Rutherford, NJ
Business
Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy
Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy Struggling home goods retailer Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday, April 23 with plans to close all of its remaining stores after efforts to raise enough money to keep the company alive came up short. The company said in a statement that it will implement "an orderly wind-down" of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.  For now, 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as the com…

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by Joe Lombardi
Norwalk, CT
Business
Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy
Bed Bath & Beyond Plans To Close Remaining Stores After Filing For Bankruptcy Struggling home goods retailer Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday, April 23 with plans to close all of its remaining stores by June after efforts to raise enough money to keep the company alive came up short. The company said in a statement that it will implement "an orderly wind-down" of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.  For now, 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as…

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by Joe Lombardi
Bronxville, NY
News
Bankruptcy Fraud: Former Attorney From Bronxville Lied To Keep Home, Sports Car, Officials Say Bankruptcy Fraud: Former Attorney From Bronxville Lied To Keep Home, Sports Car, Officials Say
Bankruptcy Fraud: Former Attorney From Bronxville Lied To Keep Home, Sports Car, Officials Say A former attorney from Westchester faces possible prison time after allegedly submitting false bank records to bankruptcy court in an effort to keep his multi-million dollar home and Aston Martin sports car, federal officials said.  Bronxville resident John Roesser, age 52, was arrested on Tuesday morning, March 28 on charges that he allegedly lied to bankruptcy court and the Internal Revenue Service about receiving millions of dollars in order to receive bankruptcy protections while still keeping his assets and not paying his bills, according to the US Attorney's Office for the Souther…

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by Ben Crnic
Hackensack, NJ
Business
Settlement Reached In Transformation Of Hackensack's Sears Building: Report Settlement Reached In Transformation Of Hackensack's Sears Building: Report
Settlement Reached In Transformation Of Hackensack's Sears Building: Report A settlement has been finalized in the transformation of Hackensack's longstanding and iconic Sears building, NorthJersey.com reports. After navigating through bankruptcy, as well as not one but two lawsuits, the plan for the nearly-century-old building is to construct 258 apartments while simultaneously conserving the primary tri-story tower, the outlet reports. The plan also comprises a pool, two inside courtyards, and over 17,900 square feet of retail space along Anderson Street and Main Street, the report says. Sears started closing stores across the country in 2018, when the company f…

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by Valerie Musson
Gaithersburg, MD
Business
These Regal Cinema Theaters In The DMV Region Will Be Closing For Good These Regal Cinema Theaters In The DMV Region Will Be Closing For Good
These Regal Cinema Theaters In The DMV Region Will Be Closing For Good The show will not be going on for several Regal Cinemas locations in the DMV area as the theater’s parent company contends with Chapter 11 bankruptcy concerns. A total of 39 Regal theaters across the country are set to shutter their doors - following the closure of several others that have already been shut down - after parent company, Cineworld filed for bankruptcy last year. In Maryland, Virginia, and Washington, DC, these Regal Cinemas theaters will soon be a relic of the past: Bowie Stadium 14 in Maryland; Rockville Center Stadium 13 in Maryland; Greenbriar Stadium 13 in Chesapeake…

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by Zak Failla
North Hunterdon, NJ
Business
Regal Cinemas Closing 2 NJ Locations Regal Cinemas Closing 2 NJ Locations
Regal Cinemas Closing 2 NJ Locations Two New Jersey Regal Cinemas locations will shutter after parent company Cineworld filed for Chapter 11 bankruptcy. Cineworld in a new bankruptcy filing this week announced it would be rejecting the leases of 39 theaters closing in the US, helping to save $22 million a year. The New Jersey locations closing are at the Regal Hamilton Commons in Mays Landing, and the Regal Pohatcong in Phillipsburg. Click here for the full list of Regal Cinemas closures.

