Collection Industry News

OCTOBER 27, 2023

Rite Aid filed for Chapter 11 bankruptcy protection in New Jersey on Sunday and said it would begin restructuring to significantly reduce its debt. The company said it reached a deal with creditors on a restructuring plan that includes evaluating its retail footprint and closing underperforming locations.

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FFGN COLLECT NY

JUNE 12, 2022

Are you or your collection attorney attempting debt collection efforts even though the debtor filed for bankruptcy? Enforcing a claim and/or a judgment against an entity or individual who has an active bankruptcy pending or who has received an order discharging them from liability is more than a bad idea. The debtor did not pay.

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ABI

JANUARY 13, 2021

American Bankruptcy Institute Law Review Staff. . Under section 365(d)(3) of title 11 of the United States Code (the “Bankruptcy Code”), a trustee or debtor in possession must generally pay rent in accordance with the terms of an unexpired lease. Under the Bankruptcy Code, a landlord is entitled to “adequate protection.” [xvi]

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BN Lawyers

APRIL 1, 2019

A gasoline retailer defaults on its obligations under an ongoing Franchise Agreement that it has with a brand name in the oil & gas industry. How about if the franchisee/retailer files for bankruptcy protection? It is intended to protect distributors and retailers. Franchisors are commonly characterized as suppliers.

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Collection Industry News

APRIL 13, 2023

New YorkCNN — Bed Bath & Beyond, the store for seemingly everything in your home during the 1990s and 2000s, filed for bankruptcy on Sunday. The company secured a $240 million loan to help fund its operations during bankruptcy. A bankruptcy filing does not necessarily mean that a company is going out of business.

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Collection Industry News

SEPTEMBER 29, 2020

Just in Time: New Bankruptcy Relief for Small Businesses. million) to take advantage of a new way to restructure under chapter 11 of the Bankruptcy Code. million) to take advantage of a new way to restructure under chapter 11 of the Bankruptcy Code. million of third-party debt is set to expire early 2021. By Jerrold L.

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PBWT

FEBRUARY 5, 2023

This post is about a junkyard, hogs getting slaughtered, and a bankruptcy judge poised to sanction a creditor and her counsel. Administrative expense claims are governed by Bankruptcy Code section 503(b)(1)(A). ” As is discussed below, the focus is on what benefits the bankruptcy estate, not on what a claimant asserts it lost.

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PBWT

JULY 1, 2020

As retail and other tenants fall further behind on rent and other obligations, lessors are finding themselves drawn into more and more Chapter 11 bankruptcy cases. Yet, while it may not always feel that way to them, landlords actually have it better than most creditors in bankruptcy.

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Payment Savvy

DECEMBER 7, 2023

According to various studies, medical expenses are the leading cause of bankruptcy in the United States. Eye Doctors & Optometrists You can pay for your eye exams, prescription eyeglasses, contact lenses, solutions, and other vision expenses with your FSA card at any optometry office or vision care retailer. What Is an FSA Card?

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Healthcare Retail Bankruptcy Financial services 105

PBWT

MARCH 28, 2022

Bankruptcy protection allowed debtors to shed their massive tort liabilities through the creation of litigation trusts that would be funded in exchange for non-consensual third-party releases. This approach became so widely accepted that it is now codified in the Bankruptcy Code. Mahwah Bergen Retail Group, Inc. See 11 U.S.C. §

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Collection Industry News

AUGUST 1, 2023

For instance, Company X, a manufacturing firm, found itself facing financial difficulties when one of its major clients filed for bankruptcy, leaving them with a substantial amount of unsold machinery and equipment. A prime example is Retailer Y, which accumulated surplus inventory due to overestimating demand for certain products.

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PBWT

OCTOBER 27, 2021

But the powers of creditors’ committees are circumscribed by both the Bankruptcy Code and case law. Post-petition, the debtor operated as a debtor-in-possession and, with the consent of one its largest pre-petition lenders, used cash collateral from its retail locations to continue operating. Bankruptcy Judge Joseph N.

