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More Red Lobster Locations May Shut Down, Including One in Paramus

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the staff of the Ridgewood blog

Paramus NJ, Red Lobster, the well-known seafood restaurant chain, may close more locations, including three in New Jersey, pending court approval of its restructuring plan. The company filed for bankruptcy last month, citing over a billion dollars in debt. As part of the restructuring, officials aim to sell the business to its lenders in exchange for financing to keep operations going, which involves closing some of its nearly 600 restaurants.

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WeWork Co-founder Who Was Ousted in 2019 Looking to Buy Company Back

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the staff of the Ridgewood blog

Ridgewood NJ, WeWork co-founder Adam Neumann, who was ousted in 2019, is attempting to buy the company out of bankruptcy. WeWork was once valued at $47 billion. It filed for bankruptcy last November, listing debts of over $18.6 billion at the time of filing. Neumann’s current venture, Flow, is a residential real estate outfit focused on rentals. Flow received a $350 million investment from a16z in August 2022.

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Drugstore Chain Rite Aid Plans Store Closings

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the staff of the Ridgewood blog

Twp. of Washington NJ, Drugstore chain Rite Aid plans to shut down hundreds of stores in bankruptcy, according to the Wall Street Journal, as the company figures out how to address billions of dollars’ worth of debt and a swath of opioid-related lawsuits.

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WeWork Warns of Possible Bankruptcy

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the staff of the Ridgewood blog

Ridgewood NJ, WeWork could be the next victim of the post COVID remote work phenomenon. WeWork has told the SEC that its losses and negative cash flow may result in bankruptcy. The company is heavy on debt and struggling to generate cash despite the number of large commercial buildings around the world that have its name on them. WeWork will need to improve its liquidity position and profitability or consider alternatives. The company’s stock now has a market cap of below $500 million. It was once valued by SoftBank at $40 billion.

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How to Find the Right Bankruptcy Lawyer

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Filing for bankruptcy can be one of the scariest things to happen in your life and you may have a lot of questions. Advice from experts says that this is not a procedure that you should go through alone. Bankruptcy is complicated and intimidating and best handled by a professional in the field. 

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Infamous North Jersey Nursing Files Bankruptcy , stiffs Andover for $1.4 million in Property Taxes

the staff of the Ridgewood blog

Andover NJ, an anonymous tip led to the New York Times let to the discovery of 17 bodies crowded into a four-person morgue at one of New Jersey’s largest nursing homes. Andover Police found the bodies this week at the Andover Subacute and Rehabilitation Center I and II in Sussex County, in northern New Jersey.

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7 Possible Reasons You Might Need Legal Assistance

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“Not me!”

Perhaps that’s what you exclaim whenever you read lawsuits in the newspapers. You subconsciously tend to associate legal proceedings with famous celebrities like Mariah Carey whose brother sued her for defamation when she released her tell-all memoir titled ‘The Meaning Of Mariah Carey’. Or perhaps with big businesses like Uber which was recently sued by one French man for allegedly ruining his marriage. 

The truth is, you’re not immune from such disputes. At one point or another in your life, you’ll certainly need legal help. Here are 7 common situations where you may require legal assistance:

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What You Should Know About Filing for Bankruptcy

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Declaring bankruptcy can be a daunting prospect. Be that as it may, it’s usually the only viable solution for individuals with insurmountable debt or those plunged into utter financial ruin. Filing for bankruptcy is a lengthy, complicated process. It’ll take a great deal of perseverance, effort, and transparency if you hope to rid yourself of your debts and start anew. To help you turn over a new leaf, here are the most important things to consider when declaring personal bankruptcy.

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How the COVID pandemic is impacting bankruptcies

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The Long-Term Financial Effects of COVID 19

COVID-19 is something the world has hardly seen before in the lifetime of the current living populace. No matter what age or gender COVID-19 touches everyone. Isolation, social distancing, face shields, and masks the new global fashion statement quickly became the norm across America in late February 2020. This pandemic’s escalation put almost all Americans on alert and questioned those who normally hailed excellent physical, emotional, spiritual, and financial well-being. 

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6 Ways in Which Lawyers Can Help You Get Out of Debt

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Nobody wants to get into debt. When creditors come calling after your debts are due, you will be under high pressure looking for ways to repay. Most borrowers get credit knowing that they will repay in a good time. Sometimes, due to the economic downturn or other unfortunate events, one may fall behind in the repayments, or fail to repay altogether.

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Understanding Bankruptcy: How it Works, Types, and Consequences

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Bankruptcy is a word that many people are afraid of. The idea of losing your money and having to owe is a scary thought indeed, but one thing many people who are concerned about bankruptcy are not sure about is what kinds there are and how they work.

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4 Myths About Covid-19 Driving NJ to Bankruptcy

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By Charles Stampul

Ridgewood NJ, This is a crystallization of points made by front-line medical professionals critical of media coverage of and government response to Covid 19 including Dr. Dan Erickson, Dr. Artin Massih, Dr. Simone Gold and Dr. Drew Pinsky.

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Brooks Brothers Flirts with Bankruptcy

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the staff of the Ridgewood blog

Hackensack NJ,traditional retailer Brooks Brothers is nearing a bankruptcy filing that could take place as early as this week, sparking a possible bidding war for the troubled company.

Private equity firm Solitaire Partners is in talks with the haberdasher to make a bid once a possible Chapter 11 bankruptcy filing has been made, according to people close to the matter. These people say Brooks Brothers has signaled to potential bidders it is likely to file for bankruptcy in the coming days.

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Lucky Brand Dungarees Runs Out of Luck

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the staff of the Ridgewood blog

Ridgewood NJ, The coronavirus pandemic has led another retailer to filing for bankruptcy. Lucky Brand Dungarees LLC, which has about 200 Lucky Brand stores in North America and sells its products in department stores, announced it had filed for Chapter 11 bankruptcy protection Friday with plans to sell the equity-backed business to the SPARC Group, operator of Aéropostale and Nautica.

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The Numerous Benefits of Hiring A Bankruptcy Lawyer

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Filing for bankruptcy is undoubtedly one of the toughest things a person can go through. It is an emotionally draining process, and it is hard to avoid the sense of utter humiliation and defeat that comes with it. Besides the psychological impact, the whole ordeal is rather disquieting given the legal and financial fallouts, the level of paperwork involved, and so on. If you are staring down a tunnel of impending bankruptcy, it might help to hire a lawyer right away. 

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