The Container Store said late Sunday that it is filing for Chapter 11 bankruptcy protection after years of losses and declining sales. The retailer, known for selling storage and organizational products, said its stores and online operations will remain open while it goes through the bankruptcy ...
The Container Store said late Sunday that it is filing for Chapter 11 bankruptcy protection after years of losses and declining sales. The retailer, known for selling storage and organizational products, said its stores and online operations will remain open while it goes through the bankruptcy ...
Shoe retailer Payless filed for bankruptcy in April 2017, almost two years before the business finally ceased operations. The company shut down about 700 stores and repaid about $435 million in debt under court supervision. Four months later, the court allowed it to emerge from bankruptcy. It c...
If it’s the former, the seventh chapter of the U.S. bankruptcy code lays out the groundwork for an outright liquidation of all the company’s assets, as well as equitable distribution of whatever funds can be raised. If it’s the latter, the company follows the rules according to the ...
NEW YORK, United States— When Modell's Sporting Goods filed for Chapter 11 Bankruptcy in March, it was supposed to be a standard liquidation: the New York-based retailer would conduct going-out-of-business sales at its 134 locations and then close the stores. The proceeds would go to cred...
When a retailer files for bankruptcy -- either Chapter 11 for reorganization or Chapter 7 for liquidation -- its gift cards may or may not prove worthless. First of all, it's not a given that the card will become unredeemable when the merchant files for Chapter 11. "It's up to the ...
Despite the favorable growth rates, 2020 was pretty harsh for most retailers as they continue to struggle to adjust to the new reality. In last year alone,30 major US retailers filed for bankruptcy, closing more than 9500 stores. In the UK, 54 big retailers followed the same path, closing...
For now, Sears still hopes to emerge from bankruptcy, so it’s too soon to write the obituary for what was once the country’s largest retailer. Its famous catalogs were the Amazon of their time, while Kmart’s famous blue light specials were “flash sales” before we were even calling ...
The law automatically provides theimplied warranty. These are a part of all retail sales of new and used consumer goods. The retailer of an item implies that the item will work properly and be of average grade and quality as long as it's used for the purpose for which it was sold.1A ...
Once the leading bridal retailer in North America, David’s Bridal was officially shopping for a buyer in February and it filed for bankruptcy in April. The company revealed plans to lay off the bulk of its then-9,236 employees at that time. But the 11th-hour deal with Cion enabled Da...