As many predicted, RadioShack Corp. has filed for bankruptcy protection.

The electronics retailor filed a Chapter 11 bankruptcy petition on Thursday after reaching a deal to sell existing stores to hedge fund Standard General.

In its petition, RadioShack listed $1.2 billion in assets and $1.39 billion in debts. The filing occurred in the U.S. Bankruptcy Court in Delaware.

Standard General will procure up to 2,400 of electronic retailer’s current 4,000 stores. Affiliate company General Wireless plans to partner with wireless operator Sprint to take over as many as 1,750 retail shops, according to the Wall Street Journal.

Sprint would essentially operate a store within a RadioShack store, offering "mobile devices across Sprint`s brand portfolio as well as RadioShack products, services and accessories," according to a statement made by Sprint.

RadioShack asked the U.S. Bankruptcy Court for approval to join with liquidation firm Hilco Merchant Resources to close the remaining retail stores. Domestic and international franchise stores will not be included in the restructuring.

DW Partners LP has agreed to finance RadioShack with roughly $285 million in bankruptcy financing, which will provide the company with an extra $20 million in borrowing ability.

According to the Wall Street Journal, employees at several RadioShack locations have been told by the company ship smartphones to nearby stores that would remain open in an effort to speed up the closing process.

Additionally, workers in some stores have been told to slash prices on smaller-ticket inventory.

Standard General had provided RadioShack with an undisclosed loan last year. However, the financial assistance was not great enough to carry the company while executives failed to persuade lenders and suppliers to renegotiate current agreements.

RadioShack posted losses in past 11 consecutive quarters. The company warned of a potential bankruptcy filing in a December securities filing.

As of late last year, RadioShack employed 24,000 people.

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The Wet Seal Inc. has filed for Chapter 11 bankruptcy protection in an attempt to save its remaining retail stores, according to an announcement made Friday.

The statement came just over a week after the teen clothing retailer stated it would be closing 338 locations and laying off 3,700 employees, roughly two-thirds its total chain. The bankruptcy filing listed assets of $10 million to $50 million and liabilities between $100 million and $500 million.

Wet Seal had cautioned last month it was considering bankruptcy as an option if it was unable to settle its cash issues, after reporting yet another quarter of losses.

Similar mall-based retailers Delia’s Inc. and Deb Stores filed for Chapter 11 bankruptcy in December—further evidencing the impact cheap, fast-fashion stores like H&M and Forever 21 have in the current teen fashion marketplace.

Wet Seal started in 1962 as a bikini shack in Newport Beach, California. Canadian retailer Suzy Shier acquired the company in 1984. The company went public in 1990 and expanded over the decade with additions such as Arden B., Contempo Casuals and Zutopia. By 2001, all stores converted to the Wet Seal name.

The company restructured in 2013 after a long streak of issues. Retail-industry veteran John Goodman was brought in January 2013 to assist in refocusing the company after former CEO Susan McGalla was fired in July 2012.

Goodman stepped down September 2014 and Wet Seal was taken over by previous president and CEO Ed Thomas.

Additionally, Wet Seal ran into problems with an investment group that was displeased with its financial performance in 2012. In 2013 the retailer agreed to a $7.5 million settlement in a racial discrimination lawsuit filed by three former employees.

"Wet Seal failed for two reasons: a company that failed to stay in tune with their customers and new rivals like H&M that were able to get cooler merchandise to the stores quicker and with slightly better quality than Wet Seal," according to Brian Sozzi, CEO of Belus Capital Advisors.

A financing deal with investment bank B. Riley could help save some of Wet Seal’s business. They are in talks about a $20 million loan that could finance operations during the Chapter 11 bankruptcy process.

Wet Seal’s shares closed at 4 centers on Friday.

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RadioShack Corp. is reportedly preparing to file for bankruptcy as early as February, according to a recent Wall Street Journal article.

Sources familiar with the situation spoke with the Wall Street Journal regarding the electronics chain’s recent financial situation. They confirmed a filing could come in the first week of next month.

