Content about Bankruptcy

June 17, 2013
Lowe’s sees California growth in Orchard deal

Plans to acquire at least 60 stores from bankrupt Orchard Supply Hardware give Lowe’s an increased presence in California and a new small format with expansion potential.

Plans to acquire at least 60 stores from bankrupt Orchard Supply Hardware give Lowe’s an increased presence in California and a new small format with expansion potential.

Lowe’s said early Monday that it had entered into an asset purchase agreement with Orchard, which had filed for Chapter 11 bankruptcy, to acquire the majority of Orchard’s assets for approximately $205 million in cash and assume payables owed to nearly all of Orchard’s supplier partners.

April 29, 2013
Big Lots has Lots2Give to schools in need

Big Lots, North America's largest broadline closeout retailer, has launched its sixth annual Lots2Give program to benefit schools in need of financial support.

COLUMBUS, Ohio — Big Lots, North America's largest broadline closeout retailer, has launched its sixth annual Lots2Give program to benefit schools in need of financial support. 
 

April 18, 2013
Former Sports Authority exec joins Hilco unit

Dick Lynch has joined the SD Retail Consulting division of Hilco Trading as SVP of merchandising and strategy.

Dick Lynch has joined the SD Retail Consulting division of Hilco Trading as SVP of merchandising and strategy.

In his new role, Lynch will be responsible for helping retailers create shareholder value through process, organization and technology enhancements in the key merchandising and inventory management functions. He will also play a key role in assisting management, owners and lenders in shareholder value creation assignments.

January 23, 2013
More store closings for Blockbuster

The growing popularity of Netflix, Hulu and other on-demand video rental services continues to take a toll on traditional brick-and-mortar video rental stores.

DALLAS  — The growing popularity of Netflix, Hulu and other on-demand video rental services continues to take a toll on traditional brick-and-mortar video rental stores. 

Dish Network reported that its subsidiary, Blockbuster will close about 300 of its stores in the United States in the coming weeks. The closures will result in the loss of about 3,000 jobs and leave the chain with some 500 U.S. locations.

January 10, 2013
Supervalu splits in half

In a move that will reunite all Albertsons stores under one operator, Supervalu on Thursday morning announced a definitive agreement under which it will sell 877 stores across the Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market banners and related Osco and Sav-on in-store pharmacies to AB Acquisition, an affiliate of Cerberus Capital Management, in a transaction valued at $3.3 billion.

MINNEAPOLIS — In a move that will reunite all Albertsons stores under one operator, Supervalu on Thursday morning announced a definitive agreement under which it will sell 877 stores across the Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market banners and related Osco and Sav-on in-store pharmacies to AB Acquisition, an affiliate of Cerberus Capital Management, in a transaction valued at $3.3 billion.

December 10, 2012
Bankruptcy basics for retail industry suppliers

Particularly in the current economy, it is not uncommon for purchasers, anywhere along the supply-to-distribution chain, to claim financial distress and file for bankruptcy relief.　

Particularly in the current economy, it is not uncommon for purchasers, anywhere along the supply-to-distribution chain, to claim financial distress and file for bankruptcy relief.

How can a person or entity hope to collect on debts owed by a "bankrupt" purchaser? What follows is a primer on bankruptcy terms and procedures, as well as steps an unsecured creditor may follow to be in the best position to collect on what is owed without incurring substantial attorneys’ fees.

December 4, 2012
Big Lots loss only half as bad as planned

The addition of 27 new stores wasn’t enough to prevent Big Lots from reporting a 1.9% sales decline during the quarter ended October 27.

The addition of 27 new stores wasn’t enough to prevent Big Lots from reporting a 1.9% sales decline during the quarter ended October 27.

October 12, 2012
Kodak ready to talk reorganization with shareholders

Kodak is moving forward with its plans to emerge from bankruptcy and said Friday it is ready to discuss reorganization plans with certain key creditor groups.

