Insolvency Guardian Media Centre
Feb. 17, 2025
A bankruptcy judge last week approved Joann Inc.’s plan to begin closing 500 of its 800 stores, including one in Brookings.
The 500 stores were deemed as “underperforming” by the crafts and fabric retailer and its advisers, according to court filings. The goal of the Ohio-based company, which filed for Chapter 11 bankruptcy Jan. 15 in Delaware, is to make the business more appealing to a new owner.
“Right-sizing the store footprint is a critical part of the efforts to ensure the best path forward for Joann,” the company said.
Joann is seeking bids by Tuesday for an auction that would occur Feb. 21 if there are multiple bids. Liquidator Golden Brothers Retail Partners is serving as the “stalking horse”…
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Joann, a major retailer of fabrics and crafts, said in a bankruptcy filing on Wednesday that it intends to close 500 locations and begin going-out-of-business sales.
The retailer currently has 800 locations. When it initially filed for bankruptcy in 2024, it said it did not intend to close any locations. The company said at the time that it would also preserve the jobs of its 18,000 associates through bankruptcy.
In March 2024, Joann announced that it would file for Chapter 11 and obtain approximately $132 million in new financing. The retailer hoped to reduce its debt by $505 million during bankruptcy.
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Former glamour model Katie Price is to have one of her two bankruptcies discharged following a hearing at a specialist court in London. The 46-year-old was due to face questions over her finances on Tuesday at a hearing known as a public examination after first being declared bankrupt in 2019.
Bankruptcy orders typically end after a year in England and Wales, but the automatic discharge of Price’s first bankruptcy was suspended, meaning she was still bound by its terms. The suspension was lifted by Insolvency and Companies Court Judge Sebastian Prentis on Tuesday, backdated to late last year, meaning the first bankruptcy will now be discharged.
Barrister Darragh Connell, representing the trustee of Price’s bankruptcies, said: “The…
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US debt management firm Oaktree Capital Management is looming as a potential last-minute savior for troubled Australian casino operator Star Entertainment Group after putting forward a debt financing proposal to lenders.
Star revealed in a Monday morning ASX filing that the proposal from funds associated with Oaktree – which previously expressed interest in cutting a deal with Crown Resorts before Blackstone’s acquisition in 2022 – includes a commitment letter and term sheet which set out terms upon which Oaktree would be willing to provide a total of AU$650 million in two debt facilities with a term of five years.
Although the proposal is…
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A new report shows Americans have more than 1.2 trillion in credit card debt. One nonprofit says they have resources to help.
A newly-released report shows credit card debt soaring to record levels, with Americans owing more than $1.2 trilling at the end of 2024.
The data, released Thursday by the Federal Reserve Bank of New York, shows credit card balances increased by $45 billion from the previous quarter. Ansley Loya, of Kennesaw said she’s among those who know the feeling of safety a credit card can provide – until the debt catches up.
“Just having those credit cards, makes you feel like you have a…
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This sounds tempting, especially if you sell them at a knockdown price to the other company. But this action may be a breach of s238 of the Insolvency Act 1986 – Transactions at Undervalue.
It sometimes happens that directors overlook or even fail to disclose all the company’s property to a liquidator. Consequently, the Insolvency Act 1986 gives a liquidator wide powers to assist his/her investigations into a company’s affairs in order to maximise creditor’s interests.
s238 section applies in the case of a company where –
(a) the company enters administration or
(b) the company goes into liquidation and “the office-holder” means the administrator or the liquidator, as the case may be.
Where the company has at a relevant time…
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