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The American corporation Sears Holdings, which owns retail stores and in its century-long history not so long ago held a leading position in the United States, announced the commencement of bankruptcy proceedings in accordance with Chapter 11 of the US Bankruptcy Code. Amid fierce competition from online stores, the company's revenue has declined over the years, leading to the closure of its hundreds of stores. The head of the company, billionaire Eddie Lampert made a number of deals, seeking to improve the position of Sears. His plan to save the company was the cause of disagreement between him and the special committee of the board of directors. The company filed a lawsuit in a bankruptcy case in New York, in which it indicated assets worth $6 billion 900 million and liabilities of $11 billion 300 million.
On Monday, Remington Arms Co. filed for bankruptcy protection for the second time since 2018 as the U.S. firearms manufacturer faced financial difficulties due to gun sales restrictions. According to the court filing, the company filed for ...
On Sunday, American Airlines Group Inc. (AAL) said that it is planning to raise as much as $3.5 billion from stock and notes offerings, as the ailing U.S. carrier grapples with the financial fallout of the travel restrictions caused by the ...
Chesapeake Energy Corp. (CHK.N) said on Tuesday that it is preparing to file for bankruptcy as soon as this week after the pioneering shale oil driller missed an interest payment worth $10 Million due on Monday. The company’s stock was ...
American Airlines Group Inc. stated on Wednesday that it plans to cut 30% of its management and support staff or almost 5,000 jobs because of the coronavirus outbreak. American and other airlines are scrambling to cut costs because of the ...
J.C. Penney Co Inc. (JCP) stated on Wednesday that it plans to cut store count by approximately 29% to about 604, two days after filing for bankruptcy protection. The U.S. department store chain considers closing more than a fourth of its ...
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