francesca's, a Houston-based specialty retail brand, voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey. The filing aims to facilitate a court-supervised process to maximize value for stakeholders. As part of the Chapter 11 process, advisors Tiger Group, SB360 Capital Partners, and GA Group have begun court-approved store closing sales across all francesca's boutiques and outlets in 45 states.
APF Properties’ 25 W. 45th St., a 200,000 square-foot Midtown Manhattan office building, was sold to its lender Wells Fargo for $45.1 million at a foreclosure auction. The property, which defaulted on its mortgage in early 2024 following WeWork’s bankruptcy, was about 40% vacant as of October and had been appraised at $55 million last year with $75 million in debt.
Inspired Healthcare Capital and 160 affiliated entities filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas. The senior housing private equity firm, which underwent leadership changes in Oct. 2025, cited ongoing liquidity challenges and recent regulatory inquiries as key drivers for the filing. The company secured $35 million in debtor-in-possession financing to support operations during the restructuring.
Catalyst Brands, the operator of the Eddie Bauer retail chain, is preparing to file for Chapter 11 bankruptcy, marking the third bankruptcy action related to Eddie Bauer in the past two decades. The filing comes amid reports of potential store-closing liquidation sales. Eddie Bauer operates about 180 locations across the U.S. and Canada. Authentic Brands Group, which owns the Eddie Bauer brand and intellectual property, recently announced a transition of manufacturing, e-commerce, and wholesale licenses to Outdoor 5, effective Feb. 2.
JPMorgan, as a mortgage lender to a Manhattan loft owner, requested that a New York bankruptcy court either appoint a Chapter 11 trustee or convert the landlord's bankruptcy case to Chapter 7. JPMorgan said Mariner's Gate and its president have been spending cash that serves as the lender's collateral without authorization from the bankruptcy court.
Fat Brands, a Beverly Hills-based franchiser operating 18 restaurant brands including Johnny Rockets and Fatburger, filed for Chapter 11 bankruptcy due to missed obligations and lender demands for immediate repayment on $1.4 billion in debt. The company aims to use the bankruptcy process to restructure its debt and strengthen its capital structure, allowing continued operation of its restaurant portfolio during the proceedings.
GHI Capital, a real estate investment company based in Atlanta, Georgia, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Georgia. The company disclosed assets between $1 million and $10 million and liabilities ranging from $10 million to $50 million. The filing notes that there will be funds available for distribution to unsecured creditors.
Pretium Packaging confirmed a pre-packaged Chapter 11 bankruptcy process after entering an agreement with its current lenders and majority owner Clearlake Capital Group. Under the proposed restructuring, Pretium’s total funded debt is set to decrease by more than $900 million. The company will also gain access to over $175 million in liquidity. The plan includes commitments from existing lenders for more than $530 millino in new short-term debt, as well as a $50 million equity injection from Clearlake.
Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, filed for bankruptcy after running out of cash to cover debt service costs. As part of its restructuring, Saks Global will close 57 Saks Off 5th discount stores and all five Last Call stores, focusing instead on its core luxury retail business. A dozen Saks Off 5th locations will remain open, shifting to sell overstock from the flagship store rather than maintaining a dedicated supply chain. The reorganization includes a new CEO, Geoffroy van Raemdonck, formerly of Neiman Marcus Group. Saks has access to $500 million of a $1 billion financing facility to support its operations during bankruptcy. The closures and strategic pivot are intended to help Saks emerge from bankruptcy with a renewed focus on luxury sales and full-price selling.
Twin Hospitality Group, the parent company of Twin Peaks and Smokey Bones, filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. The plans to use the bankruptcy process to reduce debt and strengthen its balance sheet while continuing to operate its restaurants and pay employees. The company, which went public in January 2025 with a valuation of around $1 billion, cited higher operating costs in the casual dining industry as a factor in its restructuring.
Beauty company Pat McGrath Labs opted to undergo restructuring and recapitalization with its partners. Managed by Hilco Global, the company had been exploring bids for an asset sale, but decided to align its financial framework with the brand's creative leadership. The restructuring and recapitalization processes are expected to be completed in early 2026. The company has previously been valued at $1 billion.
