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    The Washington Business Journal offers a weekly roundup of bankruptcy filings in the region based on public records collected by parent company American City Business Journals. During the week that ended Feb. 26, Washington-area bankruptcy courts recorded one business filing. Year to date through Feb. 26, the court recorded 20 Chapter 7 or Chapter 11 business bankruptcy filings, a 20% decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern. Cornus Montessori LLC filed for voluntary Chapter 11 bankruptcy protection Feb. 11, in the Eastern District of Virginia. The debtor listed an address of 13880 Metrotech Drive in Chantilly, and is represented in court by attorney Christopher L. Rogan. Cornus Montessori LLC listed assets...
    The largest and oldest electricity co-operative in Texas has filed for bankruptcy protection after it received a $2.1 billion bill from ERCOT, the state's grid operator.  Meanwhile, Texas lawmakers indicated their intention to hold power companies accountable after the arctic conditions in mid-February overwhelmed local utility companies ill-prepared for such weather, ultimately having deadly consequences. Brazos Electric Power Cooperative, which supplies 16 co-op members serving more than 1.5 million Texans, said it filed for Chapter 11 bankruptcy on Monday, as the fallout of last month's winter storm that left millions in the dark continues. According to court filings, Brazos said it was hit with invoices from ERCOT totaling more than $2.1 billion, with payment required within days.  Brazos said the 'excessively high invoices' for the seven-day 'black swan' winter event were nearly three times its total power cost of $774 million for the whole of 2020.  Bitterly cold weather in...
    March 1, 2021 12:45 PM | With information from EFE 15 minutes. Brazos Electric, the oldest and largest electric power company in Texas, announced Monday that it has filed for bankruptcy because its debts amount to $ 10 billion and its assets are only $ 1 billion. Signature provides energy to 16 distribution cooperatives and serves more than 1.5 million residents. However, it was hit by 2 winter storms in February. They left some 4.3 million businesses and homes without electricity for several days in the state. “Before the harsh winter weather, Brazos Electric was a financially robust company“This was stated by the Texas firm in a statement, in which it indicated that, under the protection of bankruptcy, it will initiate a financial restructuring. During the emergency, Brazos and other energy supply companies had to purchase replacement supplies at higher rates. They also had to pay the fees of other...
    The Washington Business Journal offers a weekly roundup of bankruptcy filings in the region based on public records collected by parent company American City Business Journals. During the week that ended Feb. 19, Washington-area bankruptcy courts recorded six business filings, including two with total debts above $1 million. Year to date through Feb. 19, the court recorded 19 Chapter 7 or Chapter 11 business bankruptcy filings, a 14% decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern. Potomac Construction Biltmore LLC filed for voluntary Chapter 7 bankruptcy protection Feb. 5 in the District of Columbia. The debtor listed an address of 1734 20th St. NW, Washington, and is represented in court by attorney...
    Apple usually hosts an event March to announce new products and this year is expected to be no different. Although the tech giant has not confirmed the event, speculations on what could be released are flooding the web – specifically a new iMac computer. An image shows a new model in five different colors, echoing that of the iconic bulbous iMac G3 released in 1999. A video shared by well-known Apple leaker Jon Prosser on YouTube shows renders of the redesigned system in options for silver, space gray, green, sky blue and rose gold. A video shared by well-known Apple leaker Jon Prosser on YouTube s hows renders of the redesigned system in options for silver, space gray, green, sky blue and rose gold Sources are going back and forth to whether there will be a March event and what products will be revealed – rumors have suggested we...
    More On: century 21 Century 21 to reopen in South Korea later this year Century 21 plans hundreds of layoffs as it closes stores in coming weeks Off-price fashion retailer Century 21 files for bankruptcy, to shut all stores Clifford Allen McKenzie, war correspondent and longtime marketing exec, dead at 77 Century 21 is stitching together a comeback bid. The 60-year-old retailer — whose lower Manhattan flagship famously survived the 9/11 terrorist attacks, only to be shuttered last fall as the coronavirus forced the company into bankruptcy — is plotting a return to its hometown of New York City, as well as a nationwide expansion that could result in a footprint that’s bigger than before. The iconic department store last September filed for Chapter 11, citing a legal dispute with an insurance company over its business-interruption claims. The surprise move shuttered 13 stores in New York, New Jersey, Pennsylvania...
