USA Discounters, the not-at-all discount retailer that went bankrupt last year amid accusations of running a financing scam on customers, is looking to close at least one state investigations with a proposal that would provide a bit of relief to some customers sued by USA Discounters. [More]
bankruptcy
Report: Dick’s Bids For Sports Authority Stores, Modell’s And Sports Direct Don’t
By 6.27.16
One interesting possibility in the bankruptcy auction for the stores of debt-laden retailer Sports Authority was that a partnership between Northeastern sporting-goods chain Modell’s and a United Kingdom retailer, Sports Direct, might take over between 100 and 200 stores and open some kind of joint venture. Now that the bids for store leases are in, we know that the companies didn’t do that, but competitor Dick’s Sporting Goods bid on 17 stores that Sports Authority is leaving behind. [More]
Reminder: You Have Until Tuesday To Use Your Sports Authority Gift Cards
By 6.24.16
If you still have a Sports Authority gift card lurking somewhere in your papers, it’s time to pull it out and spend it on some ski pants or a camping knife or something. As the company’s business winds down, the last day that its remaining stores and website will accept gift cards is Tuesday, June 28, 2016. [More]
Report: Sports Authority Might Sell Stores To Modell’s And UK’s Sports Direct
By 6.21.16
At their recent bankruptcy auction, the winner of the inventory in Sports Authority stores was a trio of liquidators, not the company’s competitors. Other chains didn’t want to take on hundreds of stores at a precarious time in the sporting goods business. A new report, however, indicates that United Kingdom retailer Sports Direct might team up with Modell’s, a chain in the northeastern United States, to bid on at least a hundred store leases in one go. [More]
Texas-Based Retailer Hastings Files For Bankruptcy; Looks To Sell 126 Stores
By 6.14.16
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]
Rockies Want Sponsorship Money From Sports Authority, Say They’re Promoting Liquidation Sales
By 6.13.16
Five years ago, Sports Authority signed a sponsorship deal with their hometown major league baseball team, the Colorado Rockies. They’d become the team’s “exclusive sporting goods retailer,” and the team would put ads for them in the stadium, on the backs of tickets, and in stadium programs. These ads have stayed up since Sports Authority filed for bankruptcy, and the team wants the retailer to pay up for the two and a half months that the ads have remained up. [More]
Gawker Media Files For Bankruptcy; Ziff Davis Is Likely Buyer
By 6.10.16
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
By 6.7.16
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]
Under Armour: Sports Authority Closures Will Hurt Sales Of Sneakers, Clothes
By 6.1.16
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]
Sports Authority’s Stores Have Been Sold To A Trio Of Liquidators, All Will Close
By 5.17.16
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]
Report: Sports Authority’s Last Hope To Keep Its Name Alive Backing Away From Deal
By 5.10.16
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]
American Apparel Tries Crowdsourcing To Find Expensive Products People Will Buy
By 5.5.16
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
By 5.4.16
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]
Aeropostale Finally Files For Bankruptcy As Predicted, Will Close 113 U.S. Stores
By 5.4.16
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]
Sports Authority: Nope, We’re Not Liquidating… Yet.
By 5.3.16
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]
Sports Authority Will Liquidate, Sell Some Stores To Competitors
By 4.26.16
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]
Aeropostale Delisted For “Abnormally Low” Trading Price After Possible Bankruptcy Report
By 4.22.16
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]
Report: Teen Retailer Aeropostale Prepping Bankruptcy Filing
By 4.21.16
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]
