BALTIMORE, MD—Big Lots, the discount retail chain, announced this week that it plans to close all of its remaining stores and go out of business. Fast Company reports that the decision comes after a deal with Nexus Capital Management fell through, leaving the company unable to secure a sale and avoid liquidation. The company had been struggling financially throughout 2024, […]
NOTTINGHAM, MD—Rite Aid has announced that its store located in the Perry Hall Square shopping center will close its doors next week. According to the official media release: “Rite Aid regularly assesses its retail footprint to ensure we are operating efficiently while meeting the needs of our customers, communities, associates and overall business. In connection with the court-supervised process, we […]
BALTIMORE, MD—Maryland Attorney General Brian E. Frosh this week announced that a coalition of attorneys general has reached an agreement in principle with opioid maker Endo International plc and its lenders that would provide up to $450 million to participating states and local governments, ban promotion of Endo’s opioids, and require Endo to turn over millions of documents related to […]
BALTIMORE, MD—Maryland Attorney General Brian E. Frosh on Tuesday co-led a letter to Congress, signed by 43 attorneys general, in support of the Bankruptcy Venue Reform Act of 2021. The bipartisan legislation would end “forum shopping” and prevent corporations from choosing to file for bankruptcy in whichever district is believed to be more favorable. Currently, individuals can only file bankruptcy […]
NOTTINGHAM, MD—FIC Restaurants, Inc., the parent company of Friendly’s Restaurants, has announced an agreement to sell substantially all of its assets to Amici Partners Group, LLC, an entity comprised of experienced restaurant investors and operators who have been involved with some of the most well-known QSR and casual dining chains for more than 25 years. Amici is currently affiliated with […]
WHITE MARSH, MD—J.C. Penney filed for bankruptcy on Friday, as was predicted earlier this week. In a news release, the company announced that it had has entered into a restructuring support agreement (RSA) with lenders holding approximately 70% of J.C. Penney’s first lien debt to reduce the company’s outstanding indebtedness and strengthen its financial position. The RSA contemplates agreed-upon terms […]
UPDATE: J.C. Penney has filed for bankruptcyJ.C. Penney has filed for bankruptcy… Original story below… ——— NOTTINGHAM, MD—A major U.S. retailer may be ready to fold in the wake of the COVID-19 pandemic. Reuters reports that J.C. Penney is preparing to file for bankruptcy protection as soon as this week with plans to permanently close about a quarter of its […]
PARKVILLE, MD—Modell’s Sporting Goods, America’s oldest family owned and operated retailer of sporting goods, athletic footwear, active apparel and fan gear, this week announced that the company has voluntarily filed for bankruptcy. The company’s lenders and long-standing partners will provide the Company with the financial flexibility to operate the business in the near term, including the timely payment of employee […]