Toys 'R' Us to close up to 182 stores nationwide; see the full list

Published: Wednesday, January 24, 2018 @ 7:41 AM

Toys ‘R’ Us Closing Nearly 200 Stores Nationwide

Iconic children's retailer Toys 'R' Us plans to close as many as 182 stores nationwide, the chain said in court documents Tuesday.

>> See the full list of stores set to close

The New Jersey-based company, which filed for Chapter 11 bankruptcy protection in September, has about 880 U.S. stores and 1,600 worldwide, CNN Money reported.

>> Read the court documents here

"The reinvention of our brands requires that we make tough decisions about our priorities and focus," Dave Brandon, Toys 'R' Us chairman and CEO, said in a letter posted on the company's website. "To that end and following a top-to-bottom assessment of our business, we have decided to close a number of our U.S. stores. We also intend to convert a number of locations into co-branded Toys 'R' Us and Babies 'R' Us stores. The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company that will provide the level of service and experience you should expect from a market leader."

>> Toys ‘R’ Us files for bankruptcy: 3 things to know

>> Read more trending news 

If approved, "we estimate store closing sales to begin in early February, with the majority of locations closing in mid-April 2018," Brandon wrote.

>> Read the full memo here

>> Is your store closing? Click here or scroll down to find out

Anonymous Donor Helps Children with Special Need Go On Shopping Spree

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Gibson pushes back against bankruptcy talk, hires new CFO

Published: Wednesday, February 21, 2018 @ 2:45 PM

Gibson Les Paul guitars are displayed at the ''30th Street Guitars'' shop on August 13, 2009 in New York City. (Photo by Jemal Countess/Getty Images)
Jemal Countess/Getty Images
Gibson Les Paul guitars are displayed at the ''30th Street Guitars'' shop on August 13, 2009 in New York City. (Photo by Jemal Countess/Getty Images)(Jemal Countess/Getty Images)

Gibson is pushing back against reports of an impending bankruptcy and has hired a new chief financial officer, who starts with the company Monday.

Officials with Gibson Brands, Inc., maker of the famed Les Paul and ES-335 electric guitars, released a statement saying the company has met all “current obligations to the bondholders, is in the process of arranging a new credit facility to replace the bonds, and fully expects the bonds to be refinanced in the ordinary course of business.”

>> Read more trending news

In the statement, Gibson Chairman and Chief Executive Henry Juszkiewicz said: “These bonds expire as all fixed income instruments do at the end of their term.”

He said also that the company has been working with Jefferies investment bank to manage the refinancing process.

“While the musical instrument and pro audio segments have been profitable and growing, they are still below the level of success we saw several years ago,” Juszkiewicz said.

Also, officials with the Nashville-based company said that Benson Woo will return to Gibson as the company’s chief financial officer today.

>> Related: Gibson guitar company, maker of the Les Paul, facing bankruptcy after 116 years in business

Said Juszkiewicz: “We are excited and pleased that Benson with be coming back to the Gibson Brands family. He has a great knowledge of the industry, our current businesses and is liked and respected by everyone at Gibson and with whom he dealt. We are confident he will contribute to moving the company forward.”

Woo had previously served with Gibson in 2016. He replaces Bill Lawrence. 

The CEO said the company is “streamlining” and will focus its Philips brand consumer audio business on those products that have “greater growth potential,” as well as eliminating product segments that fall below expectations.

While Gibson has been struggling to re-pay debt, an officer with Moody’s Investors Service has told the Nashville Post that the company’s core guitar business remains sound.

“The core business is a very stable business, and a sustainable one,” Kevin Cassidy, of Moody’s, told the newspaper. “But you have a balance sheet problem and an operational problem.”

Gibson was founded in 1894 and makes musical instruments, as well as consumer and professional audio. Juszkiewicz acquired Gibson in 1986 with fellow investors. The company has a portfolio of over 100 well-recognized brand names.

