Latest Corporate bankruptcy News

FILE - In this June 16. 2011, file photo, Richard Branson, president of Virgin Atlantic Airways, attends a news conference in Miami Beach, Fla. Branson announced that Virgin was starting flights between London and Cancun, Mexico. Virgin Atlantic, the airline founded by British businessman Branson, filed Tuesday, Aug. 4, 2020, for relief from creditors as the virus pandemic hammers the airline industry. The airline made the filing in U.S. federal bankruptcy court in New York after a proceeding in the United Kingdom. (AP Photo/Wilfredo Lee, File)

Virgin Atlantic airline files for US bankruptcy protection

Aug. 5, 2020 1:06 AM EDT

NEW YORK (AP) — Virgin Atlantic, the airline founded by British businessman Richard Branson, filed Tuesday for protection in U.S. bankruptcy court as it tries to survive the virus pandemic that is hammering the airline industry. The airline made the Chapter 15 filing in U.S. federal bankruptcy court in New...

A JoS. A. Bank clothing chain location in Washington, Monday, Aug. 3, 2020. Tailored Brands, known for its clothing chains Men's Wearhouse and JoS. A. Bank, struggled as the pandemic shut stores and consumer demand for office attire dropped, has filed for bankruptcy. (AP Photo/Andrew Harnik)

US retailers that have sought bankruptcy protection in 2020

Aug. 3, 2020 1:25 PM EDT

Following is a list of retailers that have sought bankruptcy protect in 2020. Le Tote Inc. (Lord & Taylor), Aug. 3 Tailored Brands Inc. (Men's Wearhouse; Jos. A. Bank), Aug. 2 Ascena Retail Group Inc. (Ann Taylor; Lane Bryant) — July 23 Occasion Brands LLC — July 22 The Paper Store Inc....

FILE - In this Jan. 2, 2019, file photo, women peer in the front door of Lord & Taylor's flagship Fifth Avenue store which closed for good in New York. New York landmark retailer Lord & Taylor has filed for bankruptcy, joining a growing list of retailers flummoxed by the pandemic. (AP Photo/Kathy Willens, File)

Retail rout gains pace, Lord & Taylor seeks bankruptcy

Aug. 3, 2020 8:45 AM EDT

NEW YORK (AP) — Lord & Taylor, America's oldest retailer, is seeking bankruptcy protection, as is the owner of Men’s Wearhouse and Jos. A. Bank, lengthening the list of major retail chains that have faltered in the pandemic. Household names, many longtime anchors in malls nationwide, were...

J.C. Penney lawyer says chain is going forward with sale

Jul. 29, 2020 3:42 PM EDT

NEW YORK (AP) — An attorney for J.C. Penney Co. told a bankruptcy judge Wednesday that the retailer is going forward with a sale of its business and expects the deal to be completed by the fall. The potential sale comes as Plano, Texas-based Penney is looking at three bidders, which are looking at buying...

FILE - In this Sept. 12, 2019, file photo, cars pass Purdue Pharma headquarters in Stamford, Conn. A federal bankruptcy judge ruled Tuesday, July 28, 2020, that the OxyContin maker can't make any more contributions to partisan organizations that seek to boost the election efforts of candidates for state attorney general offices. (AP Photo/Frank Franklin II, File)

Judge: Purdue Pharma must halt some political contributions

Jul. 28, 2020 9:12 PM EDT

A federal bankruptcy judge ruled Tuesday that OxyContin maker Purdue Pharma can't make any more contributions to partisan organizations that seek to boost the election efforts of candidates for state attorney general offices. The company can keep contributing to some other political groups, according to the...

FILE - Pedestrians wearing protective masks walk past a Brooks Brothers location on July 8, 2020, in New York. A retail venture owned by licensing company Authentic Brands Group and mall owner Simon Property Group has agreed to buy Brooks Brothers for $305 million. The offer from Sparc Group LLC, announced late Thursday, July 23, has been designated as a “stalking horse” and therefore subject to court approval and any higher or better offers as part of the company’s ongoing auction process.  (AP Photo/Frank Franklin II, File)

Simon-backed venture makes offer to buy Brooks Brothers

Jul. 24, 2020 10:53 AM EDT

NEW YORK (AP) — A retail venture owned by licensing company Authentic Brands Group and mall owner Simon Property Group has entered into an agreement to buy the iconic Brooks Brothers for $305 million. The offer from Sparc Group LLC announced late Thursday has been designated as a “stalking...

FILE - This March 5, 2013 file photo shows an Ann Taylor store in Mount Lebanon, Pa. The operator of Ann Taylor and Lane Bryant filed for Chapter 11 bankruptcy on Thursday, July 23, 2020, the latest retailer to do so during the pandemic. Mahwah, New Jersey-based Ascena Retail Group Inc., which operates nearly 3,000 stores mostly at malls, has been dragged down by debt and weak sales for years. (AP Photo/Gene J. Puskar, File)

Ann Taylor owner files for Chapter 11 bankruptcy

Jul. 23, 2020 5:55 PM EDT

NEW YORK (AP) — The operator of Ann Taylor and Lane Bryant filed for Chapter 11 bankruptcy protection on Thursday, the latest retailer to do so during the pandemic. Mahwah, New Jersey-based Ascena Retail Group Inc., which operates nearly 3,000 stores mostly at malls, had been dragged down by debt and weak...

Kentucky coal operator files for bankruptcy protection

Jul. 23, 2020 1:37 PM EDT

LEXINGTON, Ky. (AP) — A coal operator headquartered in Kentucky, which bought assets from Blackjewel LLC after the company went bankrupt last year, has now filed for bankruptcy protection. Rhino Resource Partners announced Wednesday they plan to sell all their assets and the assets of their subsidiaries to...

Prosecutor Anne Leiding informs the media about the

2 more ex-Wirecard managers arrested, ex-CEO back in custody

Jul. 22, 2020 11:02 AM EDT

BERLIN (AP) — Two more former executives at bankrupt German payment company Wirecard were arrested on Wednesday in the fraud scandal that brought down the one-time tech star and its former CEO was taken back into custody after the case against him was expanded, prosecutors said. The former Wirecard...

Engine maker Briggs & Stratton files for Ch. 11 bankruptcy

Jul. 20, 2020 11:23 AM EDT

WAUWATOSA, Wis. (AP) — Briggs & Stratton Corp., billed as the world's largest manufacturer of small gas engines, has filed for bankruptcy protection citing challenges due to the coronavirus pandemic, the company announced Monday. As part of the Chapter 11 filing, the Milwaukee-area company said Monday...