Business Bankruptcy

    • Philadelphia Energy Solutions Files Chapter 11

      The largest oil refinery on the East Coast has filed for bankruptcy. Philadelphia Energy Solutions LLC is the owner of the biggest oil refinery that serves the New York Harbor diesel and gasoline market. The company filed for Chapter 11 bankruptcy protection on Sunday, January 21. The bankruptcy petition listed its debt between $1 billion and $10 billion.

      Kathryn Davis/ Bond and Botes- 15 readers -
    • Remington Plans to File Bankruptcy

      After much speculation, one of the largest American manufacturers of ammunition and firearms, Remington Outdoor Company, announced that it is planning to file bankruptcy in the state of Delaware. Remington has reached a Restructuring Support Agreement with creditors that will be effectuated through a reorganization plan filed in a Chapter 11 bankruptcy.

      Kathryn Davis/ Bond and Botes- 10 readers -
  • Recap: Retailers That Filed Bankruptcy in 2017

    … As we begin 2018, we cannot help but be reminded of some of the 50 retail chains that filed for Chapter 11 bankruptcy in 2017. The list includes: Gander Mountain In March 2017, Gander Mountain filed bankruptcy. In May 2017, its assets were sold to Camping World. The company will now be known as Gander Outdoors, and several of the Gander Mountain…

    Mary Pool/ Bond and Botes- 10 readers -
  • XCOR Aerospace Files for Bankruptcy

    … XCOR Aerospace, an innovator in the aerospace industry, has filed for bankruptcy. XCOR is a private spaceflight and rocket engine development company based at the Mojave Air and Space Port in Mojave, California, and in Midland, Texas. There are also locations in Amsterdam and Hong Kong. XCOR is best known in the aerospace industry…

    Kathryn Davis/ Bond and Botes- 24 readers -
  • “Hot Yoga” Chain Twisted Up in Bankruptcy

    … no. First, corporations cannot receive a discharge from debts in a Chapter 7 bankruptcy proceeding. This is probably the reason Bikram Yoga filed for Chapter 11 bankruptcy relief. Chapter 11 will allow Bikram Yoga to reorganize its debts through negotiations for debt repayment. It will also allow Bikram Yoga to continue operating its business while…

    Bond and Botes- 13 readers -
  • Bankrupt Retailers

    …, investors in Gymboree agreed to keep the retailer in business by writing off much of their loan and investing $95 million in exchange for equity ownership in the company. “There is always risk taking (the company) through bankruptcy, but we believed that it was a better path with more upside versus liquidating, where the recovery is pretty…

    Kathryn Davis/ Bond and Botes- 13 readers -
  • Bridal Chain Alfred Angelo Files Bankruptcy

    … As anyone who has planned a wedding knows, the wedding gown is one of the most important- and pricey- decisions the bride will make. Brides around the country are in a panic now that the bridal chain Alfred Angelo has filed for Chapter 7 bankruptcy. The company reportedly closed all 61 of its stores this past Thursday as part of its plan to file…

    Kathryn Davis/ Bond and Botes- 17 readers -
  • Takata Files for Bankruptcy Amid the Largest Recall in US History

    … was not unexpected. The company had hoped to find a buyer for all or part of the business, and the Takata family appeared to be holding out hope to find a buyer or investor to keep the company out of bankruptcy. Questions over the costs of recalls and potential of lawsuits kept investors and buyers away. If you have found yourself in a financial…

    Kathryn Davis/ Bond and Botes- 12 readers -
  • The Retail Industry’s Casualty Report: Gymboree Files for Bankruptcy

    … According to a recent CNN Money report, another giant retailer is struggling to keep its head above water. Gymboree, a children’s clothing retailer, recently filed for bankruptcy under Chapter 11 to restructure and attempt to stay in business. While the retailer is not at death’s door quite yet, Moody’s, a credit rating firm, recently included…

    Bond and Botes- 17 readers -
  • Retailers Facing Tough Times

    … 11 Bankruptcy Not all of these retailers are soon to be only a memory. Some are seeking relief under Chapter 11 of the Bankruptcy Code. This form of bankruptcy is geared towards keeping these retailers in business while allowing them to restructure their debt obligations. Still, the impact on these businesses will be significant. Gymboree may…

    Ed Woods/ Bond and Botes- 10 readers -
  • Retailers Filing Bankruptcy at Record Pace

    … Bloomberg news is reporting that retail stores such as clothing stores, electronic sellers, and department stores are filing for bankruptcy protection at a record place in 2017. The rise in filings is attributed to a drop in traditional walk up retail business due to online retailers. 14 retail chains have stated they will seek bankruptcy…

    Robert Reese/ Bond and Botes- 11 readers -
  • Sears and the Demise of Retail Establishments

    … from CEO Eddie Lampert to survive. It was an attempt to avoid filing a Chapter 11 Bankruptcy and do a do-it-yourself restructuring. Sears for the first time also warned that it could go out of business. They are experiencing declining sales and tired stores and a pension plan that could jeopardize its future. I cannot help but immediately think…

    Bond and Botes- 14 readers -
  • Family Christian Stores Closing All 240 Stores

    … a business that has operated for 85 years and currently employees over 3,000 employees will be closing its doors. In 2015, Family Christian Stores used chapter 11 bankruptcy to wipe away over $127 million in debt with suppliers. Post-bankruptcy, Family Christian continued to pledge all proceeds to charity and had hoped the bankruptcy would be its…

    Mary Pool/ Bond and Botes- 15 readers -
  • Payless Reportedly in Talks to Close 1000 Stores

    … Payless Inc. is reportedly discussing a restructuring plan with its lenders. The restructuring plan would involve closings about 1000 of its stores. Currently, Payless operates more than 4400 stores around the country. Shoe Seller May Be Forced to File Bankruptcy According to sources familiar with Payless’ financial situation, the shoe seller…

    Kathryn Davis/ Bond and Botes- 13 readers -
  • Best Buy, Co. Inc. set to close Florence, Alabama Store

    … in Chinese appliance retailer Jiangsu Five Star Appliance. Best Buy’s U.S. stores grew in total to more than 600. Flash forward several years to the 2010’s. With its U.S. store total topping 1000, profits began to decline as online shopping increased. As with many other retail businesses the online shopping industry began to erode revenues…

    Grant Mcnutt/ Bond and Botes- 17 readers -
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