Ignite Restaurant Group (“Ignite”) filed a voluntary petition for Chapter 11 bankruptcy protection in the Southern District of Texas, Houston Division today (Case no. 17-33550). Ignite operates 137 Joe’s Crab Shack and Brick House Tavern + Tap restaurants, including three international franchise locations in Dubai. Ignite employs 8,400 people, including 2,900 full-time (both salaried and… Continue Reading
Rue21 Inc. (“Rue21”) filed for Chapter 11 bankruptcy protection in Pittsburgh, PA on Monday (case no. 17-22045-GLT, Western District of Pennsylvania). This was another bankruptcy filing I saw coming back in January, when I wrote my blog Retailers to Watch for Possible Bankruptcy Filings in 2017. In the bankruptcy petition, the teen fashion retail chain… Continue Reading
Kansas-based Payless, Inc. filed for Chapter 11 bankruptcy protection in the Eastern District of Missouri (St. Louis) on Tuesday afternoon, under docket # 17-42257. If you read my blog post about Payless from two weeks ago, this filing should come as no surprise to you. I even put Payless on my retail bankruptcy watch list… Continue Reading
As i mentioned in my blog from January, “11 Retailers to Watch for Possible Bankruptcy Filings in 2017,” it looks like Payless is on the verge of a bankruptcy filing. Bloomberg reports that Kansas-based Payless, Inc. may be filing for bankruptcy protection as early as next week. The retail discount shoe chain has more than 4,000… Continue Reading
Last month I posted a blog indicating that Gander Mountain was possibly preparing for Chapter 11 bankruptcy. The rumors were true. St. Paul-based hunting and fishing chain, Gander Mountain Company, which bills itself as “America’s Forearms Supercenter,” filed for Chapter 11 bankruptcy protection on Friday in the U.S. Bankruptcy Court for the District of Minnesota,… Continue Reading
The new owner of the RadioShack brand, General Wireless Operations Inc., just filed for Chapter 11 in the United States Bankruptcy Court for the District of Delaware. This is the second Chapter 11 filing for the brand in two (2) years (a chapter 22 filing, like the recent EMS brand filing).
The 61-year old Indianapolis-based appliance and electronics chain, HH Gregg, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Indiana. The company has struggled with declining sales for about four years. According to Reuters, HH Greg has a signed a term sheet with an unnamed party to purchase its assets,… Continue Reading
Reuters reports Gander Mountain, the St. Paul based hunting and fishing chain, is preparing to file for bankruptcy. The bankruptcy is reportedly due to aggressive expansion that failed to draw new customers. Gander Mountain is known as America’s firearms superstore.
Reuters reports that Sports Direct International Plc, Britain’s largest sporting goods company with about 700 stores throughout Europe, is discussing a bid for Eastern Outfitters LLC (“Eastern Outfitters”), the parent of Bob’s Stores and Eastern Mountain Sports (“EMS”). Versa Capital Management LLC (“Versa”) is the owner of Eastern Outfitters. Last April, Vestis Retail Group LLC,… Continue Reading
On the heels of The Limited bankruptcy filing, another retailer appears to be on the precipice of Chapter 11. Gymboree (Gymboree Corp.) reported yesterday that its CEO, Mark Breitbard, will be stepping down once a successor is appointed. Breitbard will assume the role of Chairman of the Board effective February 1st.