bankruptcy protection

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Bankruptcy for Hertz: 'No Business Is Built for Zero Revenue'

But Hertz and subsidiaries will continue to operate after being slammed in pandemic

(Newser) - Hertz filed for bankruptcy protection Friday, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company's business. The company's lenders were unwilling to grant it another extension on its auto lease debt payments past a Friday deadline,...

This Might Be First Major Department Store Casualty

Neiman Marcus to file for bankruptcy amid pandemic, says Reuters

(Newser) - With all of its stores closed, burdened by $4.8 billion in loans, Neiman Marcus is moving toward seeking bankruptcy protection. The filing could come this week, Reuters reports. It would be the first major department store company to reach that point since the pandemic hit the US, and Neiman...

Boy Scouts of America Files for Bankruptcy

Organization faced flood of sexual abuse lawsuits

(Newser) - The Boy Scouts of America, fighting for survival amid a flood of sexual abuse lawsuits, has filed for bankruptcy protection. The Chapter 11 filing early Tuesday marks the start of what is expected to be one of the most complex bankruptcies in US history, lawyers tell NBC . Changes in statute-of-limitation...

It&#39;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...

High-End Clothier to Shutter Most Stores

Barneys' flagship NYC location will remain open, but many others to close in bankruptcy filing

(Newser) - Barneys New York is filing for Chapter 11 bankruptcy protection, the latest retailer to buckle as shoppers move online and real estate costs soar. The iconic clothier founded almost a century ago will keep the doors open at its 10-story Madison Avenue store, but it has secured $75 million in...

Toys R Us Plans to Reappear With 2 Smaller Stores in Malls

Big-box chain disappeared after bankruptcy filing

(Newser) - The rebirth of Toys R Us will begin with two stores, which will be open in time for holiday shopping, the company says. The chain had shut down the last of its stores more than a year ago after filing for Chapter 11 bankruptcy protection. The new stores, which will...

Jamie Oliver 'Devastated' About Chain's Collapse

Chef's British restaurant chain has filed for bankruptcy protection

(Newser) - Celebrity chef Jamie Oliver's British restaurant chain filed for bankruptcy protection on Tuesday, partly due to increased competition and escalating rents in local commercial districts. The insolvency put 1,300 jobs at risk and reignited worries about local retail and food outlets in Britain, reports the AP . "I'...

In Wake of Calif. Wildfires, PG&E Makes a Big Move

Largest utility in America files for bankruptcy

(Newser) - America's largest utility, Pacific Gas & Electric Corp., filed for bankruptcy Tuesday as it faces billions of dollars in potential damages from wildfires in California. The utility filed documents in a US court seeking Chapter 11 reorganization despite state investigators determining last week that its equipment wasn't to...

Utility That Serves 16M Declares Bankruptcy

Liabilities for state wildfires are just too expensive for PG&E

(Newser) - California's largest utility is crying uncle. PG&E Corp said Monday it will file for bankruptcy protection as it deals with billions in possible liability costs over huge state wildfires, the Wall Street Journal reports. The utility and its main unit, Pacific Gas and Electric Co., plan to file...

'Sad Day for American Retail': Sears Declares Bankruptcy

Company hopes to keep some stores open

(Newser) - A $134 million debt payment due Monday was the final straw for the business Richard Warren Sears started in 1886. Sears, an American institution for many years, filed for Chapter 11 bankruptcy protection early Monday, CNN reports. The company, which also owns Kmart, says it plans to remain in business...

It's Chapter 11 for Guitar Maker to the Stars

Les Paul maker Gibson to 'refocus' on musical instruments

(Newser) - It made what VH1 calls "arguably the most famous guitar in rock," the Les Paul Standard cradled by Led Zeppelin's Jimmy Page. Now Gibson needs help churning out its guitars also favored by David Bowie and John Lennon . The company filed for Chapter 11 bankruptcy protection Tuesday,...

Puerto Rico's Unprecedented Move to Ease $123B Debt

Step toward bankruptcy would dwarf Detroit's restructuring

(Newser) - Puerto Rico has taken a big step toward a bankruptcy that would be unprecedented in two ways: It would be the first by an American state or territory, and it would be by far the biggest of its kind, dwarfing Detroit's $18 billion restructuring in 2013. Puerto Rico's...

Hanjin Shipping Crisis Hits Tech Giants

Company promises to pay $90M to resolve issues

(Newser) - Some 85 Hanjin ships carrying up to 24 crew members each are now stranded around 50 ports in 26 countries over fears the company can't pay port fees—and food and water supplies are dwindling, per Bloomberg . "Our ships can become ghost ships," says a rep for...

So Long, 20th Century: Columbia House Files Chapter 11

Ex-mail-order giant just couldn't compete with digital music, streaming

(Newser) - Nearly everyone with a penny and a PO box who came of age in the final part of the 20th century built up their CD—or gasp, cassette tape—collections with the help of mail-order giant Columbia House. But what the Verge calls the "Spotify of the '80s"...

Sbarro Ready for Chapter 11, Round 2

Exiting bankruptcy in 2011 didn't appear to take

(Newser) - If at first you don't succeed, try, try, again: Probably not advice you'd want from your bankruptcy attorney, but Sbarro is getting ready to undergo its second round of Chapter 11, reports the Wall Street Journal . The pizza chain, which is carrying some $140 million in debt and...

Mt. Gox Goes Bankrupt
 Mt. Gox Goes Bankrupt 
Feb 28, 2014 7:29 AM CST

Mt. Gox Goes Bankrupt

Company says it lost 750K of customers' bitcoins

(Newser) - Mt. Gox is filing for bankruptcy protection, CEO Mark Karpeles announced at a press conference today, saying the bank may have lost 750,000 of its customers' bitcoins ("essentially all of them," reports the New York Times ), along more than 100,000 of its own. At current...

Biggest Broke City Can Enter Bankruptcy: Judge

Stockton, Calif., allowed to pay less to bondholders

(Newser) - The biggest US city to file for bankruptcy was allowed to press ahead today despite outcry from its creditors, the Wall Street Journal reports. A federal judge approved Chapter 9 protection for Stockton, Calif., saying it "will not be able to perform its obligations to its citizens" without bankruptcy...

Girls Gone Wild Files for Bankruptcy

We know you must be devastated

(Newser) - In what may be a perfect example of "what goes around comes around," Girls Gone Wild has filed for bankruptcy. Founder Joe Francis put his 16-year-old empire under bankruptcy protection yesterday in an effort to keep Las Vegas resort owner Steve Wynn from grabbing any of those assets,...

Tribune Company Set to Exit Bankruptcy

But it may soon sell off its newspapers

(Newser) - The Tribune Company is set to emerge from bankruptcy today, four years after it filed for Chapter 11 protection as the American economy nosedived. The reorganized multimedia company has a new board of directors that includes plenty of entertainment industry veterans, and profitable assets including eight major daily newspapers and...

Up to 1M Americans Too Poor to Go Bankrupt

They can't afford $1,500 fees

(Newser) - Between 200,000 and 1 million Americans this year are so down-and-out they don't even have enough money to file for bankruptcy, a new study finds. The average cost of filing for Chapter 7 bankruptcy protection is about $1,500—$300 just for the paperwork fees in court and...

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