- Single store in 1962
- Started by selling old beanbag chairs and love beads to hippies in California.
- Grew to offer just about anything for the home, from lounge chairs to curtains
- At its height, Pier 1 had more than 1,200 stores.
- Filed for Chapter 11 earlier this year in hopes of creating some financial stability
- Could not find a buyer
- Closing all 540 stores permanently
- Could not compete with on-line businesses
- COVID’s impact just intensified their dire financial woes.
Bankruptcy may be the only option not only for businesses but also individuals as we move forward.
For Both Individuals and Business Entities:
Effective February 19, 2020, a new Subchapter V of Chapter 11 Bankruptcy went into effect. This new chapter is part of the Small Business Reorganization Act (SBRA). The SBRA:
- Opens the door for both small business and individuals who were previously unable to file bankruptcy due to debt limitations and/or the high costs of filing for Chapter 11.
- Provides a significantly less expensive bankruptcy option with a streamlined legal process and timeline.
To see if you and/or your small business could benefit from Chapter 11, call me (Ralph A. Ferro, Jr., Esq. – Cell phone: 201-446-5904) to schedule a free consultation.
I will personally meet with you and provide you with recommendations for your financial success.
August 19, 2015
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. read more…
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. read more…
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 itself 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. read more…
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. read more…
March 10, 2014
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. read more…
In 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. read more…
If you’re of a certain age, you remember playing a number of games on your beloved Atari game system. The predecessor to so many modern video game systems, Atari is an American icon. So when the Atari Corporation filed for U.S. bankruptcy, the news was met with chagrin from adults who
see memories of the games were largely positive. read more…
The 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. read more…
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Timing of Filing Bankruptcy is Key Timing of filing your bankruptcy is very important. There are ...