Quiznos Looks Toast as Bankruptcy Looms for Sandwich Chain
Quiznos was given one week last Friday in order to reach an agreement on its debt and it looks like bankruptcy is looming. The Denver-based sandwich chain had 5,000 stores at its height and now has less than a thousand.
The city of San Bernardino is expected to learn if it is eligible for bankruptcy protection, despite the opposition of California's powerful public pension system. The case is an important test for the federal law used by Detroit and other U.S. cities burdened by pension payment costs.
Janice Dickinson is too old and too broke to repay the huge debt she allegedly racked up by bouncing checks, but luckily she has a rich fiancé -- this according to the bank that just settled up with her. According to bankruptcy docs, City National Bank claims Dickinson owes more than $300k in connection with checking overdrafts ... but the bank just agreed to end the whole matter for a mere $100,000.
Pizza chain Sbarro says it has exited bankruptcy protection. According to court filings, a judge approved the company's reorganization plan on May 19, and that plan took effect Monday. Sbarro says it will move its company headquarters to Columbus, Ohio, to reduce expenses and be closer to its new Pizza Cucinova business, which lets people build their own pizzas.
The judge overseeing Detroit's historic bankruptcy case on Monday named a committee to represent interests of the unsecured creditors as the city prepares to submit a plan to the court to readjust its debt. "Its primary power... is to have a stronger voice than an individual creditor, while actively participating in the negotiation of a plan for the adjustment of the debtor's financial obligations," said a December 6 letter sent to all prospective committee members by the U.S.
(Reuters) - A J.C. Penney Co Inc spokeswoman denied a market rumor on Tuesday that the department store chain had hired bankruptcy counsel, as shares slid as much as 8.3 percent. Penney spokeswoman Kristin Kays said there was "no truth to the rumor," origins of which were unclear. Shares were down 7.4 percent to $7.29 in afternoon trading in heavy selling, including a high number of large block trades.
I have all my money under a mattress in fear of a debt ceiling collapse, and people are buying stock because they think an S-1 means the company has started trading.Let's rewind: Twitter has filed to go public. Its stock symbol, when it commences trading, will be TWTR. Another firm,?Tweeter Home Entertainment Group, which is out of business following bankruptcy in 2007, currently trades as TWTRQ. You can see where this is going.
John Standley, who helped turn around supermarket chain Pathmark, has brought back a retailer that was on the verge of bankruptcy - Rite Aid. The third largest U.S. drugstore chain had suffered from an accounting scandal and a big debt load from its purchase of Brooks and Eckherd in 2007. His prescription to turnaround Rite Aid produced another surprise result, Rite Aid reported its fourth straight profitable quarter.
Joseph Greco, managing director with brokerage firm Meridian Equity Partners Inc., weighs in with IBTimes TV about whether or not "chained CPI" will reduce debt-reduction in the long term. The Federal Open Market Committee's (FOMC) March minutes were released Wednesday which revealed that several Federal Reserve officials said the central bank should begin reducing its quantitative easing program later this year and stop it by year end. The minutes were from the March 19-20 meeting, about two we