Tag: Bankruptcy (Page 1 of 2)

Another US Trucking Company Now Files An Unexpected Bankruptcy

Another US trucking company now files an unexpected bankruptcy in a time where the industry is seeing operations shut down.

Nationwide Cargo Inc., a general freight trucking company that also hauls fresh produce and meat, has now filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois with plans to reorganize its business.

The East Dundee, Ill., shipping company listed $1 million to $10 million in assets and $10 million to $50 million in liabilities in its petition and said funds will not be available to pay unsecured creditors.

The company operates with 183 trucks and 171 drivers, FreightWaves reported.

Nationwide Cargo’s three largest secured creditors in the petition were Equify Financial LLC (owed about $3.5 million,) Commercial Credit Group (owed about $1.8 million) and Continental Bank NA (owed about $676,000.)

The shipping company reported gross revenue of about $34 million in 2022 and about $40 million in 2023.

From Jan. 1 until its petition date, the company generated $9.3 million in gross revenue, per TheStreet.

Earlier, California-based logistics company Wise Choice Trans Corp. shut down operations and filed for Chapter 7 liquidation on Jan. 4 in the U.S. Bankruptcy Court for the Northern District of California, listing $1 million to $10 million in assets and liabilities.

The Hayward, Calif., third-party logistics company, founded in 2009, provided final mile, less-than-truckload and full truckload services, as well as warehouse and fulfillment services in the San Francisco Bay Area.

The Chapter 7 filing also implemented an automatic stay against all legal proceedings, as the company listed its involvement in four legal actions that were ongoing or concluded.

Court papers reportedly did not list amounts for damages.

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Also Read: Another Facility in South Carolina Now Announces An Unexpected Closure

Other Economy News Today

Market News Today - Another US Trucking Company Now Files An Unexpected Bankruptcy.
Market News Today – Another US Trucking Company Now Files An Unexpected Bankruptcy.

A clothing retailer now announces the unexpected closure of all locations as it embarks in a new journey to go fully online.

Outdoor Voices will reportedly shut all of its stores on Sunday, employees of the activewear company have said.

Four employees at four different stores, speaking on condition of anonymity, confirmed the March 17 closures to The New York Times.

The publication said it had seen at internal Slack message sent to employees on Wednesday notifying them that the chain “is embarking on a new chapter as we transition to an exclusively online business.”

The message, other reports suggested, doubled as instructions for what to tell customers.

The message, The Times reported, said products in stores will be discounted 50%.

Current and former Outdoor Voices employees at stores in Austin, Denver, Atlanta, Charlotte, New York, Houston and San Diego also confirmed the news to Axios reporters.

One Austin employee who worked on the company’s marketing team told the publication they and other employees were laid off on March 12 and it was “very sudden”.

“Store teams were told by their manager — who were also laid off — that effective as of end of day Sunday that every single one of our Outdoor Voices stores are closing as well,” the unnamed employee said.

Two of the employees the Times spoke to said they were not offered severance.

Outdoor voices has 16 retail locations, according to its website.

The company was founded by Ty Haney in 2014.

Haney left in 2020 and has since made her feelings very clear: “It’s kind of sickening to see how low it’s gotten,” she said in an interview with The Cut in August 2023.

“I feel sad for it.”

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Also Read: Massive Shoe Retailer Is Now Closing A Quarter of Stores

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Market News Today - Another US Trucking Company Now Files An Unexpected Bankruptcy.
Market News Today – Another US Trucking Company Now Files An Unexpected Bankruptcy.

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Massive Restaurant With 800 Locations Now Begins to Close Down

A massive restaurant with 800 locations now begins to close down after facing rising financial problems, sources are confirming.

Bojangles may not be as big of a name as Burger King or Popeye’s, but it’s a popular chain with more than 800 restaurants in eight states.

Like RBI, Bojangles uses a franchise model, which makes it dependent on the financial health of its operators.

The company ultimately saw all its Maryland locations close due to the financial situation of one of its franchisees, reports TheStreet.

However, unlike RBI, Bojangles is not public — it was taken private by Durational Capital Management LP and Jordan Co. in 2018 — which means the company does not disclose its financial information to the public.

“That makes it hard to know whether overall softness for the brand contributed to the chain seeing its five Maryland locations close after a Chapter 11 bankruptcy filing,” says TheStreet.

Even though the locations still appear on the Bojangles website, they have been shuttered since late 2023.

The locations were operated by Salim Kakakhail and Yavir Akbar Durranni.

Partners operated under a variety of LLCs, including ABS Network, according to local news channel WUSA9.

The station reported that the owners face a state investigation over complaints of wage theft and fraudulent W2s.

In November Durranni and ABS Network filed for bankruptcy in New Jersey, WUSA9 reported.

“Not only do former employees say these men owe them money, WUSA9 learned the former owners owe the state, too, and have over $69,000 in back property taxes.”

