#bankruptcy

#bankruptcy

The Jericho-based company was purchased by ARB Interactive for more than $7 million in a bankruptcy court action. Miami-based ARB specializes in mobile gaming and was one of three bidders in the auction, which was held last summer, according to court filings. PCH's new chief executive, Owen O'Donoghue, has announced a plan for Prize Protection Program guarantees going forward after the bankruptcy filing stopped payments to some sweepstakes winners.

Saks OFF 5th is closing its Assembly Row store in Somerville and its outlet in Wrentham as its parent company, Saks Global, files for bankruptcy. On Thursday, the company announced it will shutter most of its Saks OFF 5th locations and all remaining Last Call stores, shifting its focus to luxury retail and full-price operations. The company began closing sales at certain Saks OFF 5th stores starting Saturday.

In a settlement with McCourt - and to avoid the risk of the judge imposing a deal less favorable to the league - MLB agreed the fair-market value of a Dodgers TV deal would be based on the very Fox deal that Selig had rejected. Why did that matter? That value was $84 million for the first year and would increase thereafter, with the league taking its standard 34% cut and sharing that among all its teams.

Trina, a 38-year-old Florida resident, was drowning in $44,000 of debt on a $60,000 annual income. Her financial obligations spanned car loans, credit cards, and her son's private school tuition-a complex web of commitments that became more concerning when she revealed filing Chapter 7 bankruptcy just two years earlier. This recent bankruptcy suggested her struggles weren't isolated incidents but part of a recurring pattern of financial instability.

On TikTok, a wave of recent videos under the "bankruptcy" hashtag shows young people framing their personal bankruptcy filings as life-changing wins, drawing hundreds of thousands of views. In clips viewed by Business Insider, individuals touted their bankruptcy filings as the "greatest" and "best" decision they've ever made, saying it allowed them to wipe out massive amounts of debt - sometimes tens of thousands of dollars - in just a few months.

That equity investment is now presumptively worthless after Saks continuously failed to meet its budgets, burned through hundreds of millions of dollars in less than a year, and ran up additional hundreds of millions of dollars in unpaid invoices owed to its retail partners," Amazon's attorneys wrote in a court filing on Wednesday, just hours after Saks Global filed for Chapter 11 with a $1.75 billion financing package.

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground.

Late Tuesday night, Saks Global - the parent company of Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus - filed for bankruptcy in Texas. The news came after more than a year of missing payments to vendors and piling on precarious debt. Saks owes hundreds of millions of dollars to creditors, and debt analysts and fashion insiders that Business Insider has spoken with have said to expect store closures and layoffs.

On Friday, Summit Properties USA became the winning bidder for more than 5,000 rent-regulated units owned by bankrupt Pinnacle Development Group. The sale went through despite Mamdani's push to delay the auction of units, which were plagued by unresolved maintenance issues and a flood of tenant complaints. Mamdani's setback shows how even a mayor determined to capitalize on an affordability mandate can struggle once cases move into federal court.

The fraud-convicted one-time billionaire sailed on a gleaming superyacht, wore custom-tailored Brioni suits, and strode through his Gilded Age mansion on a million-dollar cushion of Chinese and Persian carpets. Since 2022, the cash, homes, luxury cars, and private jets of Guo's suptuous former life have been picked over by prosecutors, the Securities and Exchange Commission, and a federal bankruptcy trustee - all trying to claw back money for thousands of creditors and victims in one of the most sprawling fraud cases in recent history.

Main Street, which holds 29 NBA, NHL and MLB teams in its portfolio and broadcasts their games under the name FanDuel Sports, emerged from a lengthy bankruptcy proceeding at the start of 2025 but finds itself in deep financial trouble again. Recent reports from Sports Business Journal stated that the company will dissolve at the end of the current NBA and NHL seasons if it does not execute a sale to another platform.

The idea for Flipcause was simple. Starting in 2012, the Oakland startup provided technical tools for thousands of nonprofit organizations, handling the work of online storefronts, donation systems and ticketing pages. Millions of donor dollars flowed through Flipcause's tech to nonprofits focused on just about every societal issue. Then, this year, much of that money suddenly stalled under Flipcause's control, as evidenced by testimonials from client companies on social media, with the Better Business Bureau, and to SFGATE.

