Bankruptcy

Brookstone Files for Bankruptcy With Plans to Shutter All Stores in Malls

What to Know Brookstone announced its plans to file for Chapter 11 bankruptcy protection It hopes to find a buyer to salvage its airport locations, e-commerce business and wholesale operations Brookstone said it’s already started the process of shuttering its remaining 101 stores at malls across the U.S. Brookstone announced its plans to file for Chapter 11 bankruptcy protection and hopes to find a buyer for certain parts of the chain, which is known for selling unique gifts and tech…

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Brookstone files for bankruptcy and will close all of its mall stores

Brookstone filed for bankruptcy and will close its remaining 101 mall stores. The mall and airport seller, best known for massage chairs, quirky gadgets, and travel luggage, filed for Chapter 11 bankruptcy in federal court on Thursday. It was Brookstone’s second bankruptcy round in four years. The company will keep its 35 airport stores and website open and running while it attempts to find a buyer. It has secured a $30 million loan to finance operations during the sale. In…

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Brookstone files for bankruptcy and will close all of its mall stores

Brookstone filed for bankruptcy and will close its remaining 101 mall stores. The mall and airport seller, best known for massage chairs, quirky gadgets, and travel luggage, filed for Chapter 11 bankruptcy in federal court on Thursday. It was Brookstone’s second bankruptcy round in four years. The company will keep its 35 airport stores and website open and running while it attempts to find a buyer. It has secured a $30 million loan to finance operations during the sale. In…

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Bankruptcies for July 27 through Aug. 2

DEBTOR: John Edwin Scott Vosika ADDRESS: 51508 County Road 189, Wirt CHAPTER 7 DATE FILED: July 27 ASSETS: $147,813.34 LIABILITIES: $168,248.75 DEBTOR: Edward A. Phillips JOINT DEBTOR: Samantha M. Phillips fka Samantha M. Merritt ADDRESS: 320 N. 53rd Ave. W., Apt. 3, Duluth CHAPTER 13 DATE FILED: July 27 ASSETS: $53,837 LIABILITIES: $118,096 DEBTOR: Helen B. Nichols ADDRESS: 726 E. Fourth St., Duluth CHAPTER 7 DATE FILED: July 27 ASSETS: $126,152 LIABILITIES: $133,747 DEBTOR: William H. Jahn dba Lake Superior…

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‘Too Little Too Late’: Bankruptcy Booms Among Older Americans

For a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a dismal reality: bankruptcy. The signs of potential trouble — vanishing pensions, soaring medical expenses, inadequate savings — have been building for years. Now, new research sheds light on the scope of the problem: The rate of people 65 and older filing for bankruptcy is three times what it was in 1991, the study found, and the same group accounts for a…

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Troubled payday lender Wonga is saved from insolvency by a £10m bailout from its investors

Troubled payday lender Wonga is saved from insolvency by a £10m bailout from its investors Wonga’s financial woes have been caused by a surge in compensation payouts These relate to loans dished out before 2014 when new rules were introduced The firm once had ambitions of floating on the NYC  market for close to £800m By Jamie Nimmo, Financial Mail On Sunday Published: 17:06 EDT, 4 August 2018 | Updated: 17:06 EDT, 4 August 2018 It is known for handing out…

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Westlife’s Shane Filan’s wife Gillian ‘declared bankrupt’

Westlife’s Shane Filan’s wife has reportedly been declared bankrupt, six years after the singer’s own money troubles left him the equivalent of £20 million in debt. Court documents obtained by The Mirror show Gillian, 39, was ruled to be bankrupt by The High Court on 23 July, in relation to joint loans she shared with her husband of 15 years. Shane, 39, found himself in similar financial troubles in 2012 after his company with brother Finbarr, Shafin Developments, went bust after…

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Government ready to change Insolvency and Bankruptcy Code to boost market for stressed assets

— By IANS | Aug 04, 2018 11:12 am New Delhi: The government is willing to make further changes to the Insolvency and Bankruptcy Code (IBC) which has become a game changer in resolving the massive non-performing assets (NPAs), or bad loans, problem of India’s banks and creating a market for stressed assets, a senior official said on Friday. Speaking at the Insolvency and Bankruptcy Reforms Conference here organised jointly by the Insolvency and Bankruptcy Board of India (IBBI) and the Indira…

