Judge Stephanie Reese, from Guilford County, approved the sale of Alamance Crossing to Arsenault Holdings. The shopping center has retailers including Victoria's Secret, Shoe Depot, Talbots, Furniture World, Bath & Body Works and Barnes & Noble. In 2023, the Alamance County Superior Court appointed Spinoso Real Estate Group to take over management from CBL Properties after it defaulted on a $50.8 million bank loan in 2021, falling into bankruptcy, and in 2024 the Alamance Superior Court ordered that the property be sold.
The Ohio-based arts and crafts retailer is seeking court approval to sell substantially all of its assets under Section 363 of the U.S. Bankruptcy Code, with Gordon Brothers Retail Partners as the stalking horse bidder. Joann is actively soliciting alternate bids and plans to conduct an auction if other qualified bids are submitted.
Prospect Medical Holdings, a Los Angeles-based company owning hospitals in Calif., Penn., R.I. and Conn., filed for Chapter 11 bankruptcy with debts exceeding $400 million. The company plans to continue operations during the restructuring process. This bankruptcy follows the collapse of Steward Health Care, another hospital system previously backed by private equity. Both cases are part of a CBS News investigation into how private equity investors have extracted significant funds from community hospitals, impacting public health.
The company will auction 695 Party City store leases in 44 states in its capacity as real estate advisor to the retailer. Party City Holdco filed for Ch. 11 bankruptcy protection in Jan. 2023 and announced in Dec. 2024 it would be liquidating and closing all stores. The leases range in size from roughly 7,000 to 46,000 square feet, with the spaces available for immediate occupancy and bidding to start in Feb. 2025.
Restaurant chain TGI Fridays, which filed for Chapter 11 bankruptcy in Nov., received court approval to sell nine of its 39 corporate-owned locations for $34.5 million to repay creditors. The sale, approved by U.S. Bankruptcy Judge Stacey Jernigan in Dallas, Texas, will allow TGI Fridays to fully repay its $23.9 million bankruptcy loan, with about $8 million in cash left over. The locations will be transferred to Mexico-based MERA, which outbid TGI Fridays' former CEO Ray Blanchette. The sale doesn't affect TGI Fridays' franchised locations, which include 122 in the U.S. and 316 internationally.
Big Lots filed for bankruptcy protection due to inflation and high interest rates affecting consumer demand. The company reached a deal to sell its stores to Gordon Brothers Retail Partners, which specializes in distressed companies. Gordon Brothers will transfer Big Lots stores to other retailers, with Variety Wholesalers planning to acquire between 200 and 400 stores and operate them under the Big Lots brand.
The Container Store filed in the U.S. Bankruptcy Court for the Southern District of Texas. The company plans to confirm a reorganization plan within 35 days, which will result in ownership by its term loan lenders and operation as a private company. The reorganization plan includes $40 million in financing, at least $45 million in deleveraging and substantial debt service relief. The company will continue to operate its stores and website, and plans to pay vendors and trade creditors in full.
H Group Capital LLC sold the 27,591-square-foot lot on N.E. Second St. to Arosa Developers. Safe Harbor Equity Distressed Debt Fund 3 filed a foreclosure complaint against H Group Capital over this property concerning a mortgage with $5.75 million in principal outstanding, alleging the borrower missed payments. The parties settled the foreclosure lawsuit after H Group Capital found a buyer for the site.
The office building at 1015 15th St. NW was traded "in lieu of foreclosure pursuant" from Blackrock to Pacific Retail Capital Partners. The building runs 13-stories and is 196,651-square-feet. Blackrock first acquired the property in 2006 from TIAA-CREF for $91 million. The office, built in 1978 and renovated in 2020, has 38,863 square feet of office space available for lease.
The company filed for Ch. 11 bankruptcy, listing up to $10 million in debts against $1 million in assets. However, the filing is being challenged by Robin Fleming, the organization's CEO, who claims sole ownership since purchasing the company in Dec. 2022. Fleming alleges that Glenn Straub, listed as the company's owner in the filing, acted without authority and aims to derail the upcoming Miss America pageant, scheduled for Dec. 31, 2024. Fleming argues the filing is a tactic to create "chaos and confusion" in ongoing litigation, asserting the organization is not in financial distress.
