Bankruptcy Trending News

2025-02-22 17:40:44

Hooters Restaurant Chain Plans Bankruptcy Filing Amid Financial Struggles

Hooters is reportedly preparing to file for bankruptcy after closing around 40 locations last year, owing $300 million in asset-backed bonds. The plans are not final, but if executed, the process may begin in a few months. read more

2025-02-21 19:00:03

Hooters restaurant chain reportedly preparing to file for bankruptcy

Hooters is preparing for bankruptcy after closing 40 stores in 2024, owing $300 million in asset-backed bonds. The restructure is in progress, with potential court filings imminent. read more

2025-02-19 22:40:03

Nikola Electric Vehicle Maker Files for Chapter 11 Bankruptcy

Nikola, a troubled electric vehicle maker, has filed for Chapter 11 bankruptcy protection after facing scandal and financial difficulties. The company, once valued at $30bn, faced challenges scaling its business and now seeks auction for its assets. read more

2024-09-18 13:40:10

Tupperware files for bankruptcy with over $700 million debt

Tupperware, a renowned homeware brand known for its airtight storage containers, has filed for bankruptcy in the US due to $700 million in debt, exploring strategic options to stay afloat. The brand, established in 1946, faced financial challenges due to a tough economic environment. read more

2024-08-26 20:40:04

Red Lobster faces more closures amid financial struggles

Red Lobster is closing more locations as part of its restructuring after declaring bankruptcy. More than 100 stores have already shut down this year, with an additional 23 set to close. The company faced financial losses due to promotions like the $20 all-you-can-eat shrimp deal. read more

2024-08-12 23:10:04

LL Flooring Files for Chapter 11 Bankruptcy, Closes 94 Stores

LL Flooring, formerly Lumber Liquidators, declares Chapter 11 bankruptcy and shuts down 94 stores in 47 states due to economic challenges like inflation and labor costs. The company is in negotiations with potential buyers and will continue operating as usual. read more

2024-08-07 17:50:10

St. Louis Cathedral bankruptcy overseer admits lack of qualifications

The Roman Catholic archdiocese of New Orleans is facing scrutiny over soaring legal fees in a bankruptcy case managed by a volunteer admitting lack of qualifications. Expenses exceeding $40m have raised concerns for claimants, delaying settlements in ongoing clergy molestation and cover-up crisis. read more

2024-07-23 18:20:04

Rudy Giuliani, facing bankruptcy, faced scrutiny for expenditures, including a first-class trip to the Republican National Convention. Creditors request more financial disclosures. Claims of limited cash access challenged. Lack of transparency prompts concerns from creditors and judge. read more

2024-07-04 21:20:06

Mod Pizza, a popular US fast food chain known for customizable personal pizzas, is facing bankruptcy with potential plans for court protection. Despite a strong start in 2008, the chain has closed multiple locations, indicating financial struggles similar to other fast-casual restaurants. read more

2024-06-26 12:40:08

Luxury furniture brand Oka, founded by British aristocrat Viscountess Annabel Astor, is closing US stores in Dallas, Houston, and Westport and filing for bankruptcy. The company faced financial challenges after expanding into the US and acquiring another brand, resulting in the decision to restructure in the UK. read more

2024-06-08 18:10:04

Rudy Giuliani launches a new coffee business, "Rudy Coffee," with a partner, Burke Brands, who previously filed for Chapter 11 bankruptcy in December 2022. Giuliani's own bankruptcy case has creditors questioning his financial dealings with the coffee venture. read more

2024-05-28 22:20:10

Rudy Giuliani, ordered to pay $148m in defamation case, faces potential trustee takeover of finances following creditor claims of deception and asset undervaluation. Lawyers demand immediate action as Giuliani continues to withhold financial information and engage in questionable business dealings. read more

2024-05-21 01:40:08

Red Lobster faced bankruptcy due to an $11m loss on an ‘endless shrimp’ deal, prompting a closer look revealing deeper issues like bad management decisions, destructive buyouts, and influences from Thai Union, nicknamed the ‘Thai shrimp mafia’. read more

2024-05-20 14:20:05

Red Lobster, known for seafood deals, files for Chapter 11 bankruptcy days after closing numerous restaurants. The chain plans to simplify operations, close more restaurants, and pursue a sale. The move follows financial challenges and a decline in revenue. read more

2024-05-20 12:40:10

Red Lobster in Silver Spring, Maryland closed on May 14, 2024. The US seafood chain filed for bankruptcy protection due to struggles with lease, labor costs, and promotions like the all-you-can-eat shrimp deal. CEO Jonathan Tibus signed the document. read more

2024-05-08 12:10:04

FTX, a bankrupt crypto exchange, plans to fully repay creditors $11bn with assets exceeding $16bn, benefiting from increased Bitcoin prices. Former CEO, Bankman-Fried, jailed for fraudulent collapse, failed to sway judge with repayment argument. Approval needed for fund distribution. read more

2024-05-07 22:50:10

Rudy Giuliani struggles to find an accountant as he fails to meet accounting obligations in bankruptcy case, lawyers explain. Giuliani sought help from accounting firms, but no one was interested, impacting his financial situation. read more

2024-05-07 16:20:05

Rudy Giuliani, facing financial challenges, filed for bankruptcy owing $152m, intending to limit spending to $43,000 monthly but exceeded it by nearly $120,000 in January alone. His financially irresponsible behavior includes lavish expenses, leading to legal troubles. read more

2024-04-17 21:20:07

Rudy Giuliani's bankruptcy may result in him losing his apartment, jewelry, and cherished memorabilia like a signed Joe DiMaggio shirt, as he faces paying off creditors. read more