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Tag: Bankruptcy Reorganization

  • Rite Aid is closing these 154 stores as part of its bankruptcy

    Rite Aid is closing these 154 stores as part of its bankruptcy

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    Rite Aid plans to shutter 154 stores, many of them in Pennsylvania and California, as part of its bankruptcy plans, according to an initial list of those closures published in court documents filed on Tuesday.

    That list was released Wednesday after the drugstore chain filed for chapter 11 bankruptcy protection in New Jersey over the weekend, amid billions in debt related to opioid lawsuits. The company at that time said it would “continue assessing its footprint and close additional underperforming stores” and announced the appointment of Jeffrey Stein as chief executive.

    Here are the store locations slated to close:

    California
    4044 Eagle Rock Boulevard, Los Angeles
    4046 South Centiela Avenue, Los Angeles
    7859 Firestone Boulevard, Downey
    4402 Atlantic Avenue, Long Beach
    935 North Hollywood Way, Burbank
    139 North Grand Avenue, Covina
    13905 Amar Road, La Puente
    920 East Valley Boulevard, Alhambra
    3813 Plaza Drive, Oceanside
    1670 Main Street, Ramona
    6505 Mission Gorge Road, San Diego
    8985 Mira Mesa Boulevard, San Diego
    25906 Newport Road, Menifee
    24829 Del Prado, Dana Point
    30222 Crown Valley Parkway, Laguna Niguel
    19701 Yorba Linda Boulevard, Yorba Linda
    1406 West Edinger Avenue, Santa Ana
    2738 East Thompson Boulevard, Ventura
    720 North Ventura Road, Oxnard
    20572 Homestead Road, Cupertino
    2620 El Camino Real, Santa Clara
    901 Soquel Avenue, Santa Cruz
    571 Bellevue Road, Atwater
    5409 Sunrise Boulevard, Citrus Heights
    1309 Fulton Avenue, Sacramento
    3029 Harbor Boulevard, Costa Mesa
    959 Crenshaw Boulevard, Los Angeles
    3000 South Archibald Avenue, Ontario
    15800 Imperial Highway, La Mirada
    8509 Irvine Center Drive, Irvine
    499 Alvarado Street, Monterey

    Connecticut
    289 Greenwood Avenue, Bethel

    Delaware
    25 Chestnut Hill Plaza, Newark
    3209 Kirkwood Highway, Wilmington

    Idaho
    1600 North Main Street, Meridian
    5005 West Overland Road, Boise

    Maryland
    5 Bel Air South Parkway, Suite 1347, Bel Air
    728 East Pulaski Highway, Elkton
    5624 Baltimore National Pike, Baltimore
    5804 Ritchie Highway, Baltimore
    7501 Ritchie Highway, Glen Burnie
    7967 Baltimore Annapolis Boulevard, Glen Burnie

    Massachusetts
    80 East Main Street, Webster

    Michigan
    924 West Main Street, Fremont
    507 North Lafayette Street, Greenville
    715 South Clinton Street, Grand Ledge
    15250 24 Mile Road, Macomb
    102 North Centerville Road, Sturgis
    47300 Pontiac Trail, Wixom
    35250 South Gratiot Avenue, Clinton Township
    51037 Van Dyke Avenue, Shelby Township
    3100 East Michigan Avenue, Jackson
    9155 Telegraph Road, Taylor
    1243 U.S. 31 South, Manistee
    29447 Ford Road, Garden City
    2838 East Court Street, Flint
    1900 East 8 Mile Road, Detroit
    36485 Garfield Road, Clinton Township
    25922 Middlebelt Road, Farmington Hills
    109 North Whittemore Street, St. Johns
    1124 North Ballenger Highway, Flint
    2701 South Cedar Street, Lansing

    New Hampshire
    420 Daniel Webster Highway, Merrimack

    New Jersey
    4057 Asbury Avenue Suite 8, Tinton Falls
    431 Haledon Avenue, Haledon
    35 Mill Road, Irvington
    1636 Route 38 Suite 49, Lumberton
    773 Hamilton Street, Somerset
    1434 South Black Horse Pike, Williamstown
    3 Marshall Hill Road West, Milford
    210 Bridgeton Pike, Mantua
    108 Swedesboro Road Suite 20, Mullica Hill
    2370 Route 33, Robbinsville
    1726 Route 37, East Toms River
    86 B Lacey Road, Whiting