The company's 28-story Redwood Tower at 201 N. Charles St. was sold for $2.55 million in an online auction, below the $4.1 million the building sold for at foreclosure in 2022. The buyer was not identified. 201 N. Charles St. was built in 1968 and is just over 53% leased. Blue Ocean Realty acquired the property for almost $20 million in 2013.
The no-frills air travel company filed for bankruptcy protection, sparked by a long run of quarterly losses, failed merger attempt and upcoming debt maturities. Spirit is the first major U.S. airline to file for Chapter 11 since 2011. The airline hasn't posted a full-year profit since 2019 and has been facing an uncertain future after the collapse of its $3.8 billion planned merger with JetBlue Airways.
The parent company of American Freight filed for bankruptcy and is closing all 328 American Freight stores nationwide, including 33 locations in Fla. The company cited financial issues due to sustained inflation and macroeconomic challenges. The closures will be accompanied by store closing sales with discounts up to 30% off. Franchise Group will focus on restructuring and its other brands such as Pet Supplies Plus, The Vitamin Shoppe and Buddy’s Home Furnishings.
A mortgage foreclosure auction for a vacant building in downtown Albany was rescheduled for Dec.19 after the owner's Chapter 11 bankruptcy petition was dismissed. The property at 17-21 North Pearl St., formerly leased to Walgreens, will be auctioned in the rotunda of the Albany County Courthouse. The owner, United Assets Corporation, defaulted on the mortgage and real estate taxes, owing an estimated $641,497 plus interest and fees to JG Funding Corp.
Big Lots initially planned to close nearly 550 stores but has now reversed the decision for over two dozen locations. These stores, previously marked for closure, have had their 'closing' banners removed and replaced with 'Share your big ideas' banners. The change reportedly followed renegotiations of store leases. Employees at these locations have been informed, and any closing-related sales have ended, with prices returning to normal.
The dining chain filed for Chapter 11 bankruptcy protection after grappling with prolonged financial challenges, primarily driven by the COVID-19 pandemic and the company's capital structure. TGI Fridays will maintain operations across its corporate-owned 'happy hour' dining places in the U.S., stating it secured a financing commitment to support operations. The company says the restructuring will allow its restaurants to proceed with an optimized corporate infrastructure and normal operations will continue in all of the franchise locations both in the U.S. and internationally.
A U.S. bankruptcy judge approved the sale of Tupperware Brands, allowing the company to exit Ch. 11 protection. The deal involves a group of lenders purchasing Tupperware's brand name and operating assets for $23.5 million in cash and over $63 million in debt relief. Tupperware will operate as The New Tupperware Co, continuing to sell products online and through its network of independent sales consultants.
The Fla.-based maker of joint replacement implants owned by TPG Capital filed for Ch. 11 bankruptcy in Del. The company is facing over a thousand lawsuits alleging that its hip and knee implants were defective and caused harm to patients. Exactech listed assets and liabilities each between $100 million and $500 million.
The Diocese of Buffalo sold its Christ the King Seminary in East Aurora to World Mission Society of God for $4.2 million. The 118-acre seminary is located at 711 Knox Rd. The sale was approved by a federal bankruptcy judge as the diocese and seminary board chose to close the facility in 2020 due operating deficits of about $500,000 a year. The seminary has 18 buildings that include classrooms, a 460-seat auditorium, a chapel, a library, six dormitories, a large commercial kitchen and a gymnasium.
After failing to emerge from Chapter 11 bankruptcy, baby wares seller BuyBuy Baby said it will close all of its physical stores by the end of the year and transition into a "strategic reset" as a "digital-first brand." The retailer said it will move all of its sales to an online portal exclusively. The decision comes after BuyBuy Baby filed for Chapter 11 in Apr. 2023 after its former parent company, Bed Bath & Beyond, also filed for bankruptcy and liquidated all of its stores. BuyBuy Baby has up to 120 locations nationwide, all of which will be closed and sold off.
