Party City Holdco. Inc. filed for Chapter 11 bankruptcy protection on Tuesday, citing COVID headwinds. Dwindling sales during the COVID-19 lockdowns, difficulties in maintaining inventory, shortages of helium, and stores closing down could be among factors leading to the filing. The company—which has 800 owned stores and franchises across North America—said in a press release…
Vegas Goalie Lehner Files for Bankruptcy, Cites $50M Debt
LAS VEGAS—Vegas Golden Knights goaltender Robin Lehner and his wife have filed for bankruptcy in Nevada, citing up to $50 million in debts to dozens of creditors. The Chapter 7 bankruptcy filing offers a glimpse into the couple’s financial problems, including money owed to no fewer than 50 people and companies, the Las Vegas Review-Journal…
More Bed Bath & Beyond Stores Closing
Yet more Bed Bath & Beyond stores are closing across the United States as the company attempts to fend off bankruptcy amid mounting debts and declining sales. The retailer said earlier this month that there was “substantial doubt” that it will be able to continue and was looking into “all strategic alternatives” to avoid going into…
Four Reforms by Congress That Would Help California in 2023
January 11, 2023
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Commentary With California Rep. Kevin McCarthy finally ensconced in the Speaker’s Chair in the U.S. House of Representatives, here are four reforms he and his colleagues from both parties can advance to help Californians especially. 1. Allow bankruptcy for college debt. Of course, people should pay their debts. But what if you run up $200,000…
4 Reforms by Congress That Would Help California in 2023
January 11, 2023
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bankruptcyCaliforniaincome taxLocal NewsmarijuanaNorthern CaliforniaOpinionRegional-Local NewsSouthern CaliforniaUSViewpoints
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Commentary With California Rep. Kevin McCarthy finally ensconced in the Speaker’s Chair in the U.S. House of Representatives, here are four reforms he and his colleagues from both parties can advance to help Californians especially. 1. Allow bankruptcy for college debt. Of course, people should pay their debts. But what if you run up $200,000…
Bed Bath & Beyond Reports Deeper Losses Than Prior Warnings
Bed Bath & Beyond (BBBY) reported deeper losses than expected after the company announced last week that it might have to seek bankruptcy. The home goods retailer witnessed a net loss of $393 million for the third quarter, more than the $366 million net loss in the second quarter. Analysts last week had originally expected a $386…
The Biggest US Retail Bankruptcies in 5 Years
The biggest bankruptcies over the past 5 years are listed below by assets and liabilities at the time of their filings: Ascena Retail Group Assets: $13.69 billion Liabilities: $12.52 billion Stores: More than 2,800 The owner of Ann Taylor, Lane Bryant, and Loft filed for Chapter 11 bankruptcy protection in July 2020, then sold off…
Bed Bath & Beyond Shares Tumble as Company Says ‘Substantial Doubt’ It Can Continue
Shares of Bed Bath & Beyond dropped drastically on Jan. 5 after the company warned it is considering bankruptcy amid mounting debt and waning finances, noting that there is “substantial doubt” that the retailer will be able to continue. The company issued the warning in its estimated financial results for the three months ending Nov. 26,…
Bankrupt Cryptocurrency Platform Celsius Owns Rights to Most Customer Digital Assets: Judge
January 5, 2023
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A U.S. bankruptcy judge ruled on Jan. 4 that digital assets deposited into the cryptocurrency lending platform Celsius Network’s Earn program belong to the now-bankrupt company’s estate and not individual users. Celsius filed for Chapter 11 bankruptcy in July 2022 amid a liquidity crisis. At the time, the company had approximately 600,000 accounts that earned interest as part…
Nord Stream 2 Pipeline Firm Gets 6-Month Stay of Bankruptcy
BERLIN—A Swiss court has granted a six-month “stay of bankruptcy” to the operating company for the never-opened Nord Stream 2 pipeline, which was built to bring Russian gas to Germany but put on ice shortly before Russia invaded Ukraine in February. The company’s stay was extended from Jan. 10 through July 10 by a regional…
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