Toys R Us is back - again. The latest phase of the toy store chain's comeback came this holiday season as Toys R Us stores popped up at a handful of malls around the US. The temporary stores are part of a broader revitalization opportunity by brand management company WHP and Go! Retail Group. It's the latest example of how the once-dominant chain is trying to make a comeback.

Pedego issued a recall on several hundred fat tire electric trikes after multiple reports of frame breakage. Pacific Cycle also released a safety notice regarding slipping child-seat buckles. At Rad Power Bikes, Kathi Lentzch has stepped down after taking over as CEO in March. Former CFO Angelina Smith is now stepping into the role to guide the company through its Chapter 11 process.

Almost 13 years after Celtic Tiger era property developer Sean Dunne filed for bankruptcy, a US court has finally approved the distribution of assets to some of his creditors.

When I was younger, I worked largely in retail. I spent four years in Europe because my first husband was in the military, then came back and worked in a dress shop. After getting a divorce, I ended up becoming a credit manager. That was very unusual at the time because women were often secretaries, not credit managers. I met my second husband at that company. After the company went under, I stopped working.

Rad Power Bikes, the once dominant electric bicycle brand in the US, filed for Chapter 11 bankruptcy protection this week as it seeks to sell of its company. The move comes less than a month after Rad Power said it could not afford to recall its older e-bike batteries that had been designated a fire risk by the US Consumer Protection Safety Commission. The bankruptcy, which was first reported by Bicycle Retailer, was filed in US Bankruptcy Court for the Eastern District of Washington, near the company's headquarters in Seattle. Rad Power lists its estimated assets at $32.1 million and estimated liabilities at $72.8 million. Its inventory of e-bikes, spare parts, and accessories is listged at $14.2 million, Bicycle Retailer says.

Court documents released on Monday showed that the league, which filed for Chapter 11 bankruptcy last week, still owes some of the biggest names in track and field hundreds of thousands of dollars and creditors between $10m and $50m (7.5m and 37.3m). In October the athletes received 50% of what they were owed by GST for competing in Kingston, Miami and Philadelphia before financial difficulties forced it to cancel its final event in Los Angeles.

The U.S. company that put robot vacuums into American homes has hit the skids. The maker of Roomba, called iRobot, has filed for bankruptcy about two years after its failed merger with Amazon. The company has struggled to keep up with foreign rivals, its hefty debt and new costs of tariffs. The firm is now being taken over by its main manufacturer based in China, assuring owners that its devices will keep running as usual.

Grand Slam Track, the league fronted by sprint great Michael Johnson that offered six-figure prize money for top runners, has filed for bankruptcy after canceling its final event and failing to pay athletes and vendors. Johnson boasted a $30 million bankroll at the outset, but in its Chapter 11 filing Thursday in Bankruptcy Court in Delaware, the league said it had less than $50,000 cash on hand, between 200 and 999 creditors, and owed between $10 million and $50 million.

Sears, once known as Sears, Roebuck and Co, was founded in 1892. Its store count peaked at over 3,000, and it was the largest retailer in America for decades, until Walmart topped it in 1990. By 2005, Sears had weakened so much that hedge fund manager Eddie Lampert bought it for $11 billion, using his ownership in Kmart to complete the transaction. The combined business declared Chapter 11 bankruptcy in 2018.

Last call has come for a beloved, nearly four-decade-old Oregon brewery founded in part by three former Nike executives. Oregon Brewing Company, the parent company of Rogue Ales & Spirits, filed for Chapter 7 liquidation proceedings in the state's federal bankruptcy court this week. The Monday bankruptcy filing follows the craft beer and spirits maker's abrupt shutdown of all its brewing and restaurant locations across Oregon, according to local news reports.

Byju Raveendran, the embattled founder of Indian ed-tech giant Byju's, has blasted a U.S. bankruptcy court's order directing him to pay more than $1.07 billion. He is denying wrongdoing, accusing lenders of misleading the court, and vowing to appeal a ruling that marks a dramatic fall for a onetime poster boy of India's startup boom.