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Chesapeake Energy Issues 'Going Concern' Warning | Forever 21 Will Keep More Stores Open | Pier 1 Names Bankruptcy Vet as CEO
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Good day. Chesapeake Energy Corp. said it may be unable to stay in business if oil and natural gas prices remain depressed. Forever 21 Inc. cut its planned store closures in half after capturing $100 million in rent savings in negotiations with landlords. And Pier 1 Imports Inc. named a veteran of previously bankrupt retail chains FullBeauty Brands Inc. and HHGregg Inc. as its new chief executive.
Now for today's news...
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Chesapeake Warns on Risk to Business From Sagging Oil Prices
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Chesapeake Energy Corp. said it may be unable to stay in business if oil and natural gas prices remain depressed, underscoring the challenges faced by many drillers in the oil patch. Read More.
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Forever 21 Cuts Number of Closures Planned in Bankruptcy
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Forever 21 Inc. plans to keep more stores open than it expected under its chapter 11 restructuring and has negotiated $100 million in rent savings from landlords, the company’s lawyer said Tuesday. Read More.
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Retailer Pier 1 Taps Debt Restructuring Expert as CEO
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Struggling retail chain Pier 1 Imports Inc. has hired bankruptcy veteran Robert Riesbeck, who's had previous stints at FullBeauty Brands Inc. and HHGregg Inc., to be its new chief executive. Read More.
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Johnson Publishing to Sell Fashion Fair Cosmetics
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Johnson Publishing, the bankrupt former publisher of Ebony and Jet magazines, has reached a deal to sell its Fashion Fair beauty business for $1.85 million to investment vehicle FFair Acquisition LLC.
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The Winnetka, Ill.-based buyer of the African-American cosmetics brand is working with an experienced business in the cosmetics industry, chapter 7 trustee Miriam R. Stein tells WSJ Pro Bankruptcy. A sale hearing is set for Thursday in Chicago bankruptcy court. — Aisha Al-Muslim
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Tempur Sealy: The Big Bounce
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Tempur Sealy International Inc. has bounced back nicely from its difficulties with Mattress Firm, a major distributor and now returned customer, after the latter’s exit from bankruptcy. Read More.
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$100 Million
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Rent savings Forever 21 has negotiated with landlords, according to retailer's bankruptcy lawyer.
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A federal judge overseeing the probation of utility giant PG&E Corp. is demanding information on a power line that failed minutes before a massive wildfire broke out last month in Northern California. (Bloomberg)
China’s Jingye Group is aiming to strike a deal to take over British Steel by the middle of this month. (FT)
Richard Perry, the financier behind Barneys, was missing in action for months as the luxury retailer's executive team tried to save it from financial ruin. (NY Post)
San Antonio-based Southcross Hospital, which permanently closed in October, two freestanding emergency rooms and their operator filed for chapter 11 bankruptcy protection Nov. 3, according to the San Antonio Express News. (Becker’s)
As PG&E Corp.’s bankruptcy unfolded, the embattled utility increased its lobbying at the California Capitol, expense records filed with the Secretary of State show. (Sacramento Bee)
Murray Energy’s bankruptcy filing last week has raised concerns that if Ohio coal mines are abandoned, it would overwhelm the state’s fund to pay for cleanup costs. (Clevleand.com)
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LEAVE THIS BOX EMPTY
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