Bankruptcy

Luxury retailer Neiman Marcus has become the first department store chain to declare bankruptcy during the coronavirus pandemic. Its fall is foreboding to other chains, whose financial distress predates the health crisis, such as J.C. Penney.

With millions of Americans out of work and its stores temporarily closed, J.Crew is heading for bankruptcy. It could be the first of several retailers to crumble during the coronavirus pandemic under financial troubles that predate the crisis.

Updated at 10:30 a.m. ET

The Boy Scouts of America has filed for bankruptcy, a sign of the century-old organization's financial instability as it faces some 300 lawsuits from men who say they were sexually abused as Scouts.

The organization says it will use the Chapter 11 process to create a trust to provide compensation to victims. Scouting programs will continue throughout.

Forever 21 — the ubiquitous mall-based fashion retailer aimed at teens, tweens and young adults — filed for Chapter 11 bankruptcy protection, joining a growing list of apparel outlets to fall victim to competitive online market pressures.

The California-based company may close up to 178 U.S. stores, according to court records.

A hearing in Akron on First Energy Solutions bankruptcy reorganization has been adjourned for now. A company spokesperson says Judge Alan Koschik, of the United States Bankruptcy Court for the Northern District of Ohio, delayed confirming the company’s reorganization plan at the conclusion of the two-day hearing Wednesday.

Several unions representing workers at the state's two nuclear plants are objecting to a new bankruptcy plan by FirstEnergy Solutions, saying the energy generator's latest filing would not honor union contracts.

FirstEnergy Solutions, which runs coal and nuclear plants in Ohio, is working on a new bankruptcy proposal after a federal judge denied their initial filing.

FirstEnergy Davis-Besse Nuclear Power Station in Oak Harbor, Ohio.
Ron Schwane / AP

State lawmakers are working on a bill that could effectively bailout the state’s two nuclear power plants. A piece of draft legislation would create subsidies, rewarding nuclear for not emitting carbon.

The parent company of Columbus Castings has filed for Chapter 11 bankruptcy.  Constellation Enterprises LLC said the foundry, located on South Parsons Ave., would halt production there as it “pursues a sale of the business.”

Detroit After Bankruptcy

Dec 10, 2015

It has been almost a year since Detroit was bankrupt, and for the first time in years, the city has money to spend. Detroit has developed a four-year financial plan and reached a collective bargaining agreement with a major union, two targets the city agreed to under the bankruptcy. Although the city is obligated to pay almost nothing into employee pensions over the next nine years, an estimated $195 million pension payment could offset the city's recovery. 

10:00 Bankrupt Monopoly players must immediately retire from the game, but cities struggling financially can hang on for years. Such was the case for Detroit, when it filed for bankruptcy last week. The city's population is about a third of what it was in 1950, and its debt has grown into the hundreds of millions. This hour we'll see what's next for Detroit and look at the history of cities in the red. Guests