(Reuters) – Toy retailer Toys R Us Inc on Thursday asked the U.S. Bankruptcy Court for approval to stop paying all of its suppliers while it tries to line up buyers for its international business ahead of a planned liquidation of its U.S. operations. The iconic toy stores plan to liquidate inventory and shutter or…
The sale of Doughnut Time has been axed as founder Damian Griffiths has refused to sign over the trademark to former CEO and managing director, Dan Strachotta. As reported last week, Strachotta was planning to purchase the company and save the remaining stores. Advertisement According to ABC, the chain went into voluntary administration on Friday…
Two high profile cases are similarly poised under the still nascent Insolvency and Bankruptcy Code (IBC). In both cases of Binani Cement and Bhushan Power and Steel, there are legal cases in court on the process of bidding for these assets. In each case, a party is ready with a higher offer than the one…
Alan Meek Morton Fraser is expanding its corporate restructuring and insolvency team with the appointment of Alan Meek as a partner in the firms Glasgow office. Mr Meek, a highly regarded practitioner in the corporate restructuring and insolvency sector, joins the 29 strong corporate team at Morton Fraser. In his new role, he will be advising…
Maitland Leagues Club has gone into voluntary administration owing some of its creditors hundreds of thousands of dollars. The clubs board of directors resolved at a meeting on March 11 to place the Bulwer Street business into voluntary administration appointing Newcastle-based insolvency firm Shaw Gidley administrators. The clubs president Ben Newcombe declined to comment when approached by Fairfax…
Toys R Us, an iconic U.S. retailer of childrens toys, has announced plans to file liquidation papers and likely close most if not all of its remaining stores, potentially impacting up to 33,000 U.S. workers. In a conference call with staff on Wednesday, reported on by The Wall Street Journal, CEO David Brandon said the…
Toys R Us Australia says it is business as usual at its 39 stores despite the US retail giants apparent collapse at home and elsewhere, and threats it will move to liquidate more stores in other countries. The bankrupt chain is reportedly selling or closing all 885 stores in the US, and the administrator of…
Another Tauranga building company has gone into liquidation. Landmark Homes NZ Ltd announced today its former franchisee Debec Building Solutions Ltd went into voluntary liquidation early this week. The news was announced in a press release, and it is understood at least 13 property owners have been impacted. Landmark Homes NZ Ltd, the franchisor of…
Frederic J. Brown | AFP | Getty Images A woman shops at a Toys R Us store in Alhambra, California. Toys R Us is studying one proposal that could keep the business afloat and keep open roughly 200 U.S. stores open after the retailer liquidates, people familiar with the situation told CNBC on Wednesday. Such…
JUST one week after Doughnut Time announced they were closing a large portion of their stores in a desperate bid to save the brand, the companys few remaining employees have been notified via text message they no longer have a job. Last week, it was reported the doughnut chain would be sold by founder Damien…