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by Cecilia Levine
Cambridge, MA
News
Former FTX CEO, MIT Grad Sam Bankman-Fried Charged With Defrauding Investors Of $1.8 Billion Former FTX CEO, MIT Grad Sam Bankman-Fried Charged With Defrauding Investors Of $1.8 Billion
Former FTX CEO, MIT Grad Sam Bankman-Fried Charged With Defrauding Investors Of $1.8 Billion The former CEO of what used to be one of the world's largest cryptocurrency companies has been charged with defrauding investors of almost two billion dollars, authorities said. The Securities and Exchange Commission (SEC) charged Samuel Bankman-Fried on Tuesday, Dec. 13, with defrauding FTX investors out of more than $1.8 billion.  The SEC alleges that Bankman-Fried raised the funds – including $1.1 billion from 90 US-based investors – by falsely promoting a safe, responsible cryptocurrency since May 2019.  "We allege that Sam Bankman-Fried built a house of cards on a foundation of dece…

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by David Cifarelli
Brentwood, NY
News
Mortgage Lender Lays Off 119 Melville Employees, State Filing Reports Mortgage Lender Lays Off 119 Melville Employees, State Filing Reports
Mortgage Lender Lays Off 119 Melville Employees, State Filing Reports A national reverse mortgage lender has laid off more than 100 of its Long Island employees, according to a state filing. Reverse Mortgage Funding LLC laid off 119 employees from its Melville branch on Tuesday, Nov. 29, according to a WARN Notice posted on Friday, Dec. 9. The reason for the layoffs was listed as "economic" in the filing. According to Reverse Mortgage Daily, the company has filed for Chapter 11 bankruptcy, and more than 470 employees were laid off across the company in November. A representative for Reverse Mortgage Funding said the organization will not comment o…

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by Nicole Valinote
Jersey City, NJ
News
NJ Crypto Lender BlockFi Files For Bankruptcy NJ Crypto Lender BlockFi Files For Bankruptcy
NJ Crypto Lender BlockFi Files For Bankruptcy New Jersey-based cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy. The company, headquartered on Montgomery Street in Jersey City, in a statement said it will "focus on recovering all obligations owed to BlockFi by its counterparties," including the now-bankrupt Bahamian cryptocurrency exchange. BlockFi also said it expects a delay in recoveries from FTX. Acting in the best interest of our clients is our top focus and continues to guide our path forward. Chapter 11 is a transparent process and we will continue to communicate with our clients to ensure they hear directly…

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by Cecilia Levine
Franklin Township, NJ
News
Gun Manufacturer Remington Settles With Sandy Hook Families For $73M Gun Manufacturer Remington Settles With Sandy Hook Families For $73M
Gun Manufacturer Remington Settles With Sandy Hook Families For $73M Families of five children and four adults killed in the 2012 Sandy Hook Elementary School shooting reached a historic $73 million settlement with gun manufacturer Remington, officials announced. Attorneys for the families who filed the suit against the now-bankrupt Remington and its four insurers, announced on Tuesday, Feb. 15 that they had reached the settlement, representing the first time a gun manufacturer has been held liable for a mass shooting in the US. As part of the settlement, lawyers for the families said that Remington agreed to release thousands of pages of internal company do…

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by Zak Failla
Massapequa, NY
News
Long Island Couple In $1 Million Securities Scam Targeting Investors, Authorities Say Long Island Couple In $1 Million Securities Scam Targeting Investors, Authorities Say
Long Island Couple In $1 Million Securities Scam Targeting Investors, Authorities Say Several New Jersey seniors were scammed out of more than $1 million combined by a Long Island couple, Garden State authorities have charged. Salvatore Magaraci, age 63, and A. Kirsten Gallardo, age 60, of Huntington, specifically targeted elderly victims to pitch unregistered securities to for a crooked – and now-defunct -- company, Acting New Jersey Attorney General Andrew J. Bruck said. The Woodbridge Group of Companies purported to be a commercial lender that made hard-money loans secured by mortgages on commercial property. It ended up being ordered to pay $1 billion -- and saw its…

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by Jerry DeMarco
Cherry Hill, NJ
Business
Report: GNC Closes Additional 40 New Jersey Stores Report: GNC Closes Additional 40 New Jersey Stores
Report: GNC Closes Additional 40 New Jersey Stores After filing for Chapter 11 bankruptcy in June, GNC has announced closures of an additional 40 stores. The nutritional supplement company had originally planned on closing just 10 stores. According to NJ.com, the following 50 stores have either closed, or will soon: Blackwood, Gloucester Premium Outlets Bridgewater, Bridgewater Commons Cinnaminson, The Shoppes At Cinnaminson Closter, Heidenberg Plaza Delran, Hartford Corners Denville, The Shoppes At Union Hill Denville,  Diamond Spring Road Deptford, Deptford Mall East Hanover, Hanover Commons East Rutherford, American Dream Mall E…

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by Cecilia Levine