Tag:

Chapter 11 bankruptcy

Hackensack
News
Hackensack Rite Aid To Close Hackensack Rite Aid To Close
Hackensack Rite Aid To Close A Rite Aid is Hackensack is closing. Rite Aid announced the location at 219 Essex St. is set to shutter. The pharmacy closing on Thursday, May 16 and the front end of the store closing on Sunday, June 16, a spokesperson tells Daily Voice.  The closure comes after Rite Aid filed for Chapter 11 bankruptcy last October. More than 200 stores across the country have shut down with another dozen set to close as of last October (click here for a list of New Jersey stores closing). "Rite Aid regularly assesses its retail footprint to ensure we are operating efficiently while meeting the need…

SHARE

by Sam Barron
Sussex
Business
Rite Aid To Close 12 New Jersey Stores After Filing For Bankruptcy Rite Aid To Close 12 New Jersey Stores After Filing For Bankruptcy
Rite Aid To Close 12 New Jersey Stores After Filing For Bankruptcy Rite Aid, the pharmacy giant that filed for bankruptcy on Sunday, Oct. 15, plans to close 154 underperforming stores nationwide, according to a new filing.  A dozen of the stores closing are located in New Jersey. They are: 431 Haledon Avenue in Haledon 35 Mill Road in Irvington 1636 Route 38 Suite 49 in Lumberton 210 Bridgeton Pike in Mantua 108 Swedesboro Road Suite 20 in Mullica Hill 2370 Route 33 in Robbinsville 773 Hamilton Street in Somerset 4057 Asbury Avenue Suite 8 in Tinton Falls 1726 Route 37 in East Toms River 3 Marshall Hill Road in West Milford 1434 South Black …

SHARE

by Cecilia Levine
Washington
Business
Rite Aid To Close These Maryland Stores After Filing For Bankruptcy Rite Aid To Close These Maryland Stores After Filing For Bankruptcy
Rite Aid To Close These Maryland Stores After Filing For Bankruptcy Rite Aid, the pharmacy giant that filed for bankruptcy on Sunday, Oct. 15, plans to close 154 underperforming stores nationwide, according to a new filing.  Some of those closures will be in Maryland. The stores closing are: 5 Bel Air South Parkway, Suite 1347 in Bel Air 728 East Pulaski Highway in Elkton 5624 Baltimore National Pike in Baltimore 5804 Ritchie Highway in Baltimore 7501 Ritchie Highway in Glen Burnie 7967 Baltimore Annapolis Boulevard in Glen Burnie  Rite Aid announced earlier this week that declining sales and rising debt forced the company's hand in filing …

SHARE

by Cecilia Levine
Bucks
Business
Rite Aid To Close 39 Pennsylvania Stores After Filing For Bankruptcy Rite Aid To Close 39 Pennsylvania Stores After Filing For Bankruptcy
Rite Aid To Close 39 Pennsylvania Stores After Filing For Bankruptcy Rite Aid, the pharmacy giant that filed for bankruptcy on Sunday, Oct. 15, plans to close 154 underperforming stores nationwide, according to a new filing.  Thirty-nine of the stores closing are located in Pennsylvania.  They are: 1441 Old York Road in Abington 1628 South Fourth Street in Allentown 169 West Lancaster Avenue in Ardmore 5235 Library Road in Bethel Park 2178 West Union Boulevard in Bethlehem 2722 West 9th Street in Chester 200 West Ridge Avenue Suite 112 in Conshohocken 2715 Parade Street in Erie 1709 Liberty Street in Erie 4830 William Penn Highway in Export 6090 …

SHARE

by Cecilia Levine
Worcester
Business
Rite Aid Plans To Shutter Worcester County Store, 150 More, After Filing For Bankruptcy Rite Aid Plans To Shutter Worcester County Store, 150 More, After Filing For Bankruptcy
Rite Aid Plans To Shutter Worcester County Store, 150 More, After Filing For Bankruptcy Rite Aid, the pharmacy giant that filed for bankruptcy on Sunday, Oct. 15, plans to close 154 underperforming stores nationwide, according to a new filing. Some of those closures will be in Massachusetts and Connecticut.  Related: Why Is Rite Aid Filing For Bankruptcy? Rite Aid announced earlier this week that declining sales and rising debt forced the company's hand in filing for Chapter 11 bankruptcy. The chain has more than 2,100 stores nationwide, and reducing rent costs will play a large part in bringing its balance sheet back into the black.  The only store in Massachusetts…

