AGG’s Restructuring Roundup newsletter is a monthly update of legal issues and news affecting or related to commercial litigation and bankruptcy. The newsletter is a curation of published articles and news, and contains original content developed by AGG’s Bankruptcy, Creditors’ Rights, & Financial Restructuring attorneys.
Industry News
Red Lobster Map Shows Latest Abrupt Closures
May 14, 2024 (Newsweek)
Seafood chain Red Lobster has abruptly closed at least 48 of its location across the U.S., according to reports, as the company navigates troubled financial waters.
Luxury apparel chain shuts U.S. stores in Chapter 15 bankruptcy
May 13, 2024 (MSN.com)
The U.S. retail industry has faced hundreds of store closures and liquidations this year as once popular retailers struggle to keep their brick-and-mortar operations relevant for shoppers.
KidKraft files for Chapter 11 bankruptcy
May 13, 2024 (Yahoo! Finance)
In a prepackaged plan, KidKraft and its U.S. and Canadian affiliates has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Northern District of Texas, the toy company announced Friday.
Music chain founded in 1924 closing all 42 locations across US, including 1 in Middle TN
May 12, 2024 (MSN.com)
Just a week after iconic music retailer Sam Ash Music announced it was closing its doors, the chain officially filed for Chapter 11 bankruptcy.
Farewell, Chuck E. Cheese Animatronic Band
May 12, 2024 (The New York Times)
For decades, Munch’s Make Believe Band at Chuck E. Cheese has performed for countless birthdays, end-of-season Little League parties and other celebrations. There’s been Chuck E. Cheese and Helen Henny on vocals, Mr. Munch on keys, Jasper T. Jowls on guitar, and Pasqually on drums.
What to know about Steward Health Care bankruptcy; New York Bagel in Taunton: Top stories
May 12, 2024 (Yahoo! News)
Early last week, Steward Health Care, operator of the third largest hospital system in Massachusetts, and one of the state's largest employers, declared bankruptcy.
Beloved retail chain survives Chapter 11 bankruptcy
May 11, 2024 (MSN.com)
Loyal customers help a retail chain stay afloat and can sometimes even drive their business. Ollie's Bargain Outlets, for example, does not have to market its new store openings because its loyal customers, the so-called Ollie's Army, does it for them.
BlockFi’s Final Bow: Coinbase Takes Over Asset Distribution
May 10, 2024 (Trading View)
On May 9, BlockFi, which was a popular crypto lending platform, announced the closure of its web platform. It is partnering with Coinbase, a US-based crypto exchange, to manage and distribute assets.
Air Vanuatu files for bankruptcy protection after canceling all international flights
May 10, 2024 (Yahoo! Finance)
Air Vanuatu filed for bankruptcy protection on Friday a day after the South Pacific state-owned carrier cancelled all international flights, stranding thousands of travelers.
Bed Bath & Beyond sues Hudson Bay, claims hedge fund’s ‘funny math’ swiped $300 million from now-bankrupt retailer
May 9, 2024 (Fortune)
The former Bed Bath & Beyond Inc., seeking to generate cash for its creditors, sued to recover more than $300 million in trading profits from Hudson Bay Capital Management, the hedge fund at the center of a last-ditch financing plan that failed to prevent the retailer’s collapse.
