Lord and Taylor File for Bankruptcy

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Joining the slew of unfortunate bankruptcy filings, US retailer, Lord and Taylor, has been named the next victim according to the US Bankruptcy Court for the Eastern District of Virginia. With assets and liabilities ranging from $100 million to $500 million. Being founded in 1826, the company had considered other options to try and keep their business afloat, but unfortunately was forced into bankruptcy.

Contemplating bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Men’s Wearhouse Corporation Files for Bankruptcy

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Tailored Brands Inc., the owner of Men’s Wearhouse and Jos. A. Bank, filed for bankruptcy in the US Bankruptcy Court in Houston. These unfortunate and unforeseen circumstances caused by the pandemic, are making it truly difficult to stay afloat in the retail business. The company operates more than 1400 stores and employs as many as 19,300 people in the US and Canada. A spokesperson for the company says they are reassessing various options to increase its financial resources such as rent, cutting costs, and more.

Planning to file for bankruptcy but need help? We can help. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment. 

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San Diego Businesswoman Pleads Guilty

Founder and former CEO of American National Investments of San Diego, Gina Champion-Cain, now faces 15 years in prison after pleading guilty to her part in a Ponzi scheme. The San Diego businesswoman was convicted of taking investor funds, meant for loans for liquor licenses, and laundering the money into her own companies, as well as for her own personal use.

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The former American National Investments CFO, Crispin Torres, who played an accomplice to Champion-Cain, also plead guilty. His role in the scheme involved him fabricating receipts, transferring funds to escrow accounts, and opening a bank account under a similar name as the original account used for the investors to deposit their funds into. 100 investors invested over $400 million between the years 2012-2019, one of those investors lost about $1 million alone.

Being sued? Contact our company at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment in our office.

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Briggs and Stratton File for Bankruptcy

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Recently, Briggs and Stratton Corporation, a small engine manufacturer, has filed for bankruptcy in the US Bankruptcy Court for the Eastern District of Missouri. The manufacturer has plans to sell its assets for $550 million to KPS Capital Partners LP, an investment company. However, Briggs and Stratton planned for their $677.5 million of ‘debtor-in-possession’ funding to help finance the operations during the bankruptcy filing. KPS agreed to help with $265 million as part of the restructuring.

Thinking about filing for bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Wisconsin Bank Unveils Incentive To Battle Coin Shortage

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Community State Bank in Wisconsin created an enticement to get their customers and non-customers involved in making a change. The encouragement offering included a $5 bonus for every $100 worth of coins. In just a week, the bank was able to meet their goal and announced the deadline, which had expired earlier this week. The Vice President of Community Bank says this is the newest way to help the coin shortage cause by the pandemic.

This gesture got another bank in Wisconsin, Bank of Sun Prairie, to help support the cause as well, though they were not offering a bonus at this time. According to the Federal Revenue, the coronavirus has taken a huge toll on the coin circulation and the decreased pace of circulation and thus created an insufficient amount of coins.

Confused by the effects of the coronavirus? We can help. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Still No Refund Months Later

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Believe it or not, some American taxpayers are still awaiting refunds. Sources say, the IRS had stopped processing paper returns due to the coronavirus. This gave taxpayers an extra 3 months to pay if any taxes were owed. A spokesperson from the IRS says, they are strongly encouraging those who still mail paper tax returns to make a switch to electronic. Since reopening, reports show the agency estimated 7.8 million pieces of mail and about 3.6 million of it are unopened returns. Unfortunately, the agency is still isn’t fully staffed, however, no exact date has been released of when those will be processed.

 Inquiring about taxes? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Eviction Moratorium To End This Week

The Federal Eviction Moratorium that was put in place for tenants in late March, has come to an end. With moratorium expiring, landlords are given the greenlight to proceed with action for their delinquent tenants. This means, the property-owners are required to give notice of 30 days and then carry on with the filing of eviction paperwork. Not only is   the moratorium ending, the enhanced unemployment benefits are also coming to an end putting pressure on those who were just barely making it already.

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Experts say, this will one of the hardest setbacks to come back from all due to the pandemic. Senator, Kamala Harris of California, revealed a proposal that would ban evictions and foreclosures up to a year. This gives the tenants up to a year and a half to pay back any missed payments. However, a system passed by the House called, The Emergency Rental Assistance Program is designed to support renters at the lowest income levels for up to 2 years.

Are you affected financially due to the coronavirus? We can assist you. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Popular Music Festival Co-Founder Expects No Concerts Until 2022

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The well-known music festival co-founder, Marc Geiger, says he thinks there may not be any concerts or festivals until 2022, due to the coronavirus. While believes, the concerts and festivals would not due well with the status of the economy. He also adds, the insurance for these productions would be a “hassle” or” too complicated” to apply and would be harder for the majority of promoters to achieve.

Has the coronavirus taken a toll on your financial state? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment with one of our attorney’s.

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American Airlines Furlough 25,000 Employees

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With some states experiencing another rapid increase in COVID-19 cases, American Airlines notify their frontline workers of possible layoffs. According to The Worker Adjusting and Notification Act, the employers are required to notify employees of possible lay offs at least 60 days before.

The potential layoffs are expected to be 2,500 pilots, 10,000 flight attendants, and 3,200 mechanics. A spokesperson for the company says, this is affiliated with the overstaffing it expects to have in the fall when the government assistance the airline has been receiving expires. Chie Executive Doug Parker and President Isom say they hope to reduce the potential layoffs through increased leave or early departure programs they have since instilled.

In a tight spot financially? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com

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Small Business Loan Program gets Extension from Trump

Small Business Loan Application Lies On The Table. Next To Pen ...

Recently, the deadline for the Paycheck Protection Program was extended by the signing of a bill by the President. Due to numbers not adding up, as far as those who qualify for the PPP loan, some have yet to apple according to reports made last week. The prompted the President to extend through August 8th. This loan is for businesses to take care of payroll, rent, hold the company over for at least 2 months and if 60% is used, the loan will be forgiven. The programs promoter say that the objective is to help those small businesses who are affected by the pandemic and those who will be in the next several months if not already.

After receiving criticism, the Senator of Florida, Marco Rubio assures the intent is for more help for the small businesses and especially for those in our inadequately serviced communities.

Has your businesses been affected by this? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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