As expected, second-tier book chain Borders filed for bankruptcy today, after a last-ditch effort at a lifesaving loan failed. The company now says it will be closing 30% of its stores—nearly 200 locations—over the next several weeks. But...but what about my gift card?
Faltering book chain Borders, which has been on a financial death watch for weeks, will file for bankruptcy next week, after failing to get a lifesaving loan. "Borders initially plans to close about 200 of its 674 stores." Initially. [WSJ]
Harry & David, the company that makes expensive fruit baskets to send to people you don't know that well, admitted yesterday that it's in danger of going bankrupt if it doesn't find some new financing, fast. What's the problem?
Skeevy entrepreneurial icon Dov Charney holds a majority stake in our favorite financially teetering retailer, American Apparel. The company—without Dov Charney at its head—could be attractive to buyers. But Dov prefers to wait it out. He's an optimist!
American Media, publisher of the National Enquirer and Star, has been working for over a year to wiggle out of its crushing debts without bankruptcy. It didn't work: the company will be declaring bankruptcy in the next two weeks. [NYP]
If, like many elitist heathens, you consider a megachurch in Orange County to be one of the most objectionable things your imagination could ever conjure up, you'll be impolitely happy to hear that the Crystal Cathedral is bankrupt. (Financially).
Blockbuster has filed for Chapter 11 bankruptcy. $900 million in debt (and Netflix) will do that.
Blockbuster—an anachronism in a Netflix/ on demand world—will be filing for bankruptcy next month, according to the LA Times. Fear not, sentimental veterans of many a "Blockbuster night" (making out): the Blockbuster brand shall not disappear.
The poor orange hair monster from Bravo's Real Housewives of New Jersey is bankrupt. She's selling her mansion, and now basically everything she and her husband own, including their freaking wedding rings, is being auctioned off. Lots of pics below.
In your hot hot Wednesday media column: a (relative) tidal wave of journalism jobs, a plan to save CNN, a publisher goes bankrupt, and Conde poaches Elle's branding mastermind.
Air America Media, the liberal radio network (and, increasingly, political website) has filed for Chapter 7 and will cease broadcasting this evening. All employees have been let go.
In your tricky Thursday media column: the NYT is now a cheap-ass school, media cafeterias rated, the PR industry thrives, another newspaper company goes bankrupt, and News Corp fully supports toadlike fascist Roger Ailes.
Off-Track Betting, the quasi-public agency that has provided so much joy to this city's population of gambling-addicted, alcoholic miscreants—and turned more than a few neighborhoods into cesspools in the process—has filed for bankruptcy protection and now plans to scale back operations. [NYT]
Donald Trump and daughter Ivanka have given up on their bid to regain control of Trump Entertainment Resorts, the bankrupt company that controls the three crumbling Atlantic City casinos that bear the Trump name. In other not-so-encouraging news for the family, it's now considered "likely" that lenders will soon…
In your crushing Wednesday media column: another media bankruptcy, the Businessweek sale draws nearer, Paula Froelich occupies her time, and the magazine industry has an idea!
In your deathly Monday media column: More details on today's Conde Nast purge, point-counterpoint on Tribune Co's criminal management, an online news operation folds, and a journalist is killed.
Is real estate mogul Kent Swig headed down the same path as Hassan Nemazee, the banker who stands accused of providing banks with false information to obtain nearly $300 million in loans? The Real Deal reported on Monday that Swig, who is facing a series of lawsuits over several real estate deals that have gone…
Poor Annie Leibovitz can't catch a break! An Italian photographer's suing Leibovitz for allegedly stealing his work and passing it off as her own. Of course, that's hardly the worst thing on her plate right now.
There have been many rumors floating around that Sam Zell, the gnomish CEO of the bankrupt Chicago Tribune Co., would soon be sent out to pasture. Unfortunately for everyone involved, especially the employees, that may not be the case.
After winning $1B in settlements, as they claim, you'd assume the law firm that Erin Brockovitch was based on would be solvent. Wrong! Masry & Vititoe filed for bankruptcy after being sued by the estate of the dead namesake partner.
