bankruptcy

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Sears Changed How America Shopped
Not Everyone Sorry
to See Sears Go
the rundown
Oct 15, 2018 2:24 PM CDT

Not Everyone Sorry to See Sears Go

Companies that run malls can finally renovate money-losing sites, raise rents

(Newser) - Sears filed for bankruptcy Monday morning, marking what might be the beginning of the end of one of the most remarkable business stories in American history. As the AP explains, the big question is whether the chain will go away for good or emerge as a smaller version of itself....

'Sad Day for American Retail': Sears Declares Bankruptcy

Company hopes to keep some stores open

(Newser) - A $134 million debt payment due Monday was the final straw for the business Richard Warren Sears started in 1886. Sears, an American institution for many years, filed for Chapter 11 bankruptcy protection early Monday, CNN reports. The company, which also owns Kmart, says it plans to remain in business...

Toys 'R' Us: We're Not Dying After All

Hedge funds plan to revive brand

(Newser) - They may not be ready to declare "We 'R' Solvent," but Toys 'R' US appears to be back from the brink of oblivion. The company's top creditors have decided to cancel the bankruptcy auction of its famous name and other intellectual property and will attempt...

Mystery Shopper Buys Out Toys R Us Store

The buyer reportedly plans to donate the toys

(Newser) - Santa Claus came early to the Toys R Us store in Raleigh, NC, on Friday, even as 800 Toys R Us stores across the country prepared to close their doors for good. According to CBS , an anonymous good Samaritan paid $1 million to purchase all the toys that remained in...

Tennis Great Takes Odd Defense in Bankruptcy Case

Boris Becker says his diplomatic post with Central African Republic means he's immune

(Newser) - Three-time Wimbledon champion Boris Becker is claiming that a diplomatic role with the Central African Republic means he's exempt from bankruptcy proceedings in the UK. The 50-year-old declared bankruptcy in June 2017 over debts to private bank Arbuthnot Latham, reports the AP and BBC . He was named Central African...

Warhol Created a Mag to Get Press Passes. Now It's Folding

Andy Warhol's 'Interview' files for Chapter 7 after nearly 50 years on newsstands

(Newser) - For nearly half a century, a publication started by Andy Warhol has been publishing Q&As with such celebrities as John Lennon , Leonardo DiCaprio , and even Warhol himself. Now, in what CNNMoney calls a "painfully familiar" story for those in media, staffers at Interview have taken to Twitter to...

Once Worth Billions, 'Catwoman' Is Bankrupt

'I often turn to friends and family in order to pay my ongoing expenses'

(Newser) - Jocelyn Wildenstein—better known as "Catwoman," the "Lion Woman of New York," and the "Bride of Wildenstein" for her surgically created cat-like countenance—has filed for bankruptcy. At one time Wildenstein spent at least $1 million a month on a lifestyle that included Gulfstream jets,...

202-Year-Old Gunmaker Just Filed for Bankruptcy

Remington will continue to make weapons as it seeks protection

(Newser) - One of the most familiar names in American guns has filed for bankruptcy. Remington Outdoor sought the protection Sunday amid declining sales and high-profile legal trouble related to the Sandy Hook shooting, reports the Wall Street Journal . One other notable part of the financial trouble: The company would likely be...

Weinstein Co. Bankruptcy Lifts Secrecy Agreements

NY investigates handling of 2015 allegations

(Newser) - The Weinstein Company has filed for bankruptcy—a move that could bring yet more sexual misconduct allegations against co-founder Harvey Weinstein to the surface. The movie and TV studio says that as part of the filing, all employees will be released from nondisclosure agreements. "Today, the Company also takes...

Bankruptcies Due to Unpaid Tickets Skyrocket in One US City

And it's disproportionately affecting black drivers

(Newser) - About 7% of Chicago's 2016 operating budget—nearly $264 million—came from traffic and parking tickets. To get that funding, the city is forcing thousands of poor, disproportionately black drivers into bankruptcy, ProPublica Illinois found in a deep dive into a decade's worth of tickets. About 1,000...

