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The first nine months of 2023 have seen big-name retailers including David’s Bridal, Bed Bath & Beyond and Party City file for bankruptcy. And more could be on the way. An illustration of people walking by closing sale signs. Already in 2023, David’s Bridal, Party City and Bed Bath & Beyond filed for bankruptcy. Yujin Kim/Retail DiveMoody’s Investors Service in July said defaults in retail and apparel would continue to rise, jumping from 6% to 8.6% in the following 12 months as weakening consumer spending and high product, labor and freight costs weigh on businesses. And in a Sept. 20...

An 85-year-old Indiana-based trucking and logistics company and its affiliates recently filed for Chapter 11 bankruptcy protection less than nine months after it was acquired by private-equity firm Transport Acquisitions. Founded in 1938, Otwell, Indiana-based Elmer Buchta Trucking, which offers bulk, dry van and pneumatic trucking services, has 100 drivers and more than 230 power units, according to the Federal Motor Carrier Safety Administration’s SAFER website. No reason was given as to why the entities were forced to file for bankruptcy protection. Transport Acquisitions purchased the trucking company and its affiliates in January from the Wright Family Investment Group, which...

It's no secret that U.S. drugstore landscape has been consolidating at a jarring pace now that the pandemic has passed. Rite Aid (RAD) - has been reportedly toying with the possibility of filing Chapter 11 bankruptcy and liquidating many of its stores. It currently has some $3.3 billion in debt. The proposed deal would permanently shutter 400 to 500 of the chain's current 2,100 stores and hand them over to creditors or other interested buyers. With the the pandemic now firmly behind us and brick-and-mortar retail at a crawling recovery pace compared with more robust corners of the market, drugstores...

Bankruptcy filings have recently reached levels on par with the 2008 Great Recession and the 2020 COVID-19 pandemic. apolloacademy.com/bankruptcies-rising/ His source appears to be this and it only refers to companies with over $50 million in liabilities. So the y-axis is the number of companies filing for bankruptcy, so a peak of an average of about 8.5 a month. Credit card losses are rising at the fastest pace since the Great Financial Crisis

Pharmacy giant Rite Aid is negotiating terms of a bankruptcy plan that could see a significant number of its more than 2,100 drugstores permanently close, according to a report. People familiar with the company's talks with creditors told the Wall Street Journal that Rite Aid has proposed to close as many as 500 stores in bankruptcy, and either sell or let creditors take over its remaining operations. One group of bondholders wants to liquidate a larger number of stores, and there is an ongoing discussion on the number of stores to be closed, the Journal reported. Given the conversations remain...

A car dealership has closed its doors for good, citing unprecedented changes in the used car sales industry as the motivating factor behind the decision. Off Lease Only, the Florida-based dealership chain, has filed for bankruptcy and fired all its employees.A message on the company's website explains that management is winding down operations and thanked customers for their years of patronage. Many former employees told local Fox affiliate WOFL that they received notice of their termination directly after a large company meeting on Wednesday. The company boasted five locations across Florida, with over 500 vehicles available. Some frustrated customers were...

It’s the second largest city in England and it just effectively declared bankruptcy. There are multiple problems that have contributed to this situation but one near the top of the list is a settlement over equal pay.Birmingham City Council, which provides services for more than one million people, filed a Section 114 notice on Tuesday, halting all spending except on essential services.The deficit arose due to difficulties paying between £650 million (around $816 million) and £760 million (around $954 million) in equal pay claims, the notice report says.What will this actually mean for residents? No one is quite sure yet...

Pharmacy giant Rite Aid, which is facing an onslaught of lawsuits over its alleged role in the opioid epidemic, is planning to file for bankruptcy protection, according to a report. The company's multibillion-dollar debt load and pending legal allegations that it oversupplied prescription painkillers, will be covered under the Chapter 11 filing, The Wall Street Journal reported Friday, citing people familiar with the matter. A Rite Aid spokesperson told FOX Business that the company does "not comment on rumors and speculation." The law firm reportedly handling the restructuring, Kirkland & Ellis LLP, did not immediately respond to FOX Business' request...

Rite Aid Corp (RAD.N) is preparing to file for bankruptcy in coming weeks to address lawsuits the company is facing over its alleged role in the sale of opioids, the Wall Street Journal reported on Friday, citing people familiar with the plan. Shares of the pharmacy retail chain operator fell 35% to 94 cents in afternoon trade. The Chapter 11 filing would cover Rite Aid’s more than $3.3 billion debt load and pending legal allegations that it oversupplied prescription painkillers, the newspaper reported. Rite Aid did not immediately respond to a Reuters request for comment. Regionally focused Rite Aid operates...

Dick’s Sporting Goods reported a profit drop and cut its earnings outlook for the year after seeing an uptick in retail theft and slow sales in its outdoor category. It’s the first reference the athletic goods retailer has made to shrink in a press release in nearly 20 years. In a rare miss, Dick’s also fell short of Wall Street’s estimates on both the top and bottom lines.

