Category: Business
Milbank announces a bonus schedule for associates and special counsel, with bonuses reaching over $25,000 due to a busy year and a strong pipeline of work.
Keywords: Milbank, bonus schedule, associates
Source: Law.com
Update At: 8/9/2024
Party City is closing all its stores, ending nearly 40 years in business due to financial struggles exacerbated by inflation and competition. CEO Barry Litwin announced the immediate winddown of operations, with employees receiving no severance pay. The company, which recently exited bankruptcy, faced significant debt and rising costs, leading to its collapse amidst a challenging retail environment.
CNNMoney
Party City is closing all its stores and going out of business after more than 30 years of operation. CEO Barry Litwin announced the winddown process, stating that despite efforts to avoid this outcome, it was necessary. The retailer, known for party supplies and Halloween costumes, had over 850 locations and filed for Chapter 11 bankruptcy in January 2023. Recent reports indicate the company is facing continued financial challenges, leading to the decision to close.
NBC New York
Party City is shutting down its operations, closing all 20 locations in Michigan. CEO Barry Litwin announced that employees were informed of the immediate closure, marking the end of their employment. The company has struggled financially, filing for bankruptcy in January 2023 and exiting in September 2023, but failed to recover from its challenges, facing competition from online retailers and seasonal stores.
Lansing State Journal
Party City is closing all its stores after nearly 40 years due to financial difficulties, including inflation and competition from online retailers. Employees were informed that operations are winding down immediately, with no severance pay or benefits. The company had previously filed for bankruptcy in January 2023 and exited in September 2023 but could not recover from ongoing financial challenges.
Austin American-Statesman
Party City is winding down operations immediately due to financial challenges, with plans to close stores by February 28. The retailer filed for bankruptcy in January 2023 and had previously exited bankruptcy last year. California has 88 Party City stores, and the company has over 700 locations across North America.
The Desert Sun
Party City is winding down operations immediately, with all employees terminated as of Friday. The chain, which has over 850 stores, filed for bankruptcy in January 2023 and struggled with over $800 million in debt despite attempts to restructure. The company has closed more than 80 locations and is now ceasing operations entirely.
The Florida Times-Union
Nordstrom is set to be acquired for $6.25 billion by family members and a Mexican department store chain, with shareholders receiving $24.25 per share plus a potential special dividend. The deal will take Nordstrom private, with the Nordstrom family holding a majority stake, and is expected to close in the first half of 2025.
USA TODAY
The Nordstrom family, in partnership with Mexican retailer El Puerto de Liverpool, has agreed to acquire the US department store chain Nordstrom for $6.25 billion, with shares priced at $24.25. The deal is expected to close in the first half of 2025, pending regulatory approvals. This marks the second attempt by the Nordstrom family to take the company private, following a rejected bid seven years ago. The acquisition aims to allow Nordstrom to realign its strategy amidst a challenging retail landscape.
Vogue Business
Nordstrom has agreed to a $6.25 billion acquisition by family members and a Mexican retail group, allowing the company to go private. Shareholders will receive $24.25 per share, representing a 42% premium. The deal aims to provide the company with more flexibility to revitalize its operations amid increasing competition from discount retailers. The transaction is expected to close in the first half of 2025.
ABC7 Los Angeles
Nordstrom is going private in a $6.25 billion deal with its founding family and El Puerto de Liverpool, offering shareholders $24.25 per share. This marks a significant shift for the 123-year-old retailer, which has faced challenges from online competitors and changing consumer habits. The deal is expected to close in early 2025, pending shareholder approval.