Alamo Drafthouse files for Chapter 11 bankruptcy, to sell assets to Altamont Capital, Fortress Investment
Texas-based cinema chain Alamo Drafthouse is the latest theater group to file for Chapter 11 bankruptcy protection. Operations will continue normally as Alamo Drafthouse goes through the Chapter 11 process, which will give it the capital it needs to survive the ongoing coronavirus pandemic. As part of the bankruptcy, Alamo Drafthouse, which runs around 40 locations around the U.S., will close down a few underperforming locations and restructure its lease payments. Many movie theater chains have renegotiated deals with lenders and landlords over the last 12 months, trying to find creative ways to generate revenue. In its bankruptcy filing, Alamo Drafthouse can restructure its finances and set itself up for future success.cnbc.com
Christopher & Banks in Westwood Mall to close after company files bankruptcy
JACKSON, MI -- A Westwood Mall retailer is expected to permanently close after its corporate owners filed for Chapter 11 bankruptcy last week. Minneapolis-based Christopher & Banks announced on Jan. 14 that it will close more than 400 stores across the country, including 24 locations in Michigan. On the list of Michigan closures are Jackson, Bay City, Grand Rapids, Howell, Lansing and Traverse City. The women’s clothing retailer will begin liquidation sales with items marked down 40 to 60%, company representatives said in a news release. The last day of operation for the longtime Westwood Mall location of Christopher & Banks, near JC Penney, has not been yet been announced, according to a store manager who declined to comment further.mlive.com
OneWeb launches 36 internet satellites into orbit on Soyuz rocket
A Soyuz rocket launched 36 new satellites into orbit for OneWeb on Friday (Dec. 18), resuming the company's assembly of a high-speed internet constellation after its emergence from Chapter 11 bankruptcy under new ownership. It took nearly four hours for all 36 satellites, each the size of a washing machine, to be deployed. "We've confirmed signal acquisition for all 36 satellites." In photos: OneWeb launches a global satellite internet constellationA Soyuz rocket launches 36 OneWeb internet satellites into orbit from the Vostochny Cosmodrome in eastern Siberia on Dec. 18, 2020. OneWeb's 36 internet satellites are seen stacked in launch position ahead of a Dec. 18, 2020 launch from Russia's Vostochny Cosmodrome.space.com
AMC could benefit from bankruptcy, analysts say
Street performers in Minnie Mouse costumes pass in front of an AMC movie theater at night in the Times Square neighborhood of New York, Oct. 15, 2020. For the world's largest cinema chain, bankruptcy could be the best option to survive the coronavirus pandemic. The crisis has battered theaters since March, crunching their bottom lines, but no one has been hit harder than AMC. Last Friday, AMC said Mudrick Capital Management agreed to invest $100 million to help the cash-strapped movie theater chain survive the pandemic. However, AMC will still need at least $750 million in liquidity to fund cash requirements through 2021.cnbc.com
America's iconic retailers fight for survival as pandemic rages on
But a number of the retailers that have filed for Chapter 11 bankruptcy protection this year have already emerged, in some form or fashion. Retailers file, then emergeThe preppy apparel brand J.Crew marked the first major retailer to file for Chapter 11 during the pandemic, in early May. "We emerge from Chapter 11 as a stronger, more innovative retailer, brand partner, and employer." And analysts' forecasts for holiday sales are all over the place. The leading trade organization for the retail industry, the National Retail Federation, has yet to release its annual holiday forecast — something it typically does in October.cnbc.com
JCPenney CEO says company expects to exit Chapter 11 ahead of holiday season
The JCPenney store in the Queens Center Mall in the borough of Queens in New York. J.C. Penney CEO Jill Soltau said Tuesday that the bankrupt retailer expects to exit Chapter 11 ahead of the holiday season. The department store chain said in a news release that it has taken another step toward a sale to U.S. mall owners Brookfield Property Partners and Simon Property Group. On Tuesday, the company reiterated plans to have Brookfield and Simon own and operate its retail assets. Meanwhile, 160 of its real estate assets and its distribution centers will become part of separate property holding company owned by a group of its lenders.cnbc.com
Ruby Tuesday restaurants in Michigan to close as company files for bankruptcy
Ruby Tuesday will close 185 locations across the United States as it files for Chapter 11 bankruptcy. The restaurant chain announced Oct. 7 that it filed for bankruptcy in the Delaware with estimated debts of between $100 million and $500 million. Today’s actions will allow us an opportunity to reposition the company for long-term stability as we recover from the unprecedented impact of COVID-19,” said Shawn Lederman, Ruby Tuesday’s CEO. “Our restructuring demonstrates a commitment to Ruby Tuesday’s future viability as we work to preserve thousands of team member jobs. That includes at least nine locations in Michigan, some of which are temporary closings, according to Business Insider.mlive.com
Mallinckrodt, ensnared in opioid crisis, seeks Chapter 11
A New Jersey drugmaker ensnared in the fallout from America's opioid crisis is seeking bankruptcy protection. Under the proposed settlement, opioid claims would be channeled to trusts that receive $1.6 billion in structured payments. A court-appointed committee representing thousands of plaintiffs in the opioid lawsuits will recommend support for the amended agreement, Mallinckrodt said. Trading in company shares, which dipped under $1 for the first time this month as investors bailed out, were halted at the opening bell Monday. Mallinckrodt plans to slash its debt by about $1.3 billion and it will continue to operate during the process.