SHARE

by Josh Lanier
Ridgefield
Business
Rite Aid Plans To Close 400-Plus Stores, Report Says Rite Aid Plans To Close 400-Plus Stores, Report Says
Rite Aid Plans To Close 400-Plus Stores, Report Says Rite Aid will close 400 to 500 stores as part of a Chapter 11 bankruptcy reorganization, according to a new report. The drugstore chain is now negotiating with creditors to formulate a bankruptcy plan that would include liquidating a substantial portion of its more than 2,100 drugstores, The Wall Street Journal says. Rite Aid is facing over $3 billion in debt and more than a thousand federal lawsuits alleging it oversupplied opioids, the report said. Founded 61 years ago in Scranton, Pennsylvania, Rite Aid moved its headquarters to Philadelphia in 2022. Click here to read the complet…

SHARE

by Joe Lombardi
White Plains
Business
Bed Bath & Beyond Lives On - Sort Of: Overstock's Acquisition To Include Rebranding Bed Bath & Beyond Lives On - Sort Of: Overstock's Acquisition To Include Rebranding
Bed Bath & Beyond Lives On - Sort Of: Overstock's Acquisition To Include Rebranding Despite filing for bankruptcy and announcing the closures of its remaining stores, Bed Bath & Beyond will live on -- sort of -- thanks to one of the biggest names in e-commerce. Overstock purchased the home goods retailer's brand and domain names, and loyalty program assets this week for over $21 million. Overstock currently specializes in online furniture and home furnishings. Within the next week, Overstock said it plans to re-launch the Bed Bath & Beyond domain in Canada, followed weeks later by the re-launch of a refreshed website, mobile app, and loyalty program in th…

SHARE

by Joe Lombardi
Lebanon
Business
PA Christmas Tree Shops Stores Among 10 National Store Closures PA Christmas Tree Shops Stores Among 10 National Store Closures
PA Christmas Tree Shops Stores Among 10 National Store Closures Christmas Tree Shops has announced it will close 10 of its stores after filing for bankruptcy. The 53-year-old discount home-goods chain offers seasonal decor year-round, along with assorted gifts, kitchen items, and furniture. The 10 stores closures are: Rockland County, New York: 32 Spring Valley Marketplace, Spring Valley; Jefferson County, New York: 21182 Salmon Run Mall Loop West, Watertown; Cape Cod, Massachusetts: Davis Straits, Route 28 Falmouth Plaza, Falmouth, Massachusetts; Barnstable County, Massachusetts: Cranberry Highway Route 6A, Sagamore; Lancaster County, Pennsylvania:…

SHARE

by Joe Lombardi
Ramapo
Business
Store Closures Announced For Christmas Tree Shops, Including In Spring Valley Store Closures Announced For Christmas Tree Shops, Including In Spring Valley
Store Closures Announced For Christmas Tree Shops, Including In Spring Valley Click here for a new, updated story: Christmas Tree Shops Now Plans To Close All Its Stores Christmas Tree Shops has announced it will close 10 of its stores after filing for bankruptcy. The 53-year-old discount home-goods chain offers seasonal decor year-round, along with assorted gifts, kitchen items, and furniture. The 10 stores closures are: Rockland County, New York: 32 Spring Valley Marketplace, Spring Valley; Jefferson County, New York: 21182 Salmon Run Mall Loop West, Watertown; Cape Cod, Massachusetts: Davis Straits, Route 28 Falmouth Plaza, Falmouth, Massachusetts; Barnst…

SHARE

by Joe Lombardi
Rutherford
Business
Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy
Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy Struggling home goods retailer Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday, April 23 with plans to close all of its remaining stores after efforts to raise enough money to keep the company alive came up short. The company said in a statement that it will implement "an orderly wind-down" of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.  For now, 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as the com…

