Bankruptcy

The Belgian company's U.S. arm said in court papers it hoped to avert a complete liquidation of its 98 Le Pain Quotidien locations with a proposed $3 million sale of the business to fast-casual restaurant operator Aurify Brands LLC.

Hertz has furloughed and laid off about 20,000 workers, or roughly 50 percent of its workforce, according to a regulatory filing.  

The drama is scheduled to enter its latest act Wednesday.

SoftBank-owned investment group Fortress acquired Southern fast-food chain Krystal for $48 million after the restaurant filed for bankruptcy in January.

A new, streamlined bankruptcy option makes the process less daunting, and less expensive for small businesses.

Pier 1, which operates about 541 stores in the U.S., said in a statement that it intends to sell its inventory and remaining assets, including its intellectual property and e-commerce business, through a court-supervised process.

J.C. Penney Co Inc plans to trim its store count by 29% to about 604, as the U.S. department store chain looks to focus on those more profitable.

J.C. Penney said it will continue paying its 85,000 workers and vendors delivering merchandise to stores, following the retailer's bankruptcy filing in a federal court.

A bankruptcy filing would cap a long decline for the iconic 118-year-old department store chain, which has struggled with a nearly $4 billion debt load and competition from e-commerce firms.

The federal Bankruptcy Code of 1978, the basis of modern bankruptcy law, reflects the Supreme Court's 1934 ruling that bankruptcy law was designed to offer a new opportunity in life' unhampered by debt.

Neiman Marcus Group Inc. filed for chapter 11 bankruptcy protection on Thursday in Texas, becoming the latest large retailer to seek a court restructuring during the pandemic that has closed much of the U.S. economy. Earlier this week, J.Crew Group Inc. filed for bankruptcy.

Coronavirus-related closures prompted Gold's Gym to file for bankruptcy protection and boost digital streaming footprint.

Car-rental ridership is plunging amid the Covid-19 pandemic and the broad economic pullback, touching off a cash burn at Hertz

The coronavirus pandemic that upended the economy is also expected to send unprecedented numbers of people and businesses to bankruptcy court.

Chesapeake Energy Corp is preparing for the possibility of bankruptcy after the Saudi-Russian energy price war earlier this year upended its plans and the wider crude market. It was dealt another blow by the coronavirus outbreak, which caused energy demand to dwindle.

Hertz failed to make payments Monday under the operating lease, kicking off a grace period that ends on May 4.

The company is preparing to seek bankruptcy protection in a Dallas federal court as soon as Monday

Lord & Taylor is not alone among U.S. department store operators forced to weigh bankruptcy in response to prolonged store closures following the coronavirus outbreak.