    Fact check: Meme of wind turbine being de-iced includes 2015 image from Sweden Suspended head of Army War College faces sexual misconduct investigation The owners of 70 Jack In The Box restaurants in Missouri and Illinois have filed Chapter 11 bankruptcy. © Provided by KSDK-TV St. Louis The limited liability companies, Earth City-based Missouri Jack, Illinois Jack and Conquest Foods, made the filings Tuesday in bankruptcy court in St. Louis. Missouri Jack listed assets and liabilities of $10 million to $50 million, Illinois Jack and Conquest listed assets of $1 million to $10 million and liabilities of $10 million to $50 million. The companies said in court filings that Navid Sharafatian of Victorville, California, is manager of TNH Partners LLC, their manager. Load Error An attorney for the franchisees, David Sosne of Ladue-based Summers Compton Wells LLC, didn't immediately respond to a request for comment. They're also represented by...
    The Washington Business Journal offers a weekly roundup of bankruptcy filings in the region based on public records collected by parent company American City Business Journals. During the week that ended Feb. 5, Washington-area bankruptcy courts recorded eight business filings, including four with total debts above $1 million. Year to date through Feb. 5, the court recorded 13 Chapter 7 or Chapter 11 business bankruptcy filings, a 7% decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern. Burtonsville Crossing LLC filed for voluntary Chapter 11 bankruptcy protection Jan. 25, 2021, in the District of Maryland. The debtor listed an address of 15623 Riding Stable Road in Laurel, and is represented in court by...
    Nearly 60 percent of the people charged over their alleged involvement in the riot on the U.S. Capitol on January 6 had a history of financial troubles, according to a new report. Previous financial hardships suffered by the arrested rioters included bankruptcies, notices of eviction or foreclosure, bad debts, or unpaid taxes of up to $40,000 going back over two decades, the Washington Post revealed in analysis. The Post looked through the financial history of 125 defendants for whom enough data was available and found that the group's bankruptcy rate is 18 percent - which is nearly twice as high as the average rate for the American public. It also revealed that 25 percent of the group had been sued for money owed to a creditor and that 20 percent had at one point faced losing their homes.  Nearly 60 percent of the people charged over their alleged involvement...
    Biden administration to deploy approximately 1,000 troops to assist with Covid vaccination effort Alejandro Mayorkas fought for refugees and Dreamers. Can he undo four years of Trump immigration policies? Luckin Coffee files for bankruptcy in the US Luckin Coffee, once hailed as China's homegrown rival to Starbucks, has filed for bankruptcy in the United States less than a year the company admitted that millions of dollars in sales had been fabricated. © Zhang Peng/LightRocket/Getty Images A barista is working on the bar counter in a Luckin store. Luckin coffee, once considered as the competitor of Starbucks in Chinese market, after being exposed to make false data and fake trading, has stopped trading and delisted on NASDAQ on June 29. Having completed the management personnel changes in mid July, more than 4000 stores of Luckin coffee shops in China still run business as normal. (Photo by Zhang Peng/LightRocket via...
    The Washington Business Journal offers a weekly roundup of bankruptcy filings in the region based on public records collected by parent company American City Business Journals. During the week that ended Jan. 22, Washington-area bankruptcy courts recorded three business filings. Year to date through Jan. 22, the court recorded five Chapter 7 or Chapter 11 business bankruptcy filings, a 25% increase from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern. Yvonne LLC filed for voluntary Chapter 11 bankruptcy protection Jan. 14, in the District. The debtor listed an address of 445 Manor Place #1, Washington, D.C., and is represented in court by attorney William C. Johnson Jr. Yvonne LLC listed assets up to $1,820,503...