Texas-based RadioShack is speaking with a private-equity firm that could potentially purchase its assets out of bankruptcy, according to the sources. However, these talks might not produce an agreement; sources stated RadioShack might attempt a traditional debt resolution method, such as bankruptcy.

The electronics chain has openly admitted it has been critically low on funds after posting losses in the last 11 quarters. RadioShack’s stock-market value has fallen to $50 million; on Wednesday, its shares dropped 13 percent to 41 cents each.

In December, RadioShack released a securities filing that warned it could be pushed into bankruptcy court if it was unable to raise new funds or receive assistance from lenders.

The securities filing reported RadioShack had $62.6 million as of November 1: $43.3 million in cash and $19.3 in borrowing accessibility.

Chief Executive Joe Magnacca unsuccessfully attempted to overhaul the company as a smartphone repair store. Almost three years of straight losses forced RadioShack to seek debt investors in order to stay in business.

RadioShack has been attempting to close 1,100 of its 5,000 stores since March 2014 but have failed to raise the funds to do so: only 175 stores have closed since the end of last October.

The 94-year-old chain began in the 1920s in Boston, first selling transistor radios and typewriters. The retailer became an American icon over the years but became irrelevant in recent years with the rise of technology and the internet.

As of late 2014, 24,000 people are employed by RadioShack.

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Casino and entertainment company Caesars Entertainment Corp will be filing for bankruptcy next month in an attempt to cut its growing debt.

Caesars signed what is known as a lock-up agreement with its bondholders on Friday, consenting to place its greatest unit, Caesars Entertainment Operating Co (CEOC), into Chapter 11 bankruptcy in mid-January—by January 15 at the latest.

The proposed filing for Chapter 11 bankruptcy protection will decrease Caesar’s current debt of $18.4 billion to roughly $8.6 billion, according to the company.

On Monday, Caesars Entertainment Corp announced it will acquire affiliate Caesars Acquisition Co in an all-stock agreement. This procurement will allow the company to restructure its $18.4 billion debt without seeking outside financing.

Other portions of the Las-Vegas based company, Caesars Entertainment, Caesars Entertainment Resort Properties and Caesars Growth Partners, will not be included in the bankruptcy process, according to CEOC.

One term of the lock-up agreement is that a particular percentage of first-lien bondholders must sign the contract before Caesars is prepared to file bankruptcy papers. Caesars must receive approval from other senior creditors in order to meet voting requirements to approve a bankruptcy plan before a judge can approve

CEOC plans to divide its U.S.-based enterprises into two separate companies: an operating firm and a publicly traded real estate investment trust that will maintain a recently formed property company.

By splitting the aforementioned assets, CEOC will cut its annual interest expense by 75 percent.

Caesars was weighed down with debt after the company was made private for $30.7 by Apollo Global Management LLC and TPG Capital in 2008. The deal occurred before the credit crisis and part of a buyout; Caesar’s has lost money every year since 2009.

Friday’s closing price for Caesars Entertainment was $1.22 billion, or $8.96 per share.

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A Florida based flea market has filed for Chapter 11 bankruptcy due to a three-year lawsuit with Coach over alleged sales of counterfeit items.

Visitors Flea Market filed for bankruptcy protection in part to protect an awaiting sale of the entire business for $5.1 million to Treasure Island Real Estate Partners. After the death of founder and owner Delroy Josephs in November 2013, family members have disagreed over the sale of the business.

Federal agents raided the flea market in December of 2011, as per documents filed in the Coach lawsuit. Coach claimed over 500 counterfeit purses and other items were being sold at stands throughout the market.

Coach is seeking maximum damages for alleged willful violation of trademark laws: each violation could potentially cost up to $2 million a piece.

Investigators for the leather goods company toured the Visitors Flea Market months before the raid; they handed out letters ordering vendors to stop selling the alleged counterfeit merchandise.

Coach accused Josephs of knowing about the knockoffs being sold, but he denied the allegations. According to bankruptcy documents, a settlement agreement was signed by an attorney for Josephs’ estate six months after his passing. The settlement amount was not revealed.

