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bankruptcy news and archive

Business

Brooks Brothers files for bankruptcy protection

Brooks Brothers, a collegiate menswear brand founded in 1818, is the latest retail victim filing for bankruptcy protection. The 200 year-old company is hoping to keep creditors at bay while it searches for a buyer. The upmarket retailer is owned by Luxottica founder Claudio Del Vecchio, who bought the company from Marks & Spencer in 2001. Brooks...

Jul 9, 2020

Report

Marc Beilinson resigns as board member of Neiman Marcus

Neiman Marcus Group has announced that Marc Beilinson has resigned from his position as board member of the group’s Board of Managers. Beilinson, who has helped the group exit Chapter 11 bankruptcy, resigned due to his emergency heart surgery last week. While he is expected to make a full recovery, his doctors have advised him to temporarily...

Jun 22, 2020

Business

With access to finance, Neiman Marcus could soon reopen stores

Bankrupt retailer Neiman Marcus secured a court approval for debtor financing, giving the struggling department store access to 250 million dollars with a further 150 million dollars available after 4 September. The funding would allow the group to reopen its stores after the Covid-19 closures, pay employees and restructure its debts. Neiman...

Jun 18, 2020

Management OPINION

Barneys New York, the tragic ending of an iconic retailer

New York has lost an iconic retailer. As Barneys caved to bankruptcy, its name will be sold to the likes of Saks, its inventory discounted for swift liquidation, and its stores, including the Madison Avenue flagship as we know it, closed for good. Authentic Brands Group took control of Barneys assets on Friday, acquiring the intellectual...

Nov 3, 2019

Management UPDATE

Iconic US department store Barneys officially files for bankruptcy

New York-based department store Barneys has filed for Chapter 11 bankruptcy protectionafter weeks of speculation. It has entered into an agreement with Gordon Brothers and Hilco Global, whose affiliates have provided it with 75 million dollars of new capital to stay afloat during the proceedings. As part of the restructuring, Barneys announced...

Aug 6, 2019

Business

Strenesse files for bankruptcy again

It has come to light that German fashion brand The Strenesse New GmbH has filed for an order of temporary self-administration with the local court of Bavarian city Nördlingen already on June 26, 2019. “This procedure allows a smooth continuation of the business. … [and] offers the opportunity for realignment of the company’s operational...

Jul 9, 2019

Business

What is happening with Roberto Cavalli?

On 2nd April, the court of Milan granted ailing Italian luxury fashion brand Roberto Cavalli SPA creditor protection (“Pre Concordato” status) with up to 120 days to present a turnaround plan. At the end of March, The Art Fashion Corp, the business that operates Cavalli's North American operations, filed for bankruptcy, locally known as Chapter...

May 15, 2019

Business

Gymboree Group files for Chapter 11 Bankruptcy Protection

Gymboree Group Inc., the parent company of childrenswear brands Gymboree, Crazy 8 and Janie and Jack, has filed for relief under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the second time in two years. The company, which operates hundreds of stores in the United States, Canada and Puerto Rico, has also announced that its...

Jan 17, 2019

Business

Nine West Holdings files amended bankruptcy plan

Nine West Holdings Inc, which recently got rid of its footwear brands to focus on jewelry and accessories, has filed an amended Chapter 11 bankruptcy plan of reorganization, which will reduce its pre-bankruptcy debt obligations by over 1 billion US dollars. “Following the successful sale of our Nine West and Bandolino footwear and handbag...

Oct 19, 2018

Retail

Map of a giant collapsing: some happy, others not

Following the filing of bankruptcy by Sears Holdings, 142 Sears & Kmart stores across the US will be liquidated. Here is a map showing their locations. While bankruptcy of Sears means havoc for its shareholders, many landlords are happy to see them go. According to NBC News, one location in Staten Island, New York can look forward to a 727...

Oct 16, 2018

Management

Sears Holdings files for bankruptcy, to close 142 more stores

Sears Holdings Corp. said Monday that the company and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. The company noted that it will also close 142 unprofitable stores near the end of the year. Edward Lampert has...

Oct 15, 2018

Management

Charlotte Olympia files for Chapter 11 bankruptcy protection in the US

London - Charlotte Olympia, the luxury footwear and accessories label from Charlotte Dellal has filed for bankruptcy protection in the United States. The London-based label's three US subsidiaries have filed for Chapter 11 bankruptcy protection in Delaware, as it prepares to close all of its stores in the US, according to media reports. Pinktoe...

Feb 23, 2018