Former employees also say that the restaurant would regularly purchase fried chicken from Popeyes and Safeway when it ran out in their stores, the station reported.

Bojangles sent the station a comment on the situation.

“The franchisee is no longer in the Bojangles system,” the company said.

“However, it is important to note in your coverage that franchisees are independent business owners who are licensed to operate a brand but have autonomy over many aspects of their business, including hiring employees and payroll responsibilities.”

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Also Read: Another Facility in South Carolina Now Announces An Unexpected Closure

Other Economy News Today

Market News Today - Massive Restaurant With 800 Locations Now Begins to Close Down.
Market News Today – Massive Restaurant With 800 Locations Now Begins to Close Down.

A clothing retailer now announces the unexpected closure of all locations as it embarks in a new journey to go fully online.

Outdoor Voices will reportedly shut all of its stores on Sunday, employees of the activewear company have said.

Four employees at four different stores, speaking on condition of anonymity, confirmed the March 17 closures to The New York Times.

The publication said it had seen at internal Slack message sent to employees on Wednesday notifying them that the chain “is embarking on a new chapter as we transition to an exclusively online business.”

The message, other reports suggested, doubled as instructions for what to tell customers.

The message, The Times reported, said products in stores will be discounted 50%.

Current and former Outdoor Voices employees at stores in Austin, Denver, Atlanta, Charlotte, New York, Houston and San Diego also confirmed the news to Axios reporters.

One Austin employee who worked on the company’s marketing team told the publication they and other employees were laid off on March 12 and it was “very sudden”.

“Store teams were told by their manager — who were also laid off — that effective as of end of day Sunday that every single one of our Outdoor Voices stores are closing as well,” the unnamed employee said.

Two of the employees the Times spoke to said they were not offered severance.

Outdoor voices has 16 retail locations, according to its website.

The company was founded by Ty Haney in 2014.

Haney left in 2020 and has since made her feelings very clear: “It’s kind of sickening to see how low it’s gotten,” she said in an interview with The Cut in August 2023.

“I feel sad for it.”

For more news and updates like this, opt-in for push notifications.

Also Read: Massive Shoe Retailer Is Now Closing A Quarter of Stores

Market News Published Daily 📰

Market News Today - Massive Restaurant With 800 Locations Now Begins to Close Down.
Market News Today – Massive Restaurant With 800 Locations Now Begins to Close Down.

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Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



A Massive Food Chain Is Now Denied Bankruptcy Protection

A massive food chain is now denied bankruptcy protection after its owner filed for it two prior times, sources are reporting.

Boston Market essentially created the rotisserie chicken as a fast-food/fast casual staple.

It was a pioneer in offering higher-end, better-for-you comfort meals as an alternative to McDonald’s (MCD) , Burger King, and other fast-food chains.

“Our mission is to create awesome rotisserie meals.

We started our restaurant revolution with just three ingredients: fire, a spit, and chicken.

No one does chicken like we do.

But chicken isn’t the only thing that hits our rotisserie oven— we utilize the same tried and true techniques on our prime rib.

Get hungry for rotisserie perfection,” the chain shared on its website.

The chain, which used to count McDonald’s as a part owner is now owned by Jignesh “Jay” Pandya.

Boston Market has faced some huge financial woes in recent years and had its headquarters seized in May 2022 by the Colorado Department of Revenue over $329,00 in unpaid sales and payroll taxes.

The chain has also been quickly shrinking as all of its Florida and Connecticut locations abruptly shut down in late 2023.

The chain also owed US Foods, its key food vendor $11 million and it faces over 140 lawsuits in a variety of state and federal courts over everything from unpaid wages to overdue rent, and vendors who have not been paid.

Pandaya has twice filed for personal Chapter 11 bankruptcy and has been twice denied by the courts. When his latest filing was denied, the court actually banned him from filing again for six months.

That casts the future of the chain into doubt.

“It appears unlikely Boston Market will have the finances to stay afloat or grow,” RetailDive shared.

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Also Read: A Massive Mall Retailer Is Now Closing in California

Other Economy News Today

Market News Today - A Massive Food Chain Is Now Denied Bankruptcy Protection.
Market News Today – A Massive Food Chain Is Now Denied Bankruptcy Protection.

A US plant now makes an unexpected closure affecting thousands of employees by this upcoming June, sources confirm.

Tyson Foods has decided to shut the doors of its Perry, Iowa pork plant at the end of June after closing just six plants last year.

“After careful consideration, we have made the difficult decision to permanently close our Perry, Iowa pork facility.

We understand the impact of this decision on our team members and the local community,” a Tyson Foods spokesperson said in a statement to local CBS affiliate KCCI.

“Taking care of our team members is our top priority and we encourage them to apply for other open roles within the company.

We are also working closely with state and local officials to provide additional resources to those who are impacted.

“While this decision was not easy, it emphasizes our focus to optimize the efficiency of our operations to best serve our customers.