Georgia ProtonCare Center, operator of Georgia's only proton therapy cancer treatment facility, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Georgia. The nonprofit is burdened by approximately $550 million in debt against annual revenues of just over $40 million. To maintain uninterrupted care for over 1,000 patients annually, the Center has negotiated a stalking horse asset purchase agreement with Emory University for a going-concern sale.
Saks Global Enterprises filed for Chapter 11 bankruptcy, citing a significant debt burden impacting liquidity and inventory. As part of its restructuring, the company secured $1.75 billion in financing, including $1.5 billion from senior secured bondholders. A $1 billion debtor-in-possession (DIP) facility is being arranged, with GoldenTree Asset Management investing $200 million and joining existing lenders like Pentwater Capital Management and Bracebridge Capital, who are converting their claims into higher-ranking debt. The DIP loan, which carries super-priority status, is intended to support ongoing operations and restructuring efforts.
Castlelake has entered talks to acquire bankrupt Spirit Airlines. An earlier offer in November from rival Frontier Group Holdings was deemed unviable. While the Castlelake discussions may not result in an offer or a deal, they have revived hopes that Spirit, in its second bankruptcy filing in less than a year, might still secure an exit through a sale rather than emerge as a significantly smaller airline or risk liquidation.
A U.S. bankruptcy judge approved a Chinese manufacturer's bid to acquire iRobot, although the sale still requires clearance from other U.S. regulators. The company filed for bankruptcy in December after being pressured by lower-priced competitors, and U.S. tariffs that cost iRobot $23 million in 2025. iRobot entered Chapter 11 with about $190 million in debt and a prepackaged plan to sell its business to China-based Picea Robotics, its primary manufacturer of robotic vacuum cleaners.
Tailwind Air, a U.S.-based airline operating from New York and Connecticut, filed for Chapter 11 bankruptcy protection in the Eastern District of Virginia. The company, which began commercial flights in 2019, struggled financially due to weak demand and mounting losses, leading it to cancel all commercial flights and attempt a pivot to charter-only operations in 2024. This strategy was unsuccessful, and the airline lost its Air Operator Certificate in January 2025, grounding its fleet. The filings indicate Tailwind Air has less than $100,000 in assets and owes between $1 million and $10 million to dozens of creditors.
Marsan Real Estate Group, through its entity Bellaviva at Whispering Hills, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Middle District of Florida in October. A liquidation plan was recently filed to facilitate the sale of the 1,088-acre Whispering Hills property in Leesburg, which has been inactive for four years. Sun Terra Communities is in due diligence to acquire the site for $62 million, though the purchase has not yet closed. The property, previously planned as a mixed-use development with nearly 3,000 residential units and significant commercial space, has existing zoning approvals.
North America Destinations, a travel agency based in Windermere, Fla., filed for Chapter 11 bankruptcy protection in the Middle District of Florida. The company, which specialized in selling tour packages to Disney World and Universal Studios in Orlando for Latin American and Brazilian markets, is utilizing the Subchapter V section of the bankruptcy code for a simplified bankruptcy process.
Compass Coffee, a Washington, D.C.-based company, filed for Chapter 11 bankruptcy protection stating ongoing financial struggles due to a significant decline in foot traffic during the COVID-19 pandemic and litigation initiated by its co-founder.
Bankruptcy filings in the U.S. rose sharply in 2025, with business bankruptcies reaching their highest levels since the Great Recession. Notable Chapter 11 and 'Chapter 22' cases included Spirit Airlines, Rite Aid, Forever 21, Claire’s, and Joann, all of which faced significant debt and operational challenges. The increase in filings highlights ongoing financial stress for companies amid high inflation, elevated interest rates, and economic uncertainty.
The planned sale of 119 JCPenney store properties collapsed after the buyer failed to close by a late-Dec. deadline. Copper Property CTL Pass Through Trust, which controls the assets, terminated the $947 million all-cash deal on Dec. 26, citing the buyer's failure to complete the transaction on time. The buyer, Onyx Partners, agreed to purchase the portfolio earlier this year, but said it's still waiting on tenant documentation from the trust.
