Chapter 11 news and archive

Seaweed fabric pioneer Keel Labs files for bankruptcy protection

Keel Labs, the US startup behind the first fabrics made from seaweed, filed for Chapter 11 bankruptcy protection with the North Carolina court on June 5. The company has an estimated ten million dollars in assets and one million dollars in liabilities. To produce Kelsun, biopolymers are extracted from seaweed and converted into threads through a...

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Business

Eddie Bauer store operator reportedly set to file for bankruptcy, affecting 200 stores in US

Eddie Bauer is said to be preparing to file for bankruptcy and shut down its 200 North American stores, according to sources at WWD. The outdoor brand’s store operations are owned by Catalyst Brands under license from brand owner Authentic Brands Group, which would indicate that the broader Catalyst Brands business would not be affected. The...

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Business|REPORT

Saks seeks 1 billion dollar bankruptcy loan to avoid bankruptcy as it faces vendor lawsuits

Saks Global is reportedly in the process of securing a 1 billion dollar loan to avoid filing for Chapter 11 bankruptcy, as more vendors file lawsuits against the luxury department store group. The capital-constrained company is said to be in negotiations with some of its creditors to obtain a loan, according to media reports. Saks Global, which...

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Business

Forever 21 holds mass liquidations sales across all US locations after filing for bankruptcy

Former fast-fashion giant Forever 21 is currently running mass liquidation sales across all its US store locations and online following its recent bankruptcy filing. The news comes days after F21 OpCo LLC, Forever 21's US branch operator, filed for bankruptcy. Once an iconic North American fashion chain that aimed to bring the latest trends to...

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Business

Jessica Simpson to buy back her brand, after Sequential Brand Group files for bankruptcy protection

Following Sequential Brand Group’s voluntary Chapter 11 filing, it appears that Jessica Simpson might be buying the rights to her brand back after the news of the bankruptcy broke. Last week the brand management and licensing company filed for a Chapter 11 petition at the US Bankruptcy Court as a result of significant debt, declaring it will no...

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Business

Neiman Marcus aims to emerge from bankruptcy with new bond

Struggling American retailer Neiman Marcus is hoping to emerge from bankruptcy by raising one billion dollars via a junk dollar bond. The ailing department store exited Chapter 11 about six months back, and hope the funds it raises will be able pay back a loan of 125 million dollars and the large interest on its remaining debt. The NMG Holding...

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Retail

Bankruptcy could be looming for some retailers

A second wave of Covid-19 may be detrimental for retailers who are still recovering from the onset of the pandemic. Some of America’s biggest names in fashion filed for Chapter 11 this year, including J. Crew and Neiman Marcus, J.C. Penney, Tailored Brands, Fred’s, Sears and Nine West. According to Retail Dive, the “bloodletting” is far from...

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Business

J.Crew emerges from Chapter 11 bankruptcy

J.Crew Group has successfully completed its financial restructuring process and emerged from Chapter 11 well positioned for long-term growth. As part of its financial restructuring, the Company has equitized more than 1.6 billion dollars of secured indebtedness, and Anchorage Capital Group, L.L.C. has become the majority owner of the Company. To...

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Fashion |OPINION

Barneys New York, a symbol of success in simpler times

For many of us Barneys New York is more than the Manhattan mecca of minimalist cool whose fortunes are currently being ruthlessly chronicled in the Wall Street Journal or Financial Times. While these hungry pundits banter over whether the company can be saved by Tuesday’s bankruptcy filing, the sufficiency of the 218 million dollar investment,...

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Management|UPDATE

Iconic US department store Barneys officially files for bankruptcy

New York-based department store Barneys has filed for Chapter 11 bankruptcy protection after 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...

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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...

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Fashion

Timeline: The American Apparel saga continues with whispers of a sale

American Apparel has found itself under the spotlight once more, as news emerges that its new owners and former creditors have hired investment bank Houlihan Lokey to investigate options for a sale. A potential sale would come six months after the LA-based retailer exited its Chapter 11 Bankruptcy and kicked started its restructuring scheme,...