Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases, high labor costs and a disastrous unlimited shrimp promotion. The Orlando, Florida-based company filed for Chapter 11 protection on Sunday, listing assets and liabilities of $1 billion to $10 billion each in its bankruptcy petition. The filing allows the company to keep operating…
In short: Cash mover Armaguard is at risk of insolvency due to the declining use of cash. The nation’s leading financial institutions have been holding urgent talks about how to ensure communities aren’t left stranded without access to bank notes. What’s next? A draft plan for how to prop up Armaguard and find alternative means of moving money…
Miss Universe’s Thai owner is seeking a debt rescue. Media distribution company JKN Global Group has filed for bankruptcy, CEO Jakkaphong Jakrajutatip announced in a letter to shareholders yesterday (Nov. 9). The petition for business rehabilitation was filed the day prior, it said. M&M maker Mars is acquiring Pop-Tarts maker Kellanova in one of the…
Discount retailer 99 Cents Only has declared bankruptcy as it prepares to shutter its stores. The company announced its Chapter 11 filing Monday (April 8), days after it said it was closing all of its 371 locations in the southwestern part of the country. “This was an extremely difficult decision and is not the outcome we expected or hoped…
Dunfast Pty Ltd has been wound up. Photo: Frogman1484. Transport business Dunfast Pty Ltd, which trades under the name Griffith Fast Freight, was wound up in insolvency by the Federal Court on Friday (8 March), ending a decade in operation. According to court documents obtained by Region, the wind up motion was lauched by the…
In Oakland, California, the Roman Catholic Cathedral of Christ the Light is difficult to miss. Towering over Lake Merritt in the heart of the city, its modernist glass dome reflects the East Bay sun in all directions. The building, which was completed in 2008 and financed by the Roman Catholic diocese of Oakland, cost $175m.…
99 Cents Only Stores LLC has filed for bankruptcy after announcing plans in April to wind down its business operations. The California-based discount retailer listed assets of $1 billion to $10 billion and liabilities of a similar range in a Chapter 11 petition filed in Delaware. Filing Chapter 11 will give 99 Cents Only time…
Award-winning ACT and NSW-based construction company – Project Coordination (Australia) Pty Ltd – today entered voluntary administration. Company Directors – father and son, Paul and Gavin Murphy – today appointed RSM Australia Partners Jonathon Colbran, Frank Lo Pilato and Brett Lord as joint and several Administrators of the company. The long-standing family-run company,…
China wealth manager Zhongzhi flags insolvency, $64 billion in liabilities Reuters Read the original article here
A woman who owned a Melbourne bar that went bust has revealed she is in the “scary situation” of having to file for bankruptcy as she faces $150,000 in debt. Liv Franklin was the owner of Follies, a vegan antipasti bar in Fitzroy, which closed down at the end of March. She said there were…