December 2016 Archives

Limited Stores Plans for Ch 7 Bankruptcy Liquidation

Limited Stores has decided to file for Chapter 7 bankruptcy liquidation.  Limited has owned Victoria's Secret (Victoria's Secret Beauty), Lane Bryant, Henri Bendel, Lerner, Abercrombie & Fitch (1988 - 1996), Express, Limited Too (renamed Justice in 2008), Bath & Body Works (in 1998 stores were converted to The White Barn Candle Company), and Structure.

NEW JERSEY RETAILERS FILING BANKRUPTCY IN 2016

A number of large retailers with stores in New Jersey have filed for bankruptcy in 2016.  Bob's Stores with locations in Freehold, Springfield Twp, and Totowa, New Jersey filed in April 2016.  Golfsmith with locations in Mount Laurel, New Jersey filed in September 2016.  Fairway Markets with locations in Woodland Park, Paramus, and Fort Lee, New Jersey filed in May 2016.  Also, filing were Eastern Mountain Sports with a Moorestown NJ location and Aeropostale with a Cherry Hill NJ location, among others.  Sometimes the filing is to reorganize by filing Chapter 11 and by closing less profitable locations.  Sometimes a Chapter 7 is filed where the stores are liquidated.

Update on Real Houswives of NJ Star's Bankruptcy Case

Teresa Giudice, Real Housewives of New Jersey co-star and New York Times best-selling author of Skinny Italian, Fabulicious!, and Turning the Tables, served a year-long sentence for bankruptcy fraud in 2015. 

Bankruptcy Supreme Court Case: Czyzewski v. Jevic Holding Corporation

Wednesday December 7th, 2016 the U.S. Supreme Court heard arguments in the case Czyzewski v. Jevic Holding Corporation (a Delanco, NJ based company). http://www.nytimes.com /2016/12/06/ business/dealbook/ supreme-court-case- has-bankruptcy- world-on-edge.html?_r=0  This case questions the need for 'absolute priority rules' in Chapter 11 bankruptcy cases, which protect intermediate creditors from losing claims on assets to senior and junior creditors.  Intermediate creditors include Jevic Holding Corporation's 1,785 workers (drivers) and the $8MM in pay owed to these workers.  Nineteen law professors signed a 'friend-of-the-court brief' urging the Supreme Court to side with Jevic's workers and maintain 'absolute priority rules'.  Opponents of 'absolute priority rules' argue paying small creditors fractions of their claims could be in the best interests of a majority of the company's creditors.  This argument persuaded a bankruptcy judge and a divided panel of the U.S. Court of Appeals for the Third Circuit.

What happened to bankrupt A&P's 90 stores in New Jersey?

Great Atlantic & Pacific Tea Company filed for bankruptcy a year ago. In liquidation proceedings, the company laid off some of its 7,000 union workers in New Jersey and New York and closed some of its 90 stores in the state. Ethnic and independent groceries have opened to satisfy market demands, according to nj.com at http://www.nj.com/bergen/index.ssf/2016/11/what_happened_to_bankrupt_aps_90_stores_in_new_jersey.html.

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