Bankruptcy felt like an escape to a couple earning about $200,000 a year after their debt climbed to roughly $555,000. Regina, a caller from San Antonio, said the pressure had become overwhelming. "What do you do when you can't pay the minimums?" she asked host George Kamel on "The Ramsey Show." She said the couple was overwhelmed by creditor calls and unsure whether to keep answering them, try negotiating payments, or allow accounts to fall behind. Don't Miss: The AI Marketing Platform Backed by Insid ...

(Bloomberg) -- American Express card holders and other shoppers are hurrying to spend store credits and gift cards at Saks Fifth Avenue as the cash-strapped retailer heads toward a potential bankruptcy restructuring. When a company files for bankruptcy, it’s not automatically required to honor gift cards, sometimes leaving consumers empty-handed. That’s worrying for customers such as Julia Portela, a 38-year-old travel content creator in Miami. Her American Express Co. Platinum card has an annual fee of $89 ...

Lazarow said he knew of one brand that is owed over $3.5 million that would have to file for bankruptcy itself if Saks Global failed and paid vendors something like 5 to 10 cents on the dollar, as bankruptcy experts predict.“It’s unclear whether or not they’re going to be able to make it out the other end” of a bankruptcy filing by the retailer, he said.Attorney Jonathan Lazarow, co-chair of Ambrose, Mills & Lazarow’s Corporate Group, said a lot of fashion’s “bread and butter brands” count Saks Global as th ...

Core Viewpoint - Luminar is facing challenges in retrieving company-owned devices from its founder and former CEO Austin Russell, which may impact potential legal actions against him [1][2][8]. Group 1: Legal and Compliance Issues - Luminar has been attempting to reclaim devices from Russell since his resignation in May, recovering six computers but still seeking his company-issued phone and a digital copy of his personal phone [2]. - The company has accused Russell and his employees of misleading legal representatives about his location, prompting them to seek court permission to serve him via mail or email [3][8]. - Russell has claimed cooperation and requested assurances regarding the protection of personal data from his devices, but Luminar's lawyers have stated they will follow court-established processes for data handling protections [4][12]. Group 2: Bankruptcy Proceedings - The emergency filing marks a significant development in Luminar's Chapter 11 bankruptcy case, as the company is trying to sell its semiconductor subsidiary to Quantum Computing, Inc., with a January 9 deadline for bids on its lidar division [5]. - Prior to the bankruptcy filing, Russell attempted to buy Luminar through his new venture, Russell AI Labs, and has expressed intentions to bid during the bankruptcy process [6]. Group 3: Investigative Actions - Following Russell's resignation, Luminar's board established a Special Investigation Committee to investigate potential claims related to Russell's actions, including personal loans [9][10]. - Legal representatives from Weil, Gotshal & Manges were engaged to collect Russell's devices, but faced challenges in confirming representation and direct communication with him [11][12].

A pedestrian passes in front of the Saks Fifth Avenue Inc. women's store at Brookfield Place in New York, U.S.Saks Global named a new CEO on Friday as the retailer is reportedly on the cusp of filing for bankruptcy protection.The parent of high-end department store chain Saks Fifth Avenue, which is privately held, will now be led by Richard Baker, the company's executive chairman, Saks said in a news release. He will continue to hold the executive chairman role.With the shakeup, three-decade long Saks execu ...

Rachel called "The Ramsey Show" seeking guidance on how to separate shared finances after ending a five-year relationship that left her tied to multiple joint debts. She said they broke up about two months ago, but their finances remain tied to a house, two vehicles, and several loans. Family members suggested bankruptcy as a way to start over, prompting her to seek another perspective. "Filing bankruptcy on this is kind of like taking poison and hoping he dies — you're killing you," personal finance ex ...

The American high street faced another reality check in 2025, as some of its most famous names finally called it a day. From the pharmacy counters of Rite Aid to the balloon aisles of Party City, the year saw a wave of bankruptcies. Many of these household names were hit by a combination of rising debt and shifting customer habits. As inflation stayed high, shoppers tightened their belts and left specialty shops for online competitors like Amazon or in-person giants like Target. For chains already struggl ...

Saks Global’s make-or-break moment has come. The struggling luxury department store company has a more than $100 million interest payment due on Tuesday, which is necessary to keep it current on the $2.2 billion in debt it took on to buy Neiman Marcus Group last year. More from WWD The company might have that cash on hand after recent sale-leaseback deals for the Neiman Marcus stores in Beverly Hills and San Francisco, but sources closely watching the situation wonder if that money will ever get to bond ...

Core Insights - Bankruptcies in the US are increasing significantly, with large corporate bankruptcies reaching the highest level in 15 years, indicating rising financial pressures on consumers and companies due to climbing costs and a tougher borrowing environment [1][6] Industry Overview - The current wave of bankruptcies is affecting a wide range of sectors, unlike previous downturns where failures were more concentrated within specific industries [2][4] - This unusual pattern of bankruptcies is described as a "broad smattering of industries," which is not typical according to industry experts [5] Major Corporate Bankruptcies - Notable corporate bankruptcies this year include Sonder, Spirit Airlines, Del Monte Foods, Claire's, and Omnicare, each reporting liabilities exceeding $1 billion, categorizing them among the largest bankruptcies of 2025 [7]

Core Insights - The arts and crafts supply retail sector has experienced significant store closures over the past five years due to various factors, including ownership retirements and financial distress [1] - Joann filed for Chapter 11 bankruptcy in January 2025 for the second time, leading to the closure of approximately 815 stores due to declining sales and inventory challenges [2] - The closure of Joann's stores had a detrimental impact on suppliers like IG Design Group Americas Inc., which subsequently filed for Chapter 11 bankruptcy on July 3, 2025 [3][4] - Artist & Craftsman Supply, a 40-year-old retail chain, also filed for Chapter 11 bankruptcy to reorganize its business amid economic challenges and tight lending restrictions [5] - The parent company of Artist & Craftsman Supply, Artstock, reported assets and liabilities between $10 million and $50 million, with significant debts owed to various creditors [6] - Artist & Craftsman Supply was established in 1985, originally as a small art supply store, during a time when the arts and crafts retail industry was primarily composed of independent storefronts [7] - Catalog sales were a major competitor for the company in its early years, as internet sales were not prevalent until about a decade later [8]