SHARE

by Joe Lombardi
Norwalk
Business
Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy
Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy Struggling home goods retailer Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday, April 23 with plans to close all of its remaining stores by June after efforts to raise enough money to keep the company alive came up short. The company said in a statement that it will implement "an orderly wind-down" of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.  For now, 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as…

SHARE

by Joe Lombardi
Bronxville
News
Bankruptcy Fraud: Former Attorney From Bronxville Lied To Keep Home, Sports Car, Officials Say Bankruptcy Fraud: Former Attorney From Bronxville Lied To Keep Home, Sports Car, Officials Say
Bankruptcy Fraud: Former Attorney From Bronxville Lied To Keep Home, Sports Car, Officials Say A former attorney from Westchester faces possible prison time after allegedly submitting false bank records to bankruptcy court in an effort to keep his multi-million dollar home and Aston Martin sports car, federal officials said.  Bronxville resident John Roesser, age 52, was arrested on Tuesday morning, March 28 on charges that he allegedly lied to bankruptcy court and the Internal Revenue Service about receiving millions of dollars in order to receive bankruptcy protections while still keeping his assets and not paying his bills, according to the US Attorney's Office for the Souther…

SHARE

by Ben Crnic
Hackensack
Business
Settlement Reached In Transformation Of Hackensack's Sears Building: Report Settlement Reached In Transformation Of Hackensack's Sears Building: Report
Settlement Reached In Transformation Of Hackensack's Sears Building: Report A settlement has been finalized in the transformation of Hackensack's longstanding and iconic Sears building, NorthJersey.com reports. After navigating through bankruptcy, as well as not one but two lawsuits, the plan for the nearly-century-old building is to construct 258 apartments while simultaneously conserving the primary tri-story tower, the outlet reports. The plan also comprises a pool, two inside courtyards, and over 17,900 square feet of retail space along Anderson Street and Main Street, the report says. Sears started closing stores across the country in 2018, when the company f…

SHARE

by Valerie Musson
Montgomery MD
Business
These Regal Cinema Theaters In The DMV Region Will Be Closing For Good These Regal Cinema Theaters In The DMV Region Will Be Closing For Good
These Regal Cinema Theaters In The DMV Region Will Be Closing For Good The show will not be going on for several Regal Cinemas locations in the DMV area as the theater’s parent company contends with Chapter 11 bankruptcy concerns. A total of 39 Regal theaters across the country are set to shutter their doors - following the closure of several others that have already been shut down - after parent company, Cineworld filed for bankruptcy last year. In Maryland, Virginia, and Washington, DC, these Regal Cinemas theaters will soon be a relic of the past: Bowie Stadium 14 in Maryland; Rockville Center Stadium 13 in Maryland; Greenbriar Stadium 13 in Chesapeake…

SHARE

by Zak Failla
Warren Hunterdon
Business
Regal Cinemas Closing 2 NJ Locations Regal Cinemas Closing 2 NJ Locations
Regal Cinemas Closing 2 NJ Locations Two New Jersey Regal Cinemas locations will shutter after parent company Cineworld filed for Chapter 11 bankruptcy. Cineworld in a new bankruptcy filing this week announced it would be rejecting the leases of 39 theaters closing in the US, helping to save $22 million a year. The New Jersey locations closing are at the Regal Hamilton Commons in Mays Landing, and the Regal Pohatcong in Phillipsburg. Click here for the full list of Regal Cinemas closures.

