For the second time in less than a year, Joann Inc. filed for Chapter 11 bankruptcy protection. This time, it’s also trying to sell itself to another company in an effort to “maximize the value of its business.” Interim CEO Michael Prendergast said Tuesday that the Ohio-based crafts retailer had been contending with a challenging … Read more
By Dorothy Ma | Bloomberg Prospect Medical Holdings, once an active buyer of cash-strapped hospitals, filed for bankruptcy after struggling with debt piles and soaring costs. The company listed $1 billion to $10 billion in assets and liabilities each, along with more than 100,000 creditors, in a bankruptcy petition filed in Texas on Saturday. Prospect … Read more
Party City will be auctioning off the leases for all of its 695 stores in the US ahead of the retail company’s nationwide closure. In late December, the party store mainstay announced that it would be shuttering its doors after 40 years in the states due to high inflation that it couldn’t keep up with … Read more
Mitch Modell, the former CEO of the famed New York sporting goods chain that went belly-up four years ago, wants to buy bankrupt retailers Party City and Big Lots. Modell — whose family-run company featured the buzzy “Gotta go to Mo’s” jingle — is looking to raise $1 billion to bid to throw a financial … Read more
Big Lots said Friday that it has agreed with Gordon Brothers Retail Partners to sell its stores, distribution centers and intellectual property to retailers, including Variety Wholesalers, in an attempt to maintain its brand and secure some outlets and jobs. The privately-owned Variety Wholesalers plans to acquire 200 to 400 Big Lot stores, two distribution centers, and would retain the associates, … Read more
SINGAPORE: Former oil tycoon Lim Oon Kuin, better known as OK Lim, and his two children have been declared bankrupt, according to the government gazette on Friday (Dec 27). The 82-year-old Lim and his two children, Lim Huey Ching and Evan Lim Chee Meng, consented in September to a judgment of US$3.5 billion (S$4.7 billion) … Read more
The party is over for a US retailer that for decades bedazzled birthdays, anniversaries, baby showers and weddings. Party City Holdco’s chief executive told corporate employees on Friday that the company is shuttering all stores, according to a report by CNN. The nation’s largest retailer of party supplies has been dogged by lagging sales, putting … Read more
Lord & Taylor, America’s oldest department store chain, is making a comeback with an old logo, new owners and a new vision. The iconic company, established in 1826 and with a long history in fashion, shuttered its brick-and-mortar stores in 2021 after years of financial hardship exacerbated by the pandemic. An e-commerce reboot also failed. … Read more
The party may be winding down. Party City is planning to file for its second bankruptcy in nearly two years as the company’s sales figures continue to struggle, according to a report. The New Jersey-based party supply and craft retailer is behind on rent in some of its 850 locations across the US, Bloomberg News reported … Read more
A Texas bankruptcy judge blocked The Onion’s bid to purchase Infowars Tuesday, leaving the future of the infamous conspiracy site uncertain—and reigniting the national debate around founder Alex Jones’s accountability. In his ruling against The Onion, the satirical news site that had planned to turn Infowars into a parody after winning the site at auction … Read more
