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BUSINESS
June 2, 2016 | By Sam Wood, Staff Writer
The Midtown II, a landmark diner and bar that has thrived on the edge of the city's Gayborhood for 43 years, will close its doors for good next week, the result of a series of financial setbacks that landed its owner in bankruptcy court. According to documents filed last week in U.S. District Court in New Jersey, the diner's owner, Gus Hionas, has agreed to relinquish ownership of the Midtown II and its liquor license to its creditors to settle at least $4.2 million in debts. Hionas, who founded the Midtown II in 1974, declined to comment on the bankruptcy.
BUSINESS
June 18, 2016 | By Suzette Parmley, Staff Writer
The final buzzers will begin sounding for Sports Authority on Sunday as its Cherry Hill sporting-goods store closes for good. Other Sports Authority stores will soon follow. The one in Langhorne, Bucks County, on East Lincoln Highway, will close sometime in August. The retailer's predicament reflects the broader trend of bricks-and-mortar stores struggling against the migration of shoppers to the internet. Competitive sports may be cutthroat, but sports retailing is too, experts say. "Sports Authority had seriously large debt issues, but their bigger problem was not adapting and separating themselves from the other big-box retailers like Dick's," said Mark Torres of the Play It Again Sports chain in Deptford, about 12 miles from the Cherry Hill Sports Authority store.
NEWS
October 16, 2015 | Howard Gensler, Daily News Staff Writer
Her money danced away If you're going to hide money when you declare bankruptcy, you can't be rich. You have to be very, very, very rich. "Dance Moms" star  Abby Lee Miller  found that out the hard way and has been charged with hiding $775,000 worth of income from her Lifetime network reality show and spin-off projects during her Chapter 11 bankruptcy. This is what hedge-fund managers call chump change. Federal prosecutors in Pittsburgh on Tuesday announced the bankruptcy-fraud indictment against Miller, formerly of Penn Hills.
BUSINESS
November 22, 1995 | By Julie Stoiber, INQUIRER STAFF WRITER
Loyal buyers of Reisman pretzels need not worry: Although J. Reisman & Sons Inc., of Pennsauken, has filed for Chapter 11 bankruptcy, its pips, twists, rings, rods and minis won't disappear from store shelves. The family-owned company, which has been making pretzels for more than 75 years, received approval yesterday from U.S. Bankruptcy Judge Gloria M. Burns in Camden to use future receivables to keep the company rolling. "From what I understand, it's business as usual," said Arthur J. Abramowitz, a Cherry Hill lawyer who is representing the company in the bankruptcy proceedings.
NEWS
September 27, 2011
WILMINGTON - The Roman Catholic Diocese of Wilmington has emerged from bankruptcy with the funding of a $77.4 million trust for victims of priest sex abuse. Attorneys told a Delaware bankruptcy judge that a check deposit and wire transfers had been made in compliance with Monday's deadline for funding of the trust. Under the diocese's reorganization plan, about 150 alleged abuse victims will share proceeds of the trust in return for releasing all legal claims against the diocese, its parishes, and affiliated entities.
NEWS
August 5, 2009 | By CHRISTINE OLLEY, olleyc@phillynews.com 215-854-5184
The bankruptcy proceedings involving the owner of the Daily News and Inquirer have been assigned to a new judge, according to a filing made yesterday in federal bankruptcy court. Judge Jean K. FitzSimon had been handling the case since the company filed for Chapter 11 bankruptcy protection in February. Stephen Raslavich, chief judge of the Eastern District of Pennsylvania's U.S. Bankruptcy Court, will now preside over the case, according to the filing. Sources said that they believe that the case was reassigned because FitzSimon had health issues.
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BUSINESS
July 18, 2016 | By Jane M. Von Bergen, Staff Writer
Patricia "Trish" Wellenbach, 59, leads a children's museum, but the financial situation the Please Touch Museum found itself in last year was not child's play. Driven into bankruptcy trying to cover costs incurred in its 2008 move from Center City to Memorial Hall in Fairmount Park, the museum owed $60 million. To shed the debt and exit bankruptcy, the museum paid $11.25 million, raising $5.75 million from donors, with a $3.25 million gift from an anonymous donor, and the rest from a 2006 bond sale.
BUSINESS
July 5, 2016
Thomas M. Ross, formerly doing business as Karma Store, doing business as Sunnyside Up Cafe , 143 Hampden Dr., Mountville; Chapter 7; no schedules available. 14 Berlin Road L.L.C. , 14 Berlin Rd., Voorhees; Chapter 7; no schedules available. SOURCES: Legal Intelligencer; U.S. Bankruptcy Court for District of New Jersey
BUSINESS
June 18, 2016 | By Suzette Parmley, Staff Writer
The final buzzers will begin sounding for Sports Authority on Sunday as its Cherry Hill sporting-goods store closes for good. Other Sports Authority stores will soon follow. The one in Langhorne, Bucks County, on East Lincoln Highway, will close sometime in August. The retailer's predicament reflects the broader trend of bricks-and-mortar stores struggling against the migration of shoppers to the internet. Competitive sports may be cutthroat, but sports retailing is too, experts say. "Sports Authority had seriously large debt issues, but their bigger problem was not adapting and separating themselves from the other big-box retailers like Dick's," said Mark Torres of the Play It Again Sports chain in Deptford, about 12 miles from the Cherry Hill Sports Authority store.
BUSINESS
June 2, 2016 | By Sam Wood, Staff Writer
The Midtown II, a landmark diner and bar that has thrived on the edge of the city's Gayborhood for 43 years, will close its doors for good next week, the result of a series of financial setbacks that landed its owner in bankruptcy court. According to documents filed last week in U.S. District Court in New Jersey, the diner's owner, Gus Hionas, has agreed to relinquish ownership of the Midtown II and its liquor license to its creditors to settle at least $4.2 million in debts. Hionas, who founded the Midtown II in 1974, declined to comment on the bankruptcy.
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