ROCHESTER, N.Y. — Kodak is moving forward with its plans to emerge from bankruptcy and said Friday it is ready to discuss reorganization plans with certain key creditor groups.

October 12, 2012
Kodak ready to talk reorganization with shareholders

Kodak is moving forward with its plans to emerge from bankruptcy and said Friday it is ready to discuss reorganization plans with certain key creditor groups.

ROCHESTER, N.Y. — Kodak is moving forward with its plans to emerge from bankruptcy and said Friday it is ready to discuss reorganization plans with certain key creditor groups.

October 1, 2012
Kodak looks to re-emerge from bankruptcy

Kodak is hoping to extend its exclusive right to file a plan of reorganization.

ROCHESTER, N.Y. — Kodak is hoping to extend its exclusive right to file a plan of reorganization.

October 1, 2012
Kodak looks to re-emerge from bankruptcy

Kodak is hoping to extend its exclusive right to file a plan of reorganization.

ROCHESTER, N.Y. — Kodak is hoping to extend its exclusive right to file a plan of reorganization.

August 23, 2012
Big Lots big disappointment

The nation’s leading closeout retailer offered a bleak outlook for the remainder of the year following worse than expected second quarter results and announced the departure of its top merchant.

The nation’s leading closeout retailer offered a bleak outlook for the remainder of the year following worse than expected second quarter results and announced the departure of its top merchant.

February 28, 2012
End of bankruptcy in sight for A&P

After more than a year since it first filed Chapter 11, A&P has won approval to exit bankruptcy.

NEW YORK — After more than a year since it first filed Chapter 11, A&P has won approval to exit bankruptcy. The company announced that the U.S. Bankruptcy Court in White Plains, N.Y., has approved its reorganization plan, which includes $490 million in debt and equity financing from Ron Burkle's Yucaipa Cos. 

February 15, 2012
Eddie Bauer CEO vacates post

SEATTLE — A Tuesday report by the Seattle Times said that Eddie Bauer chief Neil Fiske, who joined the retailer in 2007 and led it through bankruptcy, will leave his post effective March 2.

The company has not given a reason for Fiske’s sudden departure. David Chamberlain, executive chairman, will serve as interim CEO until a permanent replacement is named. Fiske will remain with the company as a consultant to ensure a smooth transition.

January 26, 2012
Walmart named to Kodak bankruptcy committee

According to reports, Wal-Mart Stores is among the seven member companies named to the committee that will represent Eastman Kodak Co., which filed for bankruptcy earlier this month.

According to reports, Wal-Mart Stores is among the seven member companies named to the committee that will represent Eastman Kodak Co., which filed for bankruptcy earlier this month. 

Bloomberg reported that the seven companies, which also include the Pension Benefit Guaranty Corp. and Sony Pictures Entertainment, will be part of the unsecured creditors committee. 

Walmart has a claim against Kodak for about $11.4 million, Bloomberg reported, citing court papers.

January 26, 2012
Walmart named to Kodak bankruptcy committee

According to reports, Wal-Mart Stores is among the seven member companies named to the committee that will represent Eastman Kodak Co., which filed for bankruptcy earlier this month.

According to reports, Wal-Mart Stores is among the seven member companies named to the committee that will represent Eastman Kodak Co., which filed for bankruptcy earlier this month. 

Bloomberg reported that the seven companies, which also include the Pension Benefit Guaranty Corp. and Sony Pictures Entertainment, will be part of the unsecured creditors committee. 

Walmart has a claim against Kodak for about $11.4 million, Bloomberg reported, citing court papers.

January 20, 2012
Kodak officially files for Ch. 11

After weeks of speculation, Kodak and its U.S. subsidiaries officially filed voluntary petitions for Chapter 11 business reorganization.

ROCHESTER, N.Y. — After weeks of speculation, Kodak and its U.S. subsidiaries officially filed voluntary petitions for Chapter 11 business reorganization.

