Content about Bankruptcy

June 30, 2014

Richard Sharp, 67, the long-time CEO of Circuit City who founded used car retailer CarMax has died of Alzheimer’s disease at his home near Richmond, Va.

Richard Sharp, 67, the long-time CEO of Circuit City who founded used car retailer CarMax has died of Alzheimer’s disease at his home near Richmond, Virginia.

Sharp joined Circuit City in 1982 and served as CEO of the company from 1986 to 2000. Under his leadership, Circuit City enjoyed meteoric growth with sales that increased from $175 million in 1986 to more than $10 billion by 2000. Eight years after he had left the company, Circuit City filed for bankruptcy in 2008 and the following year was liquidated.

June 16, 2014

The U.S. economy has undergone significant financial and social upheaval over the past five years, with companies seemingly invincible to the vagaries of the financial markets disappearing overnight.

The U.S. economy has undergone significant financial and social upheaval over the past five years, with companies seemingly invincible to the vagaries of the financial markets disappearing overnight. Many companies have been forced to contract by closing unprofitable stores, laying off employees, reducing spending, deferring research and development, or have been acquired by more profitable companies. With few exceptions, those companies that have survived have done so by cutting costs to the bone.

May 20, 2014

Product lifecyle and reverse logistics leader Genco has appointed Jeremy Witte as chief operating officer for its wholly owned subsidiary, Genco Marketplace.

Product lifecyle and reverse logistics leader Genco has appointed Jeremy Witte as chief operating officer for its wholly owned subsidiary, Genco Marketplace.

April 10, 2014

Whole Foods Market might as well declare bankruptcy now judging from widespread media coverage of Walmart’s decision to sell roughly 100 organic dry grocery items under the Wild Oats brand.

Whole Foods Market might as well declare bankruptcy now judging from widespread media coverage of Walmart’s decision to sell roughly 100 organic dry grocery items under the Wild Oats brand.

December 2, 2013

Supply chain and reverse logistics provider Genco has named Laurie Barkman as the new president and CEO of Genco Marketplace, Genco's wholly owned liquidation subsidiary.

Supply chain and reverse logistics provider Genco has named Laurie Barkman as the new president and CEO of Genco Marketplace, Genco's wholly owned liquidation subsidiary.

Barkman has served as Genco Marketplace's chief operating officer since July 2013. In her new role, Barkman will be responsible for driving expansion into new liquidation markets and developing a world-class team.

October 10, 2013

Staples is offering an added incentive to drive traffic to its stores this holiday season. Starting Nov. 3, the retailer will match prices on items sold and shipped by Amazon.com or any retailer that sells products in retail stores and online under the same brand.

Staples is offering an added incentive to drive traffic to its stores this holiday season. Starting Nov. 3, the retailer will match prices on items sold and shipped by Amazon.com or any retailer that sells products in retail stores and online under the same brand.

August 26, 2013

Big Lots has reappointed Russell Solt to its board of directors after determining that the move is in the best interests of the company and its shareholders.

COLUMBUS, Ohio — Big Lots has reappointed Russell Solt to its board of directors after determining that the move is in the best interests of the company and its shareholders. 

Solt will also continue to serve as chairman of the compensation committee, which is composed entirely of independent non-executive directors. Consistent with the terms of the company's other directors, Solt's term will run until the 2014 annual meeting of shareholders.

July 24, 2013

As lawyers face off in the first battle over Detroit’s bankruptcy bid, Meijer is preparing to open its first store in the economically depressed city at the Gateway Marketplace shopping center.

GRAND RAPIDS, Mich. — As lawyers face off in the first battle over Detroit’s bankruptcy bid, Meijer is preparing to open its first store in the economically depressed city at the Gateway Marketplace shopping center.

June 17, 2013

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, 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

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

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

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

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

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 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 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 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 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

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

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

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

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

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

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.