Bargain home decorating retailer Old Time Pottery Inc. filed for bankruptcy as part of a restructuring. The chain, which operates 37 stores across 12 states in the southeast, is expecting business as usual with no layoffs.
chapter 11: August 2009 Archives
Reader's Digest, the once beloved publication found on millions of newsstands and checkout carousels, is filing for bankruptcy protection. The private equity concern that bought Reader's Digest two years ago is looking to reduce its debt. The company has secured funding to continue operations, and the bankruptcy filing will not affect its extensive international business. Reader's Digest, like many print publications, has struggled with circulation and revenue issues for several years.
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German fashion company Escada filed for bankruptcy protection after failing to secure financing. The company had planned on making moves to continue funding its operations. Reuters said the company is "throwing in the towel" and "admit[ting] defeat," which casts doubt on the company emerging from bankruptcy as an ongoing business. Escada had more than 400 worldwide locations.
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Upscale makeup brand Paula Dorf filed for bankruptcy protection last week. The company claims the filing was strategic, but industry experts say the line has too many skus and not enough new, innovative items that spur growth.
Prestige beauty products saw a sales decline in 2008 and have experienced continued weakness this year.
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Finlay Enterprises, the jeweler retailer behind such brands as Bailey Banks & Biddle and Carlyle, filed for bankruptcy protection. The company plans on selling its assets at auction, bringing an end to its current composition. Finlay, which dates to 1887, still has nearly 200 locations including department store installations.
Finlay announced a series of store closings in February, which proved to be insufficient in narrowing the company's losses.
In related news, Zale closed 118 locations in the past fiscal quarter, bringing its total closings to 191 this year as it tries to preserve its own profitability.
