• Judge blasts bankrupt Hertz’s ‘offensive’ plan to pay big bonuses

    Judge blasts bankrupt Hertz’s ‘offensive’ plan to pay big bonuses

    A federal judge blasted bankrupt car-rental firm Hertz’s proposal to pay top executives millions of dollars in bonuses as she shot down the plan Thursday. US Bankruptcy Judge Mary Walrath directed the beleaguered company to revise its “offensive” proposal offering up to $14.6 million in bonuses to Hertz employees, including $5.4 million for senior executives. …
  • Nearly 60 percent of COVID-19 business closures are permanent: report

    Nearly 60 percent of COVID-19 business closures are permanent: report

    Nearly 60 percent of businesses that closed nationwide during the COVID-19 pandemic are never reopening again, according to a report. The vast majority of those businesses are restaurants and gift stores, according to Yelp’s Local Economic Impact Report, a monthly survey of business listings. As of Aug. 31, 163,735 businesses were listed as closed, with …
  • New York Sports Clubs’ bankrupt owner secures $20 million loan

    New York Sports Clubs’ bankrupt owner secures $20 million loan

    Town Sports, the bankrupt owner of New York Sports Clubs, secured $20 million in financing from its lenders to keep it afloat while it searches for a buyer. The tentative deal comes just two days after Town Sports filed for Chapter 11 bankruptcy protection in Delaware and buys the company time to reopen and maintain …
  • Flywheel Sports files for bankruptcy, plans to shut down

    Flywheel Sports files for bankruptcy, plans to shut down

    Spinning gym chain Flywheel Sports has filed for bankruptcy with plans to shut down its business, making it the latest victim of the coronavirus pandemic. Flywheel — known for its intense, bicycle-based classes — submitted a bankruptcy petition this week under Chapter 7 of the US bankruptcy code, which companies use to sell off their …
  • Chuck E. Cheese wants to destroy about 7 billion prize tickets amid bankruptcy

    Chuck E. Cheese wants to destroy about 7 billion prize tickets amid bankruptcy

    The parent company of Chuck E. Cheese wants to destroy about 7 billion prize tickets that have piled up in its supply chain amid the coronavirus pandemic. The company, CEC Entertainment, asked a Texas bankruptcy court to approve settlements allowing three of its vendors to shred the excess tickets at a cost of about $2.3 …
  • New York Sports Clubs’ owner files for bankruptcy after forced gym closures

    New York Sports Clubs’ owner files for bankruptcy after forced gym closures

    Town Sports International, the owner of New York Sports Clubs, filed for Chapter 11 bankruptcy on Monday after the coronavirus pandemic forced its gyms to close and caused revenue to dry up. The company’s assets and liabilities were in the range of $500 million to $1 billion, according to a court filing in the US …
  • Fashion retailer Century 21 files for bankruptcy, to shut all stores

    Fashion retailer Century 21 files for bankruptcy, to shut all stores

    Off-price clothing retailer Century 21 — a mecca for generations of fashion-minded bargain hunters — filed for bankruptcy on Thursday and said it will shutter all of its stores for good, blaming insurance companies that failed to pay up during the pandemic. Known for deeply discounted designer goods, the department store has been a retail …
  • J.C. Penney’s landlords strike deal to rescue it from bankruptcy

    J.C. Penney’s landlords strike deal to rescue it from bankruptcy

    J.C. Penney’s landlords reached a tentative deal to rescue the beleaguered department store chain from bankruptcy proceedings, averting a liquidation that would have threatened roughly 70,000 jobs and represented one of the most significant business collapses following the coronavirus pandemic, a company lawyer said during a brief court hearing Wednesday. Mall owners Simon Property Group …
  • Hedge fund founder charged with fraud tied to Neiman Marcus bankruptcy

    Hedge fund founder charged with fraud tied to Neiman Marcus bankruptcy

    The founder of a New York hedge fund was criminally charged Thursday over an alleged scheme to pressure a rival not to bid for assets related to Neiman Marcus’ bankruptcy so he could buy them at a lower price, the US Department of Justice said. Daniel Kamensky, principal of Marble Ridge Capital, which has more …
  • This new company is buying brands like Modell’s and giving them new life online

    This new company is buying brands like Modell’s and giving them new life online

    What do Dressbarn, Pier 1 Imports and Modell’s Sporting Goods have in common besides bankruptcies and store liquidations? They’ve all recently been scooped up by a 43-year-old self-help guru who raises chickens and cows on a ranch in Virginia, drives a Lamborghini and a Rolls-Royce and churns out blog posts like “How humans can live …