Author: Thomas S. Onder
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
Rite Aid Chapter 11 Bankruptcy Filing: Just What the Doctor Ordered
Posted in Bankruptcy & Creditor's Rights
Rite Aid Corporation, one of the largest pharmacy chains in America, filed for Chapter 11 bankruptcy protection in the District of New Jersey bankruptcy Court, docket #23-18993 (MBK) on October 15, 2023. According to The New York Times, heavy debt, declining sales, and more than a thousand federal, state, and… Continue reading
Impending Rite Aid Chapter 11 Bankruptcy – 4 Things Trade Creditors and Landlords Should Know
Posted in Bankruptcy & Creditor's Rights
As reported by both NBC News and The Wall Street Journal, Rite Aid is preparing for a Chapter 11 bankruptcy filing. Rite Aid is the third-largest U.S. drugstore chain. If they pull the trigger, it is expected that 400 to 500 stores of their 2,100 stores will close, and the… Continue reading
David’s Bridal Files Second Chapter 11 Bankruptcy in Five Years
Posted in Bankruptcy & Creditor's Rights
David’s Bridal, Inc., the wedding dress retailer, filed for a second Chapter 11 bankruptcy proceeding in less than five (5) years. Although the last filing was in Delaware, this filing is before the Honorable Christine M. Gravelle of the District of New Jersey Bankruptcy Court in Trenton, New Jersey, under… Continue reading
It’s Déjà Vu All Over – Tuesday Morning Files a Chapter 22 Bankruptcy
Posted in Bankruptcy & Creditor's Rights
It’s the second Chapter 11 bankruptcy petition (a Chapter 22) in three years for the discount, closeout home retailer, Tuesday Morning Corporation. The retailer filed for bankruptcy protection in the United States Bankruptcy Court for the Northern District of Texas on Valentine’s Day under case number 23–90001. The case is… Continue reading
Proper Representation is Worth the Dough: Jung v. Fred’s Bagels LLC
Posted in Commercial, Retail & Industrial Real Estate
A recent Appellate Division decision highlights the risks faced by commercial landlords who do not retain proper counsel to protect their interests. In Jung v. Fred’s Bagels LLC, the Appellate Division affirmed the trial court’s dismissal of a landlord’s complaint for possession of leased commercial space. Plaintiff landlord leased space to… Continue reading
10 retailers to watch for a bankruptcy filing in 2023
Posted in Bankruptcy & Creditor's Rights
Welcome to 2023! The new year holds much anticipation. The Fed rate hikes have slowly started to reduce inflation, yet 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…. Continue reading
Is a Tuesday Morning Chapter 22 Bankruptcy Imminent?
Posted in Bankruptcy & Creditor's Rights
Tuesday Morning Corporation, the discount, closeout home retailer, could be filing for Chapter 11 bankruptcy, reports both Bloomberg and Seeking Alpha. Shares of the company fell nearly 30% last week. The company has struggled with supply chain bottlenecks. The company previously emerged from Chapter 11 bankruptcy in December 2020, where it shed about… Continue reading
Top 10 Retailers to Watch for Possible Bankruptcy Filing in 2022
Posted in Bankruptcy & Creditor's Rights
The last half of 2021 was virtually a ghost town for filing retail bankruptcies. However, the rise of the Omicron variant has significantly delayed a full return to normal for shopping centers. The good news is that the vaccines work, people are cautiously resuming activities, and the economy is running… Continue reading