    New York
    2887 Harlem Road, Cheektowaga
    2002 Avenue U, Brooklyn
    2 Whitney Avenue, Floral Park
    71-18 Kissena Boulevard, Flushing
    3131 Hempstead Turnpike, Levittown
    2981 Ocean Avenue, Brooklyn
    3199 Long Beach Road, Oceanside
    198 West Merrick Road, Valley Stream
    836 Sunrise Highway, Bay Shore
    2784 Sunrise Highway, Bellmore
    901 Merrick Road, Copiague
    577 Larkfield Road, East Northport
    695 East Jericho Turnpike, Huntington Station
    700-43 Patchogue-Yaphank Road, Medford
    273 Pine Hollow Road, Oyster Bay
    397 Sunrise Highway, West Patchogue
    593 Old Town Road, Port Jeff Station
    65 Route 111, Smithtown
    2453 Elmwood Avenue, Kenmore
    1567 Penfield Road, Rochester

    Ohio
    3129 Lincoln Way East, Massillon
    120 South Main Street, New Carlisle
    146 Woodman Drive, Dayton
    2701 Market Street, Youngstown
    401 West North Street, Springfield
    230 South Main Street, Bellefontaine

    Oregon
    2440 Southeast Cesar Chavez Boulevard, Portland

    Pennsylvania
    2715 Parade Street, Erie
    5612 North Fifth Street, Philadelphia
    350 Main Street, Pennsburg
    4011 Cottman Avenue, Philadelphia
    1441 Old York Road, Abington
    300 Market Street, Johnstown
    8716 New Falls Road, Levittown
    1750 Bustleton Avenue, Philadelphia
    169 West Lancaster Avenue, Ardmore
    1315 East Washington Lane, Philadelphia
    801 Wyoming Avenue Suite 9, West Pittston
    657 Heacock Road, Yardley
    2801 West Dauphin Street, Philadelphia
    1709 Liberty Street, Erie
    674 Route 196, Suite 14, Tobyhanna
    2722 West 9th Street, Chester
    950 East Baltimore Pike, Yeadon
    8235 Stenton Avenue, Philadelphia
    7941 Oxford Avenue, Philadelphia
    5440 Lansdowne Avenue, Philadelphia
    700 Stevenson Boulevard, New Kensington
    208 East Central Avenue, Titusville
    1080 South West End Boulevard, Quakertown
    136 North 63rd Street, Philadelphia
    351 Brighton Avenue, Rochester
    5235 Library Road, Bethel Park
    5990 University Boulevard Suite 30, Moon Township
    2501 Saw Mill Run Boulevard, Pittsburgh
    5410 Keeport Drive, Pittsburgh
    6090 Route 30, Greensburg
    4830 William Penn Highway, Export
    1730 Wilmington Road, New Castle
    2178 West Union Boulevard, Bethlehem
    1628 South Fourth Street, Allentown
    2401 East Venango Street, Philadelphia
    6327-43 Torresdale Avenue, Philadelphia
    200 West Ridge Avenue Suite 112, Conshohocken
    301 Eisenhower Drive, Hanover
    7036 Wertzville Road, Mechanicsburg

    Virginia
    833 North Battlefield Blvd, Chesapeake
    1458 Mount Pleasant Road, Chesapeake

    Washington
    601 South Grady Way Suite P, Renton
    3202 132nd Street Southeast, Mill Creek
    110 Southwest 148th Street, Burien
    10103 Evergreen Way, Everett
    8230 Martin Way East, Lacey
    22201 Meridian Avenue East, Graham
    9600 15th Avenue Southwest, Seattle
    2518 196th Street Southwest, Lynnwood
    3620 Factory Blvd Southeast, Bellevue
    11919 Northeast 8th Street, Bellevue
    7370 170th Avenue Northeast, Redmond

    — Mike Murphy contributed to this report.

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  • SmileDirectClub’s stock plummets 85% after Chapter 11 bankruptcy filing

    SmileDirectClub’s stock plummets 85% after Chapter 11 bankruptcy filing

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    SmileDirectClub Inc. shares plummeted in the extended session Friday after the company said it had voluntarily filed for Chapter 11 bankruptcy protection as founders seek to recapitalize the teeth-straightening business.

    SmileDirectClub shares SDC, which had been halted while up 0.9% in after-hours trading pending news, promptly dropped as much as 85% when trading in the stock reopened.

    The…

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  • Cineworld’s Proposed Restructuring Now Backed by Most Lenders — Update

    Cineworld’s Proposed Restructuring Now Backed by Most Lenders — Update

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    By Joe Hoppe

    Cineworld Group said Thursday that its proposed restructuring has the backing of lenders controlling almost all of its legacy credit lines and most of the outstanding debt under its debtor-in-possession facility.
    

    

    The London-based cinema company–which owns Regal Cinemas–said more lenders under its term loans due in 2025 and 2026 and revolving credit line due this year, have agreed to amended and restated versions of the restructuring support agreement and the backstop commitment agreement, first filed in early April in the U.S. Bankruptcy Court.
    

