Stamford, CT
Business
Stamford's Purdue Pharma Files New $7.4B Bankruptcy Plan: How Opioid Victims Could Benefit Stamford's Purdue Pharma Files New $7.4B Bankruptcy Plan: How Opioid Victims Could Benefit
Stamford's Purdue Pharma Files New $7.4B Bankruptcy Plan: How Opioid Victims Could Benefit Purdue Pharma has filed a new bankruptcy plan that will distribute more than $7.4 billion to compensate opioid epidemic victims and fund addiction treatment programs. The Stamford, Connecticut-based company submitted the plan to the US Bankruptcy Court for the Southern District of New York, Purdue said in a news release on Wednesday, Mar. 19. The reorganization increases the Sackler family's payout by $1 billion from a previous deal. The plan will dissolve Purdue and transfer its assets to a new public benefit company focused on opioid crisis abatement. The Sacklers, who have…

SHARE

by Chris Spiker
Hartford, CT
Business
Forever 21 Collapses: Bankruptcy Forces US Stores To Shut Down, Reports Say Forever 21 Collapses: Bankruptcy Forces US Stores To Shut Down, Reports Say
Forever 21 Collapses: Bankruptcy Forces US Stores To Shut Down, Reports Say Forever 21 is going out of business in the US after struggling against online rivals Shein and Temu, according to reports. Forever 21 filed for bankruptcy protection for the second time in six years and has already started liquidation sales at more than 350 stores, CNBC reported. Its US operations are expected to shut down entirely unless a buyer steps in. Sparc Group, Forever 21's operator, had been searching for a buyer for months and contacted more than 200 potential bidders. Court filings show that 30 parties signed confidentiality agreements, but no viable deal materialized. Talks wit…

SHARE

by Chris Spiker
Hartford, CT
Business
CVS To Open Pharmacy-Only Locations Amid Store Closings, Corporate Layoffs CVS To Open Pharmacy-Only Locations Amid Store Closings, Corporate Layoffs
CVS To Open Pharmacy-Only Locations Amid Store Closings, Corporate Layoffs CVS is rolling out a new wave of smaller-format pharmacies in select communities nationwide as it tries to adapt to changes in the retail world. CVS plans to open at least a dozen of these compact pharmacies nationwide in 2025, a spokesperson confirmed to Daily Voice on Monday, Mar. 10. The pharmacy-only locations aim to improve access to medications, immunizations, and pharmacist-provided health care services. Each location will average less than 5,000 square feet, with a full-service pharmacy and a limited selection of over-the-counter products tailored to a community. "By taki…

SHARE

by Chris Spiker
Yonkers, NY
Business
US Layoffs Surge To 2020 Levels As Economic Turmoil Grows: Study US Layoffs Surge To 2020 Levels As Economic Turmoil Grows: Study
US Layoffs Surge To 2020 Levels As Economic Turmoil Grows: Study Layoffs are sweeping across the country at a pace not seen in years, hitting government workers, retail employees, and tech professionals the hardest, according to a new study. US employers announced 172,017 layoffs in February, the highest total since the height of the COVID-19 pandemic in July 2020, according to a report released by outplacement firm Challenger, Gray & Christmas on Thursday, Mar. 6. Last month's cuts were 245 percent higher than January and more than double the job losses from February 2024. February marked a dramatic spike in job losses, as businesses and federal age…

SHARE

by Chris Spiker
Newark, NJ
News
Spirit Adding First Nonstop Flights To Two Southern Cities From Newark Airport Spirit Adding First Nonstop Flights To Two Southern Cities From Newark Airport
Spirit Adding First Nonstop Flights To Two Southern Cities From Newark Airport New Jersey travelers will soon be able to fly nonstop to two new destinations in the South. Spirit Airlines will offer direct service from Newark Liberty International Airport (EWR) to Columbia Metropolitan Airport (CAE) and Chattanooga Metropolitan Airport (CHA). Spirit announced the flights in news releases on Wednesday, Mar. 5.  Nonstop flights to Chattanooga will begin on Wednesday, June 4, and service to Columbia will start the next day. The flights will take off four times a week and introductory fares start at $50 one way. In June, Spirit will also begin nonstop service from Columbi…

SHARE

by Chris Spiker
Hartford, CT
Business
Joann Going Out of Business After 80+ Years, Closing All Stores Following Bankruptcy Auction Joann Going Out of Business After 80+ Years, Closing All Stores Following Bankruptcy Auction
Joann Going Out of Business After 80+ Years, Closing All Stores Following Bankruptcy Auction Joann will shut down all of its 800 locations, ending more than 80 years of selling fabrics and craft supplies. Joann announced the winning bidders at a bankruptcy auction plan to begin going-out-of-business sales at every store, the company said. At its height, the crafts chain had about 850 stores in every state but Hawaii. Financial services company GA Group, in partnership with the prepetition term loan agent, acquired Joann's assets at the auction. "Joann leadership, our board, advisors and legal partners made every possible effort to pursue a more favorable outcome that wou…