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Report: Winn-Dixie owner preparing for bankruptcy, up to 200 stores could close

Published: Saturday, February 17, 2018 @ 3:23 PM

Bi-Lo, Owner of Winn-Dixie, Reportedly Preparing For Bankruptcy

Winn-Dixie owner Bi-Lo is preparing for bankruptcy, according to a Bloomberg report.

>> Read more trending news 

Up to 200 stores could close as part of a bankruptcy filing, Bloomberg reported. According to Winn-Dixie's website, the retailer has locations in Florida, Georgia, Alabama, Louisiana and Mississippi.

The bankruptcy filing could come as early as next month, Bloomberg reported. 

Bi-Lo has not publicly confirmed any bankruptcy plans.

Traditional grocery stores have faced increased competition from online retailers like Amazon.

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Gun manufacturer Remington to file for bankruptcy

Published: Monday, February 12, 2018 @ 3:57 PM

Bankruptcy Filed by Gun Manufacturer Remington

The Remington Outdoor Company, one of America’s largest firearm and ammunition manufacturers, plans to file for Chapter 11 bankruptcy protection after reaching a deal Monday with its creditors, according to multiple reports.

>> Read more trending news

Company officials said in a news release that a prepackaged reorganization plan will be filed with the U.S. Bankruptcy Court in Delaware. The deal will give control of the company to its lenders, Bloomberg News reported.

Remington seeks to lower its $950 million debt load, Reuters reported. The company’s executive chairman, Jim Geisler, said in a statement that “difficult industry conditions make today’s agreement prudent.”

“I am confident this regrouping ensures that Remington will continue as both a strong company and an indelible part of our national heritage,” he said.

Officials with Remington, the maker of the Bushmaster AR-15-style rifle used in the Connecticut shooting that left 20 first-graders and six educators dead in 2012, said the agreement with lenders will reduce its debt by about $700 million and add about $145 million in new capital.

The company was cleared of any wrongdoing in the 2012 shooting, but investors repulsed by the massacres distanced themselves from the company's owner, investment firm Cerberus Capital Management.

The company’s debtors include JPMorgan Asset Management and Franklin Templeton Investments, Reuters reported. They will trade their debt holdings for equity in Remington as part of the deal unveiled Monday.

A bankruptcy filing under Chapter 11 allows a company to reorganize and stay in business as the company works to repay debtors. Officials with Remington said in a news release Monday that the company will continue to operate as normal as the restructuring process gets underway.

“Importantly, the fundamentals of our core business remain strong,” Reminton CEO Anthony Acitelli said in a statement. “We have an outstanding collection of brands and products, the unqualified support of a vibrant community across the industry and a deep and powerful culture. We will emerge from this process with a deleveraged balance sheet and ample liquidity, positioning Remington to compete more aggressively and to seize future growth opportunities.”

The Associated Press contributed to this report.

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Caught on camera: Uncovered raw meat transported in shopping carts to supermarket

Published: Saturday, January 27, 2018 @ 4:02 PM

WATCH: Uncovered Raw Meat In Shopping Carts Transported Into Supermarket

A California supermarket is facing backlash after a shopper captured a disturbing image.

Loretto Seto took the photo Thursday outside of 99 Ranch Market in San Jose. She was shocked to find slabs of uncovered raw meat being wheeled into the store in Costco shopping carts.

>> Read more trending news 

She posted the photo on Facebook to warn shoppers about the meat at 99 Ranch Market and the potentially contaminated Costco shopping carts. The image caught the attention of local health officials, who are now investigating the incident, The Modesto Bee reported.

A 99 Ranch Market representative replied to Seto on Facebook, saying that an internal investigation had been opened and the meat in question had been discarded. The representative said that the men in the photo were not supermarket employees, but workers from the supermarket’s meat vendor, Jim's Farm Meat Co. Inc. The workers have been fired, The Modesto Bee reported.

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