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Creditors Debtor Collateral Unsecured Creditor 59

Roths Child Law

NOVEMBER 29, 2023

That’s just the way that the credit card companies and retailers like it The entire holiday shopping season is designed to subtly (or overtly) pressure consumers into buying more. About half (52%) of the consumers in this nation racked up some credit card debt during the 2022 holiday season, and 31% still haven’t paid those bills off.

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ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff The Worker Adjustment and Retraining Notification Act ("WARN Act") provides that “an employer shall not order a plant closing or mass layoff until the end of a 60-day period after the employer serves written notice of such order” to each impacted employee. [1]

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Collection Industry News

JUNE 7, 2021

Private label credit card performance will continue to be hampered by the bankruptcies of some large partner retailers, tied not only to the accelerated surge in e-commerce in the wake of COVID-19, but to the longer-term trend of mall closings since 2010. Also factoring in are the changing payment preferences of Millennials and Gen Z.

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ABI

JANUARY 19, 2024

4] Under the Ground Lease, Debtor was responsible for hiring and paying contractors for developing the retail portion of the George Washington Bridge Bus Station. [5] While the arbitration was pending, Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code, which resulted in a stay of the arbitration. [7]

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Receivables Control

SEPTEMBER 22, 2020

Retail has been battered. Particularly hard hit are apparel retailers and department stores. Bankruptcies are up sharply in the retail sector. Only recently have some of these businesses begun a return to limited service in regions of the country that support their openings. The energy industry has been shaken.

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Retail Healthcare Collections Bankruptcy 98

UK debt collections

JULY 24, 2024

EU Late payment proposal Spokesperson Johanna Bernsel says the Commission “stands behind its proposal for stricter rules to combat late payments” and continues to believe a new payment framework is needed for commercial transactions. “Late payments are a major problem for Europe’s SMEs and a cause of many bankruptcies among small companies.

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UK debt collections

NOVEMBER 13, 2020

In addition to seeking excess discounts and canceling orders, the vendors have revealed delayed payment practices in Transformers’ new report, “Ending Unethical Brand and Retailer Behavior: The Denim Supply Chain Speaks Up.”

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Collection Industry News

DECEMBER 13, 2023

Shoppers can purchase anything from a $3,253 Jil Sander leather tote bag marked 30% off from luxury retailer Farfetch (FTCH.N), to groceries from Walmart (WMT.N) Retailers pay fees of anywhere from 2% to 8% of the purchase price to buy now, pay later firms. In comparison, credit card processing “swipe” fees run 2% to 4%.

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Retail Loans Credit Card Debt Construction 40

Burr Forman

FEBRUARY 15, 2021

SlideBelts is an internet retail company and debtor in bankruptcy. The US Department of Justice announced the first civil settlement involving allegations of fraud against a PPP borrower. SlideBelts Inc. received a PPP loan under the CARES Act.

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PBWT

JUNE 23, 2020

and most of its affiliates filed for bankruptcy on May 22, 2020. This was just one corporate failure among many in the midst of the COVID-19 pandemic; but, a novel strategy by Hertz to raise capital to fund its bankruptcy has raised eyebrows instead. per share the first trading day after the bankruptcy case was filed.

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Debtor Bankruptcy Retail Trade 52

Debt RR

DECEMBER 13, 2019

Businesses that file for Chapter 11 bankruptcy have all of their affairs (debts, assets, or otherwise) reorganized by a judge. It’s a last-ditch effort to avoid a Chapter 7 liquidation bankruptcy. Retailers Gymboree, Charlotte Russe, Payless, Roberto Cavalli, and Diesel filed Chapter 7 bankruptcies in 2019.

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Better Credit Blog

JANUARY 21, 2021

General Electric Capital Retail Bank, abbreviated as GECRB, is the former name for Synchrony Bank, and it’s probably on your report because you applied for a Synchrony card at some point in the past. The bank partners with numerous retailers to offer rewarding credit cards to shoppers. Ask Lex Law for Help. File a Dispute. Charge offs.

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Retail Banks Loans Repossession 52

Credit Corp

JANUARY 28, 2021

GameStop, a dying video game retailer, has blown past epic proportions to the point of hitting all-time highs in the stock market. Before its euphoric rise, GameStop was on a slow demise to bankruptcy, as it faced significant challenges to its business model from the internet. That’s a ~1700 percent increase!

