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Pier 1 Shutting Stores for Good | Hornbeck Offshore Files Prepack Bankruptcy | Pyxus Kicks Off Bankruptcy Talks With Creditors
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Good day. Pier 1 Imports, which filed for bankruptcy in February, threw in the towel on its bricks-and-mortar business and won’t reopen its stores, which had been closed because of the coronavirus pandemic. Hornbeck Offshore Services Inc. filed bankruptcy with a prepack that hands the oil services company’s fleet to creditors. And Pyxus International Inc., one of the world’s largest suppliers of tobacco, has kicked off bankruptcy talks with creditors, according to people familiar with the matter.
Now for today's news...
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Pier 1 Imports Says Stores to Permanently Shut Down
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After nearly 60 years of selling home décor and accessories, Pier 1 Imports Inc. is permanently closing its retail stores in the wake of the pandemic, though it hopes to sell its intellectual property and e-commerce business. Read More.
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Hornbeck Offshore Files Prearranged Chapter 11 to Cut Debt
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Hornbeck Offshore Services Inc., an operator of oil supply and support vessels with more than $1 billion in long-term debt, filed for bankruptcy Tuesday to implement a prepackaged chapter 11 plan that will cut its debt. Read More.
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Tobacco Supplier Pyxus Seeks Financing for Possible Bankruptcy
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Pyxus International Inc., one of the world’s largest suppliers of tobacco, has begun discussions about a possible bankruptcy filing as more Americans kick the habit and the coronavirus roils global trade. Read More.
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PHOTO: TONY GUTIERREZ/ASSOCIATED PRESS
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Boy Scouts Set November Deadline for Sexual-Abuse Claims
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The Boy Scouts of America has set a Nov. 16 filing deadline for childhood sexual-abuse claims as the youth organization attempts to deal with a history of failing to weed out predators from the ranks of volunteers. Read More.
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Exide Technologies Files for Chapter 33 Bankruptcy
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Battery-maker Exide Technologies has returned to chapter 11 bankruptcy protection for a third, and likely final, time with bondholders poised to take over the company's European operations. Read More.
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Art Van Furniture Gets $26 Million Offer for Levin Assets
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Bankrupt retailer Art Van Furniture LLC has struck a $26 million deal that includes selling its Levin Mattress and Levin Furniture inventory in Ohio and Pennsylvania to former owner Robert Levin, who plans to relaunch the business starting in mid-June. Read More.
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Retailer Reitmans Canada Files for Protection From Creditors
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Women’s apparel retailer Reitmans (Canada) Ltd. on Tuesday said it filed for bankruptcy protection from creditors, with plans to slim down its operations amid a difficult retail environment exacerbated by shutdowns related to the coronavirus pandemic. Read More.
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What J.C. Penney’s Bankruptcy Means for Real Estate - Barron's
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J.C. Penney’s bankruptcy filing on Friday had been widely expected ever since the coronavirus hit, as the retail sector was facing financial trouble even before the pandemic. But this department store’s fate turns on a different sector altogether: Commercial real estate. Read More.
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PHOTO: EMIL LENDOF/THE WALL STREET JOURNAL
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Commercial Real Estate’s Havens Suddenly Not So Safe
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A rising number of office- and apartment-building owners are falling behind on their mortgages, a sign the economic shutdown is harming stabler property types and raising the prospect of widespread industry damage. Read More.
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KKR-Backed Casual Dining Group Calls in Administrators - PEN
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KKR-backed Casual Dining Group, the owner of Café Rouge, Las Iguanas and Bella Italia, said it is preparing to call in administrators as the restaurant industry reels from the coronavirus pandemic. Read More.
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“It is now clear that Pier 1’s future does not involve any brick-and-mortar retail locations.”
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— Pier 1 Imports cout filing
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Hertz Global Holdings wants to keep its business in Europe solvent as it prepares for a possible bankruptcy filing in the U.S. (NY Post)
Hertz also is selling a bunch of used 2019 Z06 Corvettes as the company negotiates with creditors about a possible bankruptcy filing. (Jalopnik)
A federal judge in Virginia has ruled that a salvage firm can retrieve the Marconi wireless telegraph machine that broadcast distress calls from the sinking Titanic ocean liner. (AP)
The struggling sandwich chain Potbelly Corp. included a going-concern warning in its financial filing, noting that it likely won't be able to comply with its credit agreement and may not survive the year. (Restaurant Business)
State-controlled Thai Airways International Pcl will seek to restructure under Thailand’s bankruptcy law. (CNN)
USA Gymnastics has joined a chorus of companies challenging the Small Business Administration’s policy denying economic stimulus payroll loans to bankrupt companies. (Bloomberg Law)
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