Gawker Media Files For Bankruptcy; Ziff Davis Is Likely Buyer

Gawker Media Files For Bankruptcy; Ziff Davis Is Likely Buyer

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]

Former Old Country Buffet Employees Sue Company After Abrupt Closures

Former Old Country Buffet Employees Sue Company After Abrupt Closures

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]

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Under Armour: Sports Authority Closures Will Hurt Sales Of Sneakers, Clothes

When one business fails, its failure spins out and also affects clients and customers. The failure of a national mega-retailer, Sports Authority, doesn’t just affect its competitors in the coming months as they have to compete with liquidation sales. The company’s bankruptcy also affects its suppliers, including big companies like Under Armour. [More]

Nicholas Eckhart

Sports Authority’s Stores Have Been Sold To A Trio Of Liquidators, All Will Close

While regular customers and employees may have hoped that the competitors of bankrupt sporting goods chain Sports Authority would bid on its stores and inventory, taking over and keeping the branches open so they could expand into new markets. While Dick’s Sporting Goods and Modell’s did bid, ultimately the winner of all remaining stores was a group of three notorious liquidators bidding together: Tiger Capital Group, Hilco Global, and Gordon Brothers. Update: the store closing sales will begin on or around May 25, and run until the end of August. [More]

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Report: Sports Authority’s Last Hope To Keep Its Name Alive Backing Away From Deal

With fewer than 24 hours to go before Sports Authority’s self-imposed deadline for other companies to bid on its assets and store leases, the only competitor that seemed interested in bidding is reportedly now backing away from the deal.
[More]

TheGlassPeople

American Apparel Tries Crowdsourcing To Find Expensive Products People Will Buy

Three months after going private and emerging from a contentious fight over its Chapter 11 bankruptcy protection, American Apparel is looking to put the pieces back together, and it’s starting with a crowdsourcing campaign to solicit ideas for products made in the U.S.  [More]

Aeropostale Accuses Lender Of Purposely Squeezing It Into Bankruptcy

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Soon after former mall staple Aeropostale filed for bankruptcy on Wednesday, it turned around and threw darts at one of its lenders, which it accused of working behind the scenes to force the company’s hand. [More]

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Aeropostale Finally Files For Bankruptcy As Predicted, Will Close 113 U.S. Stores

Aeropostale Bankruptcy Watch is officially over, because, well, the teen apparel chain went ahead and did what everyone has been predicting for the last few weeks and filed for Chapter 11 bankruptcy protection. [More]

Nicholas Eckhart

Sports Authority: Nope, We’re Not Liquidating… Yet.

A week after an attorney for Sports Authority told a bankruptcy court that the sporting goods retailer would not continue and planned to liquidate its assets, the company says the term “liquidation” is not in its vocabulary, at least not yet.  [More]

Nicholas Eckhart

Sports Authority Will Liquidate, Sell Some Stores To Competitors

When Sports Authority filed for bankruptcy protection last month, the company hoped that it might be able to survive the process, re-organizing its debts and keeping some of its stores open. Today in bankruptcy court, a company attorney told the judge that Sports Authority will not continue, and there are prominent but unnamed companies that may purchase some of the chain’s remaining 300 or so stores. The bankruptcy auction will be on May 16. [More]

Mike Mozart

Aeropostale Delisted For “Abnormally Low” Trading Price After Possible Bankruptcy Report

Just a day after in-the-know sources revealed that teen-clothing retailer Aeropostale was headed for bankruptcy, the company was delisted from the New York Stock Exchange.  [More]

Mike Mozart

Report: Teen Retailer Aeropostale Prepping Bankruptcy Filing

The past few years haven’t exactly treated teen retailers well: DEB, Wet Seal, and dELiA*s (although it came back as an online-only store) are just a few of the brands that have filed for bankruptcy. Another once-popular teen-focused retailer is joining that list as Aeropostale is said to be prepping its own bankruptcy filing.  [More]

Why Are So Many Sporting Goods Stores Going Bankrupt?

Nicholas Eckhart/Edwin Ruskin Nordrike Parker

196. That’s the number of sporting goods stores that are set to close after two retail companies filed for bankruptcy in recent weeks. While the failures of Vestis Retail Group — the operator of retailers Eastern Mountain Sports, Sport Chalet, and Bob’s — and Sports Authority were accelerated by mountains of debt both incurred in recent years, there’s more at work when it comes to the apparent demise of sporting goods retailers.  [More]

Midwest Career College Abruptly Closes Doors, Files For Bankruptcy

Midwest Career College Abruptly Closes Doors, Files For Bankruptcy

Thousands of students attending Wright Career College in Oklahoma, Nebraska, and Kansas are now scrambling to figure out how to finish their education after the school abruptly closed its doors and filed for bankruptcy.  [More]

Edwin Ruskin Nordrike Parker

Another Sporting Goods Company Files For Bankruptcy; All Sport Chalet Stores Closing

With the dust just beginning to settle surrounding the bankruptcy and 140-store closure of sporting goods retailer Sports Authority, another, albeit smaller, outdoor gear retailer is following suit. Vestis Retail Group, the operator of brand Eastern Mountain Sports, Bob’s Stores, and Sport Chalet, officially filed bankruptcy papers today, outlining a restructuring plan that focuses on closing 56 stores.  [More]

JeepersMedia

PacSun Files For Chapter 11 With Restructuring Plan That Will Keep Stores Open

As we suspected earlier this week, ’90s mall staple Pacific Sunwear — known as PacSun to all the cool kids — has announced it’ll be filing for Chapter 11. Don’t start your teary farewell speech just yet — the company has a restructuring plan already in place to avoid liquidating its inventory, and will keep stores running throughout the process. [More]

Mike Mozart

Report: Parent Company Of Eastern Mountain Sports Also Headed For Bankruptcy

We can draw only one conclusion from the bankruptcies of Sports Authority and the parent company of Eastern Mountain Sports, Bob’s Stores, and Sport Chalet: Apparently, Americans have stopped going outside. Or maybe there’s some kind of larger business issue with the sporting-goods business sector. Probably the second thing. [More]

Nicholas Eckhart

Sports Authority Comes To Agreement With Suppliers To Sell Winter Gear

Should you trust someone who’s broke to hold on to your stuff and sell it for you? Suppliers to the bankrupt Sports Authority decided that they didn’t, and filed lawsuits to keep the retailer from selling winter sports merchandise and cold-weather gear and to get it back. Now they’ve reached a settlement over the merchandise… now that winter is over, naturally. [More]