SHARE

by Cecilia Levine
Middlesex MA
News
Former FTX CEO, MIT Grad Sam Bankman-Fried Charged With Defrauding Investors Of $1.8 Billion Former FTX CEO, MIT Grad Sam Bankman-Fried Charged With Defrauding Investors Of $1.8 Billion
Former FTX CEO, MIT Grad Sam Bankman-Fried Charged With Defrauding Investors Of $1.8 Billion The former CEO of what used to be one of the world's largest cryptocurrency companies has been charged with defrauding investors of almost two billion dollars, authorities said. The Securities and Exchange Commission (SEC) charged Samuel Bankman-Fried on Tuesday, Dec. 13, with defrauding FTX investors out of more than $1.8 billion.  The SEC alleges that Bankman-Fried raised the funds – including $1.1 billion from 90 US-based investors – by falsely promoting a safe, responsible cryptocurrency since May 2019.  "We allege that Sam Bankman-Fried built a house of cards on a foundation of dece…

SHARE

by David Cifarelli
Suffolk NY
News
Mortgage Lender Lays Off 119 Melville Employees, State Filing Reports Mortgage Lender Lays Off 119 Melville Employees, State Filing Reports
Mortgage Lender Lays Off 119 Melville Employees, State Filing Reports A national reverse mortgage lender has laid off more than 100 of its Long Island employees, according to a state filing. Reverse Mortgage Funding LLC laid off 119 employees from its Melville branch on Tuesday, Nov. 29, according to a WARN Notice posted on Friday, Dec. 9. The reason for the layoffs was listed as "economic" in the filing. According to Reverse Mortgage Daily, the company has filed for Chapter 11 bankruptcy, and more than 470 employees were laid off across the company in November. A representative for Reverse Mortgage Funding said the organization will not comment o…

SHARE

by Nicole Valinote
Hudson
News
NJ Crypto Lender BlockFi Files For Bankruptcy NJ Crypto Lender BlockFi Files For Bankruptcy
NJ Crypto Lender BlockFi Files For Bankruptcy New Jersey-based cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy. The company, headquartered on Montgomery Street in Jersey City, in a statement said it will "focus on recovering all obligations owed to BlockFi by its counterparties," including the now-bankrupt Bahamian cryptocurrency exchange. BlockFi also said it expects a delay in recoveries from FTX. Acting in the best interest of our clients is our top focus and continues to guide our path forward. Chapter 11 is a transparent process and we will continue to communicate with our clients to ensure they hear directly…

SHARE

by Cecilia Levine
Somerset
News
Gun Manufacturer Remington Settles With Sandy Hook Families For $73M Gun Manufacturer Remington Settles With Sandy Hook Families For $73M
Gun Manufacturer Remington Settles With Sandy Hook Families For $73M Families of five children and four adults killed in the 2012 Sandy Hook Elementary School shooting reached a historic $73 million settlement with gun manufacturer Remington, officials announced. Attorneys for the families who filed the suit against the now-bankrupt Remington and its four insurers, announced on Tuesday, Feb. 15 that they had reached the settlement, representing the first time a gun manufacturer has been held liable for a mass shooting in the US. As part of the settlement, lawyers for the families said that Remington agreed to release thousands of pages of internal company do…

SHARE

by Zak Failla
Nassau
News
Long Island Couple In $1 Million Securities Scam Targeting Investors, Authorities Say Long Island Couple In $1 Million Securities Scam Targeting Investors, Authorities Say
Long Island Couple In $1 Million Securities Scam Targeting Investors, Authorities Say Several New Jersey seniors were scammed out of more than $1 million combined by a Long Island couple, Garden State authorities have charged. Salvatore Magaraci, age 63, and A. Kirsten Gallardo, age 60, of Huntington, specifically targeted elderly victims to pitch unregistered securities to for a crooked – and now-defunct -- company, Acting New Jersey Attorney General Andrew J. Bruck said. The Woodbridge Group of Companies purported to be a commercial lender that made hard-money loans secured by mortgages on commercial property. It ended up being ordered to pay $1 billion -- and saw its…

SHARE

by Jerry DeMarco
Camden
Business
Report: GNC Closes Additional 40 New Jersey Stores Report: GNC Closes Additional 40 New Jersey Stores
Report: GNC Closes Additional 40 New Jersey Stores After filing for Chapter 11 bankruptcy in June, GNC has announced closures of an additional 40 stores. The nutritional supplement company had originally planned on closing just 10 stores. According to NJ.com, the following 50 stores have either closed, or will soon: Blackwood, Gloucester Premium Outlets Bridgewater, Bridgewater Commons Cinnaminson, The Shoppes At Cinnaminson Closter, Heidenberg Plaza Delran, Hartford Corners Denville, The Shoppes At Union Hill Denville,  Diamond Spring Road Deptford, Deptford Mall East Hanover, Hanover Commons East Rutherford, American Dream Mall E…

