Tag: bankruptcy

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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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J.Crew Files for Bankruptcy 

J Crew Logo Vector Image

the staff of the Ridgewood blog

Paramus NJ, J.Crew Group, which operates the J.Crew and Madewell brands, has become the first national US retailer to file for bankruptcy protection since the coronavirus pandemic forced a wave of store closures.

The clothing retailer said Monday that it has filed to begin Chapter 11 proceedings in federal bankruptcy court in the Eastern District of Virginia. The company also said it had reached a deal with its lenders to convert about $1.65 billion of debt into equity.

The retailer expects to stay in business and emerge from bankruptcy as a profitable company. Madewell, the fast-growing denim brand that had been slated for an IPO, will remain part of the business. J.Crew has stores in Garden State Plaza, Riverside Square and Bergen Town Center .

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U.S. Retail Giant Neiman Marcus filing for Bankruptcy

Neiman Marcus

the staff of the Ridgewood blog

Paramus NJ, U.S. retail giant Neiman Marcus is filing for bankruptcy after having to close its stores over the coronavirus pandemic, according to Reuters. The Dallas-based company temporarily closed its 43 flagship Neiman Marcus stores, two dozen Last Call stores and its two Bergdorf Goodman stores in New York over nation-wide shelter-in-place regulations, rendering the company unable to pay its billions in debts. It has also furloughed most of its 14,000 employees. Reuters reports that the bankruptcy filing could come within days. The debt-laden retailer, which carries about $4.8 billion in loans, skipped millions of dollars in debt payments last week. Neiman Marcus is the first major retailer to reach this level, but Reuters reports that Macy’s and Nordstrom have also been working on new financing and that J.C. Penney is contemplating a bankruptcy filing. Neiman Marcus has a store in the Garden State Plaza in Paramus .

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NY Post is reporting that Fairway Market on the verge of filing for bankruptcy

fairway

the staff of the Ridgewood blog

Paramus NJ, the NY Post is reporting that Fairway Market, the famous New York grocer that has been a staple on the Upper West Side for nearly a century, is on the verge of filing for bankruptcy once again again, The Post has learned that Fairway is now preparing to seek bankruptcy protection this month after failing to find a buyer for its 14 stores.

Fairway has been quietly closing stores with the most recent shuttering in Nanuet, New York, a 65,000-square-foot store that closed in September. Sources say another two stores in New Jersey one in Paramus and one in Woodland Park are likely next on the chopping block.

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Lawyer: Corzine was ‘mastermind’ behind MF Global’s collapse

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By Matt Arco | NJ Advance Media for NJ.com
on March 07, 2017 at 3:58 PM

TRENTON — Former Gov. Jon Corzine was blasted as the “mastermind” behind MF Global Holdings Ltd.’s collapse inside a Manhattan federal courtroom on Tuesday, according to published reports.

A lawyer representing the accounting firm PwC in a $3 billion trial over who’s to blame in MF Global’s down fall told jurors that Corzine should be held to account.

“Its bankruptcy was caused by its risky trading, its unprofitable business and other problems” said James Cusick, a lawyer for PwC, according to Bloomberg. “Mr. Corzine was the mastermind and the driver of that strategy.”

Gov. Chris Christie unseated Corzine in the 2009 gubernatorial election. After the election, MF Global hired Corzine, the former CEO of Goldman Sachs, to help engineer a turnaround of the firm’s collapse.

MF Global collapsed in 2011 after a disastrous bet on European countries’ debt.

https://www.nj.com/politics/index.ssf/2017/03/lawyer_corzine_was_mastermind_behind_mf_globals_co.html#incart_river_index

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Paramus Fairway Supermarket Saved for Now

Fairway
July 7th 2016

the staff of the Ridgewood blog

Paramus NJ, the Fairway supermarket in Paramus and Woodland Park are expected to remain open for now .The struggling New York supermarket chain has emerged from bankruptcy with a reorganization plan that leaves the New York company with less debt, $50 million cash on hand, and new private equity owners.

The company, announced its reorganization plan last month, and was able to negotiate agreements with its lenders to reduce its debt by $140 million and trimmed its annual debt service obligation by up to $8 million.

