Payless to Close All U.S. Stores as It Prepares for Another Bankruptcy

Retailer Payless ShoeSource plans to close all of its roughly 2,100 stores in the U.S. and Puerto Rico, in what is likely to be the largest ever retailer liquidation. US Business


Bankruptcy Court Confirms Restructuring Plan for David’s Bridal

David’s Bridal can start to think about a planned exit from bankruptcy court proceedings.
A Delaware bankruptcy court has confirmed the retailer’s restructuring plan, the final hurdle in the company’s plan to exit bankruptcy court. The retailer previously said it expects to complete its tour of bankruptcy duty later this month.
When the retailer exits bankruptcy, it will have reduced its debt by $ 450 million. That was part of the negotiated deal with lenders, most of its senior noteholders and equity holders. The company filed its prepackaged Chapter 11 bankruptcy court petition on Nov. 19.
Scott Key, chief executive officer of the bridal retailer, said, “During the court-supervised process, our more than 300 David’s Bridal stores have remained open and dedicated to delivering a five-star customer experience.”
He also said the process has led to the company exiting bankruptcy as a “stronger company with significantly less debt.”
The company previously arranged for exit financing of between $ 40 million and $ 60 million.
David’s Bridal was able to keep its stores in operation, and most of its stores are four-wall profitable on an EBITDA, or earnings before interest, tax, depreciation and amortization, basis. Its problem was its debt load from a leverage buyout.
The company still has challenges ahead,

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Katie Price avoids bankruptcy by agreeing to pay debts

Katie Price has avoided bankruptcy after agreeing a plan to pay back what she owes.
Entertainment News – Latest Celebrity & Showbiz News | Sky News


Sears Has Filed for Bankruptcy, but Its Mortifying ‘Husky’ Jeans Endure

Despite the fact that few men look fondly on their days in ‘husky’ jeans, this not-so-nice descriptor persists everywhere from Gap to Children’s Place to Levi’s. But, isn’t there a better name than ‘husky’? Lifestyle


Sears Files for Chapter 11 Bankruptcy

Sears filed for bankruptcy protection from creditors, marking the collapse of a company that dominated American retailing for much of the 20th century. US Business


Sears Set to File for Bankruptcy, With Its Survival in Question

As Sears plans to file for chapter 11 protection, the big question is whether a smaller Sears emerges from bankruptcy or whether the filing leads to a liquidation and a final end to the storied chain. US Business


Sears CEO Pushes a Rescue Plan to Avoid Bankruptcy

Edward Lampert, who is also Sears’s chairman, controlling shareholder and biggest creditor, wants creditors to restructure about $ 1.1 billion of debt coming due in 2019 and 2020. US Business


Cambridge Analytica starts bankruptcy proceedings in US

The firm at the centre of the Facebook data row has filed legal papers that will see it wound up.
BBC News – Technology


Weinstein’s company files for bankruptcy

The Weinstein Company has filed for bankruptcy protection in a last-ditch attempt to survive the sexual misconduct scandal which brought down its co-founder.
Entertainment News – Latest Celebrity & Showbiz News | Sky News


Weinstein Company to file for bankruptcy

The Weinstein Company’s board of directors are to file for bankruptcy protection after last-ditch talks to sell its assets collapsed.
Entertainment News – Latest Celebrity & Showbiz News | Sky News


Weinstein Co. Says It Will File for Bankruptcy

Weinstein Co. said it will file for bankruptcy after the troubled studio founded by Harvey Weinstein ended talks to sell the company outside of chapter 11 to a group led by businesswoman Maria Contreras-Sweet and billionaire Ron Burkle. US Business


Moods of Norway Files for Bankruptcy

Moods of Norway, the brightly colored European fashion brand, has filed for bankruptcy.
“It’s incomprehensibly sad that the adventure is now over,” Moods of Norway founder Simen Staalnacke told Norwegian Broadcasting (NRK) after he revealed the bankruptcy filing to employees. “We have really tried to make this work. I feel like words aren’t enough in such an extreme situation.”
The brand, which started in men’s wear but moved into women’s, hasn’t done well in the past few years; earlier this week its lead bank, Sparebanken Sogn og Fjordane, stopped further credit, and Moods of Norway hasn’t been able to raise new capital. Last year Varner, a Norwegian apparel chain, bought 25 percent of the company, but that infusion of cash couldn’t turn things around.
For the past few years, Moods of Norway, which was started in 2002, has been in expansion mode, which ultimately led to its profitability challenges.
In 2012, the company hired George Santacroce, an industry veteran whose prior stints included Bergdorf Goodman and Aquascutum of London, to build up the U.S. business. Shortly after that, it tapped Keanan Duffty as a design consultant. At its height Moods of Norway operated 15 stores worldwide. For now, the stores are still open.
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Toys ‘R’ Us, Once a Category Killer, Files for Bankruptcy

Toys ‘R’ Us, for decades the go-to spot for birthday and holiday gifts, filed for chapter 11 bankruptcy protection, undone by a hefty debt load and the rapid shift to online shopping. US Business


Toys ‘R’ Us Preparing for Potential Bankruptcy Filing Before Holidays

Toys ‘R’ Us could file for bankruptcy as soon as the next few weeks, as nervous suppliers have tightened terms for the retailer ahead of the crucial holiday selling season, according to people familiar with the matter. US Business


Toshiba’s Westinghouse Electric Files for Bankruptcy Protection

Westinghouse, a major player in global nuclear construction, filed for bankruptcy protection, raising questions about the fate of four half-finished reactors in the U.S. US Business


50 Cent’s ‘pound of flesh’ bankruptcy battle

50 Cent is trying to “hide behind a wall of professionals” in an attempt to evade his recent $ 7 million court loss, according to Lavonia Leviston’s lawyer. RSS feed
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Aereo Cleared To Auction TV Streaming Technology In Bankruptcy Deal

(Reuters) – A bankruptcy court has allowed defunct video streaming company Aereo Inc to auction its TV streaming technology assets, according to court papers published on Friday.

The U.S. Bankruptcy Court in Manhattan ruled on Wednesday that Aereo could sell its assets, after the company reached an agreement with broadcasters over the sale process.

These broadcasters include CBS Corp, Comcast Corp’s NBC, Walt Disney Co’s ABC and Twenty-First Century Fox Inc’s Fox.

Under the agreement, Aereo will allow the broadcasters to attend the auction of the assets and provide them a weekly update on the status of the sale process.

Aereo filed for bankruptcy in November, five months after the U.S. Supreme Court said it violated broadcasters’ copyrights by capturing live and recorded programs on miniature antennas and transmitting them to subscribers for $ 8-$ 12 a month.

That decision effectively closed down New York-based Aereo, whose business model was to offer a less-expensive alternative to cable television.

The case is In re: Aereo Inc, U.S. Bankruptcy Court, Southern District of New York, No. 14-13200.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Kirti Pandey)

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