The company has taken control of the distressed office building at 88 University Pl. in Greenwich Village from Arch Companies for $48.6 million. The building at 88 University Pl. was previously owned by former WeWork CEO Adam Neumann, who purchased it with his partner in 2015 for $70 million. The building saw multiple tenants leave during the pandemic, ultimately putting it into foreclosure.
SGD Wellington Crossing sold the 136-unit senior living facility at 8785 Lake Worth Rd. to Walton Street Capital. The seller said the sale was in lieu of foreclosure, so the $23.5 million value was based on the outstanding balance of the mortgage in exchange for transferring the property. Totaling 131,955 square feet, the senior living facility was built on the 11.75-acre site in 2018.
The retailer initiated voluntary Chapter 11 bankruptcy proceedings and entered into an agreement to sell substantially all of its business operations to Do it Best Corp., a former rival. Do it Best will serve as the stalking horse bidder for True Value with an acquisition price of $153 million in cash and the assumption of $45 million in contracts and other obligations. True Value said it came to the decision to enter bankruptcy and sell after a "thorough evaluation" to figure out how to maximize value and best serve its retail partners and other stakeholders.
ICM Development's Bahama Bay II Development LLC and BB2 Development Holdings LLC, associated with South Florida developer Carlos Balzola, filed for Chapter 11 bankruptcy protection on October 4 in the Middle District of Florida. The companies are involved in a condo transformation project in Davenport, which has faced issues after taking over from a previous developer. The project includes 160 existing condos and plans for 244 new units. CRE Credit Fund IV Financing III LLC, linked to Calmwater Capital, is owed $62.5 million by Balzola's firms. An auction for the assets was canceled due to the Chapter 11 filing and the future of the Bahama Bay condo project is now dependent on the bankruptcy outcome.
The College of Saint Rose in Albany filed for Chapter 11 bankruptcy protection as it proceeds with winding down operations. The college, which ceased academic instruction, has assets valued at a net book value of approximately $100 million, but the fair market value is pending until property sales are finalized. Saint Rose has debts totaling $56.5 million and lists 50 to 99 creditors. The bankruptcy filing is intended to facilitate an orderly wind-down and settlement of affairs, including the sale of its 48-acre campus to cover debts, such as the $48 million owed to bondholders. The college has engaged JLL to market its properties, which include 72 buildings on 92 parcels.
Electric vehicle startup Fisker received court approval for its bankruptcy liquidation plan, which includes a $46 million sale of its remaining inventory of about 3,000 Ocean SUVs. The approval allows Fisker to repay creditors with assets remaining after the sale of its vehicle fleet. The company filed for bankruptcy in June after failing to secure a partnership with Nissan for EV production. This resulted in cash flow issues, forcing Fisker to pause vehicle production and lay off staff before deciding to liquidate. The sale of the vehicle fleet to American Lease also encountered a last-minute hurdle due to difficulties in transferring essential data and support services to the buyer's servers.
Starwood Property Trust paid $22.8 million for the 12-floor, 71,000-square-foot office building at 29 W. 35th St. Starwood acquired the property after hosting a foreclosure auction to find other buyers earlier in 2024, but failed to find any buyers. Empire State Equities was the seller, and owned the 113-year-old Midtown South office building for 17 years, and faced multiple foreclosures on the property due to low tenant numbers.
Owning warehouses in Hollywood and Dania Beach, the company filed Ch. 11 reorganization with $5.36 million in secured debt. The company is 100% owned by Bryan Hacht. Aphex owns the 21,927 square feet of warehouses on 1.67 acres at 3580 and 3590 S.W. 30th Ave. in Hollywood, and in Dania Beach it owns industrial condo Units 107 and 108, which total 3,080 square feet, at 2960 S.W. 23rd Terr. The largest secured claims in the case were $4.6 million for a loan on the Hollywood property, a $750,000 loan from DSTZ on both properties and $10,000 in condo association dues on the Dania Beach property.