January 9, 2012
Kodak reiterates innovation despite looming bankruptcy

Kodak will debut its latest products, including two new cameras, at the 2012 Consumer Electronics Show in Las Vegas, despite rumors that the company will be seeking bankruptcy protection.

LAS VEGAS — Kodak will debut its latest products, including two new cameras, at the 2012 Consumer Electronics Show in Las Vegas, despite rumors that the company will be seeking bankruptcy protection.

January 9, 2012
Kodak reiterates innovation despite looming bankruptcy

Kodak will debut its latest products, including two new cameras, at the 2012 Consumer Electronics Show in Las Vegas, despite rumors that the company will be seeking bankruptcy protection.

LAS VEGAS — Kodak will debut its latest products, including two new cameras, at the 2012 Consumer Electronics Show in Las Vegas, despite rumors that the company will be seeking bankruptcy protection.

December 21, 2011
Borders wins court approval of plan to dissolve

Borders Group Inc. won court approval of the final details of its plans to dissolve, according to Bloomberg.

NEW YORK — Borders Group Inc. won court approval of the final details of its plans to dissolve, according to Bloomberg.

The bankruptcy judge finalized terms of creditor repayments Tuesday after five remaining objections were resolved, the report said. Unsecured creditors with $812 million to $850 million in claims will recover from 4% to 10%, probably “at the higher end of the range,” according to court papers.

December 2, 2011
Union deal helps A&P get out of bankruptcy

A&P announced that it has reached an agreement with its labor unions that would help the retailer on its path out of bankruptcy.

MONTVALE, N.J. — A&P announced that it has reached an agreement with its labor unions that would help the retailer on its path out of bankruptcy.

December 2, 2011
Union deal helps A&P get out of bankruptcy

A&P announced that it has reached an agreement with its labor unions that would help the retailer on its path out of bankruptcy.

MONTVALE, N.J. — A&P announced that it has reached an agreement with its labor unions that would help the retailer on its path out of bankruptcy.

November 4, 2011
New financing helps A&P emerge from bankruptcy

A&P will be able to emerge from chapter 11 next year, thanks to an agreement to receive $490 million of debt and equity financing from private investors comprised of The Yucaipa Companies LLC, Mount Kellett Capital Management LP and investment funds managed by Goldman Sachs Asset Management L.P., the company announced Friday.

MONTVALE, N.J. — A&P will be able to emerge from chapter 11 next year, thanks to an agreement to receive $490 million of debt and equity financing from private investors comprised of The Yucaipa Companies LLC, Mount Kellett Capital Management LP and investment funds managed by Goldman Sachs Asset Management L.P., the company announced Friday. The agreement is subject to approval of the U.S. Bankruptcy Court for the Southern District of New York.

November 3, 2011
Syms, Filene’s Basement file for bankruptcy, plan to liquidate

Syms Corp. and its Filene’s Basement subsidiary said Wednesday that they have filed for Chapter 11 bankruptcy and will liquidate all stores and assets over the coming several months.

SECAUCUS, N.J. — Syms Corp. and its Filene’s Basement subsidiary said Wednesday that they have filed for Chapter 11 bankruptcy and will liquidate all stores and assets over the coming several months. Syms acquired the century-old Filene’s out of bankruptcy in 2009 for $63 million.

November 3, 2011
Syms, Filene’s Basement file for bankruptcy, plan to liquidate

Syms Corp. and its Filene’s Basement subsidiary said Wednesday that they have filed for Chapter 11 bankruptcy and will liquidate all stores and assets over the coming several months.

SECAUCUS, N.J. — Syms Corp. and its Filene’s Basement subsidiary said Wednesday that they have filed for Chapter 11 bankruptcy and will liquidate all stores and assets over the coming several months. Syms acquired the century-old Filene’s out of bankruptcy in 2009 for $63 million.