The Dockside condominium association in Charleston filed for Chapter 11 bankruptcy protection, citing nearly $14 million in debt primarily related to demolition and site cleanup costs after the city ordered the evacuation of the structurally unsound building. The bankruptcy follows a vote by owners against repairing the tower, paving the way for a potential sale of the property. The property is currently vacant.
United Site Services (USS), the largest provider of portable sanitation systems in the U.S., filed for bankruptcy in New Jersey with a plan to eliminate $2.4 billion in debt and transfer control to its lenders. The restructuring plan proposes to fully repay senior lenders and convert lower-priority debt into equity shares. USS's financial difficulties stemmed from high inflation, increased costs and a downturn in U.S. residential housing construction, which reduced revenues from its major construction site customers.
A bankruptcy judge in New Jersey approved the sale of Iron Hill Breweries' assets and leases, including the Wilmington Riverfront and Rehoboth Beach locations, to Jeff Crivello, a hospitality executive and former CEO of Famous Dave’s. Crivello’s IH Restaurants will acquire 12 Iron Hill locations for $12 million, with seven other locations set for liquidation via auction. The deal includes $3,000 for liquor licenses in three Delaware locations. Crivello plans to reopen the 12 locations, potentially under new branding, as part of a turnaround strategy he has used with other restaurant chains. The original Iron Hill in Newark will remain closed.
Meanwhile Group, the London-based developer of The Bon, a 451-unit luxury apartment building in Boston's Fenway neighborhood, filed for Chapter 11 bankruptcy protection, listing $100 million to $500 million in liabilities and assets. The developer also filed a lawsuit against its landlord, Kenmore Management, alleging Kenmore's refusal to adjust the ground lease prevented refinancing and contributed to the bankruptcy. The Bon, which opened in 2023 and is 95% occupied, received a $178 million loan from Madison Realty Capital after opening. The lawsuit seeks tens of millions of dollars in damages and lost investments.
The real estate firm surrendered ownership of its 26-story, 503,000-square-foot office tower at 757 Third Ave. in Midtown East to lender New York Life Real Estate Investors through a deed-in-lieu of foreclosure. The building was originally purchased by BGO for $360 million in 2015 with a $205 million loan from New York Life. BGO didn't divulge why it offloaded the property, though it's likely due to the building's middling occupancy.
Jenel Management, which faced a court order to auction off 136 and 138 W. 34th St. to help settle a $24.9 million judgment in a foreclosure case, instead sold the two storefronts to developer Vornado Realty Trust for $19.1 million. The sites, which were previously retail locations, were scheduled to be auctioned off to settle a debt with lender Citigroup Global Markets, which last year sued Jenel over allegedly defaulting on its mortgage. The court called off the auction at the last minute, for reasons not disclosed at the time.
Rok Lending took ownership of a 1.6-acre Aventura property after months of legal wrangling with developer Marlon Gomez. The firm's affiliate purchased the site for $477,800 at a Sept. foreclosure auction, following a $19.9 million judgment against Gomez's company for defaulting on a $15 million loan. Courts dismissed two Chapter 11 bankruptcy filings by Gomez as attempts to delay the sale, clearing the way for Rok to purchase the site.
Prospect Medical secured court approval for a $45 million settlement with Yale New Haven Health, resolving litigation over a failed $435 million hospital sale. The deal enables Prospect to move forward with asset sales and its Chapter 11 bankruptcy plan. The judge also allowed Prospect to abandon two closed Pennsylvania hospitals, clearing the way for a competitive auction expected to start at $10 million. Additionally, a new agreement with Pennsylvania tax authorities mirrors previous deals, preserving unsecured claims. Prospect, which filed for bankruptcy in January citing over $1 billion in liabilities, is also negotiating with insurers to resolve hundreds of personal injury claims. The judge urged swift progress, warning she may lift the bankruptcy stay if no agreement is reached by late October.
