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Spirit Airlines files for chapter 11 bankruptcy protection
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Fox Business, National

Spirit Airlines files for chapter 11 bankruptcy protection

By Elizabeth Pritchett , Pilar Arias | Fox Business Spirit Airlines has filed for Chapter 11 bankruptcy protection following significant financial struggles due to mounting losses and debt maturities, the airline announced Monday. The filing comes after two failed mergers in less than two years – one recently with Frontier and another earlier in 2024 with JetBlue – which left the ultra-low-cost carrier in a bind after repetitive quarterly losses. In October, Spirit announced plans to sell multiple aircraft and lay off workers as it tried to raise cash and revive operations. READ THE FULL STORY AT FOX BUSINESS
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Spirit stock tumbles amid bankruptcy talks
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National, The Street

Spirit stock tumbles amid bankruptcy talks

By Veronika Bondarenko | The Street Despite repeated reassurances that Spirit Airlines  (SAVE)  would be able to recover from rising debt and a blocked acquisition by JetBlue Airways  (JBLU) , the airline is now talking to bondholders about a restructuring plan in which a Chapter 11 filing is a possibility.  The news, initially broken by The Wall Street Journal late on Oct. 3, sent shares of the low-cost carrier tumbling more than 40% in after-hours trading to $1.36. At last check Friday the stock was trading at $1.53, off 32% from the Thursday regular-session close at $2.24. The Thursday close reflected an 86% drop this year. "The Spirit team is 100% clear and focused on the adjustments we are currently deploying and wil...
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Remember Tupperware? The decades-old, iconic kitchen staple company has filed for bankruptcy
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Fox Business, National

Remember Tupperware? The decades-old, iconic kitchen staple company has filed for bankruptcy

By Breck Dumas and  Pilar Arias  | Fox Business Tupperware Brands Corporation has filed for bankruptcy, just months after the iconic American food storage container maker shuttered its last remaining plant in the U.S. amid financial woes. The company formally announced its voluntary decision to initiate Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware on Tuesday.  The company listed $500 million-$1 billion in estimated assets and $1 billion-$10 billion in estimated liabilities, according to bankruptcy filings, which showed the number of creditors to be between 50,001-100,000. "Whether you are a dedicated member of our Tupperware team, sell, cook with, or simply love our Tupperware products, you are a part of our Tupperware family. We plan&nb...
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Big Lots files for bankruptcy, will close some stores amid sale to investment firm
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Fox Business, National

Big Lots files for bankruptcy, will close some stores amid sale to investment firm

By  Pilar Arias | Fox Business About three months after Big Lots noted "substantial doubt about the Company's ability to continue" in a U.S. Securities & Exchange Commission (SEC) filing, the company said on Monday it has secured $707.5 million to support its operations and sell its business to private equity firm Nexus Capital. This comes as the company has initiated bankruptcy proceedings under Chapter 11. Big Lots listed its assets and liabilities in the range of $1 billion to $10 billion, according to a filing with bankruptcy court in Delaware, which showed creditors in the range of 5,001-10,000. Big Lots cited troubles that began during the COVID-19 pandemic, and "macroeconomic factors such as high inflation and interest rates that are beyond its control." RE...
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What’s a Red Lobster restaurant worth? Depends where it is located in Colorado
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9News, State

What’s a Red Lobster restaurant worth? Depends where it is located in Colorado

By Jennifer Campbell-Hicks | 9News The online auction ended Thursday for the contents of four closed Colorado Red Lobster restaurants, and the winning bids were in the tens of thousands of dollars. More than 90 Red Lobster locations in at least 27 states were listed as "temporarily closed" on the restaurant's website. A liquidation company held an online auction of Red Lobster kitchen equipment and other contents of the closed restaurant locations, including locations in Colorado. The auctions were winner takes all – meaning, each winner will receive the entire contents of the Red Lobster location they bid on. Perishable goods and alcohol are not included in the auction. READ THE FULL STORY AT 9NEWS
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After closing 48 locations, signs of a Chapter 11 bankruptcy filing exist for Red Lobster chain
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National, The Street

After closing 48 locations, signs of a Chapter 11 bankruptcy filing exist for Red Lobster chain

By Daniel Kline | The Street The big food court in the sky, or maybe it's a downtown entertainment district, features a lot of restaurants that once had a big following. You may not remember them all, but some brands that were once huge, fell into irrelevancy and then went away. Howard Johnson's, for example, used to be a staple of a road trip. If you couldn't find a HoJo's perhaps you would stop at a Big Boy, another chain that was once prominent. In addition, sometimes there are restaurant chains that maybe were never that well-liked but were still a big deal. Fashion Cafe and the Official All-Star Cafe were meant to reproduce the magic of the Hard Rock Cafe or Planet Hollywood but they never caught on. READ THE FULL STORY AT THE STREET
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