All articles tagged with #chapter 11
LIV Golf is reportedly preparing to file for Chapter 11 bankruptcy in the United States if it cannot secure new funding after Saudi Arabia’s Public Investment Fund ends its support post-2026; the tour is weighing a relocation of its headquarters to the U.S. to exploit more favorable bankruptcy laws while it seeks alternative investors, following billions invested by the PIF to lure top players.
Smokey Bones BBQ abruptly closed several U.S. locations after its parent company FAT Brands filed for Chapter 11 bankruptcy in January, with Colonie, NY the first reported shutdown and others in Pennsylvania, Ohio, Michigan, Illinois and Rhode Island following. The closures come as the chain’s footprint has been rapidly contracting—from a peak of about 130 locations down to the mid‑20s by 2025—and now appear to be accelerating, despite earlier assurances the brands would remain open during restructuring. The company indicated Chapter 11 would deleverage its balance sheet and support growth, but the latest wave of closures suggests a bleaker path ahead for the brand.
Spirit Airlines remains in Chapter 11, shrinking and refocusing around core markets, with a disclosed plan that projects a -7.4% operating margin in 2026 turning positive in 2027 and climbing to double digits by 2030, but February results and current fuel costs around $4/gal cast doubt on those projections; a liquidation analysis values the airline at about $1.43–$1.71B if liquidated, raising questions about why creditors continue funding the airline and whether government support or a potential merger could alter the outcome.
West Chester–based QVC Group filed for Chapter 11 in the Southern District of Texas, citing about $6.6 billion in debt at end-2025 and planning to continue operating with a prepackaged restructuring that it says could emerge within about 90 days; the company cautions that cash on hand and cash flow may not be sufficient to fund operations through the case. It employs about 15,300 people worldwide, including many in Chester County, and says there are no planned layoffs tied to the restructuring. The plan focuses on digital growth and retaining existing customers to restore growth for brands like QVC and HSN, amid past pressures such as a 2022 warehouse fire and trade tensions.
BlockFills, operated by Reliz Ltd., filed for Chapter 11 in Delaware to restructure amid liquidity stress, reporting assets of $50–$100 million and liabilities of $100–$500 million. The firm says the filing will enable an orderly restructuring, maintain client protections, and pursue additional liquidity while addressing a Dominion Capital-related lawsuit that resulted in a temporary restraining order.
Eddie Bauer LLC filed for Chapter 11 bankruptcy on Feb. 9, 2026, and after failing to attract a qualified bidder by the March 3 deadline, canceled its March 6 auction and signaled that all U.S. and Canadian stores could close as leases are marketed; closing sales will continue and gift cards or refunds will not be accepted after March 12. Authentic Brands Group, which owns the brand IP, plans a strategic pivot toward product innovation and digital expansion and has partnered with Outdoor 5 (Oved) to handle e-commerce and wholesale operations in the U.S. and Canada.
Spirit Airlines announced it reached an agreement in principle with its DIP lenders and secured noteholders on key restructuring terms, paving the way to emerge from Chapter 11 in late spring or early summer as a leaner, low‑cost carrier with a substantially reduced debt load (about $2.1B post‑emergence from roughly $7.4B pre-filing), an optimized network, expanded premium offerings, and enhanced loyalty programs, while continuing to book and travel as normal.
Eddie Bauer's operator filed for Chapter 11 bankruptcy in New Jersey, seeking to sell about 180 of its roughly 220 U.S. and Canada stores as it grapples with declining sales, inflation, tariff changes and supply-chain pressures; this marks the brand's third bankruptcy since its 1920s founding.
Eddie Bauer LLC filed for Chapter 11 bankruptcy, seeking to sell roughly 200 Eddie Bauer stores in the United States and Canada amid declining sales, inflation, and supply-chain pressures. Most locations will stay open during the process, while online sales and wholesale operations shift to Outdoor 5 LLC; stores outside North America remain with other licensees. This marks the brand’s third bankruptcy in more than a century, with Catalyst Brands as the owner.
Eddie Bauer's U.S./Canada retail operator Catalyst Brands filed for Chapter 11 bankruptcy, with around 180 stores continuing to operate while it restructures; the brand's e-commerce and wholesale units are unaffected, and international stores remain outside the filing. The move, driven by years of weak sales, supply-chain issues, and tariff uncertainty, marks the third bankruptcy in Eddie Bauer's 106-year history.
First Brands Group has begun winding down its North American Brake Parts Inc., Cardone, and Autolite brands as it pursues strategic sale transactions; remaining units continue to operate while the company evaluates pathways to transition those operations to new ownership under its Chapter 11 proceedings, with ROW operations and other North American businesses largely unaffected and ongoing advisory and claims processes in place.
Amazon is opposing Saks Global's Chapter 11 financing package, arguing the $1.75 billion plan would burden Saks with more debt and diminish Amazon's $475 million preferred-equity stake, which it says is presumptively worthless after Saks's budget misses. It warns it may pursue drastic remedies, including an examiner or trustee, even as Saks wins initial court approval to tap financing. The clash stems from a prior deal tying Saks-branded goods to an Amazon storefront and the broader Saks- Amazon relationship.
A U.S. judge rejected Amazon’s bid to block Saks Global’s Chapter 11 financing, allowing Saks to draw about $400 million in emergency funding and proceed toward a larger $1.75 billion package, with further court scrutiny and challenges from Amazon and other creditors likely ahead.
Saks Global filed for Chapter 11 bankruptcy after taking on heavy debt from the Neiman Marcus acquisition. Veteran Neiman Marcus executive Geoffroy van Raemdonck is stepping in as CEO to steer the restructuring, replacing Richard Baker. The company entered court with about $1.75 billion in debtor-in-possession financing from bondholders to keep operations running, while thousands of creditors and vendors await payment and the potential for store closures or asset sales as the luxury retailer reevaluates its business model.
Saks Global filed for Chapter 11 in the Southern District of Texas after a year of financial struggles tied to its merger; former Neiman Marcus CEO Geoffroy van Raemdonck has taken over as CEO and is spearheading a leadership overhaul, while the company secures a $1.75 billion financing package to support restructuring. Stores remain open, but the company plans to reject several leases and vendors face strained relationships, signaling a multi-year turnaround ahead.