Content about Chapter 11, Title 11, United States Code

April 11, 2014

Coldwater Creek Inc. filed for Chapter 11 bankruptcy protection, with plans to close its stores and wind down operations by early summer.

Sandpoint, Idaho -- Coldwater Creek Inc. on Friday filed for Chapter 11 bankruptcy protection, with plans to close its stores and wind down operations by early summer.

April 4, 2014

Specialty retailer Brookstone Holdings Corp. has filed for Chapter 11 bankruptcy protection, with a plan to sell itself to Spencer Spirit Holdings, owner of the Spencer’s retail chain, for about $147 million.

Merrimack, N.H. -- Specialty retailer Brookstone Holdings Corp. has filed for Chapter 11 bankruptcy protection, with a plan to sell itself to Spencer Spirit Holdings, owner of the Spencer’s retail chain, for about $147 million. The purchase price comprises $120 million in cash, $7.5 million in new notes and about $18.5 million of assumed liabilities.

Under the agreement with Spencer Spirit, Brookstone would continue to operate its stores in malls and airports, along with its catalog, website and wholesale business, under the Brookstone brand.

March 14, 2014

Quiznos on Friday filed for Chapter 11 bankruptcy protection to reduce its debt.

Denver -- Quiznos on Friday filed for Chapter 11 bankruptcy protection to reduce its debt. The sandwich chain said it filed after reaching a deal to cut its debt by more than $400 million, or about two-thirds.

Quiznos said it would continue operating while it works to implement a debt-restructuring plan and make operational improvements.

March 10, 2014

Sbarro LLC has reportedly filed for Chapter 11 bankruptcy protection for the second time since 2011.

Melville, N.Y. – Sbarro LLC has reportedly filed for Chapter 11 bankruptcy protection for the second time since 2011. According to Reuters, Sbarro wants to reduce its debt by 80% via a pre-packaged reorganization that would allow it to exit bankruptcy before May 7, 2014.

Most of Sbarro’s creditors reportedly support the plan, which it said is necessitated by declining mall traffic and an unsustainable balance sheet. The plan requires court approval and Sbarro will reportedly also seek better offers from potential buyers.

November 4, 2013

Edwin Watts Golf Shops filed for Chapter 11 bankruptcy protection in Delaware, with the intention of selling the operating assets of the business.

Fort Walton Beach, Fla. -- Edwin Watts Golf Shops on Monday filed for Chapter 11 bankruptcy protection in Delaware, with the intention of selling the operating assets of the business.  

The company, owned by private equity firm Sun Capital Partners, listed estimated liabilities and assets of $100 million to $500 million.

June 17, 2013

Orchard Supply Hardware Stores Corp. is filing for Chapter 11 bankruptcy. As part of the filing, Orchard Supply has reached an agreement for Lowe’s to purchase acquire the majority of its assets for $205 million in cash, plus the assumption of payables owed to nearly all of Orchard’s supplier partners.

San Jose -- Orchard Supply Hardware Stores Corp. is filing for Chapter 11 bankruptcy. As part of the filing, Orchard Supply has reached an agreement for Lowe’s to purchase acquire the majority of its assets for $205 million in cash, plus the assumption of payables owed to nearly all of Orchard’s supplier partners. Under the terms of the agreement, Lowe’s, serving as “stalking horse bidder,” would acquire no less than 60 of Orchard’s stores, based on further due diligence on the store locations.

January 8, 2013

Big M Inc., which operates Mandee and Annie Sez stores, has filed for Chapter 11 bankruptcy protection.

New York -- Big M Inc., which operates Mandee and Annie Sez stores, has filed for Chapter 11 bankruptcy protection. The New Jersey-based retailer cited the impact of Superstorm Sandy, which resulted in closures that affected its stores, corporate office and distribution center for more than a week. The company cited liabilities of between $50 million and $100 million, along with assets of the same amount.

September 12, 2012

Cafeteria-style restaurant chain Piccadilly Restaurants filed for Chapter 11 bankruptcy protection on Friday, citing a breakdown in talks with its lender Atalaya Capital Management.

Baton Rouge, La. -- Cafeteria-style restaurant chain Piccadilly Restaurants filed for Chapter 11 bankruptcy protection on Friday, citing a breakdown in talks with its lender Atalaya Capital Management.

