iHeartMedia, the largest network of terrestrial radio stations in the United States, is set to file for bankruptcy soon. Currently, the company is about $20 billion in debt. According to insiders, advisors for the company’s senior creditors have seen the documents that will be used on the first day of the company’s bankruptcy proceeding.
In 2000, Pete and Gerry’s Organic Eggs was on the verge of financial collapse and considering filing for bankruptcy. Then, recent college graduate Jesse Laflamme, grandson of one of the company’s original founders, stepped in and made changes that transformed the egg producer into what it is today - a flourishing company that partners with 125 family farms in 14 states to produce high quality, organic eggs.
Remington Outdoor Company, a 200-year-old American firearms manufacturer, announced its plan to file for bankruptcy in February of 2018. In doing so, it joined other American firearms manufacturers and distributors in publicly announcing its financial distress in today’s polarized political climate.
Over the past decade, gift cards have become a popular holiday present. Giving gift cards is easy – they are small, so there is not much wrapping required, and because they permit the recipient to purchase whatever he or she likes from the retailer, they eliminate the pressure to choose a gift the recipient will like.
Charming Charlie, a popular accessories retailer with 375 locations throughout North America, is planning to shutter six of its 15 Illinois stores after receiving approval to do so as part of a bankruptcy restructuring plan from the court. It did not disclose when it would close these locations, only that they would be part of a larger closing plan that will eliminate 75 of the company’s existing locations.
Pawn America, the largest pawn shop chain in the Upper Midwest, has filed for Chapter 11 bankruptcy. The bankruptcy comes after 26 years of operation in four states. According to the company’s bankruptcy filing, it owes somewhere between $10 million and $50 million to its creditors. Most of this debt is from the purchase of fixtures, furniture, and equipment used in its stores.
Limited Stores LLC, the parent company behind women’s apparel retailer The Limited, filed for Chapter 11 bankruptcy in January of 2017. It did this after receiving advice from corporate financial advisors in late 2016 and liquidating its remaining inventory at steeply discounted prices during the 2016 holiday season. It has closed all of its 250 stores and temporarily suspended online sales.
When companies are owned by the public through shares of stock, the company is known as a publicly held company. The individuals who own shares in the company are known as shareholders and these individuals are partial owners of the company. Increasingly, shareholders are demanding a say in their companies' bankruptcy choices.