Spirit Airlines entered its second bankruptcy after a dispute with AerCap led to the termination of lease agreements for 36 new Airbus A320neo jets and claiming default on 37 existing leases. Spirit will reject its commitment to buy 52 Airbus planes and options for 10 more, with AerCap taking over these orders. The U.S. Bankruptcy Court for the Southern District of New York approved a settlement allowing Spirit to reject 27 out of 37 leases and granting AerCap $9.7 million in cash security deposits from Spirit for canceled leases.
Rite Aid has officially shut down all remaining stores after filing for Chapter 11 bankruptcy in May, marking its second bankruptcy since 2023. The 62-year-old pharmacy chain cited financial struggles driven by industry changes and heavy debt, despite attempts to restructure. Pharmacy assets have been sold or transferred to CVS, Walgreens, Kroger, Albertsons and Giant Eagle to ensure prescription continuity for customers. The company's website now directs former customers to transfer prescriptions and retrieve pharmacy records.
Pinstripes, a restaurant and entertainment venue chain known for Italian-American cuisine, bowling and bocce, filed for Chapter 11 bankruptcy after accumulating approximately $143 million in debt. The company, which went public in Dec. 2023 and was delisted from the NYSE in March 2024 due to financial distress, now operates only eight venues across several states. Locations include bowling alleys, outdoor space for dining, bocce courts, firepits and decorative fountains.
Claire’s, which filed for bankruptcy for the second time last month, was acquired by investment firm Ames Watson, which plans to restructure the company with a 'smaller but stronger footprint,' keeping at least 800 stores open, with potential expansion to 950, including key locations in California, New York, Florida and Illinois. Ames Watson plans to modernize the brand, refresh merchandise and enhance in-store experiences, focusing on offerings that cannot be replicated online.
Silver Creek Development acquired the leasehold interest in the hotel condo portion of the former Wagner Hotel at 2 West St., Battery Park City, New York, out of Chapter 11 bankruptcy. Silver Creek now owns the lower 14 floors of the 39-story tower, totaling 355,000 square feet and including 298 guest rooms, meeting and banquet space, a restaurant and bar, spa and fitness center. The remainder of the building consists of 113 Ritz-Carlton-branded condos. Silver Creek plans to renovate and reposition the property as a luxury hotel, likely within the Marriott family, following the bankruptcy acquisition.
Claire's will shutter nearly 300 underperforming retail locations, including 60 Icing stores, as part of its latest Chapter 11 bankruptcy proceedings. The closures hit shopping malls particularly hard, with 18 stores in New York State alone, including sites in Manhattan, Brooklyn, Queens and The Bronx, slated to shut down. A $140 million acquisition deal by private equity firm Ames Watson has saved the chain from closing its entire North American footprint of 1,326 stores.
Claire’s filed for Chapter 11 bankruptcy less than two weeks ago and has announced a $140 million sale of most of its North American business to private equity firm Ames Watson. The deal includes $104 million in cash, a $36 million seller note and a $22.5 million debtor-in-possession loan to keep operations running during bankruptcy. Ames Watson plans to acquire between 795 and 950 Claire’s stores and the brand’s intellectual property, which would suspend liquidation at a significant number of locations in the U.S. and Canada. The sale is subject to court approval in both countries.
A Delaware bankruptcy judge approved a settlement between Solar Biotech's unsecured creditors committee and its largest secured creditor in the company's Chapter 11 case. The agreement will allow Solar Biotech, a synthetic biological product maker, to move forward in its bankruptcy proceedings.
A Delaware bankruptcy judge approved the dismissal of MOM CA Investco LLC Chapter 11 case. The motion to dismiss was filed by the debtor and by creditor Mohammad Honarkar The company, which was insolvent, had spent months pursuing options under bankruptcy protection before the dismissal. MOM CA filed for bankruptcy on Feb. 28 with around $194 million in first-lien secured debt.
The Springfield, NJ-based long-term care pharmacy operator, filed for bankruptcy to facilitate a going-concern 363 sale, with prepetition lender CS One providing a $6.5 million priming DIP and acting as stalking horse with a $50.7 million credit bid. The company reports $1 million to $10 million in assets and $10 million to $50 million in liabilities and indicates that unsecured creditors won't receive distributions after administrative expenses.
