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Tag: bancruptcy

Retail Asia13/02/2019
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General

Sears gets away from bankruptcy

4min0
Sears Holdings chair Edward Lampert’s US$5.2 billion bid to save 425 Sears and Kmart stores and roughly 45,000 jobs from liquidation was approved by a US bankruptcy court judge last week. Lampert’s bid, which he made through his hedge fund ESL Investments Inc., was approved by Judge Robert Drain after a hearing spanning several days in […]
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Retail Asia13/02/2019
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Living

HMV saved by Sunrise Records, but some stores will close

2min0
Canadian firm Sunrise Records has emerged as the buyer of collapsed music chain HMV, beating competition including Sports Direct owner Mike Ashley. The firm will buy 100 stores out of administration, securing 1,487 jobs. But 27 stores will close, resulting in 455 redundancies. Sunrise Records chief executive Doug Putman said he was “delighted to acquire […]
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Retail Asia22/01/2019
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General

Sears saved by chairman’s last minute $5.2 billion bid

3min0
Bankrupt US retailer Sears has been saved from liquidation following a successful, last-minute US$5.2 billion bid by chairman Eddie Lampert, subject to court approval. The acquisition includes substantially all of the company’s assets as an on-going concern and preserves the positions of 45,000 employees. “We are pleased to have reached a deal that would provide a […]
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Retail Asia15/01/2019
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E-Tailing

Zuji Hong Kong goes bancrupt

1min0
Hong Kong-headquartered online travel agent Zuji collapsed on Friday owing HK$250,000 (US$32,000) to customers awaiting refunds. The firm – which was one of the first online travel agencies in Asia Pacific– failed to have its IATA agency licence renewed due to overdue payments to airlines for tickets sold to travellers. “Zuji is no longer a […]
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Retail Asia11/01/2019
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General

Judge extends Sears lifeline to mid-January

4min0
Embattled US department store Sears has been granted yet another lifeline, with a bankruptcy auction now scheduled for January 14. That will give billionaire hedge fund operator Edward Lampert, Sears biggest shareholder and former CEO, one final opportunity to preserve the business. At Monday’s auction, he will bid against rival parties seeking to liquidate the […]
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Retail Asia07/01/2019
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General

Time is running out for Sears offer

2min0
Sears chairman Eddie Lampert’s last minute plans to save the bankrupt retail chain are set to be terminated on Friday afternoon, New York time, should they be determined to not be a “qualifying bid”. The first plan, a US$4.4 billion offer to purchase Sears, would provide ongoing positions for 50,000 employees and is the “best […]
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Retail Asia03/01/2019
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Real Estate

Sears US to close further 80 stores by March

3min0
Bankrupt US retailer Sears has informed 80 further stores of impending closure, in addition to the 40 store closures already announced. The second batch of closures is expected to be finalised by late March 2019, with liquidation sales expected to begin in early January 2019. The closures have been made in an effort to accelerate […]
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Retail Asia21/12/2018
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General

Sears to be fined US$443 million

2min0
Bankrupt U.S. retailer Sears has been hit with a charge of approximately US$443 million due to store closures. The charges relate to markdowns, severance costs and lease termination costs related to the business’ Chapter 11 bankruptcy, filed due to its inability to hit a debt payment deadline in October. The company said some of the charges, […]
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Retail Asia21/12/2018
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Living

Miniso Canada is collapsing

1min0
Miniso Canada is on the brink of bankruptcy after an action brought against it by its Chinese parent company alleging fraudulent business dealings and the transfer and hiding of assets. The extraordinary situation was revealed by Canadian website which in its last update reported the Canadian subsidiary had reached a preliminary agreement with the Chinese company […]
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Retail Asia20/12/2018
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Living

HMV Hong Kong collapses

3min0
The HMV Hong Kong business has collapsed, with the chain’s owner appointing liquidators. In a statement, HMV Digital China Group chairman Stephen Shiu Jnr said the company was “unable to escape from the crushing force of the wheel of history” as live-streaming services like Spotify and Netflix made CDs and DVDs redundant. The company is […]
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Retail Asia01/11/2018
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Food

Indonesia’s Legendary Tea Producer Declared Bankrupt

4min0
When Indonesians enjoy a cup of hot black tea,  they are often reminded of one particular brand that seems to have been around forever: Sariwangi. The brand, established by Johan Alexander Supit in 1962 and introduced by the Sariwangi Agricultural Estate Agency in 1973, has been a household favorite for decades. The company based in Gunung Putri, a subdistrict of Bogor, […]
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Retail Asia28/06/2018
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Fashion

New York-based Russian label J.Mendel files for bankruptcy

4min0
After fighting creditors in court for several months now, fashion label J.Mendel has filed for bankruptcy, in a last minute bid to restructure debts and continue operations. The U.S-based womenswear brand has officially filed for Chapter 11 protection in bankruptcy court in New York. According to J.Mendel’s controlling investor Stallion Inc. and its John Georgiades […]
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Retail Asia28/02/2018
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Living

Toys ‘R’ Us planning to close more stores

3min
Toys “R” Us, the beleaguered chain under pressure from Amazon and bigger toy sellers, may close dozens more stores as it struggles to find a path out of bankruptcy and return to financial viability. The toy retailer has not recovered from a dismal holiday selling season, making the company’s difficult situation even worse. Now, it […]
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Retail Asia28/02/2018
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Fashion

Charlotte Olympia US to stop business

2min0
Charlotte Olympia US has collapsed, with all of its store closed. The US retail arm of the UK-headquartered luxury fashion and shoe retailer is believed to have debts amounting to US$19.2 million, and assets of just $3.2 million. It had four stores: in New York, Las Vegas, Beverly Hills and Orange County. A fifth store […]
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Retail Asia19/02/2018
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Fashion

Braccialini declared bankrupt

3min0
A court in Florence has declared the Italian fashion brand Braccialini bankrupt after rejecting a request for an arrangement with creditors. The request was filed by the fashion house in June 2016 but the tribunal on Wednesday ruled that in Braccialini’s case there was the “technical impossibility” of managing a company that is “at this […]
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Retail Asia30/01/2018
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Fashion

Nine West Close to Filing for Bankruptcy

2min0
A Nine West bankruptcy filing appears likely, according to reports from the US overnight. Retail Dive has reported that the embattled shoe retailer has found a buyer for some of its assets and plans to work to restructure its debt as soon as a sale is complete. However, Debtwire and Bloomberg both report NIne West […]
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