If some bidders for bankrupt retailer Eddie Bauer have their way, the apparel company will liquidate its 370 stores and live its future life as an e-tailer, the New York Post says.
The two hedge funds that control Eddie Bauer’s $200 million in debt, Monarch Alternative Capital and Anchorage Advisors, are considering teaming up with Hilco Consumer Capital and Gordon Brothers. Hilco, Gordon Brothers and Monarch together bought the Linens ‘n Things name, which now sells items online after its stores folded.
Continue reading ‘Eddie Bauer Going Online-Only?’
Every time we’ve passed a Ritz Camera over the last couple years, the same thing has crossed our mind: “Wow! They’re still around, and they seem to be EVERYWHERE!” Well, that doesn’t look like it’s going to be the case anymore.
The retailer is closing its 400 remaining stores – another 400 were already shut down after going-out-of-business sales. As part of its Chapter 11 bankruptcy, the company has until the end of the month to auction off locations.
Continue reading ‘Ritz Camera: It’s Amazing They Lasted’
Published June 29, 2009
bankruptcies , LakeWest
We aren’t sure if this is to be expected or a SUPER BAD development. LakeWest Group, a consulting firm that has helped out Coldwater Creek, Macy’s and others has declared Chapter 7 bankruptcy.
Of course, bad news or not, it’s expected. It’s unlikely that retailers are hiring more of these types of firms, even if they could use them to help find ways to cut costs and improve efficiency.
Continue reading ‘Now Consultants Are Going Bankrupt’
Published April 16, 2009
bankruptcies , General Growth
General Growth Properties issued a press release announcing it is filing for bankruptcy this morning just before 3 a.m. Eastern time.
This development isn’t much of a surprise to anyone following the story. The mall owner has $27 billion in debt, much of it from huge acquisitions, like its purchase of the Rouse Co. for $12 billion in 2004.
Continue reading ‘GGP’s Bankrupt. Now What?’
Now that all of the Circuit City’s 560 stores are dark, landlords are trying to fill the spaces left behind. Some are finding success, like one firm we recently spoke with, the Blue Bell, PA-based Goldenberg Group, which leased a former Circuit City location to furniture chain Raymour & Flanigan in a Philadelphia shopping center.
We’re not sure if there are a lot of stories like that across the country, but it’s not difficult to guess that the process of filling these vacancies is tough, given that virtually every large retailer has cut back its expansion plans.
Continue reading ‘Do Bankrupt Retailers Deserve More Time?’
Though company spokespeople are denying it, news reports say that Blockbuster has hired law firm Kirkland & Ellis to help it explore a possible bankruptcy filing.
Of course, Blockbuster has been on the retail watch lists of industry observers for a while now, and the chain’s main competition is performing extremely well in the recession.
Continue reading ‘Blockbuster Considering Bankruptcy?’
A lot of moderate-sized restaurant chains have filed for bankruptcy recently that were under our radar. And this Reuters article says that more are expected this year.
Last month the owner of the 69-unit Black Angus chain filed for Chapter 11 protection, while the Ponderosa and Bonanza chains filed late last year.
Continue reading ‘There’s Lots of Bankrupt Restaurants’