Bankruptcies
CMX movie chain files for bankruptcy:
By: David P. Willis
Asbury Park Press
USA Today Network - New Jersey
..... The parent company of CMX Cinemas, which has plans to open a theater at American Dream, has field for Chapter 11 bankruptcy protection.
.....
Miami-based Cinemex Holdings USA said it filed as a result the "economic crisis precipitated by the coronavirus pandemic," according to a statement.
CMX has plans to open a luxury movie theater at American Dream, the mega-mall and theme park in the Meadowlands. The opening of American Dream's retail section and water park were delayed in March [2020] as a result of an order that shut down the mall during the coronavirus pandemic. A lawyer representing Cinemax Holdings could not be reached for further comment.
..... the pandemic has "has resulted in the total suspension of our business," the company said. It is not generating revenue while paying "high fixed costs."
.... "This filing will help ensure the long-term viability of our business, employees," the company said. "We are in a sate of complete uncertainty as to when we can reopen our theaters and when our customers will fell safe and secure in returning to then given that there is presently no vaccine against the virus.
..... "We cannot forecast when - if ever - customer numbers will return to pre-crisis levels."
2. Engine maker Briggs & Stratton files for Chapter 11 bankruptcy:
WAUWATOSA - Wisconsin - Briggs & Stratton Corporation, billed as the world's largest manufacturer of small gas engines, has filed for bankruptcy protection citing challenges due to the coronavirus pandemic, the company announced Monday. [07/20/2020]
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As part of the Chapter 11 filing, the Mukwaukee-area company said Monday [07/20/2020] it has secured debtor-in-possession financing of $667.5 million from KPS Capitol Partners LP, the private equity firm purchasing its assets, and its existing lenders to allow it to continue operating ahead of the closing of the deal.
..... "Over the past several months, we have explored multiple options with our advisors to strengthen our financial position and flexibility," chief Executive Todd Teske said in a statement. "The challenges we have faced during the COVID-19npandemic have made reorganization the difficult but necessary and appropriate path forward to secure our business."
.... The filing allows Briggs & Stratton to fully support its operations through the closing of the transaction, the company said in the statement. It does not include any of Briggs & Stratton's international subsidiaries.
..... The company was founded in Milwaukee in 1908 by Stephen Foster Briggs and Harold M Stratton. Its engines are used in lawnmowers, pressure washers, electrical generators and other products.
3. Neiman Marcus seeks Chapter 11 protection - Click Here
4. JC Penney files for bankruptcy - Click Here
5. Tuesday Morning files for bankruptcy, closes 7 NJ sites - Click Here
6. Izod, Van Heusen closing all of its stores - Click Here
7. Ann Taylor parent files for bankruptcy protection - Click Here
8. Lord & Taylor seeking bankruptcy protection - Click Here
9. Bargain retailer Century 21 to close - Click Here
10. Another restaurant chain, Friendly's, hit wall in pandemic - Click Here
11. Trucking giant Yellow Corporation declares bankruptcy - Click Here
12. Big Lots will close up to 40 stores as it mulls bankruptcy - Click Here
13. Coach USA bus service files for bankruptcy protection - Click Here
14. Red Lobster files for bankruptcy - Click Here
15. Art Factory owner files for court protection - Click Here
16. One NJ Big Lots store set to close amid bankruptcy - Click Here
17. Iconic company files for bankruptcy, will look to sell - Click Here
18. True Value files for bankruptcy, will be sold - Click Here
19. Dozens of TGI Fridays locations to remain open - Click Here
20. Spirit Airlines files for bankruptcy protection - Click Here
21. Stoli Group USA files for bankruptcy protection - Click Here
22. Joann Fabrics files 2nd bankruptcy - Click Here
23. Forever 21, with 15 NJ stores, files Chapter 11 - Click Here
24. Hooters chain files for bankruptcy to enable founder-backed buyout - Click Here
25. Will Rite Aid stores close? Details on bankruptcy - Click Here
26. Weight Watchers starts bankruptcy process - Click Here