruptcy
Judge Approves
Sale of Tupperware
UPDATED
Oct 30, 2024 12:30 AM CDT

Judge Approves Sale of Tupperware

Struggling brand previously filed for Chapter 11 bankruptcy

(Newser) - A US bankruptcy judge approved a sale of Tupperware Brands on Tuesday, paving the way for the iconic food-storage company to soon exit Chapter 11 protection and continue offering its products while undergoing a hoped-for revitalization, the AP reports. Under terms of the deal, which is still subject to closing...

True Value Declares Bankruptcy
True Value Files for Bankruptcy
Oct 15, 2024 1:30 AM CDT

True Value Files for Bankruptcy

Hardware chain's operations are being sold to a rival

(Newser) - A hardware company founded in 1948 is going out of business. True Value announced Monday that it has filed for Chapter 11 bankruptcy and that almost all of its assets and operations will be sold to a rival, Do it Best. However, True Value's 4,500 independently operated locations...

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 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...

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....

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...

A Pandemic Darling Falls Into Bankruptcy

Instant Pot is in trouble as sales wane

(Newser) - The all-in-one pressure cooker Instant Pot became a smash hit during the pandemic. But that meteoric growth couldn't be sustained, and maker Instant Brands filed for bankruptcy Monday, reports the Wall Street Journal . The newspaper sums things up succinctly, noting that the move reflects "the difficulties that Instant...

For the 2nd Time in 5 Years, Bad News for David's Bridal

70-year-old chain, $257M in debt, files for Chapter 11 bankruptcy protection

(Newser) - For more than 70 years, David's Bridal has served as one of the nation's biggest one-stop wedding party shops, claiming that 1 in 4 brides don its wedding dresses on their big day. Now, however, the Pennsylvania-based chain is $257 million in debt, per court documents, and it'...

Party City, Once 'One of the Best', Files for Bankruptcy
Party City's Woes
Come to a Head
Jan 18, 2023 1:11 PM CST

Party City's Woes Come to a Head

Company files for Chapter 11 bankruptcy protection

(Newser) - America's biggest party goods store has filed for Chapter 11 bankruptcy protection after struggling with rising prices and a pullback in customer spending. Party City, based in Woodcliff Lake, New Jersey, is planning an expedited restructuring that it said would substantially lower its debt and free up cash, reports...

Cineworld Looks at Bankruptcy
Theaters Weigh Chapter 11
Aug 22, 2022 6:02 PM CDT

Theaters Weigh Chapter 11

Cineworld, which owns Regal Cinemas, is $5B in debt

(Newser) - Struggling under debt totaling $5 billion, the parent company of Regal Cinemas said Monday it's weighing a bankruptcy filing in the US. Cineworld said that while it considers reorganization, its theaters will remain open and none of its 28,000 jobs globally will be cut, the BBC reports. The...

Guitar Center Files for Bankruptcy
Guitar Center:
It's Bankruptcy Time
Nov 22, 2020 1:00 PM CST

Guitar Center: It's Bankruptcy Time

The nation's biggest musical instrument retailer files for Chapter 11

(Newser) - The Guitar Center filed for Chapter 11 bankruptcy Saturday as yet another US retailer revealed its pandemic financial woes, Reuters reports. In a bankruptcy filing , the 61-year-old company said it plans to stay afloat with up to $165 million in fresh equity investments and a debt reduction of nearly $800...

Not-So-Sweet News for Friendly's Chain
Another Corporate
Casualty of COVID
Nov 2, 2020 10:00 AM CST

Another Corporate Casualty of COVID

Friendly's restaurant chain, known for its ice cream sundaes, has filed for Chapter 11

(Newser) - Friendly's Restaurants, an East Coast dining chain known for its sundaes, is filing for bankruptcy protection. The company, which runs its restaurants under the parent company FIC Restaurants Inc., will sell substantially all of its assets to the restaurant company Amici Partners Group, per the AP . All 130 of...

COVID Brings Another Retailer to Chapter 11

Parent company of Ann Taylor, Lane Bryant seeks bankruptcy protection

(Newser) - The pandemic has pushed another big-name retailer into bankruptcy. The parent company of Ann Taylor and Lane Bryant filed for Chapter 11 protection on Thursday. The Ascena Retail Group plans to close about 1,100 stories across the country, including all of its Catherines stores and many of its Justice...

COVID Claims Another Business Casualty

Small-engine maker Briggs & Stratton seeks bankruptcy protection

(Newser) - Briggs & Stratton Corp., billed as the world's largest manufacturer of small gas engines, has filed for bankruptcy protection, per the AP . "The challenges we have faced during the COVID-19 pandemic have made reorganization the difficult but necessary and appropriate path forward to secure our business," Chief...

America Is Hit With Another Big Bankruptcy

GNC files for Chapter 11

(Newser) - Like your vitamins and whey proteins? Better buy them now, because GNC has filed for Chapter 11 bankruptcy. The health and wellness company says it will shutter 800 to 1,200 stores and either reorganize or sell itself outright, USA Today reports. "The COVID-19 pandemic created a situation where...

First Department Store Chain Falls to Coronavirus

Luxury giant Neiman Marcus files for Chapter 11

(Newser) - Neiman Marcus, the 112-year-old storied luxury department store chain, has filed for Chapter 11 bankruptcy protection, the first department store chain to be toppled by the coronavirus pandemic, per the AP . The move follows the bankruptcy filing by J. Crew , which became the first major retailer to reorganize during the...

First Big Retailer to Fail From Virus Files for Bankruptcy

J. Crew was already struggling even before the pandemic

(Newser) - J. Crew was having a tough time even before the pandemic arrived. Now, the New York Times says it's the "first major retailer to fall" from the virus, seeking bankruptcy protection to try to stay alive. On Monday, the clothing retailer's parent company, Chinos Holdings, filed to...

It's Chapter 11 for Forever 21
It's Chapter 11 for Forever 21
Sep 30, 2019 4:07 AM CDT

It's Chapter 11 for Forever 21

Retailer calls bankruptcy filing a 'deliberate step'

(Newser) - Low-cost fashion retailer Forever 21 says it has filed for bankruptcy protection—but that doesn't mean it is doomed. In a letter to customers Sunday, the 35-year-old chain said it will be business as usual during reorganization and filing for Chapter 11 protection "is a deliberate and decisive...

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