Law Office of Camron Hoorfar, PC

Lucky Brand Dungarees LLC prepares themselves to file for bankruptcy due to the unpredicted circumstances caused by the pandemic, yet again. They plan to close to at least 13 stores, and but sell their investment business to the director of Aeropostale.

Documents from Bankruptcy Court in Wilmington, Delaware show the owner of the Los Angeles franchise owes lenders $182 million and owes his merchandise vendors $79 million. An underdog company, SPARC Group LLC, from the director of Aeropostale has inquired about buying the investment. The requirements for a bid are $140.1 million in cash and a credit bid of $51.5 million by its lenders.

The co-owners of the SPARC group are Authentic Brands Group LLC and Simon Property Group who are masterminds behind the strategy to bid for the sinking company. With plans to team up and take over the troubling store, the two owners previously bought Forever 21 who also recently filed for bankruptcy.

Not sure how to file for bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

Mexico’s second largest airline, Grupo Aeromexico SAB, has filed for bankruptcy. While there has been a sharp decrease in travel, the company is using this time to refinance. The impact has been so significant that the airline was forced to cut costs as much as $50 million monthly, as well as forcing unpaid leave for employees. Unlike their counterpart partners in Europe and the US, the airline has received little help from the government, if any at all. The region’s carrier is looking at the domino affect of its carriers dropping due to the Covid-19 impact.

Need help with filing for bankruptcy and are not positive where to begin? We are here to help. Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

In order to reform their finances, Old Time Pottery has decided to file for bankruptcy this week due to impact of Covid-19. Prior to the pandemic, the company experienced a sudden decline in sales that went on as long as 6 weeks. According to the company’s statement, the were mandated to follow the regulations of the state and local governments. This meant the closure of stores in the states of North Carolina, South Carolina, and Illinois. However, they did not see any reductions in staffing in any other stores or distribution centers outside of these states.

Are you on the brink of filing for bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

Francesca’s, the even now-struggling merchant, says that the coronavirus prompted a shut down of more than 700 of the company’s boutiques from the end of March through the end of April. This led to a significant decline in its equivalent sales, online sales, and gross profits. With those circumstances, the company says their need to file for bankruptcy is more important than ever to continue to keep their business operating. This statement comes after their failure to pay rent for the months of April, May, and June, which is a violation under its asset-based and term credit contract.

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

 Corporation CEC Entertainment recently filed for bankruptcy. The corporation says this is the most difficult time in its history, but it intends to establish a restructuring plan. The company has liabilities and assets ranging from $1 billion to $10 billion per the Bankruptcy Court for the Southern District of Texas. Despite the filing process, CEC states the plan to is to continue reopening their establishments per government guidelines.

Debating whether or not to file for bankruptcy? Contact our office at 816-524-4949 or you visit our website at hoorfarlaw.com to schedule an appointment.