Famous American department store chain Sears Holdings Corp has landed in hot water, as its Canadian spin-off, Sears Canada Inc, files for bankruptcy protection.
Bankruptcy Frequency Increases as New Industries Suffer Commercial and consumer bankruptcies are up all across the U.S. as industries like retail are taking the brunt of the bankruptcy hit. Total U.S. business bankruptcies in May grew by 4.7% compared to May 2016. With 3,572 filings, according to the American Bankruptcy Institute, that represents a 40% (more…)
Sunset Partners Inc., the parent company of popular Boston University eateries Sunset Cantina and Sunset Grill & Tap, filed for bankruptcy. The restaurants will continue to pour beer and sling food for hungry university students while the company reorganizes its debt.
Illinois Is Facing a Severe Financial Crisis The Midwestern state of Illinois has been operating without a budget for over two years, and it is now on the verge of bankruptcy. State-issued bonds are at risk of facing a drop in their credit rating to junk-bond level. Government agencies now fear that their state-funded programs (more…)
Papaya Clothing Files for Bankruptcy American retailer Papaya Clothing, which sells apparel, shoes, and accessories for teens and young women, has filed for Chapter 11 bankruptcy protection as the company faces a liquidity crisis. The company has a workforce of roughly 1,300 employees, many of whom will face layoffs as stores close.
GenOn Energy Files for Chapter 11 Bankruptcy GenOn Energy Inc, an energy company with thousands of megawatts of generation capacity in the U.S., has filed for Chapter 11 bankruptcy protection, amid piling debt. The Texas-based energy company is a subsidiary of energy conglomerate NRG Energy Inc, and was acquired by the latter in 2012.
The Duo Plan to Open Thousands of Stores and Take Over the U.S. Market Already-ailing retailers must now ward off another attack, this one coming from Europe as two massive chain stores look to enter the U.S. market and put other companies at risk. Both Aldi and Lidl are planning on massive expansions into the (more…)
Gymboree Files for Chapter 11 Bankruptcy A giant U.S. retailer of children’s apparel, The Gymboree Corporation, has filed for Chapter 11 protection at a bankruptcy court in Virginia. The company has been forced to take the drastic action as its debt runs out of control. The company aims to reduce its debt by $900.0 million (more…)
Oil and Gas Company Files for Bankruptcy Protection Oil and gas exploration company Rooster Energy Ltd has filed for Chapter 11 bankruptcy protection after failing to fight off a major creditor. Rooster Energy’s bankruptcy filing cites its liquidity crisis to be the reason behind its failure.
Parent Company of Joe’s Crab Shack Files for Bankruptcy Ignite Restaurant Group Inc, which owns the restaurant chains “Joe’s Crab Shack” and “Brick House Tavern + Tap,” is filing for bankruptcy protection, as dwindling sales continue to threaten its survival.