SHARE

by Cecilia Levine
Hartford
News
Guitar Center Files For Bankruptcy Guitar Center Files For Bankruptcy
Guitar Center Files For Bankruptcy Guitar Center, a mecca for new and used, affordable musical instruments, has filed for bankruptcy. On Saturday, Nov. 21, the retail chain - and the largest seller of musical equipment in the U.S., said it was filing for Chapter 11 bankruptcy, according to MarketWatch. Guitar Center plans to keep its U.S. 300 stores open during the bankruptcy process. The filing is expected to help Guitar Center reduce its debt by $800 million. As is the case with many recent bankruptcy filings, Guitar Center said economic restrictions brought on by the global COVID-19 pandemic have negatively affected bus…

SHARE

by Kristin Palpini
Suffolk NY
News
Diocese On Long Island Declares Bankruptcy After Sex Abuse Lawsuits Diocese On Long Island Declares Bankruptcy After Sex Abuse Lawsuits
Diocese On Long Island Declares Bankruptcy After Sex Abuse Lawsuits A Roman Catholic diocese on Long Island was forced to declare bankruptcy as it faces hundreds of lawsuits alleging sexual abuse by clergy members. The Diocese of Rockville Centre - one of the largest in the nation - filed for Chapter 11 bankruptcy protection on Thursday, Oct. 1 after more than 200 lawsuits were filed against them. “The financial burden of the litigation has been severe and only compounded by the COVID-19 pandemic,” Bishop John Barres, a leader at the diocese that serves 1.4 million Catholics on Long Island, said in a video posted online. “Our goal is to make su…

SHARE

by Zak Failla
Rutherford
News
Dave & Busters To Lay Off 107 NJ Workers Dave & Busters To Lay Off 107 NJ Workers
Dave & Busters To Lay Off 107 NJ Workers Dave & Busters is the latest company to crumble amid the COVID-19 pandemic. The food and games chain filed a WARN notice saying it will be laying off 107 New Jersey employees. Dave & Busters -- with New Jersey locations in Wayne and Woodbridge -- could file for Chapter 11 bankruptcy if a deal with lenders isn't reached, the Wall Street Journal reports. The WARN notice indicates that the 107 employees being laid off are at the Wayne location --  the Willowbrook Mall. It's unclear if any of the workers in the Woodbridge center will be impacted. Dave & Busters reached a deal…

SHARE

by Cecilia Levine
Paramus
Business
Century 21 Files For Bankruptcy, Closing All 13 Stores Century 21 Files For Bankruptcy, Closing All 13 Stores
Century 21 Files For Bankruptcy, Closing All 13 Stores Liquidation sales are under way at all Century 21 stores after the company announced Thursday it filed for Chapter 11 bankruptcy protection. The impetus was a non-payment of approximately $175 million declined by the company's insurance provider as a direct result of losses during the COVID-19 pandemic, the off-price retail company said in a press release. In business for more than 60 years, Century 21 was left with "no viable alternative" to closing all 13 stores the company's co-CEO Raymond Gindi said.  Century 21 has four New Jersey locations: East Rutherford, American Dream…

SHARE

by Cecilia Levine
Morris
Business
Lord & Taylor Closing All U.S. Stores Including 9 In NJ Lord & Taylor Closing All U.S. Stores Including 9 In NJ
Lord & Taylor Closing All U.S. Stores Including 9 In NJ Lord & Taylor is going out of business. The company initially said it would be closing 19 stores after filing for Chapter 11 bankruptcy earlier this month. On Thursday, Lord & Taylor said it will instead be closing all of its stores, including the nine in New Jersey, after 194 years in business. "While we are still entertaining various opportunities, we believe it is prudent to simultaneously put the remainder of the stores into liquidation to maximize value of inventory for the estate while pursuing options for the company's brands," said Ed Kremer, Lord & Taylor's chief restr…

