Thomas S. Onder

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2018 represented another busy year for Chapter 11 retail bankruptcy filings, with Sears dominating the headlines in the last quarter of 2018 and Toys “R” Us closing all of its US stores before the third quarter. As the New Year unfolds, there could be companies in trouble in 2019. The following are 10 retailers to watch for a possible Chapter 11 filing this year:…
David’s Bridal, Inc., the country’s largest wedding dress retailer, filed for Chapter 11 bankruptcy protection in the District of Delaware this morning, under case Number 18-12635 (LSS). According to reports from USA Today, the company plans to operate its 300 stores and stay in business. Unlike its competitor, Alfred Angelo, which filed for bankruptcy protection in 2017 and left brides and grooms standing at the altar without their garb, David’s Bridal has assured customers that…
Reuters reports that Houston-based Mattress Firm, Inc. the largest U.S. mattress retailer with 3,000 stores is preparing to file for Chapter 11 bankruptcy protection by the end of this week. Additionally, Reuters cites that its South African parent company, Steinhoff International Holdings NV, is encountering debt challenges, as well. It is expected that the filing would be a shedding of unprofitable stores to attempt to secure the company, much like Payless did in its Chapter…
In the last few days, hundreds of bankruptcy complaints against trade creditors were filed by bankrupt Chapter 11 debtor VRG Liquidating, LLC (formerly EMS) (docket 16-10971). The crux of the complaints that many businesses will be shortly served concern “preferences,” requesting the return of money received from bankrupt debtors 90 days prior to the bankruptcy filing of April 18, 2016 for goods or services sold. However, before you go writing a check to return hard…
Within the last week, two (2) retailers filed for Chapter 11 bankruptcy protection, Heritage Home Group LLC and Real Mex Restaurants. Heritage originally emerged after a 2013 bankruptcy of the Thomasville, Broyhill, and Lane furniture brands, and Rex Mex operates Chevys Fresh Mex, El Torito, and other full-service restaurant brands. Both filed in the United States Bankruptcy Court District of Delaware, cases 18-11736 and 18-11795 respectively. Additionally, Reuters and CNBC are reporting that Mattress
This week, Massachusetts-based pizza chain Bertucci’s filed for Chapter 11 bankruptcy protection in the Delaware (seeking joint administration under case No. 18-10894). Bertucci’s operates 59 stores, 29 of which it plans to reject. According to The Wall Street Journal, an affiliate of Chicago-based investment firm Right Lane Capital LLC has agreed to purchase the chain’s assets, but that bid will be tested at a bankruptcy-court supervised auction.…
Today, Claire’s Stores, Inc., along with seven affiliates and subsidiaries filed for Chapter 11 bankruptcy protection in the Delaware (Case No. 18-10584). Claire’s is a well-known specialty retailer of teen and young women jewelry, accessories, and beauty products, as well as ear piercings at local malls, based in Cook County, Illinois. Back in January 2018, I included them on my list of Retailers to Watch for a Bankruptcy Filing in 2018. According to Court…
*Updated February 6, 2018* Carson Pirie Scott II, Inc., aka Bon-Ton Stores (“Bon-Ton”), which has dual headquarters in Milwaukee, WI and York, PA, filed on Super Bowl Sunday for Chapter 11 bankruptcy protection in the US Bankruptcy Court, District of Delaware, Docket # 18-10248 (MFW). The regional department store chain operates 260 stores in 24 states, largely in the Northeast and Midwest. Bon-Ton operates stores under its own name as well as: the Boston Store,…
2017 represented one of the busiest years for Chapter 11 retail bankruptcy filings. Many companies that filed have successfully emerged, like Payless. Yet, some are still questionable as to their future, such as Toys “R” Us, which is expected to begin selling a number of their leases and company owned real estate this quarter. As the New Year begins, here are 10 retailers to watch for a possible Chapter 11 bankruptcy filing this year:…
On December 11, 2017, Charming Charlie Holdings, Inc. (“Charming Charlie”), the Houston–based fashion jewelry and accessories chain filed a Chapter 11 Bankruptcy Case in the United Bankruptcy Court for the District of Delaware. Charming Charlie has closed about 100 of its 360 stores. Further, its New York City flagship location on Fifth Avenue will soon close. The company is working with turnaround advisor AlixPartners LLP, in addition to other restructuring advisors and attorneys. More than…