Insolvency Guardian Media Centre
Less than 18 months after exiting bankruptcy, Payless ShoeSource has reportedly lined up an advisor to help mull over strategic alternatives, including a possible sale.
According to a report from Reuters, citing people familiar with the matter, the affordable footwear retailer hired investment firm PJ Solomon as it continues to struggle amid digital disruption and seeks to avoid another bankruptcy. Payless is reportedly considering a restructuring or a sale, along with closing the doors of at least a third of its approximately 3,000 stores across the country.
The Topeka, Kan.-based company also hasnt ruled out filing for bankruptcy a second time, the report noted. Just four months after it filed, Payless managed to emerge from Chapter …
Read the full article at: https://footwearnews.com/2019/business/retail/payless-bankruptcy-restructuring-company-sale-1202730954/
Cleaning Up airs every Wednesday on ITV at 9pm. The drama stars Sheridan Smith as Sam, a single mother who is a cleaner on a zero hours contract in Canary Wharf, London. Sam is in debt and has separated from her husband, Dave (played by Matthew McNulty) and one of the reasons behind their split is her gambling addiction. The show is one of the only TV series to address the issue of female gambling. Express.co.uk spoke exclusively to GamCare, who were consultants on the show and spoke about problem gambling amongst women.
Why do women gamble?
GamCare operates the National Gambling Helpline and offers information, advice and support for those who suffer from problem gambling.
The charity worked with show writer Mark Marlow, producers and cast…
Read the full article at: https://www.express.co.uk/showbiz/tv-radio/1073333/Cleaning-Up-ITV-Why-do-women-gamble-Sam-gambling-Sheridan-Smith
UPDATE: A list of stores that will be closing is now available here.
Quincy (WGEM) Shopko, which, operates a store at 3200 Broadway in Quincy, announced Wednesday that it, along with its subsidiaries, has filed voluntary petitions for a court-supervised financial restructuring under Chapter 11 of the United States Bankruptcy Code.
In a new release, the companystated it is seeking to facilitate the restructuring as a result of excess debt and ongoing competitive pressures. The petitions have been filed in the U.S. Bankruptcy Court for the District of Nebraska.
The release states that during the restructuring process, Shopko will continue to operate and serve its customers, vendors, partners, and employees.
The company stated it has ob…
Read the full article at: https://wgem.com/2019/01/16/shopko-files-for-bankruptcy/
Eddie Lampert, the billionaire hedge fund manager who served as CEO of Sears from 2005 until the company filed for bankruptcy in 2018, was responsible for many of the decisions that led to the companys decline and eventual insolvency. Now hes pulling Sears back from the brink of liquidation and saving himself from liability according to a report by the Wall Street Journal.
According to the Journals report, Lamperts $5 billion offer beat out a bid that was supported by most of Searss creditors and landlords but would have shuttered all Sears stores and led to tens of thousands of job losses. Lamperts plan, meanwhile, will keep approximately 400 stores open but it also underscores how Lampert, who in addition to being Searss CEO was …
Read the full article at: https://www.vox.com/the-goods/2019/1/16/18185498/sears-bankrupty-liquidation-eddie-lampert
GREEN BAY, Wis.
UPDATE:
Shopko released the latest list of store closings Wednesday.
Stores in Bloomfield, Iowa and Memphis, Missouri are scheduled to close April 15.
Additional Iowa closings include Burlington, Fort Madison, Estherville, Webster City, Cherokee, Clarinda, Vinton, Hampton, Onawa and Eldora.
In Missouri, additional store closings include Albany and Carrollton.
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Shopko, which operates stores in Bloomfield, Iowa, and Memphis, Missouri, announced Wednesday that it has filed for Chapter 11 bankruptcy.
The company states that it is seeking to restructure as a result of “excess debt and ongoing competitive pressures.”
Shopko says it plans to close an additional 38 stores, relocate …
Read the full article at: http://ktvo.com/news/local/shopko-files-for-chapter-11-bankruptcy
A Perth family has warned homeowners about the importance of research after a botched renovation left them with a damaged house and a massive clean-up bill.
Tamara Van Kerkof and Jason Williamson had been waiting years to be able to afford a renovation on their modest Perth hills home.
But that dream turned into a nightmare after employing patio builder Ross Newbold from Alfresco Living WA.