SHARE

by Cecilia Levine
Morris
Business
Lord & Taylor Shutters 3 NJ Stores, 24 Across U.S. Lord & Taylor Shutters 3 NJ Stores, 24 Across U.S.
Lord & Taylor Shutters 3 NJ Stores, 24 Across U.S. Lord & Taylor will shutter two dozen locations nationwide including three in New Jersey. After filing for Chapter 11 bankruptcy, the nation’s oldest department store announced it will also be closing seven stores in New York, three in Connecticut, two in Massachusetts, two in Illinois and two in Maryland, CNBC reports. One store each in Florida, Michigan, New Hampshire, Virginia and Pennsylvania will also close. The New Jersey stores set to shutter are: Livingston, 111 Eisenhower Pkwy. Rockaway, 317 Mt. Hope Ave. Wayne, Willowbrook Mall These two dozen stores are just a few of t…

SHARE

by Valerie Musson
Hackensack
News
Sears To Shutter Hackensack Store Leaving Only 1 NJ Location Standing Sears To Shutter Hackensack Store Leaving Only 1 NJ Location Standing
Sears To Shutter Hackensack Store Leaving Only 1 NJ Location Standing The Sears in Hackensack is one of many that will soon close permanently -- leaving only one last Sears store standing in New Jersey. The chain had added two temporary closing jobs at the Hackensack store to its online database as of June 30 -- two days after the Rockaway Townsquare Mall listed its own closing positions. Available positions include backroom and cashier. Sears has been closing stores across the country since 2018, when the company -- which also owns Kmart -- filed for Chapter 11 bankruptcy protection. The Sears within the Newport Center Mall in Jersey City is the last store…

SHARE

by Valerie Musson
Morris
News
Sears To Shutter Rockaway Townsquare Mall Location, Closing Jobs Available Sears To Shutter Rockaway Townsquare Mall Location, Closing Jobs Available
Sears To Shutter Rockaway Townsquare Mall Location, Closing Jobs Available The Sears at Rockaway Town Square Mall is just one of many that will soon close permanently in yet another Coronavirus-related blow to the brick-and-mortar retail landscape. The Sears in Hackensack will also shutter, according to closing jobs listed June 30. The retail chain had added four closing jobs at the Rockaway store to its online database as of June 29. Available positions include home appliance sales, cashiers, hardware sales and backroom. Calls placed to the store were not answered. Sears has been closing stores across the country since 2018, when the company -- which also …

SHARE

by Valerie Musson
Litchfield
Business
COVID-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores COVID-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores
Covid-19: GNC Files For Bankruptcy, Will Close About 1,200 Stores General Nutrition Centers (GNC) plans to close upwards of 1,200 stores after filing for bankruptcy amid the novel coronavirus (COVID-19) crisis. The 85-year-old company, which reportedly has been dealing with nearly a billion dollars of debt announced it will be shuttering at least a quarter of its locations as it faces a shortage of customers due to the COVID-19 outbreak. According to GNC, the company “has been executing a store portfolio optimization strategy to close underperforming stores, while continuing to invest in omnichannel and brand strategies to better meet consumer demand." G…

SHARE

by Zak Failla
Hackensack
News
LIST: Bankrupt GNC Closing 248 Stores, Including 20 In NJ, NY LIST: Bankrupt GNC Closing 248 Stores, Including 20 In NJ, NY
List: Bankrupt GNC Closing 248 Stores, Including 20 In NJ, NY GNC on Wednesday released a list of stores that the company is closing in New Jersey and New York as part of its filing for Chapter 11 bankruptcy protection. The retailer, which had 5,200 stores in the U.S. and 7,300 worldwide at the end of March, said it expects to close anywhere from 800 to 1,200 of them, beginning with those listed below. GNC already was submerged in an estimated $700 million in debt and facing delisting on the New York Stock Exchange when COVID-19 struck. The coronavirus pandemic “created a situation where we were unable to accomplish our refinancing and the abrupt cha…

SHARE

by Jerry DeMarco