By Posted in Miscellaneous CasesWith the economy and unemployment figures as they are today, many businesses find they have many more applicants for a job opening. This means employers may look for more ways to filter the resumes before the final rounds of interviews. Should a personal bankruptcy filing in the applicant’s past be considered in employment decisions? Many employers… Continue Reading
By Posted in Miscellaneous Cases,News and Comments,Small Business BankruptcyIt is not uncommon for financially distressed businesses to get behind on payroll taxes, especially when the company does not have a payroll service that handles the payment of all taxes and automatically deducts the full amount from the company’s bank accounts. Chapter 11 cases often have significant unpaid payroll taxes scheduled as a priority… Continue Reading
By Posted in Consumer Bankruptcy Guide,Miscellaneous Cases,News and CommentsSection 529 Plans are tax advantaged savings plans intended to encourage saving for future college costs. There are two types of qualified tuition programs: a prepaid tuition plan or a college savings plan They are authorized under Section 529 of the Internal Revenue Code (26 U.S.C. § 529). Click here for a basic summary of 529 Plans. Are… Continue Reading
By Posted in Miscellaneous CasesEdited August 18 – Debtor Southeast Waffles has withdrawn its Plan of Reorganization and requests the Court take no further action on its plan. As the Debtor’s plan was to sell to Mickelson’s group, it appears, at least for now, his bid is over. Joe Guy Collier of the Atlanta Journal Constitution wrote an article… Continue Reading
By Posted in Miscellaneous CasesFinlay Enterprises Inc., the parent company of jewelry retailer Bailey Banks & Biddle, filed their petition in New York yesterday. There are three Bailey Banks & Biddle stores in Atlanta: Lenox Square Mall, Perimeter Mall and Mall of Georgia. From the Atlanta Business Chronicle, the company announced plans to sell the business and assets at auction.… Continue Reading
By Posted in Miscellaneous CasesThe Atlanta Business Chronicle is reporting that Ritz Camera, which operates as Wolf Camera in many locations (incl. Georgia), is giving up its reorganization efforts and will try to sell all remaining locations. Click here for the article by Barton Eckert. From the article: In a court filing, Ritz Camera reported it is talking with two… Continue Reading
By Posted in Miscellaneous CasesFrom the Wall Street Journal, Six Flags, Inc., which has three parks in metro Atlanta (Six Flags, White Water and American Adventures), has filed a Chapter 11 Bankruptcy petition this morning in the District of Delaware. Click here for the company news release and here for an article that attaches the petition. From the WSJ article –… Continue Reading
By Posted in Miscellaneous CasesCrunch Fitness, which has a location on Piedmont Road in Buckhead, filed a Chapter 11 petition in New York today. From Bloomberg – Crunch Fitness, a gym operator with 73,000 members and clubs in six U.S. cities, filed for bankruptcy protection from creditors in New York, citing slowing membership and overpriced leases for some locations.… Continue Reading
By Posted in Miscellaneous CasesFrom Reuters, General Growth Properties, which owns Comberland, North Point, Perimeter and Southlake Malls in Metro Atlanta, field a Chapter 11 Bankruptcy petition in the Southern District of New York. General Growth Properties Inc, the second largest U.S. mall owner, filed for bankruptcy protection on Thursday in one of the biggest real estate failures in U.S.… Continue Reading
By Posted in Miscellaneous CasesSupermarket chain Bi-Lo filed for Chapter 11 bankruptcy relief in the United States Bankruptcy Court, District of South Carolina. According to its website, the chain has several stores in Georgia. From the Associated Press – Details of the credit agreement terms were not immediately available but the company said it has met all the loan’s… Continue Reading
By Posted in Miscellaneous Cases,News and CommentsSix Flags Theme Parks, which includes Six Flags Over Georgia, Six Flags White Water, and American Adventures parks in the Atlanta area, is experience significant financial difficulties and there is speculation that a Chapter 11 Bankruptcy filing might be in its future. From the Associated Press: Shares of Six Flags Inc. fell in premarket trading… Continue Reading
