NEW YORK (AP) — In filing for bankruptcy, Toys R Us joins a list of dozens of store chains that have done so already this year as online leader Amazon increasingly exerts its influence over a huge part of the retailing world. The toy chain, hobbled by $5 billion in debt and more intense competition, … Continue reading
WASHINGTON (AP) — American Apparel is seeking bankruptcy protection for the second time in just over a year, unable to find its footing in a shifting retail landscape and after a contentious fight for control with company founder Dov Charney. Canada’s Gildan Activewear is buying the American Apparel brand, notorious for sexually provocative ad campaigns, … Continue reading
NORFOLK, Va. (AP) — A retailer based in Norfolk that sold furniture and other products on credit to military families has agreed to a settlement that will result in nearly $100 million of forgiven debt and restitution. Virginia Attorney General Mark Herring said in a statement Friday that the settlement with USA Discounters includes more … Continue reading
WASHINGTON (AP) — Puerto Rico can’t use a local law to restructure the debt of its financially ailing public utilities as it tries to overcome a decade-long economic crisis, the Supreme Court ruled Monday. The 5-2 ruling said that federal bankruptcy law bars Puerto Rico from enacting its own law to restructure about $20 billion … Continue reading
PITTSBURGH (AP) — “Dance Moms” star Abby Lee Miller has been charged with hiding $775,000 worth of income from the Lifetime network reality show and spinoff projects during her Chapter 11 bankruptcy. The investigation began when a channel-surfing bankruptcy judge saw Miller on TV in December 2012 and figured she had to be making more … Continue reading
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