Bankruptcy Makes Debt Worse for Many Black Americans

System popularized in 'bankruptcy capital of US' is spreading

(Newser) - Quick, name a type of bankruptcy. Odds are you went with Chapter 7—the most common type of bankruptcy filing in most of the US. But in the South, more debtors choose Chapter 13—in Memphis, the "bankruptcy capital of the US," 75% of debtors choose Chapter 13—...

'Dawning of a New Era' With Toys R Us Bankruptcy

'Finally, the straw broke the camel's back'

(Newser) - More trouble in the world of big-box stores: Toys R Us, hobbled by a huge debt load and struggling to compete with online retailers, has filed for Chapter 11 bankruptcy protection. Dave Brandon, chief executive of the world's biggest toy store chain, describes the move as the "dawning...

'No Other Way': Airbag Maker Takata on Bankruptcy Filing

Japanese company was brought down by recall costs, lawsuits

(Newser) - Shattered by recall costs and lawsuits, Japanese airbag maker Takata Corp. filed Monday for bankruptcy protection in Tokyo and the US, saying it was the only option to keep supplying replacements for faulty airbag inflators linked to the deaths of at least 16 people. The company's bankruptcy filings cleared...

Takata Bankruptcy Will Mean Less Money for Airbag Victims

Filing expected by the end of this month

(Newser) - An expected bankruptcy filing by Japanese airbag maker Takata will leave little money for dozens of people who sued the company over deaths and injuries caused by its exploding airbag inflators, according to outside legal experts and lawyers suing the company. Takata Corp. and its US operations are likely to...

Puerto Rico's Unprecedented Move to Ease $123B Debt

Step toward bankruptcy would dwarf Detroit's restructuring

(Newser) - Puerto Rico has taken a big step toward a bankruptcy that would be unprecedented in two ways: It would be the first by an American state or territory, and it would be by far the biggest of its kind, dwarfing Detroit's $18 billion restructuring in 2013. Puerto Rico's...

Payless to Close 400 Stores After Bankruptcy Filing

The shoe chain filed for bankruptcy protection

(Newser) - Payless ShoeSource has filed for Chapter 11 bankruptcy protection, becoming the latest retailer to succumb to increasing competition from online rivals like Amazon, the AP reports. The Kansas-based retailer said Tuesday that it will be immediately closing nearly 400 stores as part of the reorganization. It has over 4,400...

Toshiba Throws In Nuclear Towel: Chapter 11 for Westinghouse

Challenges proved too great—and may be nuclear industry harbinger

(Newser) - More fallout from Toshiba's reported "nuclear" loss last month, this time in the form of a bankruptcy filing. In what the AP says was a "largely expected" move, Toshiba noted in a statement Wednesday that its Westinghouse nuclear unit has submitted a Chapter 11 petition to the...

How This 'Fastest-Growing Company' Lost Everything

Inc. goes inside the 'cautionary tale' of Fuhu

(Newser) - Nearly a year after the once extremely promising and successful tablet company Fuhu went broke, Inc. sat down with CEO Jim Mitchell and President Robb Fujioka—the "headstrong" mastermind—to sort out what went wrong where. The great unraveling of a company that was No. 1 on the Inc....

Sports Authority Execs Sought Nearly $3M in 'Bankruptcy Bonuses'

Not so fast, says judge

(Newser) - A bankruptcy judge is "not surprised" some of the 14,000 or so employees who lost their jobs when Sports Authority shut down are "sending angry emails" after four top executives sought nearly $3 million in bonuses, the Wall Street Journal reports. Judge Mary Walrath says it would...

Gawker Founder Files for Bankruptcy

Nick Denton owes Hulk Hogan $125M

(Newser) - Gawker founder Nick Denton filed for personal bankruptcy Monday amid the website's battle with Hulk Hogan. Denton listed $10 million to $50 million in assets and $100 million to $500 million in debts, the New York Post reports; Denton owes Hogan $125 million after a jury sided with the...

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