Bankruptcies

Penthouse Global Media Files for Bankruptcy for Third Time

Penthouse Global Media

The third time’s the charm. Penthouse Global Media, Inc. has filed for Chapter 11 bankruptcy protection for the third time. The company previously filed for restructuring in 2003 and 2013. The 2018 filing said little about the company’s debt, but listed estimated liabilities of between $10.0 million and $50.0 million. Interestingly, its two top creditors (more…)

Hobbico Bankruptcy: Declining Sales Led to Filing of Chapter 11, Over 300 Job Cuts Could Follow at Champaign, IL

Hobbico Bankruptcy

Hobby products manufacturer Hobbico, Inc. has gone through the process of filing for Chapter 11 bankruptcy protection. Located in Champaign, Illinois, layoffs could follow as a result of Hobbico’s Chapter 11 protection, leaving 332 employees. Hobbico’s bankruptcy can be attributed to several factors, including heavy debt and, perhaps most importantly, Hobbico’s sales decline over 2017. The (more…)

Wild Sports Store Closing in Orangevale, CA: Amazon’s first Sporting Goods Retailer Victim in 2018

Wild Sports Store Closing

After about 40 years in business, the Wild Sports store in Orangevale, California is closing—Amazon.com, Inc.’s (NASDAQ:AMZN) first sporting goods retailer victim of 2018. If 2017 was any indicator, the retail apocalypse will continue to claim both established and newer retailers in 2018. Following decades of serving the Greater Sacramento Area, the family-owned hunting and fishing (more…)

Sears Holdings at Risk of Bankruptcy in 2018 as Revenue Plunged by 27.2% & Debt Load Spiked to $4B

Sears Holdings

Sears Holdings’ Debt Is Cause for Concern Sears Holdings (NASDAQ:SHLD) is on the watchlist for retail bankruptcies in 2018, as analysts and financial reports point to a company struggling to stay afloat. Sears Holdings’ quarterly revenue declines continue apace, with each successive filing revealing that the company has yet to find a long-term, sustainable solution (more…)

Polara Golf Bankruptcy Ends One of Golf’s Biggest Controversies

Polara Golf Bankruptcy

Parent Company Files for Bankruptcy Protection The Polara Golf bankruptcy will shutter one of the most controversial golf ball producers in the industry. The bankruptcy comes as its parent company, Aero-X Golf Inc., files for Chapter 11 protection, listing less than $1.0 million in assets and nearly $3.0 million in liabilities. Polara’s claim to fame revolves (more…)

SpeedVegas Driving Attraction Files for Chapter 11 Bankruptcy

SpeedVegas will be operating its business as it has in the past, except it will be doing so while under Chapter 11 bankruptcy protection. The filing for Chapter 11 will give SpeedVegas the ability to negotiate its financing in order to become a stronger company, financially. This decision was not made in-house. Rather, lenders to (more…)

Cobalt International Energy Files for Chapter 11 Bankruptcy

Cobalt International Energy Bankruptcy

Cobalt International Energy, Inc. (NYSE:CIE) has filed for Chapter 11 bankruptcy. The oil and gas company, which is financially struggling upstream,  said it will sell off the company for parts. Houston, Texas-based Cobalt says it has enough money to fund operations during the restructuring process and will conduct its business as usual. The bankruptcy petition for (more…)

Charming Charlie Bankruptcy: Jewelry Retailer Sought Chapter 11 Protection Due to Declining Foot Traffic in Malls

Charming Charlie Bankruptcy

Charming Charlie LLC, a Houston-based jewelry retailer, has filed for Chapter 11 bankruptcy protection as the company succumbs to the challenges faced by the retail industry, namely a decline in mall foot traffic and the ever-increasing prominence of online shopping. The Charming Charlie bankruptcy will result in some major changes for the company; nearly 100 (more…)