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RadioShack Brands Find Buyer; Boy Scouts Face Cash Crunch; Rubio's Creditors Hit Back
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Good day. Twice bankrupt, RadioShack has found a new home just in time for consumers shopping for gadgets and gizmos during the holidays, WSJ Pro Bankruptcy reports exclusively.
In bankruptcy court, the Boy Scouts of America said they need a settlement with 95,000 sex-abuse victims before their cash runs out next year. And creditors had harsh words for Rubio's Restaurants, a fish taco chain using bankruptcy to weather Covid-19.
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SHANNON STAPLETON/REUTERS
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Retail Entrepreneurs Buy Twice-Bankrupt RadioShack With Plans for Online Revival
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Two entrepreneurs who have been collecting fallen retail brands during the coronavirus pandemic are taking over the reins of RadioShack, acquiring the nearly century-old gadget seller’s brands and online business. Read More.
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Pandemic Pressures Boy Scouts, Already Facing Sex-Abuse Claims Avalanche
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Between Covid-19 pressures and more than 95,000 sexual-abuse claims, the survival of the Boy Scouts of America is on the line in bankruptcy court, lawyers for the national youth group said Wednesday. Read More.
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Rubio’s Restaurants Creditors Object to Bankruptcy Financing
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Unsecured creditors of Rubio’s Restaurants Inc. said the bankrupt fish taco chain and key lender Golub Capital LLC took actions to manufacture a cash crunch and loot the company. Read More.
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Garrett Motion Judge Sets Up Estimation For Honeywell Asbestos Claims
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A bankruptcy judge signed off on Garrett Motion Inc.’s move to challenge the size of former parent Honeywell International Inc.’s claims against the bankrupt auto supplier. Read More.
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Muji USA Expects Sales Near Prepandemic Levels in 2023
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Muji USA Ltd. expects its sales to start nearing prepandemic levels in 2023, reaching $86.2 million. The home-goods retailer shared its projections Tuesday in a filing in bankruptcy court, where in July it sought protection from creditors. Sales this year are forecasted to come in at $38.8 million, down from $99.8 million last year.
Muji expects its ecommerce sales to grow to $20.3 million in 2023 from $6.8 million this year. Capital expenditures will focus mostly on technology, specifically ecommerce and point-of-sale systems. Muji USA closed eight stores this year, leaving it with 10. — Becky Yerak
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Regus Seeks To Increase Loan to Bankrupt Affiliates
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Co-working company Regus is seeking to increase the amount of a loan it's providing its affiliates that have been placed in chapter 11 to $97 million from $50 million, according to court papers filed Tuesday in Wilmington, Del. The additional $47 million from Regus, which isn't in chapter 11, would be used to fund the ongoing restructuring of part of the company's U.S. portfolio.
The Regus affiliates that are in chapter 11 hold leases in Washington, New York, Atlanta and other cities whose commercial office-space market has been hit hard by the coronavirus pandemic. — Jonathan Randles
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Norwegian Files for Bankruptcy Protection, Europe’s Biggest Airline Covid Casualty
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Norwegian Air Shuttle AS filed for bankruptcy protection for two of its core units, marking Europe’s biggest airline casualty yet from the pandemic. Read More.
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“You’ve Got Questions, We’ve Got Answers.”
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— RadioShack's trademarked slogan, now owned by Retail Ecommerce Ventures LLC
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The number of bankruptcies in the energy sector rose during the third quarter as the coronavirus pandemic continued to take its toll on the oil-and-gas industry. (Houston Chronicle)
There’s a good chance that the owner of Concord Hospital may face some competition in its $30 million bid to acquire LRGHealthcare, which could drive up the price but also could result in costly and cumbersome litigation that would draw out the process. (Concord Register)
The former general counsel of defunct law firm LeClairRyan agreed to be disbarred in Virginia in light of pending misconduct charges. (Bloomberg)
An unidentified buyer has purchased the legal rights to the name, trademark, logo and other intellectual property belonging to the DC Eagle, D.C.’s longest continuously operating gay bar that closed its doors for good in May. (Washington Blade)
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