The retail sector saw a turbulent period in 2023, with several well-known chains such as Rite Aid, Bed Bath & Beyond, Party City, and Tuesday Morning filing for bankruptcy. Some Chains Survive, Others Do Not Party City managed to emerge from bankruptcy in October 2023, just in time to continue operations for Halloween. Rite Aid…
Sometimes, a retailer shows clear signs that it’s headed for bankruptcy, such as empty shelves or unusual inventory. That wasn’t the case for Badcock Furniture, a company with a history spanning over 120 years, which filed for Chapter 11 bankruptcy in late July, surprising both employees and customers. Customer Reactions to the Unexpected Filing The…
Since the end of the COVID-19 pandemic, the drugstore retail sector has experienced hundreds of store closures as major pharmacy chains look to cut costs and mitigate losses. CVS and Walgreens Lead the Closures CVS Health (CVS) set the tone in 2021 when it announced plans to close 900 of its 9,900 stores, implementing closures…
The devastation caused by the COVID-19 pandemic led to widespread business closures, initially diminishing demand for goods and significantly disrupting supply chains. Factories and warehouses drastically reduced output or shut down completely. A Struggling Workforce In 2020, the trucking industry was hit hard, losing 88,000 jobs and seeing over 3,000 companies close, according to the…
In the past decade, craft beer has surged in popularity, leading to a remarkable increase in the number of breweries and taprooms across the United States. According to the Brewers Association, the number of craft brewers jumped from approximately 4,803 in 2015 to around 9,761 in 2023. However, this boom has been accompanied by a…
Surviving for over a century as a retailer is a rare feat, requiring not only luck but exceptional skill. Very few brands have made it this long, as enduring for over 100 years means either offering iconic products that remain in demand or being agile enough to adapt to shifting consumer preferences. A Rich History…
As a 69-year-old still in the workforce, you have the opportunity to increase your Social Security retirement benefit payments. Notably, some high earners may even qualify for the largest payment in 2025, thanks to adjustments like the Cost-of-Living Adjustment (COLA). Current and Future Benefits As of 2024, the maximum Social Security retirement benefit payment is…
Americans who utilized a do-it-yourself tax service may be eligible for cash from a $14.95 million settlement involving TaxAct.com. This settlement arises from reports indicating that taxpayer information may have been shared with third parties, including major companies like Meta and Google. Allegations of Privacy Violations Clients allege that TaxAct failed to adequately protect user…
Bank of America (BOA) customers have a limited window to secure their portion of a $21 million settlement stemming from allegations of hidden wire transfer fees. The lawsuit claims that the bank charged fees that violated account agreements, impacting millions of current and former BOA customers. Who’s Eligible for the Settlement? Current and former BOA…
When a company files for Chapter 11 bankruptcy, it surrenders to the scrutiny of the court, its lenders, and creditors. While a clear restructuring plan may be in place, objections from any of these parties can quickly turn a controlled situation into chaos. Red Lobster’s Restructuring Struggles This was evident in the recent Chapter 11…