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RadioShack Is Almost Out of Stores After Closing Another 1,000

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After closing another 1,000 stores since Memorial Day weekend, there are now just 72 company-owned RadioShack stores left, Fortune reported yesterday. The chain electronics store had a liquidation sale over the weekend and will also leave 500 dealer-owned stores open. RadioShack filed for bankruptcy in March and initially suggested closing only 200 stores while evaluating the remaining 1,300. "The company and its advisors are currently exploring all available strategic alternatives to maximize value for creditors, including the possibility of keeping stores open on an ongoing basis," RadioShack said previously. Company stores now exist in just seven states with locations concentrated in New York, Pennsylvania and RadioShack's native Texas.

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Dutch Girl Brewery Assets to be Auctioned Off in Bankruptcy

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Assets of Dutch Girl Brewery will be auctioned off less than two years after the Spring Lake Township, Mich., business opened, MLive.com reported yesterday. The brewery filed for chapter 7 bankruptcy with the Western District of Michigan Bankruptcy Court on May 2. On behalf of the court, Orbitbid.com will auction off remaining assets and equipment starting at 8 a.m. on Tuesday, June 27, during a one-day online auction. Items include a five-barrel Direct Fire Psycho Brew 600,000 BTU brewing system with four 100-gallon vessels and exhaust hood, three 10-barrel Psycho Brew jacketed fermenters, one 10-barrel Psycho Brew jacketed Brite tank, five-ton Fluid Chillers glycol chiller, 12-head Perlick Draft Beer System, Coolbots walk-in cooler, lab equipment, a full range of brewing equipment and accessories, commercial kitchen and bar equipment and more. 

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Payless ShoeSource Could Close Another 400 Stores in Bankruptcy

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Payless ShoeSource could nearly double the number of store closures under its bankruptcy plan as the extent of the discount footwear chain's troubles come into sharper focus, USA Today reported today. The company, which filed for chapter 11 protection in April, is asking a federal bankruptcy judge for permission to close up to 408 additional stores. Those closings add to about 400 locations the Topeka, Kan.-based retailer already put on the chopping block when it tumbled into bankruptcy. Taken together, the 800-some locations would represent about 20 percent of Payless' total locations worldwide.

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Bankruptcy Filing Halts Forced Sale of Part of Franklin, Tenn.'s Ovation Site

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A foreclosure sale of the non-office portion of the Ovation mixed-use development site in Cool Springs was put on hold after the owner filed for bankruptcy, The Tennessean reported yesterday. Stan Thomas, the Atlanta-based developer who's working with Thomas Ovation LLC to develop the 77 acres, said that the bankruptcy filing had been made in error. Thomas said he didn't get a message that the project's lender, Paramount Capital, had left late Wednesday, agreeing to extend the terms of its $27 million loan, which would have nixed the foreclosure sale. Thomas Ovation LLC is working to complete an arrangement with another lender, which would provide money to pay off Paramount Capital's debt. Thomas said he's optimistic about starting site work on the non-office portion of Ovation this fall with construction to start early this spring. The project is expected to include 480,000 square feet of retail space, a boutique hotel and 800 apartments. Thomas Ovation LLC bought the 77 acres at Ovation from SouthStar LLC.
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Jewel Attempting to Buy Strack & Van Til for $100 Million

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Chicago’s biggest local grocery store chain may buy out the supermarket that’s been central to Northwest Indiana life for nearly six decades, the Northwest Indiana Times reported yesterday. Jewel Food Stores wants to buy Strack & Van Til's 19 remaining stores for about $100 million, and offered to pay $70 million for the supermarkets plus an estimated $30 million for the inventory that's left in the stores when the sales go through. It would buy Strack & Van Til out of bankruptcy court as its owner, Joliet-based Central Grocers, goes under, succumbing to $225 million in debt. Strack & Van Til is closing another 14 stores this year, mainly in Illinois, that Jewel wasn't interested in. Whether the well-established Strack & Van Til brand will live on or the stores will be converted to the Jewel-Osco brand was not immediately clear. Strack & Van Til parent company Central Grocers, a century-old co-op that acquired the region’s biggest grocery chain in the late 1990s and will soon go entirely out of business as it winds down in bankruptcy court, is selling off its remaining Strack & Van Til, Ultra Foods and Town and Country supermarkets across Northwest Indiana. Another buyer could swoop in and buy the stores out of bankruptcy court if it files a better bid by a June 21 deadline. Jewel is a subsidiary of Albertsons, a Boise, Idaho-based company with 2,200 stores and more than 250,000 employees nationwide. The Itasca, Ill.-based chain owns more than 180 stores throughout the Chicago area. It is trying to acquire Strack & Van Til as a stalking-horse bidder.
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Bankruptcy Code
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704
1123
1127
1142
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Mavericks Big Wave Contest Plans to Auction Business Assets Amid Bankruptcy Proceedings

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The companies that manage California’s most famous big wave surfing competition plan to auction the event’s business-related assets next month as part of ongoing bankruptcy proceedings, the Los Angeles Times reported yesterday. The one-day, invitation-only contest draws elite surfers from around the world to Mavericks, a rocky reef break just south of San Francisco, to ride some of the biggest, steepest waves in the Americas. The event, which is owned and governed by a separate organization whose board includes surfers and businesspeople, has been held nine times since 1998 but was canceled this year because of financial troubles. Titans of Mavericks and its affiliate Cartel Management Inc., which filed for chapter 11 protections in late January, have scheduled the public sale for 10 a.m., June ,1 in Los Angeles. Minimum opening bids of $1 million are required. Participants must be deemed financially qualified and willing to make a $50,000 deposit by May 25. Titans officials say they have a list of 71 interested parties. The chapter 11 filing allows Cartel and Titans to develop a reorganization plan to keep their operations going while paying off creditors over time. Cartel faces about $1.9 million in claims and Titans of Mavericks more than $776,335 in claims from their top 20 creditors.
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Sinclair Broadcast Nears Deal for Tribune Media

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Sinclair Broadcast Group Inc. is nearing a deal to acquire Tribune Media Co. for close to $4 billion after prevailing in an auction for one of the largest U.S. television station operators, Reuters reported yesterday. A potential deal for Tribune could come as soon as Monday, just weeks after the Federal Communications Commission voted to reverse a 2016 decision that limits the number of television stations some broadcasters can buy. FCC Chairman Ajit Pai is planning to take a new look at the current overall limit on companies owning stations serving no more than 39 percent of U.S. television households. A combined Tribune and Sinclair could surpass this cap and face some regulatory challenges which could result in divestitures, analysts said. The combination would be a competitive blow to Fox because the added scale would give Sinclair more leverage in negotiations to carry Twenty-First Century Fox Inc.’s local networks. Together the companies would own a large chunk of Fox broadcast affiliates around the country. Negotiations between Sinclair and Tribune Media have not yet been finalized, and there is still a possibility the deal will not be reached. Tribune Media has 42 owned or operated broadcast stations, as well as cable network WGN America, Tribune Studios and WGN-Radio. Sinclair, which has a market capitalization of $3.36 billion, owns, operates or provides services to 173 television stations in 81 markets.
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