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Business & Commercial Bankruptcy Archives

NYC coffee shop chain uses Section 363 sale to find another owner

The coffee shop chain Fika opened in New York City in 2006. The company was known for its sleek modern ambience, and its shops became very popular. 10 years after it opened, Fika had 17 locations in the city, and its owner was telling people that the company intended to expand into more U.S. cities and countries overseas

Sears' CEO buys company assets in bankruptcy auction

In a recent post about the status of the Sears bankruptcy, the efforts by the company's CEO Eddie Lampert to secure financing for a purchase of the company's assets received significant attention. The other shoe has apparently fallen, because recent reports from the bankruptcy that occurred on Jan. 14 indicate that Lampert's hedge fund ESL Investments has submitted a revamped bid for most of the company's stores and assets. The bid must still receive approval from the bankruptcy court in White Plains, N.Y., but Lampert appears to be the clear front-runner in efforts to feast on what is left of the formerly giant retailer.

Sears is on the brink of dissolving; will it be saved?

Sears has several stores in Rockland County and elsewhere in downstate New York. The court handling the closely-watched business bankruptcy set a recent deadline for the submission of bids to buy the company. If no qualifying bids were submitted, the court stated that it would begin the process of dissolution. According to reports, only one bid was submitted, and it has several problems.

Embezzlement forces literary agency to file Chapter 7 petition

A previous post here discussed how sexual abuse lawsuits are forcing companies to seek protection under either Chapter 7 or Chapter 11 of the Bankruptcy Code. But, there is another issue that may cause companies to seek bankruptcy protection: embezzlement by a trusted employee.

Sexual abuse lawsuits force organizations to look at bankruptcy

Many factors can force a business to consider bankruptcy, ranging from management errors to unexpected loss of customers to natural disasters. Another kind of threat to an organization's financial well-being has forced several organizations to consider file a Chapter 11 petition: lawsuits from victims of alleged sexual abuse. One of the nation's most iconic organizations, the Boy Scouts of America, an organization with many connections in Rockland County, is apparently seeking advice about bankruptcy in response to a number of lawsuits alleging that young boys were abused by BSA employees or volunteers.

Understanding involuntary bankruptcy

One of the principal concerns of dealing with a person or corporation that is in financial difficulty is the possible mismanagement of the debtor business. Assets may be sold for less than fair market value or simply hidden from creditors. The debtor may decide to pay some creditors and not others. The bankruptcy code has a provision that creditors can use to protect themselves: involuntary bankruptcy.

David's Bridal files a Chapter 11 bankruptcy petition

Another large retailer has decided to seek protection from its creditors by filing a Chapter 11 bankruptcy petition. David's Bridal, the largest seller of wedding clothing and accessories in the United States, with stores in Yonkers, Long Island and 300 units elsewhere, filed a Chapter 11 petition on November 18. The company is hoping to obtain sufficient financing to enable it to emerge from bankruptcy with greatly reduced debt and enough cash to revive its operations.

Sears bankruptcy will have varied impacts on others

By now, the news of the bankruptcy filing by Sears is well known. Many Sears stores will close, and many employees will lose their jobs. But, what about firms that sell goods and services to Sears or rent space to Sears? Preliminary analyses of the retail market appear to show that some firms will benefit from the Sears bankruptcy and others will be harmed. The extent of both harmful and beneficial effects cannot yet be measured with fine accuracy, but preliminary studies of Sears' situations provide a few informative hints.

Retailing icon Sears on verge of bankruptcy

Another retailing icon appears to be edging toward a bankruptcy filing. Sears, one of the most recognized names in American retailing, is expected to file a business bankruptcy petition. The decline of Sears appears to be the result of a changing retail climate in the country and a serious of questionable management decisions.

Jurisdiction of U. S. bankruptcy courts

Rockland County businesses and individuals who are contemplating the filing of a petition in bankruptcy court rarely stop to wonder why Congress created a special court to handle bankruptcy cases. The creation of bankruptcy courts and the defining of their jurisdiction is a long and complicated history. A review of the last several decades of this history may help our readers understand why the bankruptcy court is different from other U.S. courts.

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