America Is Going Through A Bankruptcy Boom, With June Seeing 75 New Monthly Filings
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The Average Joe ^
| 07/09/2024 | Rhea Lobo
Bankruptcy courts are working overtime this year, with corporate America seeing the highest monthly bankruptcy count since 2020. According
to S&P Global Market Intelligence, the US recorded 75 new bankruptcies filed by mid-size and large corporations in June. Given ongoing economic pressures, this trend could continue.So far, in 2024, there have been 346 bankruptcy filings, including 17 cases with liabilities exceeding ~$1B — outstripping any comparable figure from the last 13 years.The consumer discretionary sector accounted for 55 of these filings — while the healthcare and industrial sectors each had 40.‘Til debt do us part: S&P Global blames high interest...
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In Calling For Biden To Cancel His Campaign, Democrats And Co. Show Their Moral Bankruptcy
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The Federalist ^
| July 11, 2024 | Margot Cleveland
In Calling For Biden To Cancel His Campaign, Democrats And Co. Show Their Moral BankruptcyIt is not Trump who represents a threat to our country but those who seek to supplant the choice of the people and the Constitution.Since Joe Biden’s disastrous debate two weeks ago, the country has witnessed a crazed
spectacle as the Biden administration, the left, and the press scrambled to control the narrative. For the first time in at least a decade, however, there was no agreed-upon solution to the problem of Biden. There was nonetheless one unified message: Donald Trump is an existential threat to...
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NY Judge Likely to Dismiss Giuliani’s Bankruptcy, Opening Door For Georgia Election Workers (Ruby Freeman and Shayne Moss) to Collect Judgment
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The Gateway Pundit ^
| July 10, 2024 | Cristina Laila
A bankruptcy judge will likely dismiss Rudy Giuliani’s bankruptcy which will open up the door for the two Georgia election workers to collect the $148 million defamation verdict they won after Rudy got railroaded by Obama judge Beryl Howell and was unable to present any evidence at trial. The
judge, Sean Lane, will issue a ruling on Rudy’s bankruptcy on Friday. “Dismissal would remove the shield surrounding Giuliani’s assets and allow the election workers — Ruby Freeman and Shaye Moss — and other creditors to pursue his money in the courts.” ABC News reported.
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Redbox Stops Working & Locks Customers Out of Their Movies As The Company Goes Into Bankruptcy
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Cord Cutters News ^
| July 6, 2024 | Luke Bouma
If you use Redbox’s streaming service, you may have noticed you can’t stream the movies you bought or even the free collection of movies they offer. Earlier
today, Redbox’s website stopped working. Now it just displaying an error message where you would typically find the free movies and movies or TV shows for sale. For now, the issue is limited to Redbox, as Crackle, also owned by the same company, is still working. The exact cause of the issue is unknown and Cord Cutters News has reached out to Redbox for comment. If we hear back we will update our...
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Bob's Stores to shut ALL stores - week after filing for bankruptcy
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Daily Mail UK ^
| July 2, 2024 | Daniel Jones
Bob's Stores, which sells athletic and casual clothing across six states, is shutting all its stores. It
began 'Going Out Of Business' sales on Friday, with customers able to pick up goods with 30 to 70 percent off at the 21 stores. The website no longer works. Shoppers will find reduced prices on leading national brands like Nike across the stores. Select shop fixtures, furniture, and equipment like TVs and registers will also be on sale. But then the 40-year-old chain - which operated in Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island - will be gone...
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Antonio Pierce's Wife Files for Bankruptcy Stemming From Raiders HC's Previous Car Dealership Involvements
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CBS Sports ^
| 6/26 | Bryan DeArdo
Pierce is subject to judgments amounting to more than $28 million, according to court documentsJocelyn Pierce, the wife of Las Vegas Raiders head coach Antonio Pierce, filed for bankruptcy earlier this month, according to The Athletic. And the filing stems from the coach's previous involvement with car dealerships, with Pierce subject to
judgments amounting to more than $28 million. Pierce's wife initially filed in the U.S. Bankruptcy Court for the District of Arizona on June 12, per Tashan Reed, and court documents indicate that two different lenders -- Nissan Motor Acceptance Corporation and Hyundai Capital America -- "recently attempted to...