    AMC Entertainment Holdings has raised an additional $917 million to help cushion the blow from the pandemic, and said that that any talk of an imminent bankruptcy is 'completely off the table'. The company's shares, which have lost nearly half their value in the last 12 months as it was forced to shut theaters during the virus outbreak, jumped as much as 39 percent to $4.88 on Monday. 'Today, the sun is shining on AMC,' CEO Adam Aron said in a statement. 'This [new financing] means that any talk of an imminent bankruptcy for AMC is completely off the table.' The new funding includes $506 million in equity raised through new stock issues, and $411 million in debt capital through the refinancing of AMC's European credit facilities. The key investors and creditors were not disclosed. AMC Entertainment Holdings has raised an additional $917 million to help cushion the blow from the pandemic....
    Powerful Second Amendment advocacy group the National Rifle Association (NRA) filed for Chapter 11 bankruptcy Jan. 15, but stressed it was in its “strongest financial condition in years.” The NRA, which reported in court Wednesday net assets of $50 million suggesting financial strength, said it seeks to use bankruptcy to move from New York to Texas and to “streamline” certain legal and business affairs, but gave little further explanation. “The NRA is pursuing reincorporating in a state that values the contributions of the NRA,” NRA CEO and Executive Vice President Wayne LaPierre said in a statement. The National Rifle Association took the drastic step of filing Chapter 11 bankruptcy, seeking to move to Texas as it faces ongoing litigation that could lead to the complete dissolution of the organization. Powerful Second Amendment advocacy group the National Rifle Association (NRA) filed for Chapter 11 bankruptcy on Jan. 15, but...
    The Washington Business Journal offers a weekly roundup of bankruptcy filings in the region based on public records collected by parent company American City Business Journals. During the week that ended Jan. 15, Washington-area bankruptcy courts recorded two business filings. Year to date through Jan. 15, the court recorded two Chapter 7 or Chapter 11 business bankruptcy filings, a 33% decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern. Hughes Barney Investigations LLC dba HBI and Jeannette Hughes filed for voluntary Chapter 7 bankruptcy protection Jan. 4, 2021, in the District of Maryland. The debtor listed an address of 9315 Largo Drive W., #100, in Largo, and is represented in court by attorney...
    With the new season near, San Jose Sharks forward Evander Kane has filed for bankruptcy with a huge amount of debt. The NHL season is slated to start Wednesday night, and with their first game coming Thursday night the San Jose Sharks have a situation on their hands. According to Daniel Kaplan of The Athletic (subscription required), forward Evander Kane filed for Chapter 7 bankruptcy in San Jose on Monday with $26.8 million in debt. Kane reportedly has assets of $10.2 million, largely tied to three homes. In his filing, Kane offered what might qualify as a warning to the lengthy list of creditors (47?) looking to collect. “Debtor may terminate his contract and he may opt out of the season, as allowed under current rules, because of health concerns given the recent birth of his first child,” the bankruptcy petition said. “Should he terminate his contract or opt out...
    Biden picks top North Carolina environmental official to run EPA iPhone 12 Pro Max faces the One Charge Challenge Fast-Tracked Bankruptcies Leave Some Creditors in the Dark (Bloomberg) -- Lenders to deeply distressed companies are calling the shots in big corporate bankruptcies so far in advance that some cases are practically over before they get started. Load Error Investment firms and hedge funds are increasingly engineering bankruptcy loans and side deals to take control of Chapter 11 reorganizations from the outset. They’re putting up desperately needed funds to keep the targets in business -- but often only after crafting terms that lock in rich rewards for themselves while potentially locking out rivals and lower-ranking creditors. The trend is sure to speed up cases, but it also forces judges to make quick decisions that may shortchange some valid claims. It’s a stark departure from older norms, when a troubled...
