Legal
September 16, 2016 at 10:50 am
On Wednesday, we reported that things weren't looking too good for Golfsmith International Inc. Well, the retailer has now filed for bankruptcy protection. In addition to here in the U.S., Golfsmith also sought protection under Canada’s chapter 11 equivalent. The company is based in Austin, Texas, but is hoping to get some control of its…
September 14, 2016 at 12:04 pm
Golfsmith, the country's largest golf retailer, has failed to find a buyer for itself and could file for Chapter 11 bankruptcy protection in just a few days, according to the New York Post. Sources say Golfsmith, fighting an overall downturn in sales and burdened by debt, could end up a target of Dick's Sporting Goods if it…
September 14, 2016 at 11:06 am
Aeropostale lives to fight another day. Bloomberg reports the retailer won court permission to sell its assets to buyers led by Simon Property Group Inc. and General Growth Properties Inc after the landlords banded together with liquidators to save jobs and stores. The Sept. 2 auction revealed that with a $243 million bid, Aeropostale will…
September 9, 2016 at 10:30 am
U.S. antitrust regulators let Walgreens Boots Alliance know it will have to close up to 1,000 retail stores if its acquisition of Rite Aid will be approved. Despite this, Walgreens still expects the deal to close in the second half of this year. Walgreens currently has 8,200 U.S. stores and Rite Aid has 4,500. Even…
September 1, 2016 at 10:57 am
It’s a nice payday for three unnamed Sports Authority executives. A judge approved the company to pay up to $1.5 million in bonuses to these execs after a bankruptcy liquidation that erased around 14,000 jobs. Sports Authority has an estimated $400 million worth of merchandise to sell in one of the largest retail liquidations ever.…
September 1, 2016 at 10:27 am
Aeropostale was thrown a lifeline as a group of interested parties bid on its assets. Companies General Growth Properties, Simon Property Group and Authentic Brands Group joined together to bid $243.3 million to save 229 stores from closing, and therefore possibly saving Aeropostale from liquidation. An auction for Aeropostale's assets was supposed to be held…
August 30, 2016 at 11:36 am
Wal-Mart's court fight to sell liquor at its stores in Texas looks to be back on track, but the courtroom is getting crowded. A federal appeals court is allowing a trade group representing liquor store operators to join a stalled federal lawsuit that the nation's largest retailer filed against the Texas agency that hands out permits to…
August 26, 2016 at 12:25 pm
After a yearlong deadlock, there's news on the legislation of online taxes. The National Retail Federation (NRF) welcomed the release of draft online sales tax legislation by House Judiciary Committee Chairman Robert Goodlatte, R-Va., saying action is needed to break Congress’ standstill on the issue. “Retailers should be allowed to compete based on how well they serve…
August 25, 2016 at 10:49 am
The planned auction of teen retailer Aéropostale has been moved back to August 29 as a bankruptcy judge weighs what could be a company-ending decision. Aéropostale and Sycamore Partners, the private equity firm that was at one time one of the retailer's largest backers, don’t agree on its future. Sycamore is pushing for liquidation, while Aéropostale…
August 23, 2016 at 11:08 am
Fashion retailer Zara got hit with a lawsuit for allegedly cheating American shoppers out of billions of dollars. The retailer, known for its trendy but reasonably priced clothing for women and men, was accused of unlawful pricing. Attorney Mark Geragos represents the plaintiffs. He accused Zara of "bait and switch and cover-up pricing." He said many products…