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Alex Jones’ Infowars to be shut down, assets liquidated: bankruptcy trustee
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NY Post ^
| 06/24/2024 | Associated Press
A US bankruptcy court trustee is planning to shut down conspiracy theorist Alex Jones’ Infowars media platform and liquidate its assets to help pay the $1.5 billion in lawsuit judgments Jones owes for repeatedly calling the 2012 Sandy Hook Elementary School shooting a hoax. In
an “emergency” motion filed Sunday in Houston, trustee Christopher Murray indicated publicly for the first time that he intends to “conduct an orderly wind-down” of the operations of Infowars’ parent company and “liquidate its inventory.” Murray, who was appointed by a federal judge to oversee the assets in Jones’ personal bankruptcy case, did not give...
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Judge turns Houston bankruptcy court into profitable venture for girlfriend
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Business Standard ^
| June 20, 2024 | Nandini Singh
An explosive, anonymous letter has shaken the legal departments in the US, alleging a conflict of interest at the heart of Houston’s bankruptcy court. The
letter, which surfaced in March 2021, accuses US Bankruptcy Judge David R Jones of maintaining a romantic relationship with Elizabeth Freeman, a prominent attorney at Jackson Walker and co-counsel for Kirkland & Ellis in billion-dollar cases overseen by Jones, reported The Wall Street Journal (WSJ). According to WSJ, the allegations suggest that Freeman’s involvement in cases before Jones was influenced by their personal relationship, potentially compromising the impartiality of court rulings affecting numerous stakeholders. Known...
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EV Startup Fisker Files For Bankruptcy
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TechCrunch ^
| 6/18/2024 | Kirsten Korosec, Sean O'Kane
Fisker Group Inc., the EV startup founded by famed designer Henrik Fisker, filed for Chapter 11 bankruptcy protection — a capstone to months of problems with its Ocean SUV that included recalls and dozens of lemon law lawsuits. The
California-based company, which filed for bankruptcy in Delaware District Court, had been seeking a deal with another automaker in a last-ditch effort to rescue the enterprise. The company estimated assets of $500 to $1 billion and liabilities of between $100 million and $500 million, according to the filing. Fisker reported between 200 and 999 creditors, including SAP, Adobe, Salesforce and Ansys,...
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BREAKING: Judge Dismisses Infowars Bankruptcy – Alex Jones Releases Statement After Victory (VIDEO)
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Gateway Pundit ^
| June 15, 2024 | Cristina Laila
As reported earlier, a federal judge on Friday ordered the liquidation of Alex Jones’ personal assets. Judge
Christopher Lopez approved Alex Jones’ request to convert a Chapter 11 business reorganization bankruptcy to a Chapter 7 personal bankruptcy. However, the judge on Friday afternoon dismissed the bankruptcy reorganization of Infowars and its parent company Free Speech Systems. According to the AP, Alex Jones smiled after the judge tossed out his company bankruptcy. Jones is able to keep his company, his studio and all social media accounts
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Ex-NFL star Antonio Brown files for bankruptcy, allegedly owes nearly $3 million to creditors, per report
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CBS Sports ^
| May 22, 2024 | Isabel Gonzalez
Brown claims his assets are worth just $50,000 or less, according to court documents Former NFL star wide receiver Antonio Brown has filed for bankruptcy. According
to the Times Union, Brown owes nearly $3 million to eight different creditors as stated by paperwork filed on May 15 in the U.S. Bankruptcy Court of the Southern District of Florida. He reportedly filed for Chapter 11 bankruptcy, which involves the court-supervised reorganization of a debtor's assets and liabilities. That amount includes a $1.2 million court judgment to Anton Tumanov -- a moving-truck driver who sued Brown for assault and battery during an...
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Red Lobster Files For Bankruptcy After Abruptly Closing Dozens Of Restaurants
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Daily Voice ^
| 05/20/2024
Red Lobster has filed for bankruptcy just days after closing dozens of its restaurants.In its bankruptcy petition filed on Sunday, May 19, the company listed assets of $1 billion and liabilities of $10 billion. The
filing stated that the company "intends to use the proceedings to drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern." The company said restaurants not listed as "temporarily closed" on its website will remain "open and operating as usual during the Chapter 11 process." Founded in 1968, Red Lobster...
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Red Lobster officially files for bankruptcy after being rinsed of cash by all you can eat shrimp deals
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UK Daily Mail ^
| May 20 2024 | ISABELLE STANLEY and ALICE WRIGHT FOR DAILYMAIL.COM and AP
Red Lobster has filed for Chapter 11 bankruptcy protection days after shuttering nearly 100 restaurants across America. The seafood chain, which has closed restaurants in 27 states, has been struggling with rising lease and labor costs in recent years and also promotions like its iconic all-you-can-eat shrimp deal that backfired. Demand
for one such recent promotion overwhelmed restaurants, reportedly contributing to hundreds of millions in losses.
