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Betsey Johnson Files for Bankruptcy

Posted by Andru Edwards Categories: Fashion Designers, News,

Betsey JohnsonBetsey Johnson has filed for bankruptcy.

The designer - who showcased her latest collection at New York Fashion Week in February - used the Chapter 11 US Bankruptcy to file her case and although she will remain creative director of her brand, the majority of its 63 stores and 350 employees will lose their jobs.

"The decision to seek protection under Chapter 11 comes after months of rigorously pursuing alternative restructuring arrangements to address Betsey Johnson LLC's cash-flow problems. After exhausting our resources and possibilities, it became apparent that neither a restructuring arrangement with a new equity investor nor a sale of the business enterprise as a going concern outside of bankruptcy was to be forthcoming. Accordingly, our board made the determination that a Chapter 11 store-closing process will likely be the best way to maximise the value of the company's assets, for the benefit of its creditors," said the company's LLC chief financial officer, Jonathan Friedman.

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Cinema Scene: Sing-Along Beauty and the Beast; Live-Action Mulan

Beauty and the Beast-A sing-along version of Beauty and the Beast will be coming to theaters at the end of the month. The animated film will be available in limited release on September 29 and October 2.

-Speaking of old Disney films, Zhang Ziyi will star in a live-action version of Mulan. The English-language project will be directed by Speed‘s Jan de Bont and produced by an independent studio.

-Blockbuster has filed for Chapter 11 bankruptcy protection. The video chain – which has nearly approximately $1 billion in debt – will be preparing to close another 800 stores.

-Ed Zwick’s Love and Other Drugs, starring Anne Hathaway and Jake Gyllenhaal, has been chosen to open AFI Fest 2010 in November. Black Swan will close the festival.


Blockbuster files for bankruptcy

Blockbuster bankruptcyWhat’s the easiest way for a behemoth of a company, like , that seemingly owns its market segment to die? Being unwilling to change with the times. Note, I said unwilling, not unable. With the amount of money that Blockbuster was bringing in during the VHS-to-DVD transition, you’d think that they’d have better planned for the future—especially when Netflix arrived on the scene 13 years ago. Instead, the company was too brash and egotistical to realize that their business model would be in need of a major overhaul, and now they are paying for it. Today Blockbuster filed for bankruptcy. At this point, they don’t plan to shut down any stores or anything…but hey, Hollywood Video went bankrupt this past February, and a few months later, they shuttered operations completely. Just looking at what Blockbuster currently offers by way of online on-demand viewing, we wouldn’t be surprised (although we’d be saddened) if they were gone within 24 months.

What do you think? Any Blockbuster die-hards still around out there?

Read More | Ars

Circuit City Files Chapter 11

Posted by Sheila Franklin Categories: Corporate News, Misc. Tech,

Circuit City logoCircuit City just couldn’t save itself by selling off some of their stores and cutting back on employees during the last couple of months. They have filed for bankruptcy, making them the largest retailer to do so since Kmart in 2002. Reasons given include tougher vendor credit terms, a decrease in cash, and less consumer spending in their 556 outlets. They have even gone so far as to post a “We’re sorry” note on their site from CEO Jim Marcum. It may be a tough road back for the electronic chain and, while we hate to be blunt, while watching our local news we noticed that shoppers were grabbing some discounted items with glee.

Read More | Reuters

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