Companies That Might Go Out Of Business

[Channel98]

Express Inc., headquartered in Columbus, Ohio, operates Express, Bonobos and UpWest clothing stores in the United States, Mexico, Puerto Rico, Costa Rica, Guatemala, Panama and El Salvador. Shares of Express closed today at 0.83, a gain of 0.13 (18.57%).

Clothing store Express, a mall favorite, has filed for bankruptcy, will close 95 stores

https://www.npr.org/2024/04/22/1246373948/express-mall-store-files-bankruptcy

 

[Channel98]

Republic First Bank had 32 branches in New York, New Jersey and Pennsylvania. They have reopened as branches of Lancaster, Pennsylvania--based Fulton Bank. Shares of Fulton Financial Corporation closed today at 16.80, a gain of 1.18 (7.55%). Republic's final share price was 0.0098, less than a penny per share.

FDIC takes control of Republic First Bank, marking the first major bank closure of 2024

Shockwaves in the Financial World: FDIC takes control of Republic First Bank marking the first major bank closure of 2024

The FDIC announced the closure of Republic First Bank, which held $10 billion in deposits and assets, marking the first major bank closure of the year

en.as.com

 

[Channel98]

rue21 was founded in 1970 in Warrendale, Pennsylvania and, according to Forbes, sells fashions "designed to appeal to 11- to 17-year-olds who aspire to be 21 and adults who want to look and feel 21." Today the 540-store chain looks and feels Chapter 11 bankrupcy.

rue21, a mall staple, files for bankruptcy and will close all of its stores

https://www.cnn.com/2024/05/03/business/rue21-bankruptcy-stores-closing/index.html

 

[JHDK]

I can't remember ever seeing a rue21 at a mall I've been to.

 

[Channel98]

Austrian immigrant Sam Ashkynase, a violin teacher and leader of the Sam Ash Orchestra, opened a music store in 1924 in Brooklyn. To cover the down payment, he pawned his wife's $400 engagement ring. Sam Ash Music began expanding in 1961 and eventually had 45 stores in 16 states. Sam's son Richard has served as CEO since 1995.

Hicksville-based retailer Sam Ash Music to close after 100 years

The company announced going-out-of-business sales of its existing inventory online and in store.

www.newsday.com

 

[scotchandcigar]

I can't remember ever seeing a rue21 at a mall I've been to.

I've seen them in the malls around here.

 

[HecticArt]

Austrian immigrant Sam Ashkynase, a violin teacher and leader of the Sam Ash Orchestra, opened a music store in 1924 in Brooklyn. To cover the down payment, he pawned his wife's $400 engagement ring. Sam Ash Music began expanding in 1961 and eventually had 45 stores in 16 states. Sam's son Richard has served as CEO since 1995.

Hicksville-based retailer Sam Ash Music to close after 100 years

The company announced going-out-of-business sales of its existing inventory online and in store.

www.newsday.com

It must be my fault. I haven't bought anything from them in prolly 25 years.

 

[HecticArt]

I've seen them in the malls around here.

Where are you going to get your skinny jeans now?

 

[scotchandcigar]

Where are you going to get your skinny jeans now?

Guess I'll just stick with my fat jeans.

 

[sadchild]

I don't even button most of mine anymore, the belt holds them up.

I'm becoming a fatty boombalatty

 

[Channel98]

KidKraft, founded in 1968 iin Dallas, makes wooden toys, puzzles, playsets and furniture for children – and is more than $100,000,000 in debt..

KidKraft Files for Chapter 11 Bankruptcy, Eyes Sale to Backyard Products

The company hopes to secure $10.5 million in debtor-in-possession financing from 1903 Partners.

toybook.com

 

[HecticArt]

Maybe they can pay their debt with some Monopoly play money?

 

[Channel98]

In 2014, Red Lobster parent company Darden sold the chain to private equity firm Golden Gate Capital, which sold off the real estate assets. thereby forcing Red Lobster to pay for expensive long-term leases, even for undeperforming locations. In 2020, Golden Gate sold the chain to Thai Union, a Thailand-based seafood company that owns several brands including Chicken Of The Sea. In 2023, Red Lobster introduced a $19.99 "Endless Shrimp" promotion which led to a quarterly loss of $11 million. Red Lobster, which has had five CEOs since 2021, now has one billion dollars in debt.

Red Lobster files for bankruptcy

https://www.cnn.com/2024/05/20/investing/red-lobster-restaurants-bankruptcy/index.html

 

[IdRatherBeSkiing]

I liked them for the 1 or 2 times in 3 years I ate there.

 

[Channel98]

Headline in the Los Angeles Times:

Red Lobster is in hot water

Why didn't I think of that?

 

[HecticArt]

I haven't been there in close to 20 years.
There were always better places.

 

[Channel98]

Fisker, which was founded in 2016 and went public in 2020, was once worth $2.9 billion. That was then, this is now. Shares of Fisker closed today at 0.02.

Fisker goes bankrupt, plans to sell off assets

Henrik Fisker has filed for bankruptcy for the second time on an EV company he's led.

www.motorauthority.com

 

[HecticArt]

That's too bad, but why I wouldn't have bought a Fisker, Rivian or even a Tesla. (I don't trust Musk not to throw a temper tantrum and shut the company down or something stupid.)

 

[semipenguin]

Fisker? I don’t even know her.

 

[HecticArt]

Just don't try to put anything in her trunk.