When the couple employed Mr Newbold early last year they agreed to his quote of $44,000 which included an alfresco area, re-roofing the kids playroom, and a patio.
A deposit was paid and work began.
Mr Williamson says it became clear Mr Newbold was dodgy when he asked to see a copy of the council building permits.
Read the full article at: https://thewest.com.au/news/today-tonight/perth-hills-property-owners-left-with-a-wrecked-home-massive-clean-up-bill-by-dodgy-tradie-ng-b881076026z
Shopko announced on Wednesday, January 16, 2019, that it has filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. Chapter 11 allows a company to restructure its finances under court supervision.
In a release announcing the filing, Shopko said the restructuring is necessary because of excess debt and ongoing competitive pressures.
The company says its will continue to operate during the restructuring.It has secured $480 million financing to ensure that suppliers will continue to be paid during the restructuring process.
In the release, Shopko CEO Russ Steinhorst said, This decision is a difficult, but necessary one. In a challenging retail environment, we have had to make some very tough choices, but we are confident that b…
Read the full article at: https://www.newscenter1.tv/shopko-files-for-chapter-11-bankruptcy/
GREEN BAY, Wis., Jan. 16, 2019 /PRNewswire/ –Shopko (“the Company”), a leading operator of general merchandise stores throughout the Central, Western and Pacific Northwest regions of the U.S., today announced that it, along with its subsidiaries, has filed voluntary petitions for a court-supervised financial restructuring under Chapter 11 of the United States Bankruptcy Code.
The Company is seeking to facilitate the restructuring as a result of excess debt and ongoing competitive pressures. The petitions have been filed in the U.S. Bankruptcy Court for the District of Nebraska. During the restructuring process, Shopko will continue to operate and serve its customers, vendors, partners and employees.
Shopko has obtained up t…
Read the full article at: https://www.prnewswire.com/news-releases/shopko-announces-financial-restructuring-300779360.html
We all need some financial help sometimes, because debt sucks. Our money expert helps navigate our wallet through the government shutdown.
Published:
8:39 AM EST January 16, 2019
…
Read the full article at: https://www.wfmynews2.com/video/money/debt-sucks-tips-to-help-you-survive-the-government-shutdown/83-97baf1df-bf20-48da-a0fd-c706bba1ff55
SHERIDAN Smiths ITV drama Cleaning Up is based on the shocking real-life story of a gambling addict mother who racked up 70,000 worth of debts.
The new series that started on January 9 shows mum Sam, played by 37-year-old Smith, working as an office cleaner while trying to pay off her debts due to a gambling addiction.
ITV
Kelly Fields gambling problems started when she visited an online casino when she was off work due to stress in 2010.
Field, 36, used her experience to help producers and writers develop Smiths character.
The mum-of-one revealed how at her lowest point she felt suicidal because the shame overwhelmed her.
The waitress from…
Read the full article at: https://www.thesun.co.uk/news/8184096/sheridan-smith-itv-drama-cleaning-up-gambling-addict-mum/
Australia has argued its own approach is transparent and would not overburden these nations. It has also welcomed co-operation with China.
But Senator Fierravanti-Wells has written in an opinion article for The Sydney Morning Herald and The Age that a region that already owed about $5.5 billion to international creditors didnt need to be saddled with more debt.
Having been critical of debt-trap diplomacy, will we not be equally guilty of burdening the Pacific with more debt? We might argue that our debt is more transparent than Beijings and therefore better debt. This is not only disingenuous but it is not in the long-term interests of PICs [Pacific island countries], she says.
Senator Fierravanti-Wells also questioned whether the Departmen…
Read the full article at: https://www.smh.com.au/politics/federal/former-liberal-minister-blasts-morrison-government-over-pacific-debt-20190116-p50rr1.html
Pearson said revenue at a key U.S. business fell 5 percent and forecast a possible similar drop next year as the education publisher undergoes a major restructuring to focus on boosting its digital content.
The FTSE 100 company has struggled to grow its U.S. higher education courseware (HECW) as students have moved away from new textbooks for second-hand copies and digital learning materials.
After a few tumultuous years, Pearson had pinned its restructuring hopes on the business, calling it last year the “single biggest opportunity” to gain share through its digital transformation…
Read the full article at: https://www.cnbc.com/2019/01/16/pearson-sees-cost-cuts-bearing-fruit-as-digital-push-advances-.html