    By Jordan Valinsky | CNN Business There’s no way to sugarcoat it: 2020 was a brutal year for restaurants and stores. The pandemic, massive amounts of debt and a shift in shopping as well as dining habits created a lethal cocktail of bankruptcies and closures. New data from Coresight Research reveals American retailers have announced 8,400 closures this year. Ascena Retail closed the most locations, at nearly 1,200. Coresight anticipates closures will snowball and set a new record this year, breaking the 2019 record of 9,302 closures tracked by the firm. Business is equally bleak for the US restaurant industry. About 17% of the country’s restaurants — roughly 110,000 — have permanently closed this year, with thousands more on the brink according to a recent National Restaurant Association report. With lockdowns devastating retail and restaurants — many of which that were already in deep trouble, dozens declared bankruptcy this...
    Chris Markowski, the host of ‘Watchdog on Wall Street,’ spoke with the Daily Caller’s Samantha Renck about the November jobs report, what he wishes was included in the stimulus package and more. The U.S. jobs report was released Friday morning, showing 245,000 jobs were added in November and the unemployment rate dropped from 6.9 percent to 6.7 percent. Earlier this week, a $900 billion coronavirus stimulus package was introduced but does not include one component Markowski hoped it would. (RELATED: The Coronavirus Lockdowns Have Devastated This Group) “It’s not as comprehensive as I’d like it to be in regards to protection for businesses from lawsuits,” Markowski said. “I would like relief for people that have to declare bankruptcy.” “If you have to shut down and you have to declare bankruptcy because the government forced you to,” he said, “I would want all of that information not on your permanent record. I don’t...
    NFL Week 11s best photos The most delicious holiday treats from Trader Joes Guitar Center, the largest retailer for musical instruments in the US, has filed for bankruptcy © Valerie Macon/AFP via Getty Images 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 on e-commerce, as well as the forced closures of many of its stores during the coronavirus pandemic. Visit Business Insider's homepage for more stories. Guitar Center, the largest retailer for musical instruments in the...
    The Washington Business Journal offers a weekly roundup of bankruptcy filings in the region based on public records collected by parent company American City Business Journals. During the week that ended Nov. 13, Washington-area bankruptcy courts recorded seven business filings, including one with total debt above $1 million. Year to date through Nov. 13, the court recorded 109 Chapter 7 or Chapter 11 business bankruptcy filings, a 22% decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern. ClubX LLC filed for voluntary Chapter 7 bankruptcy protection Nov. 5 in the Eastern District of Virginia. The debtor listed an address of c/o David C. Canfield 2311 Wilson Blvd., #500, Arlington, and is represented in...
    Ariz., S.D. hold out against mask mandates A cynical ploy to divide and conquer: Apples big App Store fee cut enraged its biggest adversaries in its developer war, including Spotify and Epic Games The International Golf Club in Massachusetts sold for $10 million © Provided by Golfweek The International Golf Club in Bolton, Massachusetts, will be sold to Escalante Golf of Fort Worth, Texas, for $10 million if the club’s many creditors vote to approve a liquidation plan. According to a disclosure statement that was mailed to creditors, the creditors have until Dec. 4 to approve the liquidating plan for Arklow Limited Partnership, the International Golf Club and Wealyn. A bankruptcy court hearing on confirmation of the plan is scheduled for Dec. 10. Creditors include those who paid for memberships and others who paid for weddings at the club, which did not open this year and filed for chapter...
    In the image a record of the entrance to the main facilities of the Boy Scouts of America, in Irving (Texas, USA). . / Larry W. Smith Washington, Nov 16 . .- Some 92,700 people have reported having been victims of sexual abuse in the American organization Boy Scouts of America (BSA, in English), the lawyers of the victims who are handling the case reported Monday.The lawyers advanced this Sunday that the complainants were about 82,000, but the figure increased to 92,700 at the end of the period to file the lawsuit this Monday in a bankruptcy court in the state of Delaware (USA), where the Boy Scouts they filed for bankruptcy this year in an attempt to survive the wave of lawsuits. Paul Mones, one of the attorneys involved in cases against the Boy Scouts for nearly two decades, told The New York Times...