Atalaya had recently purchased part of Piccadilly’s debt, which hasn’t been quantified by the chain.  

Piccadilly was given a commitment for debtor in possession financing of up to $5 million, providing the company with ample liquidity, Piccadilly said.

 

September 12, 2012

Ritz Camera & Image LLC plans to go out of business after 94 years and close its remaining 137 stores after it failed in a bankruptcy auction to find a buyer to keep the camera chain afloat, the Chicago Tribune reported.

New York -- Ritz Camera & Image LLC plans to go out of business after 94 years and close its remaining 137 stores after it failed in a bankruptcy auction to find a buyer to keep the camera chain afloat, the Chicago Tribune reported.

U.S. bankruptcy judge Kevin Gross in Wilmington, Del., approved a plan to turn over most of Ritz's assets to Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC.

August 21, 2012

Chicago high-end fashion retailer Mark Shale said it has filed for reorganization bankruptcy.

Chicago -- Chicago high-end fashion retailer Mark Shale said Tuesday it has filed for reorganization bankruptcy.

The 83-year-old company is seeking strategic alternatives, including a partner to fortify the business, according to president Rich Myers.

The three existing stores – all in Chicago – will continue to operate during the reorganization process.

June 26, 2012

Ritz Camera & Image has filed for Chapter 11 bankruptcy protection.

New York -- Ritz Camera & Image has filed for Chapter 11 bankruptcy protection. As part of its restructuring, the company, which has 265 stores in 34 states, plans to close 128 locations and cut its staff of 2,000 in half.

This is the second time Ritz has sought protection under the bankruptcy laws, having emerged from Chapter 11 two years ago.

March 14, 2012

Grocer The Great Atlantic & Pacific Tea Co. Inc. said Tuesday it has emerged from Chapter 11 bankruptcy protection as a private company.

Montvale, N.J. -- Grocer The Great Atlantic & Pacific Tea Co. Inc. said Tuesday it has emerged from Chapter 11 bankruptcy protection as a private company.

The company filed for bankruptcy protection in late 2010 but has re-emerged with operational financing, completed store renovations and new supplier and employee union agreements, as well as new management team, in place.

February 23, 2012

By Dave Spargo, Huntley, Mullaney, Spargo & Sullivan

By Dave Spargo, dspargo@hmsinc.net

February 1, 2012

United Retail Group Inc. announced that it has filed for Chapter 11 bankruptcy court protection as it looks to sell itself to private-equity firm Versa Capital Management.

Rochelle Park, N.J. -- United Retail Group Inc. announced that it has filed for Chapter 11 bankruptcy court protection as it looks to sell itself to private-equity firm Versa Capital Management. United Retail owns the 433-store Avenue chain, which specializes in plus-sized women’s apparel.

January 25, 2012

The judge in the Great Atlantic & Pacific Tea Company’s Chapter 11 bankruptcy case on Tuesday approved a $750 million exit financing plan for the supermarket operator.

New York City -- The judge in the Great Atlantic & Pacific Tea Company’s Chapter 11 bankruptcy case on Tuesday approved a $750 million exit financing plan for the supermarket operator.

The approval moves A&P closer toward exiting Chapter 11 and operating as a  privately held company.

The financing package consists of a $400 million revolving loan and a $350 million term loan from J.P. Morgan Chase and Credit Suisse.

November 8, 2011

Syms Corp. said that its stock will be delisted as of November 15, 2011 and that Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the company’s securities from listing and registration on the Nasdaq.

Secaucus, N.J. -- Syms Corp. said that its stock will be delisted as of November 15, 2011 and that Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the company’s securities from listing and registration on the Nasdaq.

This decision by Nasdaq comes following Syms announcement on November 2, 2011 that it and its subsidiaries filed petitions for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
 

November 4, 2011

The Great Atlantic & Pacific Tea Co. said Friday that it has secured a $490 million financing package from Ron Burkle’s Yucaipa Cos., Mount Kellett Capital Management and investment funds managed by Goldman Sachs.

Montvale, N.J. -- The Great Atlantic & Pacific Tea Co. said Friday that it has secured a $490 million financing package from Ron Burkle’s Yucaipa Cos., Mount Kellett Capital Management and investment funds managed by Goldman Sachs.

