Retailer Joann files for Chapter 11 bankruptcy protection
The fabrics and crafts retailer, which has five Indianapolis-area stores, will become privately owned after emerging from Chapter 11 bankruptcy protection.
The fabrics and crafts retailer, which has five Indianapolis-area stores, will become privately owned after emerging from Chapter 11 bankruptcy protection.
The CEO of Blue Marble says the company is about $22 million in debt and considering its options after three of its creditors moved last month to force it into bankruptcy.
The agreement hammered out with state and local governments and victims would provide billions of dollars to combat the opioid epidemic. The decision also has implications for other major product liability lawsuits settled through the bankruptcy system.
It’s been a brutal year for startups, with more companies struggling to raise money and hundreds shutting down altogether, according to new data.
The office-sharing company once seen as a Wall Street darling had promised to upend the way people went to work around the world, but is now seeking Chapter 11 protection.
Some businesses in the industry are continuing to bet big even as rivals such as AppHarvest wobble and fail.
The company, which provides doctors to rural hospitals to staff their emergency rooms and other critical areas, listed liabilities of $18.5 million and assets of just $19,701.
As part of the Chapter 11 process, the retailer—which has a half-dozen area stores—closed more than 60 stores across the country, but was able to keep the vast majority of its more than 700 stores open.
Christmas Tree Shops Inc. is expected to close all 82 of its stores after failing to save itself through bankruptcy.
The $21.5 million deal—which covers Bed Bath & Beyond’s brand name, business data and digital assets but excludes its brick-and-mortar stores—must still be approved by New Jersey’s bankruptcy court.
The retailer has set a closing deadline for its stores, including those in Carmel, Noblesville, Greenwood and Bloomington, and announced it will stop accepting its ubiquitous coupons soon.
The company employs more than 11,000 workers and has about 300 stores across dozens of states, including three in central Indiana.
The plan would let the organization keep operating while it compensates tens of thousands of men who say they were sexually abused as children while involved in Scouting.
The retailer emerged from its last bankruptcy in January 2021 after closing about 200 stores, cutting its employee head count and slashing debt.
Overall, filings for bankruptcy protection continued to fall nationwide and in Indiana last year.
The retailer, which has been preparing for a Chapter 11 filing after lenders declared it in default last month, priced new convertible preferred securities and warrants, it said in a statement Tuesday, in a deal that will ultimately raise more than $1 billion.
“There is substantial doubt about the company’s ability to continue as a going concern,” the retailer said in a statement.
Sam Bankman-Fried may be ready to come to the U.S. to face criminal charges related to the collapse of cryptocurrency exchange FTX following a chaotic court appearance in the Bahamas.
Party City’s debt load is unsustainable, according to S&P Global Ratings, which downgraded the company deeper into junk territory last month.
The revelations, which came in a filing to U.S. Bankruptcy Court in Delaware late Saturday, offer a striking portrait of the sheer number of entities that had considerably invested in, loaned money to or otherwise engaged with the three-year-old company.