By Posted in Miscellaneous CasesAs mentioned in this post, Ritz Camera, owner of Wolf Camera, filed a Chapter 11 petition last month. Ritz also owns Boater’s World stores, with two locations in Georgia. According to the article, Ritz will liquidate Boater’s World Stores and close half of its 800 camera stores. Apparently they have not yet decided which camera… Continue Reading
By Posted in Miscellaneous CasesRitz Camera, the owner and operator of Boaters World and Wolf Camera, filed a Chapter 11 petition today in Delaware. Ritz bought Wolf in 2001 after Wolf filed a Chapter 11 in 2000. Wolf had previously purchased Fox Photo. Wolf has several stores in Atlanta, and Boaters World has two locations in Georgia. From Reuters: NEW YORK,… Continue Reading
By Posted in Miscellaneous CasesGeorgia based Peanut Corporation of America, which obviously is facing a long list of problems, filed a Chapter 7 Bankruptcy petition in the Western District of Virginia. From Reuters: NEW YORK (Reuters) – Peanut Corporation of America sought bankruptcy protection on Friday after a salmonella outbreak traced to one of its plants led to one of… Continue Reading
By Posted in Miscellaneous CasesS&K Famous Brands., Inc., doing business as S & K Menswear, filed a Chapter 11 petition today. The company has stores in Georgia and the Southeast. From Reuters: S & K Famous Brands Inc, which operates men’s clothing stores mostly in mid-Atlantic states and the Carolinas, filed for Chapter 11 bankruptcy protection on Monday,… Continue Reading
By Posted in Miscellaneous CasesSpectrum Brands, Inc., the Atlanta-based manufacturer of Ray-o-vac, Remington, Spectracide, Cutter, Repel and other well-known brands, has filed a Chapter 11 petition in the Western District of Texas. Click here for the company’s press release: ATLANTA–(BUSINESS WIRE)–Spectrum Brands (PINK SHEETS: SPCB – News) today announced that it has reached agreements with noteholders representing, in the aggregate,… Continue Reading
By Posted in Miscellaneous CasesDiscount Clothing Retailer Goody’s Family Clothing decided last week to liquidate and close its remaining stores, after emerging from Chapter 11 only a few months earlier. Now it has filed Chapter 11 again. From Reuters – Goody’s LLC, a privately held family apparel retailer that emerged from bankruptcy in October, has filed for Chapter 11 protection again, and… Continue Reading
By Posted in Miscellaneous CasesFrom Reuters: Nortel Networks, the maker of telephone equipment, filed for bankruptcy protection on Wednesday, a day before it was scheduled to make an interest payment of about $107 million. Nortel and a number of its affiliates filed for Chapter 11 bankruptcy protection in federal bankruptcy court in Delaware. “Based on this filing, the board of… Continue Reading
By Posted in Miscellaneous CasesShane Company, a jewelry retailer with four locations around Atlanta according to its website, filed a Chapter 11 petition in the U.S. Bankruptcy Court for the District of Colorado. Chapter 11 Case No. 09-10367. Hear the announcement from Tom Shane himself. From Reuters: Shane Co, a privately held jewellery retailer, filed for Chapter 11 bankruptcy protection… Continue Reading
By Posted in Miscellaneous CasesUpdate: KB Toys to close and quickly liquidate for the Christmas rush, according to a Court filing and this Wall Street Journal article: The company plans to quickly start going-out-of-business sales at hundreds of its stores, "in order to take advantage of the last two weeks of the holiday selling season," KB Toys said in a… Continue Reading
By Posted in Miscellaneous CasesFrom the Wall Street Journal – Tribune Co. filed for bankruptcy protection Monday, in a sign of worsening trouble for the newspaper industry. In recent days, as Chicago-based Tribune continued talks with lenders to restructure its debt, the newspaper-and-television concern hired investment bank Lazard Ltd. as its financial adviser and law firm Sidley Austin to… Continue Reading
By Posted in Miscellaneous Cases,News and CommentsAlan Judd at the Atlanta Journal has an article about Michael Vick’s spending in the time leading up to his imprisonment, including millions of dollars transferred just before his incarceration. This information was contained in pleadings filed in his Bankruptcy case. Click here for the article. Among the highlights from Alan’s article: The day he… Continue Reading
By Posted in Miscellaneous CasesTweeter Home Entertainment, the parent of HiFi Buys (which had several locations in Atlanta), first filed a Chapter 11 petition in June 2007 (click here). It was bought by an investment firm and operated as Tweeter Opco, LLC, but that entity filed another Chapter 11 in November 2008 (click here). This week, however, it abruptly… Continue Reading