Iowa remains a key state for Tyson Foods, with employment of more than 9,000 team members across our other Iowa facilities.”

The Iowa location is the ninth processing factory the company has decided to close since 2023 in an attempt to cut costs, reported The Wall Street Journal.

Over the past year, Tyson executives have said they could be closing more of their chicken, beef, and pork plants, according to the Journal.

Tyson is the largest meatpacker in the United States and one of the nation’s largest pork processors.

The Perry plant, which is smaller than other Tyson plants in the state, is estimated to have the capacity to slaughter about 8,000 pigs a day, roughly 2% of the US total, according to agricultural lender Rabobank.

“With the looming closure, 1,200 employees will be left jobless,” reports The-Sun.

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Also Read: Another Business Now Announces Unexpected Layoffs in Kentucky

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Market News Today - A Massive Food Chain Is Now Denied Bankruptcy Protection.
Market News Today – A Massive Food Chain Is Now Denied Bankruptcy Protection.

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This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

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Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

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11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



A Massive Beauty Company Now Begins To Liquidate

A massive beauty company now begins to liquidate and effectively ceasing all operations in the US, sources have confirmed.

The Body Shop’s US operation has been led into liquidation as its UK parent now takes its cash, reports Retail Dive.

The US subsidiary ceased operating as of March 1, and told a bankruptcy court it didn’t get advance notice of its British owner’s restructuring.

Of the 66 total locations in the United States, seven were in New York—the second-most of any state.

The Body Shop International Limited filed for administration under U.K. insolvency laws “with no advance notice to, or pre-filing discussion with” its wholly-owned U.S. subsidiary, per the filings.

Moreover, the companies’ business arrangement included a centralized money management system where the U.S. operation’s cash “was swept on a daily basis” to a concentrated account, then advanced back to fund U.S. expenses.

But the U.K.-based parent, having taken in all the U.S. cash prior to filing for administration, has held onto it since, “thereby preventing the [U.S.] Company from paying its vendors and satisfying other obligations,” per the filing.

In an unfortunate event, it has led to a Chapter 7 filing, the company said.

The U.S. operation has assets of between $50 million and $100 million, and liabilities of between $10 million and $50 million, according to court documents.

Previously, in a press release detailing its intention to file for bankruptcy in Canada, The Body Shop Canada Limited stated that, effective March 1, “The Body Shop US Limited has ceased operations.”

Unlike the situation in the U.S., however, The Body Shop Canada is open for business as it “evaluates its strategic alternatives and implements certain restructuring initiatives,” though its website is down and 33 of its 105 stores have been slated to close.

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Also Read: A Massive Mall Retailer Is Now Closing in California

Other Economy News Today

Market News Today - A Massive Beauty Company Now Begins To Liquidate.
Market News Today – A Massive Beauty Company Now Begins To Liquidate.

A book retailer now makes unexpected plans to close all locations following a bankruptcy that fans hoped would help the company.

Tattered Cover filed for bankruptcy last October and the company’s CEO has released a new update on its case.

CEO Brad Dempsey said the company has submitted a revised plan to lift itself out of financial troubles, but this had to be approved by the U.S. Bankruptcy Court for the District of Colorado, according to the Denverite.

The Colorado book chain has two locations in Denver, one in Littleton, and one in Aurora.

CEO Dempsey said the company was considering several cost-cutting measures and these could look at possibly moving the current stores to cheaper retail spaces, per Tattered Covers’ website.

He added that the chain could become “a smaller, more modern and financially sustainable business.”

“Without a doubt we still have complicated negotiations to complete, challenging local economic pressures to navigate, and difficult decisions to make as we forge ahead toward establishing profitability,” Dempsey said in a statement.

“But with the continued hard work of our incredible team and support from people in Colorado as well as across the nation, we are optimistic about Tattered Cover’s future.”

Dempsey predicted that the company could break out of bankruptcy by June 2024.

He said it hoped to do this by making $3.4 million to cover unsecured debts and fix its relationship with partners.

Parts of the CEO’s optimism has come from a strong holiday season which generated lots of sales and money for Tattered Cover, reports The-Sun.

“Despite this, the company’s expenses could also increase due to due higher wages, rents, and health insurance premiums.”

The unapproved debt plan hopes to see the company out of debt by 2025 and the U.S. Bankruptcy Court for the District of Colorado is expected to hear the plans in May, according to the Denverite.

Other retailers have had to reconsider the fate of some of their physical retail locations.

The U.S. Sun previously reported that a Mooks-A-Million store in Lafayette, Louisiana had started a closing down sale.

The sale started on December 24 and Google Maps confirmed that the store has down officially closed.

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Also Read: Another Business Now Announces Unexpected Layoffs in Kentucky

Market News Published Daily 📰

Market News Today - A Massive Beauty Company Now Begins To Liquidate.
Market News Today – A Massive Beauty Company Now Begins To Liquidate.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



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