    The Washington Business Journal offers a weekly roundup of bankruptcy filings in the region based on public records collected by parent company American City Business Journals. During the weeks that ended Oct. 23, Washington-area bankruptcy courts recorded five business filings, all with total debt below $1 million. Year to date through Oct. 23, the court recorded 99 Chapter 7 or Chapter 11 business bankruptcy filings, a 24% decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern. Elite Tour Travel Club LLC filed for voluntary Chapter 11 bankruptcy protection Oct. 12, 2020, in the District of Maryland. The debtor listed an address of 5833 Allentown Way in Temple Hills, and is represented in court...
    The Washington Business Journal offers a weekly roundup of bankruptcy filings in the region based on public records collected by parent company American City Business Journals. During the week that ended Oct. 9, Washington-area bankruptcy courts recorded one business filing. Year to date through Oct. 9, the court recorded 86 Chapter 7 or Chapter 11 business bankruptcy filings, a 33% decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern. Serendipity Quilting Studio Inc. filed for voluntary Chapter 7 bankruptcy protection Sept. 22, 2020, in the Eastern District of Virginia. The debtor listed an address of 2224 Tacketts Mill Drive in Woodbridge, and is represented in court by attorney Richard G. Hall. Serendipity Quilting...
    Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Tags: New York
    NEW YORK (AP) — A Roman Catholic diocese in New York has become the largest in the US to declare bankruptcy amid clergy abuse lawsuits. Copyright © 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    Halep withdraws from U.S. Open over COVID-19 concerns Unusual abandoned places across America Families of Sandy Hook massacre victims say Remington bankruptcy intentionally leaves them in the cold A federal bankruptcy judge could decide as soon as Tuesday whether to approve Remington’s plan to auction off parts of the company in September. Remington’s bankruptcy plan does not address a pending lawsuit by the families of nine victims of the 2012 massacre at Sandy Hook Elementary School in Connecticut. The families said the plan would prevent Remington from ever answering for its alleged role in the mass shooting, which was carried out by a gunman using a Remington-made Bushmaster AR-15 rifle. Dozens of other liability claims are also on hold against Remington and its former parent company, DuPont. © Provided by CNBC A person holds a Remington Outdoor Co. Model 700 rifle for sale at a gun store...
    The economic pandemic experienced by many restaurants in Hialeah is exceeding all projections. Many of these businesses claim to be on the brink of bankruptcy. The restaurant “Estrella de Cuba” has served its customers for almost two decades, it is one of those. Today its owner decided to give food to dozens of people in her neighborhood, even at its most critical moment. Miami Dade County’s decision to reopen other businesses and not allow full reopening of restaurants has these restaurants on the brink of closure. Isis Martínez, a former Hialeah councilman, says that “There is no way that any kind of business in this community can survive with this constant uncertainty. All these companies, all these restaurants and businesses have invested the necessary money to keep their places free of all kinds of this pandemic ”. Carlos Hernandez, Mayor of Hialeah, says that “If Mayor Giménez went out...
    The Washington Business Journal offers a weekly roundup of bankruptcy filings in the region based on public records collected by parent company American City Business Journals. During the week that ended Aug. 7, Washington-area bankruptcy courts recorded four business filings, all of which had total debts above $1 million. Year to date through Aug. 7, the court recorded 71 Chapter 7 or Chapter 11 business bankruptcy filings, a 25% decrease from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern. The Bennington Corp. filed for voluntary Chapter 11 bankruptcy protection July 30, in the District of Columbia. The debtor listed an address of 4559/4569 Benning Rd. SE in D.C., and is represented in court by...
    New York (CNN Business)Virgin Atlantic has filed for bankruptcy in the United States as the global airline industry reels from the coronavirus pandemic. The company, which is based in the United Kingdom, filed for Chapter 15 bankruptcy protection in New York on Tuesday. Virgin Atlantic hasn't been immune from the airline industry's pandemic problems. In July, the company received a £1.2 billion ($1.5 billion) rescue deal to keep the airline solvent just days before it was due to resume passenger flights. The carrier said that the recapitalization plan would be deployed over 18 months and has the support of shareholders, new investors and existing creditors.Virgin Atlantic could not be reached immediately for comment Tuesday evening.Read MoreGlobal air travel isn't expected to fully recover from the downturn until 2024, according to the International Air Transport Association, which represents 290 airlines. The group blamed the sluggish recovery on several factors, including a...
