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October 2018 Archives

Signs bankruptcy might be right for you

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.

Mattress Firm files for 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 company plans to close 700 non-profitable stores across the country, focusing first in on those in close proximity to one another. So far, no stores in New Mexico are slated for closure, but that could change as the bankruptcy moves forward.

Despite Lampert’s efforts, Sears files for Chapter 11

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 leveraging his hedge fund, ESL Investments, and other resources to raise capital and avoid a filing. In spite of those efforts, however, the highly anticipated filing occurred.

Westmoreland Coal Co. files for 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 assets).

Bankruptcy rates climb among older Americans

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 2.1 percent just a generation ago.

Toys R Us bankruptcy continues to unfold with severance package

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 buyout, could provide relief for workers struggling since the company closed all 850 stores back in June.

Sears CEO suggests plan to avoid 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, and taking advantage of CEO Eddie Lampert's hedge fund, ESL Investments, to raise capital and reduce debt.

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