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]
chapter 11
Borders Turns The Page To Chapter 11
By 2.16.11
We knew this was going to happen, and now it has come to pass: Borders has filed for Chapter 11 bankruptcy protection and plans to shutter 30% of its stores as a result. [More]
Ultimate Electronics To Liquidate, Close All Stores
By 2.10.11
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]
Report: Blockbuster Exploring Bankruptcy Options
By 6.13.10
Hear that rattling sound? It’s coming from the chest of Blockbuster Video. A new report claims that the once-mammoth video rental chain, which admitted only months ago that bankruptcy might be in the offing, is now prepping for the harsh reality of Chapter 11 protection. [More]
US Fidelis Files Chapter 11, No Longer Sells Warranty-Like Objects
By 3.4.10
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]
Samsonite Files For Bankruptcy
By 9.4.09
Yesterday, a gorilla* stormed through the offices of Samsonite Corp, the “world’s top luggage maker,” and jumped up and down on their financial status. Their retail unit filed for Chapter 11 bankruptcy and will close approximately half of their 173 stores.
GM To Taxpayers: Bail Us Out Or We'll Liquidate
By 3.18.09
With two weeks to go before the government deadline to approve GM’s restructuring plan, the AP says that GM’s CEO Rick “The Station” Wagoner told the press that if GM is allowed to go into bankruptcy, it will simply be liquidated.
Ritz Camera Files For Bankruptcy
By 2.23.09
Ritz Camera, an occasional and colorful character on our blog (scam confessions! feedback bribery!) has just filed for Chapter 11 bankruptcy protection.
By 2.13.09
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Charter Cable has filed for Chapter 11 bankruptcy, but said operations will continue as normal. [Marketwatch] (Thanks to CaptZ!)
Muzak Bankrupt
By 2.12.09
Ever acoustically bankrupt, Muzak,the makers of elevator music, have declared themselves financially bankrupt by filing for Chapter 11. The company’s unique style of precisely limited in tempo and dynamics and unswervingly bland music may not be long for this world. Office workers and elevator riders, rejoice.
Black Angus Files For Bankruptcy
By 1.16.09
Black Angus filed for bankruptcy yesterday. The recession bodes ill for casual dining; “The debtors’ restaurants primarily are located in some of the areas hardest hit by the mortgage crisis, causing consumers in those markets to cut back on discretionary spending,” said the company in a statement filed with the bankruptcy court. Guess it turns out you can’t feed yourself with home equity after all. [Bloomberg] (Thanks to Ken!) (Photo: bdjsb7)
By 12.3.08
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Bally Total Fitness has filed for Chapter 11 Bankruptcy… again. [MarketWatch]
Panic: Are Consumers Scared To Buy Gift Cards?
By 12.1.08
Earlier this year when the Sharper Image declared bankruptcy, they briefly stopped accepting gift certificates. Eventually, they did start accepting them again — but with the requirement that consumers buy twice the face value of the card. This, it seems, has caused a fair amount of panic among consumers. Chain emails are circulating warning shoppers not to buy gift cards from various retailers — claiming that they are going out of business. But are they?
Circuit City Bouncing Refund Checks, But Will Reissue Them
By 11.26.08
If you have a Circuit City refund check not deposited before 11/10, it’s going to bounce.
Lehman Brothers Did Business With Mortgage Fraudsters Back In 2000
By 9.15.08
The Lehman Brothers collapse is shocking! Unless you remember a little story from 8 years ago…
Lehman Files For Chapter 11, BoA Buys Merrill Lynch
By 9.15.08
Bankers worked hard over the weekend to prevent the American financial system from imploding.
- Lehman filed for Chapter 11
- Bank of America bought Merrlil Lynch
- A special trading session was opened Sunday from 2-6pm to allow traders to try to unwind their positions
- The Fed is expected to temporarily make it easier for banks to borrow from the government
- European Central Banks stand ready to pump billions into the global market
- Washington Mutual’s new CEO’s disclosure of further writedowns and setting aside of capital calmed investors and stemmed the massive selloff of its stock
FTC: Protect Gift Card Holders When Companies Go Bankrupt
By 9.12.08
Consumers Union (CU) filed a petition with the FTC Thursday to protect consumer gift card holders more when retailers go bankrupt. For as long as the stores remain open, CU wants companies to have to hold gift card funds in a secure trust, unless bankruptcy courts say otherwise. Currently…
Despite Bankruptcy, Olevia Says Warranties Good
By 7.28.08
Even though they filed for Chapter 11, the makers of Olevia brand TVs have pledged that they will continue to honor their warranties, reports Marketnews. The news should come as a relief to worried consumers. Olevia was known for making good HD-LCD tvs at a good price.