Big Lots announced the closure of 392 stores, including 11 in Texas and six in Calif., with discounts of up to 50%. The company filed for Chapter 11 in early Sept. and plans to close a third of its 1,392 locations as part of its restructuring efforts. The latest closure list was filed on Sept. 20.
PHCV4 Homes, Bridgetopia and Prominence Homes Communities filed for Chapter 11 bankruptcy. The filings occurred between September 10 and September 12, with Bridgetopia filing under Subchapter V. Prominence Homes, one of Birmingham's largest private companies, is known for its build-to-rent communities across the state and built over 400 homes in 2021. The attorney for PHCV4 is Frederick Garfield, while Stephen Leara represents both Prominence Homes Communities and Bridgetopia.
A court-ordered bankruptcy sale was held to offload Cypress Creek Florida's 20,150-square-foot office and 18,048-square-foot private hangar with a two-bedroom apartment at 1200 and 1400 N.W. 62nd St. The buildings were developed on the 10.7-acre site in 1993 and saw renovations in 2018.
Johnson & Johnson's (J&J) subsidiary, Red River Talc, filed for bankruptcy for the third time to resolve over 61,000 lawsuits claiming its talc products caused cancer. The subsidiary's settlement offers $8 billion to claimants over 25 years, surpassing its previous offer by $1.75 billion. J&J maintains its products are safe but seeks to settle through this bankruptcy strategy, which has received support from 83% of current claimants. J&J agreed to contribute an additional $650 million to resolve the claims for legal fees and expenses sought by plaintiffs' counsel.
Tupperware Brands filed for Ch. 11 bankruptcy protection, succumbing to mounting losses amid poor demand for its food storage containers. Sales have fallen in recent years as the company has lost shelf space to rivals making cheaper and more environmentally friendly containers. The company, which has been trying to turn its business around for years after reporting several quarters of falling sales, intends to obtain court approval to continue selling its products and charting out a sale process for the business.
The company sold the 13,480 square feet of retail at 100 Lincoln Rd., Units CU-1, CU-2, CU-39 and CU-40. The buyer was 100 Lincoln Road, who bought the space for $1,285 per square foot. The property was seized at a foreclosure auction in January 2023 after LoanCore Capital filed a $30.75 million foreclosure lawsuit against the property's previous owner of the property in 2021 and ultimately won a foreclosure judgment.
The real estate company will market 296 Big Lots store leases for sale in connection with the retailer’s bankruptcy proceedings and restructuring. Big Lots filed for Ch. 11 bankruptcy in Sept. to facilitate a sale of substantially all of its assets and operations to Nexus Capital Management. Big Lots has already received approval to commence a sale process of 144 store leases and will seek approval in the coming weeks for the sale process of the additional 152 leases.
Red Lobster Management received court approval for its Ch. 11 reorganization plan and is set to exit bankruptcy by the end of Sept. Under the plan, the restaurant chain will be acquired by RL Investor Holdings, with the acquisition including over $60 million in funding to revitalize the brand. Red Lobster will continue to operate independently, with 544 locations across the U.S. and Canada., and current CEO Jonathan Tibus will step down with a successor to be named soon.
The home goods retailer secured $707.5 million to support its operations and sell its business to private equity firm Nexus Capital, as it has initiated bankruptcy proceedings under Ch. 11. Nexus will serve as a "stalking horse bidder" in a court-supervised auction process, with the deal to close in Q4 2024 if it's is deemed the winning bidder. Big Lots, with 1,400 stores across the U.S. and employing more than 30,000 workers, has been struggling with declining sales, which it says has put pressure on its balance sheet.
Residential solar installer Lumio filed for Chapter 11 bankruptcy but plans to continue operations during the sale process, which is expected to complete in less than two months. Lumio entered a stalking horse asset purchase agreement with White Oak Global Advisors, proposing to acquire Lumio's assets for about $100 million through a credit bid. White Oak also plans to offer significant equity ownership to Lumio's employees if they are the successful bidder.
