The much-maligned “Amazon effect” is not only impacting sales of retailers, but also employees as the company is increasingly promoting growth through the addition of robots, while brick-and-mortar stores cut down on employees. A new analysis by Quartz shows that while the Amazon effect is promoting growth in one of the largest companies in the (more…)
Stores Closed and Jobs Cut During Toys “R” Us Bankruptcy The Toys “R” Us bankruptcy is not stopping the company from potentially paying big bonuses to its executives, with a judge ruling that setting aside $16.0 million in performance bonuses for 17 executives was a reasonable decision for the insolvent company. Since Toys “R” Us, Inc. (more…)
Woodbridge Group of Companies and its Subsidiaries File for Chapter 11 Bankruptcy Woodbridge Group of Companies, LLC, a real estate investment firm, has filed for Chapter 11 bankruptcy protection. The company blamed the bankruptcy filing on costs associated with ongoing litigation and regulatory compliance. During the bankruptcy process, Woodbridge will be looking to restructure its (more…)
After reports in October that Walter Investment Management Corp (NYSE:WAC) was working on a plan to help with its debt, the Walter Investment Management bankruptcy has finally landed. The mortgage banking firm has long been struggling with billions of dollars in debt, with the Walter Investment Management Chapter 11 protection seen as one of the few options remaining (more…)
Cumulus Media to Reduce Debt by $1bn, Enters into Agreement with Loan Holders Cumulus Media Inc. (OTCMKTS:CMLS), the second-largest radio operator in the U.S., filed for Chapter 11 bankruptcy, saying it plans to restructure and reduce its debt by more than $1.0 billion. The Atlanta-based radio giant has $2.4 billion in debt and has reached (more…)
It’s been an abysmal year for traditional retailers. In fact, there have been more retail bankruptcies in 2017 than in any other year. In the first half of the year, more than 300 retailers filed for bankruptcy–a 31% increase over the first half of 2016. With only one month left in 2017, U.S. retailers have already (more…)
Shoe Retail Company Trying to Stay Afloat Shiekh Shoes is searching for financing in order to avoid having to file for bankruptcy protection. The struggle that the retail company is facing is simply not having enough cash flow.
Real Industry Inc (NASDAQ:RELY), a holding company with interests in Real Alloy Holding Inc. and its U.S. subsidiaries, filed a petition for voluntary Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of Delaware. The Real Industry bankruptcy represents another business in the U.S. folding under the tough economic climate some companies are experiencing (more…)
Vitamin World, Inc. is adding its name to a growing number of companies initiating massive cuts, with Vitamin World retail stores closing across the country as the company files for Chapter 11 bankruptcy. The vitamin retailer is currently in the process of shuttering over 100 stores as it hopes to acquire enough cash to stay afloat (more…)
Belk, Inc. (OTC:BLKIA) announced it is closing two department stores in 2018, including one in West Virginia and the other in Georgia. The Belk layoffs will result in the loss of 183 full- and part-time jobs.