Claire's Holdings and several subsidiaries, including U.S. and Gibraltar entities, filed for voluntary Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. Court documents identified 18 stores across 13 states for potential closure, with sales expected to end no later than Sept. 7. Currently, Claire's has about $500 million in debt and between $1 billion and $10 billion in assets and liabilities.
Commercial Chapter 11 bankruptcy filings in the U.S. surged 78% year-over-year to 911 in July, contributing to a 26% rise in total commercial bankruptcies at 2,997. Overall bankruptcy filings increased 12% to nearly 50,000 for the month. The rise reflects ongoing economic pressures like high prices, borrowing costs and geopolitical uncertainty. Lawmakers are considering bankruptcy reforms, including restoring enhanced debt limits for small businesses and individuals.
Brazilian airline Azul entered into a $650 million backstop commitment agreement with certain stakeholders as part of a future capitalization plan. The agreement is subject to approval by the U.S. court overseeing Azul's Chapter 11 bankruptcy proceedings. Azul filed for Chapter 11 bankruptcy protection in the U.S. in May, following efforts to restructure its high levels of pandemic-era debt.
Kahn Property Owner filed for Chapter 11 bankruptcy protection in New York to halt a scheduled foreclosure auction of Oheka Castle, a historic Long Island estate. The filing triggers an automatic stay, allowing the owner to block the foreclosure sale initiated by mortgage note holder 135 W. Gate Drive LLC and instead pursue a controlled sale process. The company reports $63 million in debt against $92.8 million in assets, with about $50 million secured by the disputed mortgage.
Copper Property Trust sold its remaining portfolio of retail real estate assets, formerly JCPenney locations, to Onyx Partners. The agreement covers 119 retail properties and is an all-cash transaction. The sale comes nearly five years after JCPenney's Chapter 11 bankruptcy filing in 2020. JCPenney, which currently operates about 650 stores, was one of the largest U.S. retailers to file for Chapter 11 protection.
Turnbridge Equities acquired a vacant industrial outdoor storage (IOS) property in College Point, Queens, for $20 million through a bankruptcy auction of Zano Industries. The property, located at 20-25 130th St., will undergo improvements such as new paving, fencing and lighting to prepare it for long-term leasing.
A prospective developer in Westchester County, New York, filed for Chapter 11 bankruptcy protection in a New York court, with debts exceeding $10 million. The lender involved is seeking to end this second bankruptcy attempt by the developer.
The company purchased a vacant property in College Point, Queens in a bankruptcy auction. The previous owner was Zano Industries. The vacant property at 20-25 130th St. is set to undergo multiple improvements, making it available for long-term leasing opportunities. Work will include new paving, fencing and lighting to improve operations.
The company bought the properties at 190 Berry St. and 103-113 North Third St. from Leny Group. The seller bought the portfolio for an undisclosed amount in 2016, but placed the properties into bankruptcy protection in 2024 to avoid a foreclosure sale tied to a $69.8 million default on the portfolio. The portfolio includes 36,000 square feet of retail space and 40 residential units.
The filing in the United States Bankruptcy Court for the Southern District of Florida allows CMX Cinemas to continue operating its 16 theaters across Florida. The company previously filed for Chapter 11 in April 2020 due to the COVID-19 pandemic but emerged from bankruptcy protection in Dec. 2020. The company lists assets between $50 million and $100 million, with liabilities from $1 million to $10 million.
Del Monte Foods filed for Chapter 11 bankruptcy as part of a strategic plan to pursue a sale and accelerate its turnaround. The company secured $912.5 million in financing to support operations during the proceedings and intends to continue its operations. The company reported assets and liabilities ranging from $1 billion to $10 billion. The bankruptcy filing doesn't include certain non-U.S. subsidiaries, which will continue to operate normally.
The Durham company, a major employer in the Triangle area, is seeking to alleviate billions in debt through negotiations with individual creditors who are owed millions and even billions. This move is part of a broader effort to manage its financial obligations and potentially restructure its operations.
