Articles Posted in Bankruptcy

Gibson Brands, known mostly for its guitars, announced new executives who they hope will guide the company through a monumental transition as it emerges from bankruptcy protection. The company’s newly named president and CEO is James “JC” Curleigh, who is moving from his role as president of Levi Strauss & Co. to take the position.…

Sears has filed for bankruptcy and many aer wondering what will happen to their Kenmore appliance warranties. The good news is Sears is honoring those warranties. The company said in a statement, “We are honoring our warranties, protection agreements and guarantees as normal,” the company said in a statement. If you need help with a…

Unless Sears can come up with $134 million by Monday it will need to declare bankruptcy. Sears most recent filing showed it only had $193 million on hand as of August and another $269 million available to it from lenders. All signs point to bankruptcy next week since out of that on hand money the…

This past May a NYC bankruptcy judge gave the bankruptcy beleagured Tops Supermarket chain permission to close 10 of its underperforming stores in New York State, but the chain refused to say which stores would be shuttered. This past August that changed. The following are the ten stores that will be closing. 2120 West Genesee…

One of the great financial burdens today is student debt. Gigantic tuition hikes over the last few decades have saddled college graduates with insurmountable debt that can’t be relieved by bankruptcy. In 1978, the bankruptcy laws were overhauled and the ability to discharge studennt loans was taken away. The reasoning was tuitions were much lower…

The New York Times reports that the signs of coming trouble were there. Vanishing pensions, soaring medical expenses and inadequate savings were building for years. The result is that the rate of seniors 65 and older declaring bankruptcy has tripled since 1991 and now make up a bigger share of all filers. The cause, according…

One of the biggest hustles in bankruptcy court is when on the eve of bankruptcy, the debtor files bankruptcy to stall and stave off the selling of their property or assets.When this happens mutiple times it over the course of multiple years it is a detriment of not only the secured lender, but also the…

Gymboree, the kids clothing maker, managed to achieve a rare move in the world of retail bankruptcy. It was able to restructure successfully. Bloomberg reported that the company will be unveiling a rebranded apparel line and an increased tech push in an effort to appeal to the modern parent. Bloomberg quotes CEO Daniel Griesemer, who…

The now bankrupt Interview magazine has hundreds of creditors lined up to get paid. Chances are none of them will get paid what they’re owed, except one, the owner, Peter Brant. After Andy Warhol died in the late 1980s, Brant bought the magazine and is the company’s sole secured creditor. In bankruptcy speak that means…

Former tennis great Boris Becker has denied he is bankrupt and has sought a restraining order to stop the auction of his possessions. The Telegraph reports that his attorneys have applied for a restraining order to prevent the sale of his belongings that include trophies he won at Wimbleton in the 1980s. Becker told Germany’s…