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All Posts Term: bankruptcy
3 post(s) found

Limited Stores Files For Bankruptcy

LimitedStores

Limited Stores, the well-known women's fashion retailer, has filed for Chapter 11 bankruptcy protection on Tuesday of this week, and will be closing all of its stores. Based in New Albany, New York, the retailer will now be under the receivership of Sycamore Partners, a New York private-equity firm that is buying the store's intellectual property rights and other assets. The bankruptcy filing and sale are pending approval from the U.S. Bankruptcy Court in Delaware.

The chain announced a month ago that more than 240 employees would be laid off at its New Albany headquarters as a result of the sale, with both the CFO (John Buell) and Chief Executive Office (Diane Ellis) leaving in late 2016. The company also released a statement on January 6 stating that the site TheLimited.com, would continue to be in operation once the stores have closed. However, once the bankruptcy filing was made, a message was posted on the website indicting that it would be down temporarily.

General Motors Back on Top

2011 Chevrolet Volt exhibited at the 2010 Wash...

Image via Wikipedia

It has been a long slow slog back from the brink of disaster, but General Motors seems to finally be back on track. In fact, they have already paid back all the money they borrowed from the United States government in 2008 in order to avoid bankruptcy. Sales of their big trucks and SUVs have rebounded, even as gasoline prices continue to climb and their new small car market share, led by the new Chevrolet Volt, a gas-electric hybrid vehicle only just released this year, they are poised to reclaim the title of the world largest automobile maker back from Toyota.

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