Bus. Bankruptcies

Remember those 13 music CD’s for 1 cent? -Columbia House – Declares Bankruptcy

August 19, 2015

Columbia House

Do you remember Columbia House?   It was largely operated as a “club”.   Customers signed up for a promotional offer and were then obligated to purchase additional items at full price.

As I remember, you receive a bunch of CD’s for about a penny and then you were sent CD’s each month automatically to purchase at full price.   It was easy to sign up but hard to cancel. Continue reading…

Cache to File for Bankruptcy Soon

January 26, 2015

Hurry and make your purchases soon for your high-end ladies dresses and apparel.

Cache has fallen below the Nasdaq’s listing requirements.   This upscale boutique was started by a Brooklyn-born housewife in Miami in 1976.

This will be Cache’s 2nd trip to bankruptcy court.   They filed a Chapter 11 in 1986 and emerged again in 1988.    There are potential buyers looking at this boutique. Continue reading…

Coldwater Creek is Dried Up

July 6, 2014

Coldwater Creek, a prominent figure in the Women’s clothing industry, has filed Chapter 11 bankruptcy. The chain is closing all of its stores in a desperate effort to consolidate Coldwateritself and find a person willing to buy it.

With a total of 365 stores and 6,000 employees, a large hit is set to unfold to many employees if something doesn’t happen soon. Continue reading…

Revel Casino – 2nd Bankruptcy

REvelJuly 2, 2014

New Jersey’s Revel Hotel and Casino obtained  $125 million to operate at full production until it finds a new purchaser.   This loan comes in the midst of Revel’s 2nd Bankruptcy within the last 2 years.

Revel needs to compensate approximately 3,200 employees and fund several stakeholders. Continue reading…

Quiznos “Gets Toasty”: Damaged Relationships with Franchise Owners and Bankruptcy

March 10, 2014

Things get “Toasty” for Quiznos.   They have $570 million in Debt and Quiznos been negotiating with creditors to try to stay alive to make those toasty sandwiches.Quiznos

Quiznos has been trying for over two years now to turnaround the company.  They have tried a major management shake-up but haven’t been able to make much progress. Continue reading…

Atlantic City’s Revel Casino Files for Bankruptcy

RevelCasinoIn hopes of regenerating gambling in Atlantic City, Morgan Stanley began construction of the Revel casino on the northern end of the boardwalk. Before completion of the project, Stanley sold the facility to a group of investors in February 2012 at a loss of $932 million. The investors acquired a $261 million tax package from the state of New Jersey and additionally obtained $1.15 billion to finance the casino’s completion. The entire venture cost about $2.4 billion. Continue reading…

Top Bankruptcy Filings of 2012

hostess_bankruptcy_2012The economy, while slowly seeming to improve, is still taking its toll on many people in America, from corporate businesses to individuals alike. Bankruptcies are still at an all-time high and they affect companies and people from every economic stratum. There have been some surprising and quite large bankruptcies during the year 2012, what follows are a brief rundown of some of the biggest or most memorable. Consumer bankruptcies still account for the majority of bankruptcies filed, but corporate bankruptcies are what seem to really capture the public interest.

While there has been an overall decline in the number of bankruptcies, both corporate and individual, in the year 2012, the economy is still far from stable and the numbers of filed bankruptcies are still much higher than what is sustainable for a healthy economy.   The year 2012 has seen countless businesses go under, including the loss of an American icon. Continue reading…

Hooters Owner Files For Bankruptcy

Cornett Hospitality, LLC filed Chapter 11 bankruptcy on November 21, 2012. This was a voluntary bankruptcy filing on the part of Phil Cornett, director of Cornett Hospitality, LLC. Mr.Cornett has operated a number of Hooters, Topeka’s Steakhouses and Max & hooters_bankruptcy_2012Erma’s restaurants, throughout Virginia, in addition to Hooters in West Virginia. It surprised many outsiders, when the business listed 287 creditors and $1,000,001 to $10,000,000 in liabilities during a formal bankruptcy filing. Continue reading…

Hostess Bankruptcy: What Happened To Them?

twinkie_hostess_bankruptcyBankruptcy is rarely an abrupt reality, and Hostess is no exception. The first signs of trouble were brewing in 2004 when Hostess, then called Interstate Bakeries, filed forChapter 11 bankruptcy the first time. A few factors played into the initial financial troubles. One might have been the introduction of new enzymes designed to extend shelf life into many of their products. The new enzymes altered the texture and flavor of the products from their tried-and-true taste. Unpredictable market factors such as low-carbohydrate fad diets and a boost in the popularity of competitors also came into play. Continue reading…

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