Bankruptcies

Charleston Gazette-Mail Files for Bankruptcy: Sell-Off to Ogden Newspapers Could Result in Layoffs

Charleston Gazette-Mail Bankruptcy

Charleston Newspapers, owners of the Charleston Gazette-Mail, filed for Chapter 11 bankruptcy. The company also filed a Worker Adjustment and Retraining Notification (WARN) with the City of Charleston, saying that it was selling the newspaper and that as a result of the sale, 206 employees would be terminated. Charleston Newspapers currently employs 209. It is expected that Charleston (more…)

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…)