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Nearly double the number of companies entered bankruptcy in March than in February, the largest number in a single month since July, according to S&P Global Market Intelligence. A total of 61 companies entered bankruptcy last month, and while the pace of filings has slowed year-over-year, that number hearkens back to the dog days of summer 2020, when every day brought a new [...]

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More than three dozen retailers, including the nation’s oldest department store chain, filed for bankruptcy this year, marking an 11-year high. Pre-pandemic, several of these retailers were already teetering on the brink of survival. But the Covid health crisis pummeled the industry. Lockdown orders put in place in March to slow the spread of the virus turned into prolonged store closures for many businesses [...]

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Purdue Pharma, which helped revolutionize the prescription painkiller business with its drug OxyContin, is proposing a $10 billion plan to emerge from bankruptcy that calls for it to be transformed into a different kind of company funneling profits into the fight against the nation's intractable opioid crisis. Those efforts would include a significant boost - more than $4 billion - from members [...]

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What precipitated this announcement? New York Attorney General Letitia James sued the NRA in 2020 over alleged financial irregularities, such as improperly making millions of dollars in payments to benefit longtime leader Wayne LaPierre and other executives. Among the lawsuit’s allegations is a claim that the NRA tried to disguise trips to the Bahamas and other forms of lavish compensation as business expenses. James seeks to [...]

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From iconic department stores to entertainment giants, the coronavirus has seemingly spared no one in its devastation of the U.S. economy. Falling consumer demand, reduced entertainment spending, and stay-at-home orders mandating certain businesses stay closed continue to take their toll on a retail industry that has been struggling for the past several years as consumers pivot to online shopping. Even as the economy slowly [...]

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A newly closed Mattress Firm store in Oceanside is among 99 locations in the retailer’s second round of closures as part of its bankruptcy protection filing. The 4,000-square-foot store, which was once a Sleepy's — the Hicksville-based mattress retail chain was acquired for $780 million by Mattress Firm two years ago — was located on 3150 Long Beach Rd. The property is [...]

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A Tennessee coal mining company that filed for bankruptcy this week is the second coal company to go bankrupt during Donald Trump's pro-coal presidency. It's also the fifth U.S. coal industry bankruptcy in the last three years as competitors in the energy market continue to drive coal into the dust pile. Mission Coal, an operator of three mines in West Virginia and [...]

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