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Red Lobster could file for bankruptcy this month following the closure of 50+ stores: WSJ
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business insider via msn ^
| 5/14/24 | (Hannah Getahun)
Restaurant chain Red Lobster could file for bankruptcy protection as early as next week, The Wall Street Journal reported on Tuesday. People familiar with the matter told the Journal that the company, overwhelmed with hundreds of millions in debt, plans to file a Chapter 11 bankruptcy petition in Orlando before Memorial Day.
Bloomberg previously reported in April that the restaurant company was considering filing for Chapter 11 bankruptcy protection.
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This Lawyer Sues Terrorists into Bankruptcy
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PragerU ^
| May 7, 2024 | Marissa Streit
Nitsana Darshan-Leitner is an international attorney and the founder of Shurat HaDin – Israeli Law Center. She has been leading the legal fight against terrorist organizations and state sponsors of terror in courts around the world. Nitsana
and PragerU CEO Marissa Streit discuss the unconventional strategy of bankrupting terrorism through the courts.
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Steward Health Care, operator of 8 Massachusetts hospitals, files Chapter 11 bankruptcy
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WCVB-TV5 ^
| May 6, 2024 | Phil Tenser & Matt Reed
Gov. Healey emphasizes that hospitals remain open during process BROOKLINE, Mass. — Steward Health Care, the troubled operator of eight hospitals in Massachusetts, filed for Chapter 11 bankruptcy protection early Monday. In a statement, the company said it was seeking the process voluntarily to facilitate a restructuring process. The
for-profit, private equity-backed hospital group's troubles exploded into view this year with the revelation that it owed about $50 million in unpaid rent. Steward officials subsequently closed one facility and have expressed interest in selling their other holdings. "I don't want to lose sight of the fact that this situation stems...
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Rue21 closing all stores in retailer's third bankruptcy
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Axios ^
| May 3, 2024 | Kelly Tyko , Nathan Bomey
Teen fashion retailer rue21 plans to close all of its 540 stores after filing for Chapter 11 bankruptcy for the third time Thursday. Why it matters: The move is the latest in a series of retailers closing all their locations, including The Body Shop and 99 Cents Only. Driving the news: In
court documents, rue21 said stores are "scheduled to close in the next 4 to 6 weeks." The company is also looking to sell its intellectual property. Flashback: The brand filed for Chapter 11 in 2017 and closed around 400 of its nearly 1,200 stores. It also filed for...
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Apparel retailer Express files for US bankruptcy protection, to close over 100 stores
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Reuters ^
| April 22, 2024
Fashion retailer Express filed for Chapter 11 bankruptcy in the United States and intends to close more than 100 stores, it said on Monday. The retailer whose portfolio includes brands such as Express, Bonobos and UpWest Express, listed assets and liabilities in the range of $1 billion to $10 billion, according to
a filing with the bankruptcy court in Delaware. ... As part of the bankruptcy process, the company will close approximately 95 Express retail stores and all of its UpWest stores, starting Tuesday, it said, without specifying the locations.
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Taco Bell rival files Chapter 11 bankruptcy; sells company
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TheStreet ^
| Apr 19, 2024 | Kirk O’Neil
Competition in the Tex-Mex and Mexican segments of the restaurant space has been fierce in recent years, led by fast-food chains Yum Brands' Taco Bell (YUM) and Chipotle (CMG) . Taco
Bell is king with about 7,936 locations in the U.S., according to data company ScrapeHero. Chipotle has a good size of the market with 3,398 units. Other major players include Qdoba with over 750 locations and Del Taco (TACO) with over 600. Certain Mexican casual restaurant chains have had financial difficulties trying to compete and needed to file for bankruptcy. Chevy's Fresh Mex, which had as many as 37...
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Report: Red Lobster preparing to file for bankruptcy
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local12.com ^
| Apr 17th 2024 | WKRC Staff
ORLANDO, Fla. (WKRC) — Seafood chain Red Lobster is reportedly preparing to file for bankruptcy. According
to Restaurant Business Online, citing a report from Bloomberg, the company is considering filing for Chapter 11 bankruptcy protection to restructure its debt. The outlet attributed those losses to less Americans choosing to eat out at restaurants and an increase in food and labor costs. Red Lobster closed 16 locations, per the outlet. Last summer, Red Lobster launched a $20 all-you-can-eat shrimp deal which, although popular with customers, ended up costing the company over $11 million in one quarter. Per the outlet, citing the...
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