New York City real estate attorney Mark Nussbaum's law firms, Nussbaum Lowinger and Mark J Nussbaum Associates, filed for an Assignment for the Benefit of Creditors (ABC) in New York Supreme Court. Nussbaum's financial troubles began earlier this year when he used his firm's escrow services to provide bridge loans to real estate dealmakers, leading to a deficit. He faces a lawsuit from Jacob Sod for $15 million in escrow money and has been charged with grand larceny by the Manhattan District Attorney's office for allegedly taking over $15 million in client escrow money.
A Florida bankruptcy judge allowed a lawsuit to proceed against Cirrus Real Estate Funding, which is accused of attempting to seize a valuable downtown Miami property through a $70 million loan allegedly carrying criminally usurious interest rates exceeding 25%. The property, slated for an 82-story tower, is considered one of the last prime development sites on Biscayne Boulevard. The debtors claim Cirrus intentionally caused a loan default by stalling on a redevelopment proposal, then moved to take control of the project. Cirrus argues New York law governs the loan, but the judge permitted the amended complaint, citing the need for fuller arguments. The dispute centers on whether Florida or New York law applies, with the debtors asserting all relevant dealings occurred in Florida. The case continues amid accusations of bad faith negotiations and strategic delays by the lender.
WeightWatchers received court approval to exit Chapter 11 bankruptcy, cutting $1.15 billion in debt and handing 91% ownership to secured creditors. The company filed for bankruptcy in May following steep revenue declines due to the popularity of GLP-1 weight-loss drugs. Under the plan, existing shareholders will retain 9% equity, and lenders will also receive $465 million in new term loans and notes. The company plans to refocus on telehealth and digital services, aiming to emerge from bankruptcy by June 24.
The home goods retailer, with 260 locations across the U.S., filed for Chapter 11 bankruptcy, citing increasing tariffs and a slowdown in consumer spending. The company reached a deal with lenders to eliminate $2 billion in debt and secure $200 million in funding to create a more stable financial foundation moving forward. At Home said it hopes to strengthen its position by shedding unsustainable debt and plans to continue operations, fulfill orders and maintain its loyalty program, though some store closures are expected.
The the South Florida developer, established over 45 years ago, listed $10 million in assets and debts. The builder specializes in upscale, custom equestrian homes and estates. The petition listed over a dozen creditors.
The Harbor East development is facing an uncertain future following a bankruptcy court ruling that may lead to its sale. Owned by an entity of Chasen Cos., the incomplete residential property at 1400 Aliceanna St. could head to auction in mid-July. The owner of the property owes First National Bank around $28 million and the bank forclosed on the property in mid-Dec. It was originally scheduled to be auctioned on March 14m but the Chapter 11 filing postponed the sale.
Rite Aid filed for Chapter 11 bankruptcy as of May 5, leading to the closure of all 33 NYC stores, including the last three in Manhattan. The company is closing 316 stores nationwide, with 178 in New York State. This follows an earlier Chapter 11 filing in Oct. 2023, which resulted in over 100 store closures. Rite Aid is dealing with approximately $2 billion in debt, partly due to its role in the opioid epidemic. An auction for the leases of the closed stores will be held by the bankruptcy court.
Everstream Solutions, a Cleveland-based fiber network provider, filed for Chapter 11 bankruptcy and agreed to sell its operations to a Columbia, Missouri-based affiliate of Bluebird Network. Everstream will be sold to Bluebird MidWest as an ongoing business unless there's a higher bid in bankruptcy court from another bidder. The network plans to continue operations as normal through the proceedings and has already sold its Illinois and Greater St. Louis, Missouri operations and closed its Pennsylvania operations.
A New York federal judge has ordered borrowers to pay Fannie Mae more than $72.4 million after defaulting on loans tied to 12 apartment buildings in Manhattan and the Bronx. The borrowers didn't contest Fannie Mae's foreclosure suit or its motion for summary judgment, and they admitted to the defaults in court filings. The judge also granted default judgment against one private lienholder but denied it for two city agencies, citing unresolved municipal claims. Fannie Mae filed the suit in Oct. 2023 and a court-appointed receiver took control of the properties in Jan. 2024.