J.C. Penney has filed for Chapter 11 bankruptcy protection and entered into a restructuring support agreement with lenders holding approximately 70% of its first lien debt in an effort to reduce the company’s outstanding debt and strengthen its financial position.
Stage Stores has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The company will simultaneously solicit bids for a going concern sale of the business or any of its assets and initiate an orderly wind-down of operations. The company will terminate the wind-down of operations at certain locations if it receives a viable going-concern bid.
Neiman Marcus has received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division for all of the first day motions related to its voluntary Chapter 11 proceedings filed on May 7.
Neiman Marcus has filed Chapter 11 and entered into a restructuring support agreement with a significant majority of its creditors to undergo a financial restructuring, substantially reducing its debt load and interest payments and supporting continued operations during the COVID-19 pandemic and beyond.
With the coronavirus pandemic shutting down non-essential shopping across the U.S., J.C. Penney is said to be in advanced talks with bank lenders for a bankruptcy loan as large as $1 billion to carry it through a potential chapter 11 process, The Wall Street Journal reported.
Pier 1 entered into Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia on February 17 to facilitate a Plan Support Agreement with a majority of its term loan lenders, listing its major unsecured creditors as it did so.
After months of speculation about its ability to continue operating, Pier 1 Imports has filed for Chapter 11 bankruptcy protection as it pursues a sale of the business. The company also said it would complete the previously announced closure of up to 450 store locations in the process, which includes the closure of all its stores in Canada.
After liquidation speculation in local media, Fairway Market has filed for Chapter 11 bankruptcy protection as the company seeks to sell its 14 gourmet-oriented supermarkets in metro New York.
The turnaround efforts at Fred’s have come to an end, as the retailer has filed for voluntary relief under chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware and will liquidate all remaining stores.
A specialty chain focused on personalized merchandise, Things Remembered has filed for Chapter 11 bankruptcy protection as part of a purchase deal.
Sears Holdings officials acknowledged Edward Lampert’s winning bid for the company, subject to bankruptcy court approval.
Shopko has filed a Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the District of Nebraska and announced, in concert with the legal action, that it would close 38 stores, relocate about 20 optical centers to freestanding locations, and conduct an auction process for its pharmacy business.
Sears Holdings will close an additional 40 locations in 2019 as the company continues to navigate bankruptcy proceedings.
In consequence of the chapter 11 bankruptcy filing by parent Sears Holdings, Sears Home & Business Franchises, which offers appliances and other services to consumers, is “here to stay and open to serve you,” stated Jeff Pepperney, the company’s vp.
Sears Holdings has received approval on all first-day motions related to the company’s Chapter 11 bankruptcy filing.
Brookstone was making a bid to reverse the fortunes of its mall-based stores, but the initiative has been cut short by a Chapter 11 bankruptcy filing in a Delaware federal court.