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Business & Commercial Bankruptcy Archives

Chapter 11 bankruptcy ends, creditors and shareholders get little

Most media coverage of corporate bankruptcies in New York and elsewhere focuses on the initiation of the proceeding, especially if the debtor is a major business enterprise. Few stories, however, provide a portrait of how the process ends. The termination of a Chapter 11 proceeding filed by a major department store chain provides an unusual look at how different parties fared in the bankruptcy court.

Clothing retailer trapped in involuntary bankruptcy

Most residents of Rockland County, New York, view the filing of a bankruptcy petition as the voluntary act of someone who is buried in unmanageable debt. Occasionally, however, a person or company may be forced into a bankruptcy proceeding by a creditor who files a petition for involuntary bankruptcy. The impending involuntary bankruptcy of a retailer of upscale resort wear provides an excellent opportunity for exploring this relatively unfamiliar form of business bankruptcy.

How a famous restaurant fell into bankruptcy

Le Cirque in New York City was a world-famous restaurant, known for excellent food, impeccable service and, of course, high menu prices. When the restaurant filed a Chapter 11 bankruptcy petition in March 2017, most observers expected it to reorganize its finances and continue to operate. These same observers were shocked when the restaurant recently said that it was closing permanently. An October 4 filing in the New York bankruptcy court by Le Cirque's parent company has answered many questions about the decision to close the restaurant.

Bankruptcy may be best remedy for Weinstein Company's problems

The illicit and perhaps illegal sexual exploits of film mogul Harvey Weinstein have been making headlines in New York and elsewhere for several weeks, but often overlooked in the sensationalism that surrounds Weinstein himself is the effect on the company which he and his brother founded, The Weinstein Company.

Shoe retailer plans bankruptcy to shed unprofitable stores

Bankruptcy can serve many purposes for a financially stressed New York business, from restructuring its operations to increase profitability to liquidating its assets and going out of business. The women's shoe retailer Aerosoles is reported to be on the verge of filing a Chapter 11 bankruptcy petition that will allow it to close a number of unprofitable stores in the United States but continue operations.

Toys "R" Us considering bankruptcy protection

The changing retail markets in the United States have affected both large and small merchandisers. As big online retailers such as Amazon gain larger and larger shares of various markets, their competitors are facing dire financial futures. One of the most recognizable chains, Toys "R" Us, has already abandoned its flagship store in New York City and is now reported to be considering bankruptcy because of reduced sales and a heavy debt load.

TV star found guilty of bankruptcy fraud

People who filed bankruptcy petitions often lose sight of their responsibility to be honest in their statements to the court and to the bankruptcy trustee. Both the court and the trustee possess the power to impose civil fraud penalties on persons who make material misstatements to the court. In a recent order in a New York business bankruptcy case involving TV star Chris Laurita of "Real Housewives of New Jersey," the trustee demonstrated the scope of this power.

Bankruptcy court approves sale of 28 bagel shops

As many Rockland County businesses know, longevity is not always a guard against financial adversity. After opening the first Bruegger's Bagels shop in Rochester in 1983, the nation's oldest Brueggers' Bagels franchisee filed for Chapter 11 protection in March 2016. Now, the franchisee is proposing to sell its remaining shops to emerge from Chapter 11.

Payless Shoesource completes Chapter 11 bankruptcy plan

It used to be the case that people in New York and nationwide flocked to Payless Shoesource stores to purchase affordable footwear. But, the company fell on hard financial times, and had to file for Chapter 11 bankruptcy. Shoppers may be pleased to hear, however, that the company has recently emerged from the protection of the bankruptcy court after around 4.5 months, and has continued its business. Through bankruptcy, although the company had to close around 673 brick-and-mortar stores, it was able to pay over $435 million in debt. This debt represented around 50 percent of that the company estimated it had when it filed for bankruptcy.

Ruling in Lehman bankruptcy shows risks of deferred compensation

The Lehman Brothers bankruptcy has been grinding along for several years, but it occasionally produces a judicial ruling that has importance outside the specific case. A recent ruling by the bankruptcy judge supervising the case provides an important reminder for employees that lucrative deferred compensation plans come with significant risks - including non-payment if the employer seeks a Chapter 7 or Chapter 11 bankruptcy.

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