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Reagor-Dykes owners make first appearance in federal bankruptcy

LUBBOCK, Texas - Money set aside by Reagor-Dykes executives has been approved by a U.S. District Judge and has since been distributed to employees as of Friday afternoon. According to employees, those checks were supposed to be received Wednesday, August 1. During the first bankruptcy hearing, legal counsel for Reagor-Dykes said Bart Reagor and Rick Dykes placed $468,000 into a bank account to make payroll. During the hearing, Judge Robert Jones approved $350,000 of that money to pay employees. Also during the…

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Melbourne International Film Festival: independent Australian filmmakers bankrupt but proud

Updated August 04, 2018 05:51:51 Photo: Independent filmmaker Geneviève Bailey’s documentary Happy Sad Man is premiering at MIFF. (Supplied: Geneviève Bailey) Related Story: ‘The feeling of being there’: Strange Colours takes viewers to the land of black opals In 2017, the average budget of an Australian film was estimated at $8.7 million. So when Ted Wilson says he made his debut feature for $80,000, it sounds like chump change — except that Wilson financed the film from his own pocket.…

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Consultant selected for Warrendale-Cody Rouge neighborhood framework

The city of Detroit selected Hector Design to develop what it considers a first-of-its-kind framework for making the Warrendale-Cody Rouge neighborhood more kid-friendly, the city said Thursday. The New Jersey-based consultant was hired as part of the city’s bid to improve mobility, housing, education, health and public safety in the west side neighborhood. It issued an RFP in April. “If we’re succeeding with young people, you should be able to come to Cody Rouge and see that children are really…

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Morocco’s Pension Funds in Danger of Bankruptcy

Rabat – Despite reforms, Morocco’s pension fund deficit is expected to increase to MAD 36.4 billion by 2045. Since 2014, the Moroccan pension fund (CMR) has been facing a deficit, according to a report on social protection by the Economic, Social, and Environmental Council (CECE). According to the CECE report, the National Social Security Fund (CNSS) will operate on a “technical” deficit starting in 2018 and a total deficit in 2027. Its reserves will be bankrupt in 2044. Reform is…

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Government will bring more changes to bankruptcy code if necessary,

New Delhi: Injeti Srinivas, the corporate affairs secretary suggested that the government was ready to make further changes to the Insolvency and Bankrutpcy Code, if required. IBBI which is implementing the Code, had officials including Chairperson M S present during the conference. Speaking at a conference organized by the Insolvency and Bankruptcy Board of India and Indira Gandhi Institute of Development research, Srinivas said, the government is “more than willing to take any good suggestions and examine it and make…

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Apple Is Worth $1,000,000,000,000. Two Decades Ago, It Was Almost Bankrupt.

SAN FRANCISCO — In 1997, Apple was on the ropes. The Silicon Valley pioneer was being decimated by Microsoft and its many partners in the personal-computer market. It had just cut a third of its work force, and it was about 90 days from going broke, Apple’s late co-founder, Steve Jobs, later said. On Thursday, Apple became the first publicly traded American company to be worth more than $1 trillion when its shares climbed 3 percent to end the day…

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Brookstone Files For Bankruptcy, Plans To Close Mall Stores

Brookstone Co. Inc. has filed for bankruptcy for the second time. The retailer — known for massage chairs and other gadgets — announced Thursday that it will be shutting down about 100 of its mall locations with hopes of selling its remaining assets, according to the filing document. In 2014 it filed for Chapter 11 bankruptcy protection and sold its assets to the China-based conglomerate Sanpower Group. Currently, under Sanpower, the company operates a total of 137 retail stores, 35…

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Bankrupt Northamptonshire council gives advice on making money

Bankrupt council battling to plug a £70billion black hole after years of reckless spending runs a course… on how to make money! Core services including those for vulnerable children and adults are set to be cut Northamptonshire County Council is putting on all-day event on September 20 It’s aimed at helping budding entrepreneurs to teach them how to ‘raise finance’ But critics joke that it will give ‘money advice from a council that’s spent the pot’ By Daily Mail Reporter…

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