Red Lobster hired auction company ‘very recently’ before shutting 50 restaurants, may file for bankruptcy next week: sources
Red Lobster, which hurriedly hired a liquidation firm before unexpectedly closing dozens of stores this week, is expected to file for bankruptcy as early as Monday, the Post reported. Auction firm TAGeX Brands was recently hired to sell furniture and equipment from 50 closed Red Lobster restaurants, company founder Neil Sherman told the Post. “I’ve […]
Sam Ash files for bankruptcy after 100 years in music business
Sam Ash is a 100-year-old musical instrument retailer. filed for Chapter 11 bankruptcy The company announced late Wednesday that it intends to close all 42 stores in the United States. Jordan Myers, Sam Ash’s chief restructuring officer, said in court documents that the family-owned company has faced declining sales since the COVID-19 pandemic, which has […]
FTX has raked in billions more than needed to pay bankruptcy victims back
Bankrupt cryptocurrency exchange FTX has raised billions more than it needs to fully repay customers who lost money in its November 2022 collapse. In contrast to typical U.S. bankruptcy proceedings, FTX recently received a 25-year prison sentence for its former CEO Sam Bankman Freed, but its failure was enough to cover the interest. The newspaper […]
‘Nobody seems interested’ in helping Rudy Giuliani with accounting duties in bankruptcy case, lawyers claim
Rudy Giuliani is having trouble finding someone to help with the accounting for his bankruptcy case and may have to do it on his own, his lawyers said in a filing Tuesday. according to filingMr. Giuliani had retained an accountant to help him meet his accounting obligations in the case, but “he has changed his […]
Bill Romanowski Declares Bankruptcy, Allegedly Owes The IRS $15.5 Million In Unpaid Taxes: REPORT
Taxes … they’re something that can break a man. Example A: NFL legend Bill Romanowski filed for bankruptcy Monday and allegedly owes the IRS a whopping $15.5 million in back taxes, according to court records obtained by USA Today. Romanowski and his wife, Julie, are reportedly being hit with accusations from the federal government that […]
German tennis legend Boris Becker discharged from UK bankruptcy court after failing to repay $62.5M
German tennis legend Boris Becker was released from a London bankruptcy court on Wednesday after a judge found he had done “everything reasonably possible” to repay tens of millions of dollars to creditors. . Although Mr Becker fell far short of repaying the approximately $62.5 million owed to creditors, Insolvency and Enterprise Court Chief Justice […]
WeWork rejects Adam Neumann’s $650M bid, reaches bankruptcy deal with creditors
Shared office space provider WeWork on Monday announced a settlement with junior creditors and an infusion of new capital from senior lenders, rejecting a $650 million offer from co-founder and former owner Adam Neumann. proceeded with a bankruptcy transaction. At a hearing in Newark, New Jersey, U.S. Bankruptcy Judge John Sherwood said the New York-based, […]
Red Lobster looking for a buyer to avoid bankruptcy filing: report
Red Lobster is reportedly trying to find a buyer as the struggling seafood chain tries to avoid bankruptcy. The fast-casual chain, known for its Cheddar Bay biscuits and all-you-can-eat shrimp, had been considering filing for Chapter 11 to restructure its mounting debt but had been looking for a buyer in recent months, people said. revealed.Said […]
Tijuana Flats, Tex-Mex restaurant in 4 states, closing 11 locations, filing for bankruptcy
Inflation is falling, but food is still expensive to buy. According to the Bureau of Labor Statistics, food prices have risen 21% over the past three years, outpacing the overall inflation rate of 18% over the same period. A Central Florida Tex-Mex restaurant chain with locations in four Southeastern states has filed for Chapter 11 […]
Red Lobster reportedly weighs possible Chapter 11 bankruptcy
Red Lobster is reportedly considering the possibility of filing for Chapter 11 bankruptcy to restructure its mounting debt. The seafood restaurant chain, which has 649 locations nationwide, has sought advice from law firm King & Spalding on how to terminate some long-term contracts and renegotiate portions of its leases, according to a person familiar with […]