    Now, the proposed restructuring has support of those holding and controlling 99% of the legacy credit lines and at least 69% of the outstanding indebtedness under the debtor-in-possession facility, the company said.
    

    The proposed restructuring is expected to reduce indebtedness by around $4.53 billion, raise $800 million and provide $1.46 billion in new debt financing, the company said on April 3. The proposed restructuring doesn’t provide for any recovery for holders of Cineworld’s existing equity interests.
    

    Cineworld now expects to emerge from Chapter 11 bankruptcy in July. During the restructuring, the company has continued to operate its business and cinemas as usual, it said.
    

    Cineworld entered into Chapter 11 in September, with around $1.94 billion of debt, and had been in talks with stakeholders since then to develop a reorganization plan to maximize value. The company’s shares fell in late February after it said it had received a number of proposals from potential parties to buy some or all of its business, but none involve an all-cash bid for the entire company, leaving shareholders empty handed
    

    During its bankruptcy process, AMC Entertainment held discussions regarding a potential strategic acquisition of theaters and talks about reviving a previously scrapped merger with Cineplex were also held
    

    In early April, Cineworld said it had entered a restructuring support agreement and a backstop commitment agreement with some lenders. At the same time, Cineworld said the marketing process in the U.S., the U.K. and Ireland will be terminated. Proposals for the rest of the world business–outside of the U.S., the U.K. and Ireland–continued to be considered, it said.
    

    Write to Joe Hoppe at joseph.hoppe@wsj.com
    

    

    

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    Bed Bath & Beyond: from home-goods behemoth to bankruptcy
    
			
    Bed Bath & Beyond: from home-goods behemoth to bankruptcy
    
			
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    It’s the end of the road for Bed Bath & Beyond Inc., a company that was once a shining star of U.S. retail.  
    

    The troubled home-goods retailer BBBY filed for chapter 11 on Sunday, after spending several months teetering on the brink of bankruptcy. The company said it aims to achieve an orderly wind down of its operations, while also seeking to find an interested buyer for some or all of its assets. It has $240 million of debtor-in-possession financing to provide the liquidity needed to support its operations through the process….
    
    

    

    

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  • 
		
		
    
			
    Crypto lender Genesis latest to file for bankruptcy as crypto contagion continues to spread
    
			
    Crypto lender Genesis latest to file for bankruptcy as crypto contagion continues to spread
    
			
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    Embattled crypto lender Genesis announced that it had filed for bankruptcy late Thursday, the latest firm to be taken amid a widespread rout among crypto companies driven by plunging prices and charges of fraud at major players like FTX.
    

    Genesis, which froze customer withdrawals in November following the collapse of FTX, filed for Chapter 11 bankruptcy protection in federal court in Manhattan for its lending units, saying it was the best way for it to achieve “an optimal outcome for Genesis clients.”
    

    

    “While we have made significant progress refining our business plans to remedy liquidity issues caused by the recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, an in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders,” said Derar Islim, Genesis’ interim chief executive, in a statement on the company’s website.
    

    According to its bankruptcy filing, Genesis’ lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion and had over 100,000 creditors. The firm said it had about $150 million in cash on hand to support its operations during restructuring.
    

    Among those creditors is Gemini, the crypto exchange founded by twin brothers Cameron and Tyler Winklevoss in 2014, that had $900 million of its customers’ money tied up with Genesis.
    

    Genesis was the main partner of Gemini’s “earn” program, in which its retail investors received payments for allowing their crypto assets to be loaned out to others. 
    

    Cameron Winklevoss welcomed Genesis’ bankruptcy filing, saying it would provide Gemini a better venue for getting its clients’ money back.
    

    “We will use every tool available to us in the bankruptcy court to maximize recovery for Earn users and any other parties within the bankruptcy court’s jurisdiction,” he wrote in a post on Twitter.
    

    Both Genesis and Gemini were charged by the Securities and Exchange Commission last week with illegally selling securities to investors through the Earn program. 
    

    Genesis and its parent company, Digital Currency Group, had said they were seeking outside investment to help bolster the books and pay customers back in the months before filing for bankruptcy.
    

    As part of its restructuring, Genesis said it would seek to possibly sell the company and also continue to look for additional investment.
    

    Shares of bitcoin
    
        BTCUSD,
    
        +0.12%
    
       were little changed at just above $20,000. There have been some concerns that the announcement of another crypto bankruptcy could unravel a recent recovery for the No. 1 cryptocurrency, up 25% so far in 2023. That puts it back above levels seen before FTX imploded last November.
    

    

    

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