California Pizza Kitchen closes at Laurel Park Place in Livonia
LIVONIA, Mich. The once-bustling California Pizza Kitchen (CPK) inside Laurel Park Place mall in Livonia is closing up shop due to challenges with the landlord and the COVID-19 pandemic. We look forward to welcoming you at our other locations and invite you to continue checking CPK.com for updates, reads the statement. In order to implement this agreement, we filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas, reads the letter. The restructuring agreement includes a commitment for $46.8 million in new financing which will enable ongoing operation of CPK restaurants. We anticipate a short stay in Chapter 11 and expect to progress on an expedited timeline - our goal is to complete the Chapter 11 process in under three months.Laurel Park Place mall is situation on the corner of Newburgh and 6 Mile roads in Livonia.
Carl Icahn's bet on Hertz goes bust as rental car company files for bankruptcy
Legendary activist investor Carl Icahn may see his investment in Hertz lose most of its value after the rental car company filed for bankruptcy. Hertz filed for Chapter 11 bankruptcy protection last week, citing the impact of the coronavirus pandemic on travel demand. The stake was worth about $342 million at the end of the first quarter, according to securities filings, and Icahn's investment fund had bought an additional 11 million shares over those three months. Icahn's stake was worth just under $700 million at the end of 2019, before the pandemic sparked a market sell-off and slammed the travel industry. Because equity investors are unprotected during bankruptcy proceedings, it is possible that Icahn's entire stake will be wiped out.cnbc.com
Neiman Marcus Files For Bankruptcy As Coronavirus Accelerates Retail Apocalypse
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Here's why holding individual stocks can come back to hurt you
In times of market downturns, many of the stocks that take a beating will eventually rebound. It might also be time to make sure you still believe in the company's future financial success. And if you're an investor who has been holding on to one of those already-battered stocks in hopes of it rebounding, you might want to consider cutting your losses. "If people like their own stock-picking acumen, I have one word for you: Enron," said Ahmed, of American Private Wealth. For a variety of reasons, companies can end up with more debt than they can handle and bankruptcy is sensible option.cnbc.com
Art Van Furniture officially files for Chapter 11 bankruptcy
Art Van Furniture officially files for Chapter 11 bankruptcyPublished: March 9, 2020, 6:24 amThe furniture store will close all company-owned stores in at least five states as the retailer heads toward liquidation after more than 60 years in business.
Boy Scouts of America, hobbled by multiple sex-abuse lawsuits, files for bankruptcy
The Boy Scouts of America has filed for bankruptcy protection. One of the primary reasons the BSA filed for bankruptcy is to avoid jury trials." "An entity like the Boy Scouts has to consider their exposure." Like the Catholic Church, the Boy Scouts "have a horrible, sordid history of child abuse in the ranks," Pfau said. "It's a real day of reckoning for the Boy Scouts," said Pfau.cnbc.com
'Actively exploring options’ -- Art Van Furniture could file for Chapter 11 bankruptcy
WARREN, Mich. – The Warren-based furniture chain Art Van Furniture may be filing for bankruptcy. UPDATE: Art Van Furniture to close all stores; liquidation sales begin March 6According to Crain’s Detroit, the private equity owner is looking for a possible buyer for the company and might file for Chapter 11 bankruptcy. A representative for Art Van Furniture told Local 4, “We are actively exploring a variety of options with our creditors, investors and landlords to ensure Art Van can continue serving our guests and our communities. It is premature at this time to comment further as no final decisions have been made. In the meantime, our stores are open, and it is business as usual."
Dean Foods, America's biggest milk producer, files for bankruptcy
Dean Foods also said it is engaged in "advanced discussions" with the Dairy Farmers of America about selling "substantially" all of its assets. Dean Foods has secured commitments for $850 million in debtor-in-possession financing, a type of funding for companies in financial distress. Dean Foods on Tuesday announced that it has filed for Chapter 11 bankruptcy protection. The retailer's decision sparked upheaval, leading Dean Foods to cancel more than 100 milk contracts with dairy farmers across eight states. In seven of its last eight quarters, Dean Foods has reported a net loss.cnbc.com