Red Lobster successfully exited Chapter 11 bankruptcy after a federal judge approved its restructuring plan. The seafood chain, which faced a massive debt crisis and location closures, will be acquired by RL Investor Holdings, an entity controlled by Fortress Investment Group. The acquisition is expected to be finalized by the end of the month. Fortress has experience with bankrupt companies, having previously acquired Vice Media and Alamo Drafthouse. Damola Adamolekun is set to become the CEO of Red Lobster post-acquisition.
Sleiman Centers acquired a pair of St. Johns County, Fla. shopping centers via auction for a total of $10.7 million. The first property, located at 7440 U.S. 1 North, was purchased for $4.18 million. The second property is located off Palencia Village Drive and was purchased for $6.5 million. Both properties were previously owned by ArciTerra affiliates ATA Mercado St. Augustine and ATA Palencia St. Augustine.
Lenders JP Morgan and Citibank are looking to foreclose on RFR's $180 million loan tied to the 23-story office building at 475 Fifth Ave. RFR said the property is well-occupied and the building will meet its financial needs and satisfy its lenders. This is the third foreclosure notice for the company within the last two weeks.
LL Flooring filed for Chapter 11 bankruptcy in a Del. district court and secured $130 million in debtor-in-possession financing from a bank group led by Bank of America. The company's estimated assets are between $500 million to $1 billion, with liabilities ranging from $100 million to $500 million, as per the court filing. The company is looking to close 94 of its over 300 locations.
The clothing brand filed for bankruptcy June 30 and is trying to sell its assets. If a sale doesn't occur, the company will have to close multiple sites in N.C., potentially leading to over 200 layoffs. The sites affected include two facilities in the Fayetteville area, one in Robeson and one in Concord. Layoffs are scheduled for Aug. 29 if they proceed. The company, based in Duluth, Ga., filed for bankruptcy in Delaware and has listed $337 million in assets and $244.5 million in total debt.
Basic Fun, the parent company of Tonka and Fisher Price Classics, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court. The company claimed liabilities and assets of $50 million to $100 million and reported owing $11.6 million to third party suppliers, vendors and other creditors. It is seeking court approval for $50 million of debtor-in-possession financing and plans to continue operations during restructuring.
619 H Street NW, a 17,655-square-foot retail property in Washington, D.C., was sold for $7.4 million through a Ch. 7 Bankruptcy process, attracting nine offers. Baltimore Midtown was the buyer. The location is a shuttered restaurant, with the previous owner not disclosed.
The D.C. nonprofit bought the foreclosed building at 1776 Massachusetts Ave. at a foreclosure auction. ELV Associates purchased the building in 2012 for $45.5 million, and still owed $29.1 million when it was foreclosed upon in May 2024. The 91,312-square-foot, 1970s-era concrete building is roughly 40% leased.
The firm bought the former Delta Hotels by Marriott Baltimore Inner Harbor at 1 E. Redwood St from Charles Redwood Group Master. The 150-room hotel closed abruptly in Nov. with its signage removed and windows boarded up, and a lawsuit from Baltimore city officials soon followed. The sale settles the suit, which targeted Charles Redwood and others, alleging the property didn't pay its real property taxes, hotel tax revenue, personal property taxes or water usage.
State Farm Life Insurance, which moved to foreclose on the office building at 1750 H St. NW in Apr., instead acquired the building at a foreclosure auction. Office Properties Income Trust previously owned the building, and State Farm said they defaulted on their loan for the building in Q4 2023. The 123,000-square-foot, 10-story office was built in 2002 and was renovated in 2022.
EOS Hospitality acquired the William Vale Hotel in Brooklyn's Williamsburg neighborhood. The purchase was approved by the US Bankruptcy Court. Located at 111 N. 12th St., the hotel features 183 keys and runs 21 stories.
Co-living operator Common Living's filing for bankruptcy forced developer Morningstar Properties to take over management of its Charlotte apartment community. Common Living was behind the leasing and management of Foster Flats at 201 Foster Ave. but the company filed for Ch. 7 bankruptcy protection with plans to liquidate all of its assets. Morningstar owns the Foster Flats site and brought on Common to manage the 113-unit apartment complex.
