Austin, Texas — Alamo Drafthouse Cinema has filed for Chapter 11 bankruptcy protection and entered into an asset purchase agreement with its group of senior lenders that is led by California-based Altamont Capital Partners and Fortress Investment Group. The agreement involves the sale of “substantially all” of the company’s assets, though it remains unclear how many of its 41 theaters Alamo Drafthouse plans to close. As part of its filing, Alamo Drafthouse has asked the U.S. Bankruptcy Court for the District of Delaware to approve a 75-day timeline for restructuring its …
Plano, Texas — J. C. Penney Company, Inc. has begun implementing its store optimization strategy by identifying the first 154 stores to close. Following entry of an order at the June 11, 2020, hearing with the U.S. Bankruptcy Court for the Southern District of Texas, in Corpus Christi, Texas, store closing sales will begin at 154 locations. The company expects additional phases of store closing sales will begin in the coming weeks. Additionally, the company intends to reduce its store footprint and focus resources on its strongest stores and e-commerce …
Houston — Charming Charlie, a women’s fashion and beauty chain based in Houston, filed for Chapter 11 bankruptcy on July 11, 2019. It is the second time the retailer known for its colorful displays of jewelry, handbags, apparel and beauty products has filed for bankruptcy in less than 2 years. The company now plans to close all 261 of its remaining stores across 38 states. The retailer’s first filing was in December 2017, and the financial restructuring was completed the following April. However, the company continued to struggle following the …
Topeka, Kan. — Payless ShoeSource will close all 2,100 of its stores in the United States and Puerto Rico as it moves toward liquidation. According to a statement by the company provided to USA Today, which first reported the news on Feb. 15, Payless expects all stores to remain open through March.
San Francisco — On February 3, 2019, Charlotte Russe Holdings Corporation voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The company plans to close approximately 94 of its 500+ stores.
Hoffman Estates, Ill. — Sears Holdings Corp. has reached a temporary deal to avoid bankruptcy and keep 425 of its stores open, according to media sources.
Conshohocken, Pa. — On November 19, 2018, David’s Bridal took the expected next step of filing for Chapter 11 bankruptcy protection. Doing so will reduce the company’s debt by more than $400 million and provide significant financial flexibility to support long term growth prospects. The process is expected to be completed by early January.
New York City — Nine West Holdings Inc., a New York-based women’s shoe and apparel wholesaler, has filed for bankruptcy after accumulating $1.6 billion in debt. As a result, the company plans to close all 70 of its brick-and-mortar retail stores.
Wayne, N.J. — Toys”R”Us, Inc. has filed a motion seeking Bankruptcy Court approval to begin the process of closing all 735 of the company’s U.S. stores, including stores in Puerto Rico. The company filed for bankruptcy in September 2017.
Wayne, N.J. — Toys“R”Us, Inc. plans to close 182 Toys“R”Us stores in the U.S. as part of a company-wide reinvention of its brands. In addition, the Wayne, N.J.-based retailer will convert a number of locations into co-branded Toys“R”Us and Babies“R”Us stores.