NEW YORK — On Tuesday Rite Aid got court approval for a bankruptcy loan that would let the company borrow an additional $200 million, while agreeing to enter mediation with committees representing junior creditors and people who have accused the company of contributing to the U.S. opioid epidemic. Rite Aid’s bankruptcy financing, which the
NEW YORK – Rite Aid is negotiating with creditors over the terms of a bankruptcy plan that would include liquidating a substantial portion of its more than 2,100 drugstores, the Wall Street Journal reported on Friday, citing people familiar with the talks. The company has proposed to close roughly 400 to 500 stores as part of a
NEW YORK — Revlon announced that it and certain of its subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York. The Chapter 11 filing will allow Revlon to strategically reorganize its legacy capital structure and improve its long-term outlook, especially amid liquidity
CORPUS CHRISTI, Texas – Two of the nation’s largest mall owners have agreed to acquire J.C. Penney’s retail business, a deal that would allow the retailer to avoid liquidation and keep stores open and some 70,000 employees on the job heading into the holidays. When it filed for bankruptcy protection, in May, Penney had 850
PITTSBURGH — GNC Holdings said late Tuesday that it will file for Chapter 11 protection in the U.S. Bankruptcy Court, seven days before it faced paying a debt of $900 million or more. GNC plans to reorganize, but the company and its lenders also have agreed to sell the business via a court-supervised auction. Harbin
GREEN BAY, Wis. — Shopko Stores Operating Co. filed for Chapter 11 bankruptcy protection on Wednesday. The retailer said it would also be closing 38 stores as part of a reorganization process that was prompted by “excess debt and ongoing competitive pressures.” Shopko said it will also be moving more than 20 of its in-store