Keyword: bankruptcy
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I just watched Dennis Quaid in “Reagan”. Excellent film. But it reminded me of how Reagan sank the Soviet Union: by outspending the Soviet Union on the arms race. It worked! The Soviet Union, hamstrung by grossly inefficent central planning, couldn’t keep up and collapsed under President George H.W.Bush. Fast forward to today. Starting with Barack Obama and Joe Biden in 2009, following the financial crisis in 2008. The Federal government ramped up Federal spending, and Federal debt. While The Federal Reserve, the hand maiden to the Federal government, ramped up M2 Money supply. “You never want a serious crisis...
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True Value said the bankruptcy filing came after a significant cash crunch, as the housing market stalled and consumers became more hesitant to spend cash. ================================================================= Chicago-based hardware wholesaler True Value has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware, with plans to sell most of its business operations to a rival in the sector, Do it Best. Chapter 11 bankruptcy allows businesses to maintain regular operations while creating a plan to repay creditors. According to an Oct. 14 news release, the now 75-year-old brand True Value will continue its day-to-day operations...
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File this under Too Good to Check, although it's now clear that Hezbollah has written figurative checks that it can't cash. Now the Voice of America reports that Hezbollah literally can't cash checks either, thanks in large part to Israeli attacks on its financial infrastructure. In other words, all of those strikes in Dahiyeh didn't just target Hassan Nasrallah and Hashem Safidienne. The IDF also apparently vaporized Hezbollah's ATMs, and more:Hezbollah has been allegedly faced with severe financial difficulties as a result of Israeli military actions that have targeted their funding sources, according to an exclusive Voice of America report....
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Chicago’s Democrat Mayor Brandon Johnson nominated seven appointees to the city’s board of education early last week after the previous board collectively resigned in early October. The move stunned the city and the rest of the nation. The drama is the latest sad episode of Chicago’s downward spiral, thanks to its Democrat mayor and the teachers union.The direct cause of the previous school board resignation was sparked by the Chicago Teachers Union (CTU) contract negotiation. With more than 30,000 members, the CTU is one of the nation’s most powerful teachers unions. The CTU’s current demands included “a 9% annual raise,...
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Troubled electric vehicle company Fisker’s Chapter 11 bankruptcy proceedings have encountered a significant obstacle, as American Lease, the company set to purchase Fisker’s remaining fleet of SUVs, may back out of the deal due to technical issues. TechCrunch reports that Fisker’s Chapter 11 bankruptcy process has hit a major snag. American Lease, a New York-based leasing company that agreed to purchase Fisker’s remaining fleet of over 3,000 electric Ocean SUVs, has filed an emergency objection to the liquidation plan. The objection stems from Fisker’s revelation that it may be unable to transfer crucial vehicle information to a new server not...
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Once again, the Biden Administration made a brilliant move. By disapproving the JetBlue/Spirit Airlines merger, consumers will suffer and jobs will be lost.Spirit met with creditors today to discuss the terms of a bankruptcy. If they go bankrupt (a virtual certainty now), the jobs at Spirit will be lost. Also, there will be less competition with one less airline out there; hence, airline ticket prices will go up.A merger was the only way Spirit could have survived. Thank you Biden Administration.
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It has been more than 40 years since Congress found common ground on Social Security and implemented a series of necessary reforms. Over that time, the discussion of Social Security has devolved into a shouting match, an exchange of emotionally charged hyperbole in which sound bites have become more important than stone cold facts.This environment is great for politicians who wish to duck and weave the issue with impunity, less so for the rest of us, because nothing gets done and the problem gets worse. Voters need to think about the role they play in the do-nothing politics of Washington,...
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EYM Pizza L.P., a Pizza Hut franchisee that filed for bankruptcy in July, is selling all 127 of its stores in Illinois, Indiana, Georgia, South Carolina, and Wisconsin, as part of a financial restructuring process. EYM engaged M&A advisory and brokerage firm National Franchise Sales to facilitate the sale, including assistance in the asset recovery process to maximize recovery for creditors. EYM’s bankruptcy filing listed two creditors: Manufacturers Bank, which it owes more than $21 million, and Pizza Hut itself, which is owed just under $2.25 million. “National Franchise Sales is dedicated to navigating this challenging period with EYM Pizza...
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Iconic 78-year-old food container pioneer Tupperware filed for Chapter 11 bankruptcy protection on Tuesday, Sept. 17 amid a years-long slump in sales. The company known worldwide for its "Tupperware Parties" is now seeking court approval to continue operating during the proceedings as it pursues a sale. "Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family," said President and Chief Executive Officer Laurie Ann Goldman. "We plan to continue serving our valued customers with the high-quality products they love and trust throughout this...
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Tupperware, a household brand once so popular it became the name of an entire product category, filed for Chapter 11 bankruptcy Tuesday as consumers’ evolving shopping behaviors and increased competition led to slumping sales.