The reorganization plan, was approved by the bankruptcy court last month, and took effect Sunday. Sterling Investment Partners, the private equity firm that bought the family-owned Fairway chain in 2007, and took the company public, has been replaced by a new group of investment firms.

Fairway currently has 15 stores, and will be closing a store in Lake Grove, on Long Island.

The Paramus Fairway opened in 2009 and the Woodland Park store opened in 2012, both were part of Sterling’s plan to expand into the suburbs , some would suggest over expand and to make Fairway a regional chain.

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Whelan: Atlantic City Botched Negotiations Long Before Assembly Talks

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As the two sides in the legislative debate over a state takeover of Atlantic City negotiate on a compromise between two dueling bills from Senate President Steve Sweeney (D-3) and Assembly Speaker Vince Prieto (D-32), the gaming capital’s state Senator said Monday that he places the blame squarely on the city’s shoulders for not approaching Sweeney with a counter-proposal weeks ago. Mayor Don Guardian and members of the city council have allied themselves with Prieto in pushing for two more years before the state takes over the city’s finances. JT Aregood, PolitickerNJ Read more

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The Agony of Don Guardian: 14 Hours with the Man Fighting the Takeover

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The sun hadn’t risen yet when Don Guardian began his day at the Atlantic City public works yard. The mayor was facing the latest in a series of increasingly dire fiscal deadlines, and had just days to make a decision whether to make an $1.8 million interest payment on municipal bonds. If he and his advisors decided that shoring up day-to-day spending on the police and fire department and public infrastructure trumped their obligations to creditors, the city would be the first in New Jersey to default on its loans since the Great Depression. JT Aregood, PolitickerNJ Read more

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Bergen GOP freeholder candidate says bankruptcy taught him hard fiscal lessons

Ramsey Councilman Ken Tyburczy and Lt

Ramsey Councilman Ken Tyburczy and Lt. Governor Kim Guadagno.

OCTOBER 4, 2015    LAST UPDATED: SUNDAY, OCTOBER 4, 2015, 1:21 AM
BY MARINA VILLENEUVE
STAFF WRITER |
THE RECORD

RAMSEY — A Republican candidate for Bergen County freeholder, campaigning on the importance of fiscal management, filed for bankruptcy protection in 2011.

Ramsey Councilman Ken Tyburczy said his failed coupon business taught him the “importance of debt management.”

“I took a risk, and it didn’t work out,” he said in a phone interview Friday evening. “I filed for bankruptcy. It was a rough period for my family.”

He is one of three Republican candidates running for freeholder. Democrats currently hold a 5-2 majority on the board. Three seats currently held by Democrats are up for election, and that gives the GOP an opportunity to regain control of the Freeholder Board.

Tyburczy said he was sole proprietor of the Hudson County business Super Coups, which tried to help small businesses deliver discounts by mail.

According to the bankruptcy filings, Tyburczy reported $538,598.85 in assets and $581,045.12 in liabilities.

He reported $163,720 in credit card debt, including $56,408.65 in a student loan and more than $79,000 in business debt. He reported taking out a first and second mortgage on his home and that creditors Bank of America Corp. and BAC Home Loans/Countrywide held $417,324.49 in secured claims.

He listed the current value of his interest in a home at 133 Orchard Place in Ramsey as $440,000. He reported $98,598.85 in personal property including cash on hand, a 2003 Toyota Highlander, a 2000 Ford 150 pickup truck, two watches, a wedding band and $68,425.06 in an IRA.

With his $500 stipend as a councilman and his wife’s income, the couple reported an average monthly net income of -$1,073.16.

“Basically, to sum it up, I never had the good fortune of being given anything,” Tyburczy said.

He framed the experience of filing bankruptcy as an important life lesson he can use in county government, where he hopes to reduce debt.

“It’s something that’s a primary focus and concern of mine, and I keep bringing it up in my campaign,” he said.

Controlled spending

https://www.northjersey.com/news/politics/bankruptcy-taught-fiscal-lessons-1.1425067