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PetSmart Inc. has named J.K. Symancyk as its new chief executive as the specialty pet retailer looks to stem a decline in sales at its 1,600 stores, WSJ Pro Bankruptcy reported. Symancyk most recently served as the CEO of Academy Sports + Outdoors, a private sporting goods retailer, and will take over as CEO of PetSmart in June. He replaces Michael Massey, who stepped down in August after leading the company since private-equity firm BC Partners took it private in 2015. PetSmart’s $650 million, 8.875 percent bonds, maturing in 2025, have lost over seven cents — to 48.625 cents on the dollar of face value — according to MarketAxess, since the retailer announced earnings in late April.

The publicly traded parent of the Applebee’s Neighborhood Grill & Bar restaurant chain wants a court to clear a path for it to possibly seize its restaurants from a bankrupt franchisee, saying that the operator is delinquent on royalty and advertising payments but continues to benefit from trademarks such as “Eatin’ Good in the Neighborhood,” WSJ Pro Bankruptcy reported. Dine Brands Global Inc. on Wednesday asked the U.S. Bankruptcy Court in Wilmington, Del., to lift the automatic stay of RMH Franchise Holdings Inc., which filed for chapter 11 reorganization May 8. Applebee’s said it is owed almost $12.2 million by the franchisee, according to court papers. Dine Brands wants the stay lifted to allow it to enforce — through a lawsuit if necessary — its franchising rights. The company could then prohibit RMH from using Applebee’s trademarks, force the franchisee to transfer its real estate leases and give up restaurants’ premises to Applebee’s and require the sale of fixtures, equipment and inventory in the restaurants to Applebee’s.

The U.S. toy industry looks set for a flurry of mergers and acquisitions between smaller toy makers in the aftermath of the Toys ‘R’ Us bankruptcy, as they seek more scope and negotiating power with big box retailers Target and Walmart, Reuters reported. Smaller toy companies that traditionally relied on Toys ‘R’ Us as a launch platform to sell and promote products say it is difficult to develop relationships with mass retailers, which now have the country’s biggest toy departments. They say that retailers are increasingly picky about allocating display space, preferring billion dollar well known brands like Mattel’s Barbie and Hot Wheels and Hasbro’s Marvel Superhero action figures. The total value of deals in the U.S. toy industry has soared to $962.7 million since Toys ‘R’ Us filed for bankruptcy on Sept. 19 last year, compared to $85.4 million in the same period a year ago, according to Thomson Reuters data.

The second-biggest Applebee’s franchisee yesterday squared off briefly in U.S. Bankruptcy Court in Wilmington, Del., with the chain that has sought to end their partnership, WSJ Pro Bankruptcy reported. Atlanta-based RMH Franchise Holdings Inc., owner of 159 Applebee’s Neighborhood Grill & Bar restaurants in 15 states, sought chapter 11 protection May 8. RMH in its filing had said that its parent had unexpectedly sought to terminate the franchisee’s rights, but on Tuesday its parent presented a different version of events, saying the franchisee had been in default on its royalties since June. The franchisee, whose restaurants represent slightly less than 10 percent of all Applebee’s locations, said that it had been negotiating with its parent, Applebee’s International Inc., since last year, but that a day before the bankruptcy filing, the tenor of the talks changed, with Applebee’s International “unexpectedly” saying it planned to “issue a notice of termination” of the franchisee’s rights to 37 locations in Arizona and Texas. In response to the parent’s “unexpected threat and to further address various operational challenges,” RMH sought protection from creditors by filing for chapter 11.

News that Sears Holdings Corp. is exploring the sale of assets including Kenmore drove shares to a four-month high — and has at least one analyst bracing for a possible bankruptcy, Bloomberg News reported. The retailer said on Monday that it had formally started a process to re-shop the Kenmore appliance brand and parts of its home services business — units it hired Citigroup Inc. and LionTree Advisors to explore selling two years ago. Sears shares spiked as much as 19 percent in intraday trading and closed up 6.7 percent. Susquehanna Financial Group analyst Bill Dreher said the company reinitiating a possible sale process suggests its cash constraints are becoming so severe that a bankruptcy process could be closer than expected.

A bankruptcy judge has given Tops Friendly Markets permission to close underperforming stores, but the troubled supermarket chain still isn't saying which stores might go dark, Syracuse.com reported. Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York approved the request of Tops to close unprofitable stores and to hold store closing sales before shutting them down. The Williamsville, N.Y.-based supermarket chain has not said which stores could close. In a court filing in April, Tops said the vast majority of its 169 stores in Upstate New York, northern Pennsylvania and Vermont are profitable, with strong sales and sustainable cost structures. However, it said that a few have "consistently underperformed" and asked the court for approval to close them as it sees fit.