We've all had financial difficulties from time to time. A sudden expense, like a broken appliance or a flat tire, might have taken an unexpected chunk out of our bank account and left things a bit tight until our next paycheck.There's a difference between being a bit...
Month: October 2018
Mattress Firm files for Chapter 11 bankruptcy
On Behalf of Giddens & Gatton Law, P.C. | Oct 26, 2018 | Chapter 11 Bankruptcy
Nationwide mattress retailer Mattress Firm recently filed for Chapter 11 bankruptcy. The filing comes amidst dwindling profits and increased competition from online start-up companies like Casper, Leesa, Saavta and Nectar. As part of the bankruptcy restructuring, the...
Despite Lampert’s efforts, Sears files for Chapter 11
On Behalf of Giddens & Gatton Law, P.C. | Oct 24, 2018 | Chapter 11 Bankruptcy
On October 15, after more than 130 years in business, former retail giant Sears filed for Chapter 11 bankruptcy protection in the face of mounting debt and shrinking profits. In a post earlier this month, we discussed now-former CEO Eddie Lampert’s plan of...
Westmoreland Coal Co. files for bankruptcy
On Behalf of Giddens & Gatton Law, P.C. | Oct 17, 2018 | Chapter 11 Bankruptcy
Westmoreland Coal Co., one of the oldest coal companies in America, filed for Chapter 11 bankruptcy this week to deal with mounting debt payments and a worldwide drop in demand. Westmoreland reportedly has $1.4 billion in debt (compared to $770 million in registered...
Bankruptcy rates climb among older Americans
On Behalf of Giddens & Gatton Law, P.C. | Oct 11, 2018 | Chapter 13 Bankruptcy
Overall, consumer bankruptcy filings have remained relatively steady across America. For one demographic, however, the rate of bankruptcies has more than tripled since 1991: retirees over the age of 65. More than 12 percent of filers are now age 65 and older, up from...
Toys R Us bankruptcy continues to unfold with severance package
On Behalf of Giddens & Gatton Law, P.C. | Oct 4, 2018 | Chapter 11 Bankruptcy
Thousands of workers laid off when toy retailer Toys R Us filed for Chapter 11 bankruptcy might soon be receiving severance payments. The multimillion-dollar severance package, funded by two of the three equity firms that purchased the company in a 2005 leveraged...
Sears CEO suggests plan to avoid bankruptcy
On Behalf of Giddens & Gatton Law, P.C. | Oct 4, 2018 | Chapter 11 Bankruptcy
The CEO of Sears, a well-known department store chain with a long history in New Mexico and across the country, recently revealed a plan to hopefully help the company avoid a bankruptcy filing. The plan involves leveraging assets including real estate and inventory,...
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