Z Gallerie
On March 11, 2019, the Los Angeles-based retailer Z Gallerie filed for Chapter 11 bankruptcy, according to Business Insider. SF Gate reports that this company that sells home furniture said it would close 17 of its stores and would look for a buyer to avoid liquidation. It states that the bankruptcy was caused by self-imposed problems (a common reason used in filing for bankruptcy).
Z Gallerie
SF Gate continued to state that Z Gallerie wished it had invested more in e-commerce and hadn’t invested so much on opening expensive distribution centers. Its business problems mainly came from the fact that its performance goals weren’t meant when they invested so much on their expansion. Z Gallerie needs a swift proceeding, as their filing would indicate, to avoid becoming another retailer to have failed reorganization attempts and then be forced to liquidate.
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.
Beauty Brands
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.
