When the original intellectual property auction for the remaining assets of the former sewing and craft chain Hancock Fabrics concluded, the winning bidder was a company called ADMACO, Inc. Who? That turned out to be an alias for Michaels, the nationwide craft supplies chain, which will take over the Hancock Fabrics trademarks, and the 10 million names on its mailing list. [More]
After taking a few weeks to weigh its options, Aeropostale says it won’t be able to manage a reorganization under bankruptcy, and instead is getting ready to auction off all its assets in the coming weeks. It’s also taking fire at the lender it claims pushed it into bankruptcy in the first place.
Following in the footsteps of companies like Blockbuster, Borders, and other retailers that sold or rented books, movies, and video games, Hastings Entertainment is bowing to years of faltering sales, filing for bankruptcy on Monday. [More]
Gawker Media — former home to Consumerist and former employer of two current Consumerist staffers — is filing for bankruptcy after being on the receiving end of a $140 million legal pile driver by wrestler/reality star Hulk Hogan. [More]
Earlier this year, the owner of Hometown Buffet, Ryan’s Buffet, Fire Mountain, and Old Country Buffet abruptly closed ore than 160 restaurants without giving any advance notice to employees and then filed for bankruptcy — but not before hiring auctioneers to sell anything in the restaurants that wasn’t leased or nailed down. Now, a group of former employees have filed a lawsuit seeking class-action status against Food Management Partners, the company that once ran the buffet restaurants, for not giving them a heads up as required by federal law. [More]