SHARE

by Chris Spiker
Manchester, CT
Business
Forever 21 Preparing To Close 200 More Stores As Bankruptcy Looms: Reports Forever 21 Preparing To Close 200 More Stores As Bankruptcy Looms: Reports
Forever 21 Preparing To Close 200 More Stores As Bankruptcy Looms: Reports Forever 21 may close at least 200 more stores and could shut down every location during a possible bankruptcy process, according to reports. Forever 21 is considering the closures and its US operator F21 OpCo. may declare bankruptcy as soon as March, Bloomberg News reported. This would be the fast-fashion chain's second bankruptcy filing in about six years. Unless a buyer acquires the remaining locations, the retailer could be forced to liquidate, shutting down its roughly 350 remaining stores. At its height, Forever 21 operated more than 500 US locations and at least 800 worldwid…

SHARE

by Chris Spiker
Mineola, NY
News
Luxury Watches & Lies: NY Real Estate Mogul Admits to $63M Investor Fraud Scheme Luxury Watches & Lies: NY Real Estate Mogul Admits to $63M Investor Fraud Scheme
Luxury Watches & Lies: NY Real Estate Mogul Admits to $63M Investor Fraud Scheme A New York real estate mogul formally confessed to masterminding a multi-million dollar investment fraud scheme. Elchonon Schwartz, 46, of New York City, pleaded guilty to wire fraud in a Georgia federal courtroom on Wednesday, Feb. 13, admitting that he swindled hundreds of investors through a crowdfunding platform meant for commercial real estate investments. Beginning in May 2022, Schwartz solicited funds for a large commercial real estate complex in Atlanta, Georgia, using the website Crowdstreet Marketplace. He raised around $54 million from 654 investors, prosecutors said. Later that…

SHARE

by Michael Mashburn
Annapolis, MD
Business
JCPenney Closing Annapolis Mall Store As Part Of Nationwide Cuts, Reports Say JCPenney Closing Annapolis Mall Store As Part Of Nationwide Cuts, Reports Say
JCPenney Closing Annapolis Mall Store As Part Of Nationwide Cuts, Reports Say JCPenney is closing a Maryland department store as one of its latest changes amid restructuring and financial uncertainty. JCPenney will shut down at the Annapolis Mall in Maryland, a company spokesperson confirmed to the Daily Voice. The store is one of eight locations set to close nationwide by the middle of 2025. The company said it doesn't have plans to "significantly reduce" its store count. "Individual closures in specific markets happen from time to time due to expiring lease agreements, market changes or other factors," the spokesperson said. "We are grateful to our …

SHARE

by Chris Spiker
Hartford, CT
Business
All Joann Stores In CT Closing Among 500 Locations Nationwide: See The List All Joann Stores In CT Closing Among 500 Locations Nationwide: See The List
All Joann Stores In CT Closing Among 500 Locations Nationwide: See The List Joann is set to close more than half of its stores nationwide, marking a major contraction for the arts and crafts retailer as it navigates bankruptcy for the second time in less than a year. The Ohio-based chain, which operates about 800 locations, will shutter around 500 stores, a company spokesperson confirmed to the Daily Voice. The move is part of a broader restructuring effort as the company seeks to stabilize its finances following a Chapter 11 bankruptcy filing in January. The spokesperson said the decision was "very difficult" but critical to Joann's future. "A careful a…

SHARE

by Chris Spiker
Windsor Locks, CT
Business
Frontier Proposes Another Airline Merger With Spirit: Here's How Spirit Responded Frontier Proposes Another Airline Merger With Spirit: Here's How Spirit Responded
Frontier Proposes Another Airline Merger With Spirit: Here's How Spirit Responded Frontier Airlines and Spirit Airlines have discussed a merger yet again, but Spirit rejected the bid in order to pursue a plan to exit bankruptcy on its own. Frontier confirmed the latest merger discussion in a news release on Wednesday, Jan. 29. Spirit also confirmed the talks in a regulatory filing on the same day. The deal first proposed on Tuesday, Jan. 7, offered $400 million in debt and a 19-percent stake in Frontier to Spirit shareholders. Frontier argued the merger would create a stronger low-cost airline while providing more value than Spirit's existing Chapter 11 ba…

SHARE

by Chris Spiker
Shrewsbury, MA
Business
The Ground Round Returning To MA With 'Nostalgic Charm' At Shrewsbury Restaurant The Ground Round Returning To MA With 'Nostalgic Charm' At Shrewsbury Restaurant
The Ground Round Returning To MA With 'Nostalgic Charm' At Shrewsbury Restaurant A beloved name in casual dining is returning to Massachusetts, many years after it was a staple of comfort food and family-friendly gatherings. The Ground Round is planning to open its first New England location in several years in Shrewsbury. It will be located at 271 Grafton Street, the former site of a Chinese-Japanese restaurant named Bauhinia. Owners Joe and Nachi Shea said they're thrilled to bring The Ground Round back to the Bay State. "Whether you're revisiting old favorites or discovering us for the first time, we're excited to welcome you with our signature d…

SHARE

by Chris Spiker