Earlier this week, a bankruptcy judge approved a $243 million bid from a group of mall landlords, liquidators, and a licensing company that would save 229 of Aeropostale’s 720 stores from closing their doors forever. Things are looking even better than expected now for the teen retailer, as its new owners say they’ll be able to keep open 171 more stores than originally planned. [More]
bankruptcy
Bored Hanjin Ship Crew Spends Third Week Off Coast Of Singapore
By 9.15.16 — Updated: 12.27.16
The good news for the crew of a Hanjin ship left stranded by the company’s abrupt bankruptcy is that it has plenty of food and water, something that their union worried about. Crew members even have local prepaid cell phone cards so they can stay in touch with their families. They would prefer to be at home with their families, and to know whether they’ll still have jobs or be able to find jobs once they’re finally allowed off the ship. [More]
Sporting Goods Store Apocalypse Continues With Bankruptcy Of Golfsmith
By 9.15.16
You might not recognize the name Golfsmith, but it’s the biggest golf-only store in North America, with 109 stores here and 55 in Canada. Golf, however, isn’t as hot as it was in the years after Tiger Woods went pro, and the sport’s popularity is waning. That means there’s less need for all-golf stores. [More]
Bankruptcy Judge Approves Sale Of Aeropostale That Could Keep 229 Stores Open
By 9.13.16
It looks like the bid Aeropostale received at the end of August that could end up saving at least 229 stores and 7,000 or so jobs is one step closer to the real thing for the struggling teen retailer, after a bankruptcy judge gave the offer his approval. [More]
Samsung Trying To Pay To Get Its Stuff Off Stranded Hanjin Ships
By 9.9.16
For more than a week, dozens of container ships operated by Hanjin Shipping have been stranded at sea after the company’s sudden bankruptcy filing, delaying deliveries for goods just as retailers are stocking up for the holiday shopping season. Now Samsung is asking a judge for help to get its stuff out of Hanjin’s hands. [More]
Shipping Company Bankruptcy Leaves Container Ships Stranded With Dwindling Food, Water For Crews
By 9.7.16
We recently wrote about how the bankruptcy of Hanjin Shipping could put holiday orders for hot-ticket items from companies like Samsung and LG at risk for delays and higher costs, but what we didn’t get into at the time was the increasingly spartan living situations for the workers stranded on board dozens of ships stuck at sea or in port. [More]
Aeropostale Receives A Bid That Would Keep At Least 229 Stores Open
By 8.31.16
Aeropostale, a teen-focused clothing retailer, filed for bankruptcy earlier this year, and since then its continuing existence has been in question. Its business assets are up for auction this week, and the retailer reports that a bid has come in that would keep the doors open and the jeans flowing onto store shelves. [More]
Fox & Hound, Champps Locations Closing After Owner Files For Bankruptcy
By 8.31.16
If you were planning on watching upcoming NCAA or NFL games at a Fox & Hound or Champps sport bar, you should call first. Dozens of locations for the bar/restaurant chains are shuttering only weeks after their parent company filed for bankruptcy protection. [More]
Gawker.com Shutting Down After Bankruptcy Sale To Univision
By 8.18.16
Gawker Media declared bankruptcy in June after losing a major lawsuit. The company went up on the auction block this week and Univision bought it up. And while the company likely has plans in mind for at least some of what it paid for, the flagship site isn’t going with: Gawker.com is shutting down. [More]
Sports Authority Asks For Smaller Non-Bonuses For 3 Remaining Executives
By 8.11.16
Perhaps Sports Authority’s attorneys should have anticipated that the public and the chain’s former employees’ reaction to the news that the company wanted to distribute bonuses to some of its executives. Even the judge in the retailer’s bankruptcy case had harsh words about the bonus proposal. The company has filed another motion, though, seeking smaller bonuses and explaining that they are not, in fact, a reward for running the business into the ground. [More]
Bankrupt Aeropostale In Talks To Sell Company & Keep Brand Alive
By 8.8.16
After announcing last month that its planned reorganization under bankruptcy just wasn’t going to cut it, teen retailer Aeropostale began prepping to auction off its assets. Now, the company appears to be nearing a deal with a private equity firm. [More]
Logan’s Roadhouse Files For Bankruptcy, Will Close 18 Locations
By 8.8.16
No road trip would be complete without stopping by a kitschy restaurant right off the highway. Travelers will soon have slightly fewer eateries to choose from as Logan’s Roadhouse filed for bankruptcy Monday, detailing plans to close more than a dozen of its locations. [More]
Michaels Buys Mailing Lists, Intellectual Property Of Hancock Fabrics
By 8.4.16
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]
Still No Sponsor To Replace Sports Authority On Mile High Stadium
By 7.26.16
Another deadline has come and gone, and yet no one has bid on the naming rights for the field where the Denver Broncos play. They previously belonged to the now-bankrupt retailer Sports Authority, and the company put the opportunity up for sale as part of its intellectual property auction. Auctioneer Hilco Streambank has extended the deadline twice now, but no bidder has made their interest public yet. [More]
After Failing To Find A Buyer, Texas-Based Retailer Hastings Closing All Stores
By 7.22.16
A month after filing for bankruptcy and outlining a plan to find a buyer for its 123 stores, Hastings Entertainment announced it will instead close all of its stores and liquidate its assets. [More]
Bankrupt Aeropostale Preparing To Sell Off Its Assets At Auction Next Month
By 7.18.16
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. [More]
Sports Authority Is Selling Its Headquarters’ iMacs And Foosball Table On Craigslist
By 7.8.16
If you live near Denver and are looking for a computer monitor, an ice machine, or a 24-foot conference table, the closing of Sports Authority presents you with a unique opportunity. The retailer isn’t just selling off all of its merchandise, store leases, and even its brand name and mailing lists. After closing its headquarters, the company is also selling furniture and computers. On Craigslist. [More]
Sports Authority Bankruptcy Means Now Dick’s Sporting Goods Owns 114M Customer Records
By 7.1.16
Sports Authority is no more. The sporting goods store folded earlier this year, and for the past few weeks all their assets have been up on the auction block. That included all their intellectual property, which was snapped up this week by competitor Dick’s Sporting Goods. And that now means that if you were a Sports Authority customer, Dick’s just bought your information. [More]
