Beauty Brands
Business Insider reports that this giant beauty company filed for Chapter 11 bankruptcy on January 4, 2019. According to Kansas City Star, this brand from Kansas City sold some of its assets on the market. The article released on January 23, went on to state that Bob Bernstein, the advertising icon who invented the McDonalds Happy Meal, might purchase the company. A Delaware bankruptcy judge said that Bernstein, who also happens to the one who originally launched Beauty, was the “stalking horse bidder.” This means that he could buy Beauty Brands if there was no better offer than his. Beauty Brands initially went into an asset purchasing agreement with Hilco Merchant Resources. Hilco was the stalking horse bidder before it was replaced by Bernstein.
Beauty Brands
Shopko
Business Insider says that this Wisconsin-based retailer filed for Chapter 11 bankruptcy on January 16, 2019. Shopko planned to close 70 percent of its retail stores from February to May 2019 while it is reorganizing. USA Today states that the company would close 251 stores in February, leaving only 110 retail stores open. It planned to close fewer stores in December. A company that closes stores would have to issue a Worker Adjustment and Retraining Notification Act. In this case, ShopKo would have to do it in both Illinois and Wisconsin. Michelle Hansen, Shopko’s spokeswoman said, “Through our conversations with the potential buyers, it has become clear that it is in our best interest to operate with a significantly smaller store footprint.”
Shopko
