Borders Gets No Love From Bidders, Forced To Liquidate

Borders Gets No Love From Bidders, Forced To Liquidate

Though Borders had received a tentative “stalking horse” bid earlier this month for around $215 million, that deal has since fallen apart and no one else has stepped up to the bidder’s box. Thus, the company has decided to say “aw, screw this,” and liquidate. [More]

Sbarro Pizza Preheats Oven For Chapter 11 Bankruptcy

Sbarro Pizza Preheats Oven For Chapter 11 Bankruptcy

Lovers of lukewarm pizza, despair. Troubled pizza chain Sbarro is getting ready to file for Chapter 11 Bankruptcy. The slice slingers are $365 million in debt and made the move after missing their interest payments. Part of the reason Sbarro has been suffering is because it has a lot of shops tied up in malls. Traffic to those dying down with the recession and the rise of online shopping has meant fewer patrons hitting the food court. The other reason is that their pizza is just sad. [More]

Ultimate Electronics To Liquidate, Close All Stores

Ultimate Electronics To Liquidate, Close All Stores

Ultimate Electronics, a Colorado-based chain, took on a nationwide expansion in 2010, opening new stores, entering new markets, and taking over a lot of empty retail space abandoned by Circuit City. Now the big-box dream is over: the company filed for Chapter 11 bankruptcy in late January, and announced this week that it will liquidate and close all 46 stores. [More]

E-Trade, Borders And Frontier May Vanish This Year

E-Trade, Borders And Frontier May Vanish This Year

Get ready to say goodbye to the E-Trade baby and Frontier Airlines. According to 24/7 Wall Street, the two businesses are among their 10 picks for companies that will not survive the year. Others that may not be long for this world: Sara Lee, Gateway and Office Depot. [More]

Blockbuster Filing For Bankruptcy In September

Blockbuster Filing For Bankruptcy In September

Blockbuster told Hollywood studios that it’s planning to file for bankruptcy in mid-September. [More]

American Apparel Isn't Doing Too Well

American Apparel Isn't Doing Too Well

It’s been a while since we’ve had a good bankruptcy rumor floating around. Jezebel says thong superstore American Apparel is just asking for it: “[The retailer] has experienced declining year-on-year same-store sales in every month for which the company has made records available since February, 2009.” [More]

US Fidelis Files Chapter 11, No Longer Sells Warranty-Like Objects

US Fidelis Files Chapter 11, No Longer Sells Warranty-Like Objects

Extended car warranty company US Fidelis already stopped selling new car service contracts and laid off over half of their staff at the end of 2009, and has now filed for Chapter 11 bankruptcy protection. [More]

Uno Chicago Grill Files For Chapter 11 Bankruptcy

Uno Chicago Grill Files For Chapter 11 Bankruptcy

Uno Chicago Grill, the Boston-based chain of Chicago-esque deep dish pizzerias, has filed for Chapter 11 bankruptcy after closing 16 restaurants last week. [More]

Experts Answer Credit Questions From Average Americans

Experts Answer Credit Questions From Average Americans

Henry Unger at the Atlanta Journal-Constitution has put together a multi-part series of questions and answers from readers. The detailed answers are provided by Consumer Credit Counseling Service of Greater Atlanta, and the questions–which I’ve listed below–cover a broad spectrum of personal finance issues, including credit cards, mortgages, and credit reports. [More]

BlueHippo Can't Pay Bills, Switches To Chapter 7, May Finally Die

BlueHippo Can't Pay Bills, Switches To Chapter 7, May Finally Die

A chain of events over the last month does not bode well for the continued existence of the no-credit-check, allegedly scammy computer purveyor BlueHippo. When the FTC found the company in contempt of its agreement to stop scamming people, Bluehippo’s payment processor froze the company’s funds with little notice. The company was unable to pay its bills and filed for Chapter 11 bankruptcy. Now, the company has changed to a Chapter 7 filing (liquidation) and will most likely go out of business. [More]

Government Helped CIT Limp Along Long Enough To Keep From Ruining Christmas

Government Helped CIT Limp Along Long Enough To Keep From Ruining Christmas

According to SpendMatters, one big reason the government burned through $2.3 billion in TARP funds for CIT even though it was buckling under debt was to try to avoid ruining everybody’s Christmas this year.

Linens 'N Things Resurrected (In Canada)

Linens 'N Things Resurrected (In Canada)

In today’s marketplace, going out of business doesn’t mean you go away forever. Your storefronts may disappear, but you’ll just pop up again online—like CompUSA and Circuit City—or you’ll come back on someone else’s shelves as a brand, like Linens ‘N Things.

GM, Tengzhong Close To Hummer Brand Sale

GM, Tengzhong Close To Hummer Brand Sale

So long, Hummer. Sort of. GM and Chinese company Tengzhong are closer to their deal to sell the Hummer brand.

Auto Service Plan Promises Refunds, Then Goes Bankrupt

Auto Service Plan Promises Refunds, Then Goes Bankrupt

If you asked us, we would recommend that you not buy a third-party extended warranty for your car. If the main selling point for said warranty were that you would receive a full refund if you never filed a claim…we’d suspect that something might go wrong with this plan.

GM And Penske End Saturn Sale Talks

GM And Penske End Saturn Sale Talks

Saturn will not have a new life as part of Penske, the company that, among other things, distributes Smart cars in the U.S. Talks between Penske and GM fell apart today, and so did any chance for a deal.

What Should You Know About The Reborn General Motors?

What Should You Know About The Reborn General Motors?

Cupcakes all around! Government General Motors emerged from bankruptcy today, and the shiny new version of GM is now leaner, in charge, and ready to manufacture cars that people actually want to buy. Maybe.

G.M. Agrees To Remain Responsible For Shoddy Cars After Bankruptcy

G.M. Agrees To Remain Responsible For Shoddy Cars After Bankruptcy

General Motors has reached an agreement with the government to let consumers file what are known as product-liability claims after the company escapes from bankruptcy protection. The big win for consumers means that if a manufacturing defect in an old G.M. causes injuries in the future, consumers will still be able to sue G.M. in state court.

Six Flags Over Bankruptcy Court

Six Flags Over Bankruptcy Court

Those home ticket-printing fees just weren’t enough to help Six Flags pay down their $2.4 billion debt load. The economy and bad weather have taken their toll, and the company declared Chapter 11 bankruptcy over the weekend.