    Late last year, Faraday Future was supposed to meet with a Middle East sovereign wealth fund to discuss an investment that could have helped pull the struggling EV startup out of its perpetual financial nosedive. But the wealth fund retracted the invite shortly after Faraday Future founder Jia Yueting filed for bankruptcy to resolve billions of dollars of personal debt, according to a previously unreported transcript of one of the Chinese tycoon’s Chapter 11 proceedings. “We were invited by a government entity to go to the Middle East to a sovereign fund, and the minute that we filed the Chapter 11 case and it became clear the financial issues, Faraday was uninvited,” Jia’s lawyer told a judge in December 2019. The lawyer for Jia who spoke during the hearing did not specify which Middle Eastern sovereign wealth fund was interested, and a spokesperson for Faraday Future declined to comment....
    The US energy company Chesapeake Energy, promoter of the controversial extraction technique known as “hydraulic fracturing” or “fracking”, has accepted the law of …
    Timing on Newton-Patriots union couldnt be perfect Im living in an RV with 6 members of my family. Heres what its like. Chesapeake Energy, a pioneer in the U.S. shale revolution, files for bankruptcy protection © Provided by CNBC   Chesapeake Energy, the poster child of the U.S. shale revolution, filed for bankruptcy protection on Sunday. The move comes as the company and industry more broadly has been rocked by a drop in oil and gas prices amid the coronavirus pandemic. Load Error The heavily indebted company has been in trouble for some time, and in May said that it had concerns regarding its long-term viability. Chesapeake said that $7 billion in debt will be wiped out through the restructuring. The company has secured $925 million in debtor-in-possession financing in order to continue operations, as well as an additional $600 million commitment for new equity once the company...
    Famsa filed a voluntary application under Chapter 11 of the US Bankruptcy Code to restructure senior notes due June The Mexican company Famsa Group filed for bankruptcy protection in the United States on Friday. Through a voluntary request under Chapter 11 of the Bankruptcy Code of the United States for the southern district of New York, the company hopes to restructure its senior notes 7,250 percent outstanding with maturity on June 1, 2020. Grupo Famsa intends to seek expedited approval of the plan with a prior restructuring agreement under Chapter 11 as soon as possible, ”it said in a statement. According to the company, it will continue to operate normally, without interruption to its operations or to the relationships it has with clients, suppliers and creditors. He assured that his current available cash, as well as the projected cash flow will be sufficient to finance his operations during the...
    SAN FRANCISCO (AP) — Chuck E. Cheese — where kids could be kids while parents nursed headaches — is filing for bankruptcy protection. The 43-year-old chain, which drew kids with pizza, video games and a singing mouse mascot, was struggling even before the coronavirus pandemic. But it said the prolonged closure of many outlets due to coronavirus restrictions led to Thursday’s Chapter 11 filing. CEC Entertainment Inc. has reopened 266 of its 555 company-operated Chuck E. Cheese and Peter Piper Pizza restaurants as restrictions ease, but it’s unclear how willing parents will be to host birthday parties and other gatherings. The Irving, Texas-based company said it will continue to reopen locations and offer carryout and delivery while it negotiates with debt and lease holders. CEC and its franchisees operate 734 restaurants in 47 states and 16 countries. Franchised locations aren’t included in the bankruptcy filing, the company said. CEC listed...
    (CBS/CNN) — GNC has filed for bankruptcy, warning it will close up to a quarter of its stores and search for a buyer. That means 7 stores in Colorado will close. (Photo by Bruce Bennett/Getty Images) The 85-year-old vitamin and dietary supplement company has been saddled with nearly $1 billion of debt and has faced declining sales at its brick-and-mortar locations since before the pandemic. However, GNC said that stay-at-home orders during the Covid-19 pandemic prevented the company from accomplishing its refinancing plans because of the abrupt “dramatic negative impact” on its business. GNC will continue operating, but it will become a smaller company. It plans to close up to 20% of its 5,800 retail stores, which amounts to as many as 1,200 locations across the United States. GNC also sells its products in an additional 1,200 Rite Aid stores. The locations in Colorado that are closing are The...