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Four months after its Chapter 11 filing, restaurant chain Red Lobster says it has exited bankruptcy led by new management.The company announced on Monday, Sept. 16 that it's been acquired by lender group RL Investor Holdings with $60 million in new funding backed by Fortress Investment Group. Damola Adamolekun, former chief executive officer at Asian fusion casual dining chain P.F. Chang’s, is now running Red Lobster. The move comes after the chain, founded in 1968, abruptly closed dozens of locations earlier this year. It still has 544 locations across 44 US states and four provinces in Canada. "Red Lobster has...
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Large businesses are declaring bankruptcy at a staggering rate, and yet we are being told over and over again that the economy is just fine. Needless to say, most of the country isn’t buying it. Survey after survey has shown that most Americans believe that the economy is on the wrong track. But those that are running things continue to push their “booming economy” narrative anyway, and I suppose that will continue all the way through the election in November. Of course anyone with half a brain should be able to see the truth, because day after day we just...
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Joe Biden and Kamala Harris repeatedly say they want to help the poor and middle classes but their policies, which caused inflation to soar, have absolutely destroyed the dollar’s purchasing power. People can no longer afford to patronize the establishments they’ve always patronized, because they are living paycheck-to-paycheck, have already depleted their savings, and have run up credit card debt to unsustainable levels—and these chains are falling like dominos. Now, Big Lots is the latest casualty, and preparing for bankruptcy: ... Dollar Tree and Dollar General are also facing significant headwinds. ... Inflation has significantly risen because of direct actions...
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In June of last year, Red Lobster announced that Ultimate Endless Shrimp — as much as you can scarf down for just $20 — would become an “all day, every day” fixture of the menu. Game on, said America. Diners swarmed the chain’s nearly 700 restaurants, ordering round after round of Parrot Isle Jumbo Coconut Shrimp (breaded, sweet and fried), Walt’s Favorite (breaded and fried), Garlic Shrimp Scampi (shrimp in a pool of butter and garlic sauce), Shrimp Linguini Alfredo (shrimp on a pile of pasta with garlic sauce) and Grilled Shrimp Skewers (self-explanatory). The first round came with two...
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Big Lots, the beleaguered discount retailer that previously warned it had “substantial doubt” about its survival, has filed for bankruptcy. As part of its Chapter 11 filing, the retailer announced that private equity firm Nexus Capital Management is acquiring “substantially all” of Big Lots stores and business operations. During the process, its locations and website will remain open for shopping. “The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise...
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Discount home goods retailer Big Lots is preparing to file for bankruptcy as early as this Sunday and plans to sell its chain of stores through a court-supervised process.. The company will remain in operation under Chapter 11 protection, the report said, and is currently in the process of securing a stalking horse bid, which means that the bid could be outdone if better offers emerge. Earlier in the day, the retailer announced the postponement of its second-quarter earnings release, which had been scheduled for Friday. The company now expects to report results on Sept. 12. ... Big Lots, a...
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LL Flooring - previously known as Lumber Liquidators - is shutting all its stores after going out of business after three decades. The retailer, one of America's biggest flooring suppliers, was looking for a buyer after filing for bankruptcy. Earlier in the summer it had 442 stores, but shut nearly 100 as it looked to cut costs and woo investors. No buyer could be found. In a letter to customers yesterday, bosses said: 'It is with a heavy heart that we must let you know that we are going to begin the process of winding down the business and closing...
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Embattled Steward Health Care chief Ralph de la Torre said Wednesday that he will not comply with a subpoena to testify at a Senate hearing next week on the collapse of his hospital system, setting up a showdown with lawmakers who are threatening to hold him in contempt.De la Torre did not rule out appearing before Congress eventually, but said through an attorney it would be “wholly inappropriate” to testify before his company emerges from the complex bankruptcy proceedings that have followed for-profit Steward’s spectacular downfall. And that process took a substantial step forward Wednesday, as a federal judge overseeing...
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A couple weeks ago there was some surprising news out of New York. Planned Parenthood announced it would stop doing late-term abortions (those after 20 weeks) and also planned to close four clinics in the state. The problem in New York wasn't the legality of their business, it was the profitability. PP's president wrote in an opinion piece that because of inflation they were in trouble unless the state started directing more public money their way.Today, the NY Times published a follow-up in the business section which makes the case that the business of abortion is not going well almost...
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A former Minnesota bar owner who now commutes two hours a day to sling suds in neighboring Wisconsin said Gov. Tim Walz’s restrictive pandemic-era lockdowns in the state “decimated” local businesses — and caused financial ruin for those who stood up for their livelihoods. “I think he’s an evil man who overstepped his role as the governor. He took small businesses and ripped them up. He destroyed us,” Lisa Zarza. ... She said when shelter-in-place and business closures first went into effect in March, 2020, “I did everything I was supposed to do. I wore my mask, I social distanced....
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