bankruptcy

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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...

'Profound Disappointment:' Yellow Trucking Won't Make It

Longstanding firm files bankruptcy, will liquidate

(Newser) - There will be no miracle recovery for the venerable Yellow trucking company. The 99-year-old firm filed for bankruptcy late Sunday, reports the Wall Street Journal . "It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business," said Chief Executive Darren Hawkins....

Founder of Crypto Lender Arrested on Fraud Charges

Celsius Network already has filed Chapter 11

(Newser) - Alexander Mashinsky, who founded the cryptocurrency lending platform Celsius Network, was arrested Thursday on federal charges. Prosecutors say Mashinsky mispresented the financial health of the company to investors, ABC News reports. At the same time, the Securities and Exchange Commission and the Federal Trade Commission filed lawsuits saying the founder...

Bed Bath & Beyond's Owner Decides to Take Its Name

Overstock.com will disappear in takeover

(Newser) - Bed Bath & Beyond will live on, online at least, after Overstock.com acquired the bankrupt retail chain's intellectual property assets for $21.5 million. The online retailer Overstock.com is dumping its name online and will become Bed Bath & Beyond, which declared bankruptcy earlier this year. Overstock....

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...

Virgin Orbit Is Dead
Goodbye to
Virgin Orbit
May 24, 2023 9:40 AM CDT

Goodbye to Virgin Orbit

Bankrupt company sells $36M in assets, waves goodbye

(Newser) - Virgin Orbit is no more. Richard Branson's company, which sought to deliver satellites to low Earth orbit using a modified Boeing 747 , has officially shut down after failing to secure the necessary funding to stay afloat. Its first-ever satellite mission in the UK in January was marred by a...

Your Bed Bath & Beyond Coupons Are Done Tuesday

On Wednesday, the liquidation sales begin

(Newser) - Bed Bath & Beyond has filed for bankruptcy , which means that the chain's ubiquitous 20% off coupons will soon be useless. But, as Business Insider reports, you do have until the end of Tuesday before stores stop accepting them. Starting Wednesday, stores (including the chain's BuyBuy Baby stores)...

Bed Bath & Beyond Files for Bankruptcy

Retail giant seeks Chapter 11 protection after turnaround fails

(Newser) - After warning of possible bankruptcy in January, home goods retail giant Bed Bath & Beyond has filed for Chapter 11 protection, reports NPR . This follows steady declines in both customers and profits. Despite taking numerous measures such as closing stores, cutting jobs, and securing bank and investor loans to keep...

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'...

Families Face Quandary in Collecting From Alex Jones

Infowars host, facing judgment, has been shifting assets

(Newser) - Alex Jones, the Infowars conspiracy broadcaster who has been ordered to pay families of Sandy Hook mass shooting victims more than $1 billion in defamation damages, has been moving assets to where his creditors can't touch them. Jones has put property, business deals, and cash totaling millions of dollars...

Alex Jones: DOJ Is Out for My $2K Cat

It's not clear that the government wants Mushu, though it is after assets Jones may have hidden

(Newser) - Alex Jones claims the Justice Department is after his cat. In a video shared by his wife on Twitter, the Infowars host is shown cradling a Ragdoll cat named Mushu while telling viewers that the DOJ believes he used the animal to hide cash owed to the families of the...

Alex Jones Is 'Holding Firearms' for Jan. 6 Participants

Bankruptcy court filing says he's spending almost $100K a month

(Newser) - In bankruptcy, Alex Jones is still spending more every month than most Americans make in a year, according to documents filed with a Texas bankruptcy court this week. The conspiracy theorist, who filed for bankruptcy in December, said his outgoing expenditures include $40,000 a month in taxes, $14,000...

In Bankruptcy, Alex Jones Battles for $1.3M Salary

He asks judge to order Infowars' parent firm to go back to paying him $54K biweekly, up from $20K

(Newser) - A salary of $10,000 a week isn't enough for a bankrupt Alex Jones, who has asked a judge for almost three times that amount. The Infowars host on Monday requested that federal bankruptcy Judge Christopher Lopez restore the $1.3 million annual salary he received from Infowars' parent...

Alex Jones Files for Bankruptcy
Alex Jones Files
for Bankruptcy
Dec 2, 2022 10:37 AM CST

Alex Jones Files for Bankruptcy

He claims his liabilities are a thousand times higher than his assets

(Newser) - Alex Jones, whose critics have long accused him of being morally bankrupt, has filed for personal bankruptcy. In a Chapter 11 bankruptcy filing Friday in the southern district of Texas, the Infowars founder cited assets between $1 million and $10 million and debts one thousand times that, between $1 billion...

Collapse of Crypto Exchange Is Taking a Toll on Bitcoin

FTX files for bankruptcy, and the drama is hurting the value of the top cryptocoin

(Newser) - Embattled cryptocurrency exchange FTX—short billions of dollars—is seeking bankruptcy protection following its collapse this week. Meanwhile, FTX and its CEO and founder Sam Bankman-Fried are under investigation by the DOJ and the SEC to determine whether any criminal activity or securities offenses were committed, per the AP . The...

Judge Approves $2.46B Plan in Abuse Case Against Scouts

More than 80,000 men have filed claims

(Newser) - A bankruptcy judge on Thursday approved a $2.46 billion reorganization plan proposed by the Boy Scouts of America, which would allow it to keep operating while compensating tens of thousands of men who say they were sexually abused as children while involved in Scouting. Although legal hurdles remain, the...

New Mega Cruise Ship No One Wants Is Headed for Scrapyard

Owner of unfinished Global Dream II files for bankruptcy, without a buyer for vessel

(Newser) - The Global Dream II's maiden voyage will be one its builders probably didn't anticipate: from the shipyard to the scrapyard. Intended to be "one of the world's largest liners," the cruise ship was designed to transport 9,000 passengers and was nearing completion in a...

A Cosmetics Giant Files for Bankruptcy

Iconic Revlon is struggling to deal with debt, supply issues, changing tastes

(Newser) - Revlon, the 90-year-old multinational cosmetics company, has filed for Chapter 11 bankruptcy protection, weighed down by rising debts, global supply chain disruptions, and new rivals. With household names like Almay to Elizabeth Arden, Revlon has been a mainstay on store shelves for decades, the AP reports. And it's a...

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