    The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Wednesday related to the national and global response, the work place and the spread of the virus. ________________________ TRAVEL: — U.S. gasoline consumption is more than halfway back to pre-COVID-19 levels, according to the Oil Price Information Service, an IHS Markit company. Fill-ups at the pump fell 49% from 2019 volumes during the second week of April. The most recent OPIS survey shows that demand was down 22% in the second week of June, compared with the year-ago period. Gasoline sales have been climbing at an average of 6.4% per week since April, according to OPIS President Fred Rozell. — Airport ground-services firm Swissport says it may have to cut half its British staff because of the collapse in airline travel caused by the coronavirus pandemic. The company, which operates...
    The Associated Press The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Wednesday related to the national and global response, the work place and the spread of the virus. ________________________ TRAVEL: — U.S. gasoline consumption is more than halfway back to pre-COVID-19 levels, according to the Oil Price Information Service, an IHS Markit company. Fill-ups at the pump fell 49% from 2019 volumes during the second week of April. The most recent OPIS survey shows that demand was down 22% in the second week of June, compared with the year-ago period. Gasoline sales have been climbing at an average of 6.4% per week since April, according to OPIS President Fred Rozell. — Airport ground-services firm Swissport says it may have to cut half its British staff because of the collapse in airline travel caused by the coronavirus pandemic. The company,...
    (CNN) — JCPenney will close another 13 stores for good, including one in Hyattsville, Maryland. The department store chain, which filed for bankruptcy last month, is inching toward its target of closing 250 stores — about 30% of its network of 846 locations. The company previously said it expects 200 of those closures will happen by the end of this summer, with the remaining 50 closing by next summer. Most of the 13 stores in the latest round will start liquidation sales on or around July 3. Seven of the stores in this round are in Michigan: Greenville, Owosso, Big Rapids, Alma, Bay City, Mt. Pleasant and Okemos. The remaining stores are in Bay Shore and Poughkeepsie, New York; Omak and Sunnyside, Washington; Hyattsville, Maryland; and Concord, California. Before Tuesday’s announcement, 136 stores had already begun liquidation sales. Store-closing sales are vital for bankrupt retailers to raise cash during a...
    KAISERSLAUTERN, Germany (AP) — Four-time German soccer champion Kaiserslautern has filed for bankruptcy protection to deal with its mounting debts, saying on Monday it was hit hard by the coronavirus pandemic. Kaiserslautern was most recently German champion in 1998 but hasn’t played in the top division since 2012 and dropped into the third tier for this season. The club said the move could allow it to restructure its business and keep the team playing. The players already accepted wage cuts last month. CEO Soeren Oliver Voigt said the coronavirus slashed revenues and hampered talks with would-be investors. The pandemic meant Kaiserslautern played no games for nearly three months before resuming without fans in its 49,850-capacity stadium. “During the lockdown phase we quickly noticed that the 82 days in which no football was played here clearly aggravated the financial situation,” Voigt said. “We still can’t allow our fans into...
    One of the nation’s largest Catholic dioceses is threatening bankruptcy if a Long Island judge doesn’t pause the nearly 100 child sex-abuse lawsuits it faces. The Diocese of Rockville Centre, which serves more than 1.4 million Catholics in Nassau and Suffolk counties, claims it’s in an “ever-more serious financial situation,” straining under the legal costs of defending itself in court while its income has been devastated by the coronavirus pandemic, according to court papers. For two weeks during New York’s months-long virus shutdown, which canceled mass and church gatherings, the diocese received no money from parishioners — donations that usually account for 40 percent of the diocese’s income, it said. Important dates on the Catholic calendar, including Holy Week and Easter Sunday, brought in a measly $363,000 from Long Islanders, down 60 percent, Rockville Centre claims. The diocese, currently led by Bishop John Barres, has shelled out $3.7 million so...
