A pizza restaurant chain, which many New Jersey residents know from area malls, has recently entered Chapter 11 proceedings. The Chapter 11 commercial bankruptcy represents the second time that the pizza restaurant has initiated the bankruptcy process in the last three years. According to one restaurant consultant, the biggest problem faced by the chain is that it is operating under an out-of-date business model.
Many people in New Jersey love to spend warm summer days playing tennis. For years, the equipment of choice for these people was manufactured by a local company named, Prince. That was until the mid-2000's when the company began to fall from favor in part due to multiple ownership changes. That led to the commercial bankruptcy of the business last year.
Business owners in New Jersey may be interested to learn about a case involving the closure of a non-profit organization in another state. The non-profit was a corporate entity that had an endowment attached t it. Recently, the corporation filed for a business bankruptcy after its patient load dropped dramatically.
Readers in New Jersey may be surprised to learn that one company is responsible for as much as 70 percent of the school supplies sold to school districts in our state and across the nation. The company, School Specialty, supplies not only traditional papers and crayons, but also has divisions for furniture and other school district needs. Now, however, the company is facing a commercial bankruptcy.
Super Storm Sandy hit many areas of New Jersey hard as it passed through our state. Many people lost property, including personal homes and businesses. For some in our state and throughout the nation, these losses ended with filing for personal or commercial bankruptcy in order to obtain help recovering from the damage caused by the storm.
Readers in New Jersey may remember the recent reports that appeared in the national media discussing the illnesses contracted by individuals who were given a commonly used steroid. The specialty pharmacy that distributed the steroid sold the drug to pharmacies and medical centers across the nation. Now the same organization has filed for a business bankruptcy.
Many of our readers in New Jersey may have spent at least a part of their week running to the grocery store to snap up the remaining inventory of Hostess snacks such as Twinkies and Ho-Hos. Stores here and across the nation have reported an increase in snack sales since the company who manufactures the products announced that it intended to file for a commercial bankruptcy and liquidate. The liquidation could mean an end to the once-popular snack line.
A large church with a successful television show that may be familiar to many in New Jersey is embroiled in a lawsuit that has slowed the progress of the church's bankruptcy. The Crystal Cathedral, which once was the filming location for the 'Hour of Power' television series, filed for a commercial bankruptcy in 2010. Since that time, the church has been the subject of claims by its founder, Robert Schuller, and his family members.
Readers in New Jersey may be aware that one of our nation's largest airlines took a step closer to being able to exit bankruptcy recently. American Airlines' parent company AMR Corp. filed for commercial bankruptcy protection, Chapter 11, last November. At that time, the company reported that it had lost more than $10 billion since 2001.
Many in New Jersey may be aware that when a company experiences a financial difficulty, employees can become concerned about the long-term effects on their employment and benefits. When the fiscal problems reach a point where the company faces a commercial bankruptcy, those employee concerns can seem justified. This may be why some of the employees of a large airplane manufacturer recently voted to make changes to their previously negotiated pension plan.