Chinese real estate behemoth Evergrande on Thursday filed for Chapter 15 bankruptcy protection in a Manhattan court. In its filing, Evergrande said it was seeking recognition of restructuring talks currently underway in Hong Kong, the Cayman Islands and the British Virgin Islands. Chapter 15 shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.

President Biden frequently extolled an electric vehicle company — in which his energy secretary heavily invested — before it declared bankruptcy on Monday. Bay Area-based electric bus and battery maker Proterra filed for Chapter 11, with CEO Gareth Joyce citing “various market and macroeconomic headwinds that have impacted our ability to efficiently scale.” The EV firm, which sold more than 1,300 electric buses to public transit systems in the US and Canada, was valued at $1.6 billion when Biden, 80, took office in January 2021 — but closed with a market value of $362 million, according to Reuters.

Proterra, the electric bus company at the center of an apparent conflict of interest involving Energy Secretary Jennifer Granholm, has filed for bankruptcy, Reuters reported Monday evening. Granholm drew immense scrutiny when it was revealed that she maintained her financial positions in the firm, for which she used to sit on the board of directors, after she assumed her post as the leader of the Department of Energy (DOE) and began to direct policies which could have favored her own financial interests. Granholm eventually closed her position in the firm late in May 2021, and netted capital gains amounting to...

The Archdiocese of San Francisco will "very likely" file for bankruptcy in order to deal with a wave of lawsuits alleging child sexual abuse by its priests and other employees and volunteers going back decades, the archbishop said. In an open letter Friday, Archbishop Salvatore J. Cordileone said the option was the result of "much contemplation and prayer" and arose from discussions with lawyers and financial advisors. More than 500 civil lawsuits alleging abuse were filed against the Catholic archdiocese between 2020 and 2022, when California temporarily lifted the statute of limitations on such allegations against churches and other institutions....

Gov. Ron DeSantis of Florida doesn't support broad student-loan forgiveness. But he does think bankruptcy should be an option for borrowers who cannot afford to pay off their debt. "It's wrong to say that a truck driver should have to pay off the debt of somebody who got a degree in gender studies. This is not the taxpayers that should have to do that," he added. "At the same time, I have sympathy for some of these students because I think they were sold a bill of goods. I think these universities knew that they could take all this federal...

Yellow Freight, a massive, almost century-old LTL carrier, has gone out of business, and the “spin” of the business world will likely rival the spin of the political world in covering this news. First, some background. LTL refers to “less than truckload freight,” so an LTL carrier is one that picks up relatively small loads, usually 1 to 5 pallets’ worth, and consolidates them at terminals with other such freight with similar destinations, in what is called a “cross-dock” operation. Through a network of base terminals across a metro area, a region, or even the entire country, the nation’s thousands...

US trucking firm Yellow has laid off a large number of workers as the company copes with a cash crunch, and is reportedly weighing options including an imminent bankruptcy filing. The trucking giant on Friday told employees that it is 'shutting down regular operations' and laying off non-union employees 'at all of its locations' according to a memo seen by DailyMail.com. The layoffs could immediately impact up to 8,000 members of the company's sales force, business operations and technology departments -- and if the company fails, another 22,000 unionized drivers and freight handlers could face unemployment. Yellow is saddled with...

Yellow’s senior vice president of sales informed her staff on Wednesday that their last day would be Friday and the less-than-truckload carrier will file bankruptcy on Monday, according to three employees who attended the video call. Yellow (NASDAQ: YELL) is the third-largest LTL company and employs some 30,000 workers, including around 22,000 Teamsters members. The trucking company had an operating revenue of $5.245 billion in 2022. The sales employees were approved to tell customers of the bankruptcy plans and to take paid time off for the rest of the week. In a meeting later Wednesday, according to a video of...

Let’s all take a deep breath before I get into the meat of this article, where I alert those of you who are residents of the Mitten State and are true Michiganians (and not Michiganders) who happen to be Republicans…Your party is currently dead and broke.Seriously.Two years ago, in 2021, the party was dead but not broke—so look back on those times as the good ole days.I know some people will dispute this but facts are facts, and feelings are for liberal Democrats.The bad news was delivered earlier this week in a report here, and it revealed the party is...

Surging interest rates and the rise of remote work have combined to create a nightmare scenario for commercial real estate investors. Just ask Barry Sternlicht, co-founder, chairman, and CEO of Starwood Capital Group, a real estate investment firm with $115 billion in assets under management. “There’s a hurricane over real estate right now,” the billionaire investor told ​​David Rubenstein, co-founder of the private equity firm The Carlyle Group, in an interview for Bloomberg Wealth taped June 28. “We’re in a category 5 hurricane, and it’s sort of a black cloud hovering over the entire industry until we get some relief...