Eegee’s declared Chapter 11 bankruptcy on Friday. | Photo: Shutterstock.

Eegee’s, a 53-year-old chain out of Tucson, Arizona, declared Chapter 11 bankruptcy on Friday after closing a handful of stores in the region.

The fast-food sandwich concept listed both assets and liabilities of between $10 million and $50 million and says that it has between 100 and 199 creditors. 

Local reports said that the company had closed five locations this week, leaving the brand with 25 restaurants. All the chain’s restaurants are in Arizona and are company operated. The company generated $27.9 million in system sales last year, according to data from Restaurant Business sister company Technomic. That was down 4.8% from the year before. 

The…

• Chris Elle Dove, once bankrupt, is set to retire early with over $1.5 million net worth.
• She transitioned from earning $50,000 a year as a professor to investing full-time.
• Her strategy includes living minimally, investing in real estate, and keeping spending low.

Chris Elle Dove, 52, declared bankruptcy at age 29 in 2001 and survived off government benefits and side hustles to provide for her two kids. She had recently lost her husband and was struggling to be a good mom while finding more stable work.

Two decades later, she and her second husband have a total net worth of over $1.5 million and are set to retire early in their 50s.

After years of earning between $50,000 and $60,000 as a professor, Dove…

Friday used to mean something.

Monday was for the blahs. Wednesday was hump day. Sunday—or Saturday, depending on your Lord—was God’s day. But Friday was your day, the bright-line demarcation between when your body belonged to The Man and when your body belonged to you. As Loverboy sang back in 1981, “Everybody’s working for the weekend.” But now everybody’s just working. The wired-all-the-time technological “innovations” of the past two decades mean that we never stop punching the clock. Now the clock punches us.

None of which augurs well for TGI Fridays, the original fern-bar-turned-mall-canteen-turned-ubiquitous-franchise, which filed for Chapter 11 bankruptcy this month. Why thank anyone that it’s Friday when…

Exactech Inc., a maker of joint-replacement implants owned by TPG Capital, has filed bankruptcy after being accused in more than a thousand lawsuits of making defective hip and knee implants that hurt patients.

The Florida-based company sought court protection Tuesday in Delaware listing assets and liabilities each of between $100 million and $500 million on its Chapter 11 petition.

Exactech, which was taken private by TPG in 2018, signed restructuring and asset purchase agreements with a group of existing lenders backing the Chapter 11 case, according to a statement. The lender group has agreed to serve as a stalking horse bidder, meaning the offer to acquire the business out of bankruptcy is subject to better bids should any…

In Switzerland, nearly half a million people are struggling with debt. This week, parliament discussed new measures that may offer relief to those unable to dig themselves out of insolvency, reported RTS.

In Switzerland, personal bankruptcy does not extinguish your debts in the same way as it does across much of the rest of world. Instead, once all your assets have been liquidated, any remaining creditors receive IOUs for any money still owed to them. And while it brings an immediate end to debt proceedings and allows you to spend all of your salary, any assets you inherit or accumulate post bankruptcy can still be claimed by creditors.

In addition, it is possible to inherit debt from an…

President Joe Biden made student loan forgiveness a central issue to his administration, rolling out efforts to forgive debt as well as to lower repayments for millions of borrowers. But with President-elect Donald Trump returning to the White House in January, the future of those efforts is now in question. 

During the presidential debate with Vice President Kamala Harris, Trump described Mr. Biden’s efforts to forgive student borrowers as “a total catastrophe.” While he hasn’t explicitly addressed his plans for student loans, he’s called for eliminating the Department of Education, which manages the $1.6 trillion federal student loan portfolio. 

It’s unclear which agency or group would manage those loans if the Education Department…

The Ombudsman has issued a guide to help Australian small businesses navigate the challenges of paying or collecting a debt.

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has revealed a new guide for small businesses has been developed to help them overcome the challenges of paying or collecting debt.

Ombudsman Bruce Billson said he had experienced a 50 per cent increase in calls from small businesses worried a supplier was insolvent or that their own business was insolvent.

“Outstanding debts can be overwhelming for a small business, whether you are owed money by a customer or you owe money to a supplier,” Billson said.

“Businesses usually…