Tag Archives: Bankruptcy

Guitar Center Files for Bankruptcy

Guitar Center Inc filed for chapter 11 bankruptcy, as music lovers moved their shopping online during the coronavirus pandemic. The retailer has negotiated to have a total of $375 million in debtor-in-possession financing from its existing lenders and intends to … Continue reading

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Hundreds of Companies That Got Stimulus Aid Have Failed

About 300 companies that received as much as half a billion dollars in pandemic-related government loans have filed for bankruptcy. Many of the companies, which employ a total of about 23,400 workers, say that the funds from the Paycheck Protection … Continue reading

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Wendy’s, Pizza Hut Franchisee NPC Looks to Sell Itself to Operator of Panera Stores

NPC International Inc., the nation’s largest franchisee of Wendy’s and Pizza Hut restaurants, has a deal to sell itself out of bankruptcy to Flynn Restaurant Group LLC. Flynn, the largest restaurant franchise operator in the U.S., is offering $816 million … Continue reading

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Las Vegas Monorail Files for Bankruptcy Again as Coronavirus Shuts Service

Las Vegas Monorail Co., a transit system financed with municipal debt that serves some of the city’s marquee hotels, filed for bankruptcy for the second time in just over a decade after the coronavirus pandemic shut down service. The nonprofit … Continue reading

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$128 Million Suit Against UnitedLex Over LeClairRyan Demise Shows Outsourcing No Cure for Dying Firm

As a growing number of law firms look to contract with third-party vendors to outsource business operations, a $128 million lawsuit filed by LeClairRyan’s bankruptcy trustee against UnitedLex makes it clear that the risks to both sides can be high. … Continue reading

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Iconic Restaurant Chain Friendly’s Files for Bankruptcy

Friendly’s Restaurants LLC, an iconic chain on the East Coast of the U.S. known for its sundaes, became the latest dining institution to go bankrupt amid the pandemic. The company filed for chapter 11 bankruptcy protection in Delaware. It listed … Continue reading

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Pizza Hut Drivers Claim $320 Million Mileage Underpayment

Pizza Hut delivery drivers say that the bankrupt company’s largest franchisee shortchanged them on payments for using their own vehicles, adding to the list of cases from former employees. NPC International Inc. reimbursed the drivers for miles at such a … Continue reading

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Co-Working Company Regus Puts More Locations into Bankruptcy

Co-working company Regus Corp., which provides furnished workspace on short-term deals, has placed more of its assets into chapter 11 bankruptcy as office markets deal with the effects of the coronavirus pandemic on the economy. Regus has put more than … Continue reading

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YogaWorks Files for Chapter 11, Plans to Close All Studios

YogaWorks Inc. has filed for bankruptcy and plans to permanently close its dozens of studios across the U.S. but keep offering virtual classes. The California-based yoga studio chain is the latest fitness business to succumb to shutdowns and restrictions on … Continue reading

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Restaurant Chain Ruby Tuesday Files for Chapter 11 in Delaware

Restaurant chain Ruby Tuesday Inc. filed Chapter 11 bankruptcy in Delaware as it seeks to stabilize its finances during the pandemic. The filing comes after the company reached an agreement with secured lenders to support a restructuring plan. Ruby Tuesday’s … Continue reading

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