This Chapter 11 list was last updated on 2-27-10. The most recent updates are indicated by bold text. (See also the 2009 Chapter 11 list)
K&S Cafeteria
- Filed Chapter 11 February 23, 2010
- Intends to continue operating two locations in South Carolina
- Filed Chapter 7 on January 12, 2009
- Will close down 184 portrait studios, most of which are located inside Babies 'R Us locations.
- Filed Chapter 11 on February 6, 2010
- Operates 20 restaurants in six states
- Loyal customers organized a "pay it forward" event at the chain's Oregon location
- Chain hopes to continue operating all restaurants after reorganizing debt structure
- Filed Chapter 11 on February 6, 2010
- The 184 Movie Gallery stores that operated in Canada are excluded from the bankruptcy filing.
- Requested the cancellation of 856 store leases as part of the Chapter 11 reorganization.
- Will close 760 additional stores
- Anticipates having no money to pay its 10,000 unsecured creditors
- Filed Chapter 11 on November 18, 2009
- Operates 79 stores in Pennsylvania, New York, Vermont, and New Hampshire under the names of P&C, Quality Markets, and BiLo Foods.
- The company plans to sell all of its stores and assets.
- If a buyer cannot be found, the chain will be liquidated in February, 2010 and 4,100 employees will be laid off.
- Price Chopper made a stalking horse bid of $12.3 million for four NY stores on December 4, 2009.
- An $85 million bid by Tops Friendly Markets to acquire 79 Penn Traffic supermarket locations was approved by the bankruptcy court on January 27, 2010.
- Tops plans to keep a majority of the stores open, pending FTC approval.
- Filed Chapter 11 on December 8, 2009
- Plans to continue operating stores during the reorganization process.
- Filed Chapter 11 on November 16, 2009
- Filed a prepackaged plan in which Ares Management and a division of Ontario Teachers' Pension Plan would acquire all the operations, and reduce debt from $1 billion to $450 million.
- Expects to emerge from Chapter 11 within 60 days.
- Filed Chapter 11 on December 29, 2010
- Gift cards were honored at 50% of their value for a limited period of time and then will have no redemption value for customers
- Expects to continue operating its 7 stores in Massachusetts, Connecticut, and Rhode Island and emerge from Chapter 11 after restructuring its finances
- Filed Chapter 11 on January 22, 2010
- Intends to continue operating its 225 company-owned locations. The reorganization does not involve its franchise locations.
- Filed Chapter 11 on December 7, 2009
- Hopes to renegotiate leases and close unprofitable stores as part of the reorganization process.
- Plans to continue operating 210 stores during the reorganization process.
- Will seek court approval to close 40 additional stores at a court hearing scheduled for February 16. If approved, the total number of store closings will be 130.
- The company's ability to renegotiate leases will determine its ability to stay in business beyond the Chapter 11 proceedings.
- Filed a reorganization plan February 2, 2010
- Plans to close an additional 7 stores and continue to operate 207 stores
- Waiting for bankruptcy court approval of the plan
- Plans on emerging from chapter 11 this spring.
- Filed Chapter 11 on January 27, 2010
- Secured debtor-in-possession financing of $52 million, subject to court approval
- Has devised a plan to swap debt for equity, which will eliminate its $142 million debt load, which will allow the company to save $14.2 million in interest each year.
- Plans to continue operating its 179 restaurants which are located in 28 states. Wants to renegotiate leases, but if unsuccessful, will close stores with inflated leases.