The combination debt and equity financing, which is subject to court approval, will allow the grocer to emerge from Chapter 11 bankruptcy protection early in 2012.

November 2, 2011

Syms Corp. and its Filene’s Basement subsidiary said that they have filed for Chapter 11 bankruptcy and will liquidate all stores and assets over the coming several months.

Secaucus, N.J. -- Syms Corp. and its Filene’s Basement subsidiary said Wednesday that they have filed for Chapter 11 bankruptcy and will liquidate all stores and assets over the coming several months. Syms acquired the century-old Filene’s out of bankruptcy in 2009 for $63 million.

August 23, 2011

Andronico's Community Markets has filed for Chapter 11 bankruptcy protection.

Berkley, Calif. -- Andronico's Community Markets has filed for Chapter 11 bankruptcy protection.

The company is seeking debtor-in-possession financing that would allow it to sell itself to a private investment group that would keep its seven stores in Northern California in operation.

August 4, 2011

The Great Atlantic & Pacific Tea Company (A&P) has asked U.S. Bankruptcy Court in White Plains, N.Y., for a second extension of its deadline to submit an exclusive plan of reorganization to its creditors.

New York  City -- The Great Atlantic & Pacific Tea Company (A&P) has asked U.S. Bankruptcy Court in White Plains, N.Y., for a second extension of its deadline to submit an exclusive plan of reorganization to its creditors.

The supermarket operator is looking for an extension to Jan. 16, 2012, from a previous deadline of Dec. 31, 2011. In court papers, it said the extension  would provide it with "the very best opportunity for a successful exit from Chapter 11."
 

July 14, 2011

Najafi Cos., the private equity firm that tentatively agreed to purchase bankrupt Borders Group, is is reportedly no longer interested in Borders unless its conditions are met, The Wall Street Journal reported.

New York — Najafi Cos., the private equity firm that tentatively agreed to purchase bankrupt Borders Group, is is reportedly no longer interested in Borders unless its conditions are met, The Wall Street Journal reported.

Najafi, which owns the Book of the Month Club, said in a statement that financial advisors “have elected another option which is in contrast to what he had envisioned for the future of Borders.”

March 28, 2011

Harry & David Holdings filed for Chapter 11 bankruptcy protection on Monday, according to a filing.

Medford, Ore. -- Harry & David Holdings filed for Chapter 11 bankruptcy protection on Monday, according to a filing.

The gift basket retailer will continue to operate the business as debtors under the jurisdiction of the bankruptcy court. The company has nearly $200 million in outstanding debt.

Harry & David sells its products through catalogs, its website and in stores, which are primarily in factory outlet malls across the nation.

March 25, 2011

Borders Group, which filed Chapter 11 bankruptcy in February and has announced plans to close about a third of its stores, said it plans to pay key employees as much as $8.3 million in incentives and retention bonuses, Bloomberg reported.

New York City -- Borders Group, which filed Chapter 11 bankruptcy in February and has announced plans to close about a third of its stores, said it plans to pay key employees as much as $8.3 million in incentives and retention bonuses, Bloomberg reported.

The retailer asked a judge to approve its plan in a filing Thursday in U.S. Bankruptcy Courty in New York. Borders said it has historically compensated employees through incentives.

March 3, 2011

Some landlords, vendors and other unsecured creditors of Blockbuster are objecting to Blockbuster's plan to sell itself because they fear they won't be paid what they are owed, according to the Associated Press.

New York City -- Some landlords, vendors and other unsecured creditors of Blockbuster are objecting to Blockbuster's plan to sell itself because they fear they won't be paid what they are owed, according to the Associated Press.

A hearing to approve the stalking horse bid and auction was originally scheduled for Wednesday, but was postponed late Tuesday until March 10 while the judge considers the objections.

February 16, 2011

Borders Group filed for Chapter 11 bankruptcy on Wednesday.

New York City -- Borders Group filed for Chapter 11 bankruptcy on Wednesday. The troubled bookseller plans to close 30%, or about 200, of its most underperforming stores during the next few weeks. The long-expected filing will allow Borders to access new capital and reorganize its operations, Borders Group president Mike Edwards said in a statement.