Bankruptcy & Creditor’s Rights
A BIG LOTS Chapter 11 Lesson: Caution Needed When Doing Business with Chapter 11 Debtors
Posted in Bankruptcy & Creditor's Rights, Business & Corporate, CRE Legal Lens Newsletter, Real Estate
Vendors, landlords, and other creditors often feel a sense of security when doing business with Chapter 11 debtors. The Bankruptcy Code, and even court orders entered at the outset of a bankruptcy case, seemingly provide a myriad of protections to those engaging in business with a company reorganizing under Chapter… Continue reading
4 Lease Auction Tips for Landlords
Posted in Bankruptcy & Creditor's Rights, Business & Commercial Law, CRE Legal Lens Newsletter, Real Estate
During a retail bankruptcy, commercial landlords often face challenges when their tenants try to maximize the value of the bankrupt estate by holding lease auctions. Despite lease provisions that may restrict or prohibit a lease sale, courts have generally allowed retail debtors to conduct such sales. This is because lease… Continue reading
Big Lots Bankruptcy Update: Pivoting from Reorganization to GOB Liquidation
Posted in Bankruptcy & Creditor's Rights, Business & Commercial Law
On September 9, 2024, Big Lots, Inc. filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court in Delaware. At the time, Big Lots had entered into an asset purchase agreement with an affiliate of Nexus Capital Management LP (“Nexus”), which had agreed to acquire Big Lot’s assets… Continue reading
TGI Friday’s Files for Chapter 11 Bankruptcy Protection
Posted in Bankruptcy & Creditor's Rights
Dallas-based TGI Friday’s, which started in Manhattan in 1965 and was one of the first chains to capitalize on the “happy hour” concept, filed for Chapter 11 bankruptcy protection on Saturday in the Northern District of Texas, docket 24-80069. CNN reported that the company issued a statement, which communicated that… Continue reading
Not a BIG Surprise, BIG LOTS Files for Chapter 11 Bankruptcy
Posted in Bankruptcy & Creditor's Rights
Big Lots, the Ohio-based retail chain that sells furniture, home décor, and other items at almost 1,400 stores nationwide, filed for Chapter 11 bankruptcy protection on Monday in the District of Delaware, docket 24-11686 (JKS). AP News reported that the company cited high inflation and interest rates as reasons for… Continue reading
Don’t Close Your Eyes: Blink Fitness May Disappear in a Chapter 11 Bankruptcy Filing
Posted in Bankruptcy & Creditor's Rights
Affordable gym operator Blink Holdings aka Blink Fitness, an Equinox-owned chain with more than 100 locations, filed for Chapter 11 bankruptcy protection on Monday in the District of Delaware, docket 24-11686 (JKS). At its first day hearing on Tuesday, the gym operator advised that it intended to sell all its… Continue reading
Express Fast Tracks Chapter 11 Bankruptcy Filing
Posted in Bankruptcy & Creditor's Rights
Express, Inc., the fashion mall retailer, filed for Chapter 11 bankruptcy protection in the District of Delaware Bankruptcy Court, docket #24-10831 (KBO) on April 22, 2024. This is the second retailer bankruptcy filing that our office has called since publishing our Retailers to Watch for a Possible Bankruptcy Filing in… Continue reading
99 Cents Only Is Not Enough to Avoid Chapter 11 Bankruptcy
Posted in Bankruptcy & Creditor's Rights
Number Holdings, Inc. the parent company of 99 Cents Only Stores LLC (“99 Cents” or the “Company”), an extreme value retail store operator, along with several affiliates, filed for Chapter 11 bankruptcy protection in the District of Delaware Bankruptcy Court, docket #24-10719 (JKS) on April 8, 2024. The Company is… Continue reading
JOANN’s Chapter 11 Bankruptcy Filing: Stitching Together a Reorganization
Posted in Bankruptcy & Creditor's Rights
JOANN, Inc., aka Jo-Ann Stores Holdings Inc. aka JOANN aka Jo-Ann Fabrics and Crafts, the 80-year-old, Ohio-based, arts-and-crafts operator filed for Chapter 11 bankruptcy protection in the District of Delaware Bankruptcy Court, docket #24-10418 (CTG) on March 18, 2024. According to The New York Times, the retailer has a deal with its… Continue reading
10 Retailers to Watch for a Possible Bankruptcy Filing in 2024
Posted in Bankruptcy & Creditor's Rights
2024 holds much anticipation. The Fed rate hikes have started to reduce inflation, yet some prices remain high. Unemployment figures persist at record lows despite many large employers cutting back. Continuing supply chain issues persist as China reopens in the face of its COVID crisis. And consumer spending is tightening… Continue reading