    DOVER, Del. (AP) — The judge presiding over the Boy Scouts of America bankruptcy has approved an agreement among attorneys to extend an injunction halting child sex abuse lawsuits against the organization’s 261 local councils until Nov. 16. Under the agreement approved Monday, local councils wanting continued protection from litigation must sign agreements by July 6 requiring them to provide information to the Boy Scouts about their finances, including real estate holdings, for sharing with creditor committees. The local councils, which run day-to-day operations for local troops, are not listed as debtors in the bankruptcy and are considered by the Boy Scouts to be legally separate entities, even though they are “related parties.” Attorneys for abuse victims have made clear that they will try to go after campsites and other properties owned by the local councils to contribute to the fund for victims. Judge Laurie Selber Silverstein will hear any...
    Private equity firm Sycamore Partners is in preliminary talks to acquire JCPenney out of bankruptcy should the US department store chain’s negotiations with its creditors fail, three people familiar with the matter said on Friday. Shares of JCPenney jumped almost 55 percent on the news. JCPenney, which employs roughly 85,000 people, filed for bankruptcy protection in May after the coronavirus pandemic forced it to temporarily close its more than 800 stores across the US, compounding financial woes that stemmed from years of dwindling sales. Sycamore is weighing acquiring JCPenney outright or making an investment in the troubled retailer, the sources said. There is no certainty that the talks between Sycamore and JCPenney will result in a deal, which would require a bankruptcy judge’s approval, the sources said. JCPenney is also in touch with some of its landlords, including Brookfield Asset Management and Simon Property Group, about possible transactions, the sources...
    NEW YORK — J.C. Penney said Thursday that it will start closing 154 of its stores next week in what it is calling the first phase of its efforts to shrink its footprint. Four are Minnesota stores; they’re in Coon Rapids, Eden Prairie, Maple Grove and Willmar. The Plano, Texas-based retailer said it could take about 10 to 16 weeks to complete the closures (which it describes as its “store optimization strategy“). A list of the stores closing was published on Penney’s website. Penney filed for bankruptcy protection last month, making it the biggest retailer to do since the coronavirus pandemic forced non-essential stores to be shut down temporarily. J.Crew and Neiman Marcus sought bankruptcy protection days before J.C. Penney. All three were laden with debt and had trouble connecting with shoppers, who are increasingly skipping the mall and shopping online. As part of its bankruptcy reorganization, Penney said it...
    NEW YORK (AP) — J.C. Penney said Thursday that it will start closing 154 of its stores next week in what it is calling the first phase of its efforts to shrink its footprint. The Plano, Texas-based retailer said it could take about 10 to 16 weeks to complete the closures. A list of the stores closing was published on Penney’s website. Penney filed for bankruptcy protection last month, making it the biggest retailer to do since the coronavirus pandemic forced non-essential stores to be shut down temporarily. J.Crew and Neiman Marcus sought bankruptcy protection days before J.C. Penney. All three were laden with debt and had trouble connecting with shoppers, who are increasingly skipping the mall and shopping online. As part of its bankruptcy reorganization, Penney said it planned to permanently close nearly a third of its 846 stores in the next two years. That would leave...
    New York (CNN Business)Temporary store closures. Near-zero travel demand. People shopping online even more as they're stuck home. It was the perfect storm for bankruptcy for some of the country's most recognizable consumer brands -- and several have filed recently. Retailers had already been struggling, and now they're bearing the brunt of coronavirus' impact. But a large gym brand and a major car rental company have also filed for bankruptcy recently.A bankruptcy filing doesn't necessarily mean a company will go out of business. Many use bankruptcy to shed debt and other liabilities while closing unprofitable operations, in hopes of emerging leaner and stronger. Lots of these companies have gone on to post record profits, including automaker General Motors (GM)and many of the nation's airlines. Still, many other brands that have filed for bankruptcy with the intention of staying in business didn't survive. Here are some US-based companies that filed in...
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