Wilmington Trust won the foreclosure judgment against a JV between Gateway at Wynwood and 2830 Wynwood Properties over a mortgage with $101.7 million in principal outstanding, plus interest and fees, for The Gateway at Wynwood office building and a neighboring bank office. The 14-story office building at 2916 N. Miami Ave. and the 5,187-square-foot bank branch at 2830 N. Miami Ave. will go to auction in July. The lender filed the foreclosure lawsuit in Mar., alleging the borrower started missing payments in Dec. 2023.
The firm signed a contract to buy the landmarked 95 Madison Ave. and plans to convert the office property to a 70-unit residential building. The building, owned by the Sklar family for over 80 years, slipped into bankruptcy in 2021 after the family was unable to decide what to do with it. The home was designated a New York City landmark in 2018 and is considered one of the earliest examples of a luxury residence atop a commercial building.
Tony Cheng’s Seafood Restaurant was sold at auction for $7.4 million a year after the business filed for Chapter 7. Baltimore Midtown emerged victorious after a flurry of 48 offers drove the price up from the stalking horse bid of $4.25 million. Marcus & Millichap’s The Zupancic Group marketed the property as part of the bankruptcy proceedings.
VMC TRS 4, in care of loan servicer Trimont, sold the 51-room hotel at 2216 Park Ave. to Blue Suede Hospitality Group. MVC TRS 4 seized the hotel in Apr. in a deed in lieu of foreclosure in exchange for releasing $13.68 million in mortgage debt to the prior owner. Totaling 25,931 square feet, the hotel was built on the 13,600-square-foot site in 1934 and renovated in 2014.
The company filed a foreclosure complaint in Palm Beach County Circuit Court against Coal Lake Worth, HFGC Florida, Coal Capital Holdings and Coal Capital Group. The suit targets the 69,533-square-foot, 109-bed treatment facility at 4140 Lake Worth Rd. Lapis says the borrowers defaulted on the mortgage by missing payments starting Dec. 31, 2023, and owe $17.3 million in principal, plus interest and fees.
The company scooped up 55 Eckford St. for $7.2 million in a foreclosure auction. The property was previously owned by Eckford-Greenpoint. The unfinished building on site consists of a six-story steel structure, which the buyer plans to develop into a residential property.
Foreclosure proceedings have started for a Marriott hotel in Raleigh and 29 other affiliated hotels across the U.S. which are part of a portfolio linked to an over $400 million mortgage. The Courtyard Raleigh Midtown hotel was categorized as "in foreclosure" by KeyBank National Association, the servicer assigned to the hotel's loan. The owner of the Raleigh property is Highgate. The Raleigh property is part of a 30-hotel portfolio that entered special servicing last August after the property's owner defaulted on its $415 million mortgage by missing payments in July and Aug.
HUSA LH VN deeded the 51-room Kayak Miami Beach hotel, located at 2216 Park Ave., to VMC TRS 4 in exchange for the release of a $13.68 million mortgage. The deal resolves a foreclosure lawsuit a lender filed against HUSA LH VN in April 2023 over the hotel. According to the complaint, the loan matured Dec. 31, 2022 and the borrower was not able to pay.
The company sold 3382 and 3394 Bailey Ave. to SSA REO Assets 06 in a deed in lieu of foreclosure. GNZR bought the roughly 25,000-square-foot building in July 2022 for $1.7 million, and it's anchored by 10 apartments.
The company completed a financial and corporate restructuring, marking the company's emergence from bankruptcy. PREIT filed for Ch. 11 bankruptcy protection in Dec. 2023 after the company's creditors agreeing to a "prepackaged" bankruptcy. PREIT reduced its total debt by roughly $835 million through a reorganization plan and commitments of $130 million of new money debtor-in-possession financing and exit revolver financing from a group of investors. The Pa.-based company owns and operates malls in N.J., Pa., Ma., Va., Mi., N.C. and S.C., in addition to properties in the multifamily, hotel and healthcare sectors.