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Collection Industry News

AUGUST 25, 2024

Other balances, which include retail cards and other consumer loans, were effectively flat, with a $1 billion increase. About 136,000 consumers had a bankruptcy notation added to their credit reports in Q2 2024, an increase from the previous quarter in line with pre-pandemic seasonal trends. Over the last year, approximately 9.1%

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UK debt collections

OCTOBER 15, 2021

The Financial Services and Retail sectors top the charts for longest payment delays with a shocking 33% of all invoices going unpaid in September alone. Contrary to initial expectations, the new Insolvency Forecast reports UK business insolvencies declined 27% in 2020 as a result of fiscal support schemes and anti-bankruptcy measures.

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Collection Industry News

JUNE 17, 2024

This includes mortgages, home equity revolving debt, auto loans, credit cards, student loans and other consumer lending such as retail cards. Household debt in the “Other” category — which includes retail cards and other consumer loans — also saw a substantial increase of 7.7% Consider bankruptcy: Don’t be scared. on the year.

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Credit Card Debt Student Loans Student loans Loans 40

Troutman Sanders

MARCH 10, 2021

This case was brought on behalf of a class of 72 female sales professionals employed by clothing retailer John Varvatos Enterprises, Inc. In the meantime, Varvatos declared bankruptcy, though the bankruptcy court lifted the automatic stay as to the case. Varvatos moved for judgment as a matter of law, a new trial, or remittitur.

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Judgment Bankruptcy Retail 52

Nexa Collect

APRIL 11, 2021

For example, consider leisure and hospitality workers, whose employment fell by over 20% compared to 2019, or book retailers and news dealers, who recorded a 48.9% The levels of employment started spinning down at the beginning of 2020 with some industries hit so badly, it’s hard to believe they’ll take less than a few years to recover.

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Better Credit Blog

AUGUST 7, 2020

If you’ve come across the name SYNCB on your credit report, it’s probably because you applied for a credit card with the bank or one of its popular retail partners. The online bank is known for its extensive lineup of credit cards for popular retailers, including: Amazon. What Is SYNCB? American Eagle. Ashley Furniture. Charge offs.

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Collections Law

NOVEMBER 4, 2021

This works best when your debtor is a cash-heavy business, such as a retail store or restaurant. This might be especially helpful if the customer heads into bankruptcy, which could make collections much more difficult. The keeper has a court order to collect the cash that comes into the business until the debt is fully collected.

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Collection Industry News

JANUARY 13, 2024

Household debt in the “Other” category — which includes retail cards and other consumer loans — also saw a substantial increase of 7.7% Consider bankruptcy: Don’t be scared. Call a bankruptcy attorney for a free consultation. Most people have heard all kinds of scary stuff about bankruptcy from people who love them.

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Credit Card Debt Student loans Student Loans Bankruptcy 40

UK debt collections

JUNE 10, 2022

Leading online UK fast-fashion retailer Missguided has been served with a winding up petition due to unpaid debts. Several online and high-street stores have been considering launching takeovers of Missguided, with JD Sports, Asos, Shein, Frasers Group and Asda all contemplating making bids, according to Retail Gazette.

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Retail Creditors Repossession Manufacturing 52

Credit Corp

MAY 4, 2021

For instance, if you’re a compulsive shopper, delete retail apps and turn off push notifications for sales. Consider Bankruptcy as a Last Resort. The thought of filing for bankruptcy might seem scary. “Everyone has a trigger, and it’s important to face it to avoid it and prevent it from destroying your financial gains.”

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Credit Card Debt Bankruptcy Lender Student Loans 98

Burr Forman

JANUARY 6, 2021

Max has experience representing investment banks, commercial banks, financial institutions and other commercial lenders in the origination of debt secured by real estate assets of all types, including office, retail, hotel, apartment, condominium, industrial and self-storage properties.

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Troutman Sanders

JANUARY 3, 2024

The company’s scaled-back bankruptcy plan also frees up $225 million in digital assets that would have been used to fund the new business lines that were rejected by the SEC. Recently, Maryland AG Anthony Brown commended the FTC for passing the Combating Auto Retail Scams (CARS) Rule. For more information, click here.

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