Julio Batista, one of the market’s vendors, signed an affidavit in 2011 that he witnessed a salesman distributing counterfeit Coach purses; the man was identified as the “Chinese Man.” Batista claimed he did not know the items were knockoffs.

“The items displayed at my booth were sold to me through a Chinese Man that comes weekly to the flea market and sells these items in cash,” according to Batista’s affidavit. “This is a very common type of business for a small flea market business.”

Two companies related with the market specifically filed for bankruptcy: the owner and operator, Visitors Flea Market Inc., and a separate leasing company that rented out over 250 vendor booths.

Visitors Flea Market provided a general range of its debt in filing documents—between $1 million and $10 million.

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Teen clothing retailer Delia’s Inc has filed for bankruptcy and plans to liquidate its assets.

In its Sunday Chapter 11 filing with the U.S. Bankruptcy court, the company recorded total assets of $74 million and liabilities of $32.2 million. Additionally, Delia’s Chief Executive Tracy Gardner and Chief Operating Officer Brian Lex Austin-Gemas have resigned on Friday.

The New-York based company announced Friday that Hilco Merchant Resources and Gordon Brothers Retail Partners will assist in settling company assets, including equipment, furnishings and fixtures.

Salus Capital Partners has given Delia’s $20 million debtor-in-possession credit so the chain may continue operations and conduct final store closings and sales.

“The company does not anticipate any value will remain from the bankruptcy estate for the holders of the company’s common and preferred equity although this will be determined in the anticipated bankruptcy proceedings,” Delia’s said in its Friday statement.

Delia’s is the latest clothing retailer to close up shop in the past year. Philadelphia-based company DEB filed for bankruptcy protection on December 4, attributing a shortage of capital to its demise.

Coldwater Creek, Loehmann’s, Ashley Stewart and Dots have also filed for bankruptcy in 2014.

Retailers have struggled in the wake of the recession and most have reported dreary sales. According to AP, Black Friday sales decreased by 7 percent in 2014. Americans have been turning to online retailers such as, who can provide a better discount on apparel than a brick and mortar store.

Major teen apparel competitors Abercrombie & Fitch Co. and Aeropostale Inc have registered a decrease in shares by 22 percent and 73 percent respectively, over the past 12 months.

In February, Delia’s had 499 full-time and 1,190 part-time employees in its 95 nationwide stores, according to filings with the Securities and Exchange Commision.

Delia’s shares were listed at 1.8 cents, down 7.4 percent, in pre-market trading Monday morning.

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The House of Representatives have passed a bill that will permit banks to file for bankruptcy.

The bill, passed on Monday, is known as The Financial Institutional Bankruptcy Act of 2014. It will allow financial institutions to willingly begin the process of bankruptcy, or in some instances, allow the Federal Reserve to start the process.

This bill was a rewrite to current bankruptcy law and was supported by Wall Street banks. The law will not only apply to financial organizations but also to other large commercial firms, such as insurance companies.

“This process will allow a failing financial institution to transfer its assets to a newly formed bridge company over a single weekend, which will promote confidence in the financial marketplace,” Ranking Member John Conyers (D-Mi) said in a floor speech, urging colleagues to pass the bill.

The bill employs a “single point of entry” method, which will permit a holding company to enter bankruptcy and allow subsidiaries to remain outside the process.

This law builds upon previous efforts to avoid taxpayer bailouts of financial institutions. Under the Dodd-Frank financial reform law, known as the Orderly Liquidation Authority, there is a stipulation to allow an administratively-led resolution procedure.

In his speech, Conyers argues that bankruptcy is a better option; he also stated he supported the bill because it did not reduce any particular conditions of the law.

Critics feel the bill favors large banks at the expense of their trading associates and has no direct promise to prevent future taxpayer bailouts.

The Financial Institutional Bankruptcy Act of 2014 was passed with bipartisan support. It was co-sponsored by Rep. Spencer Bachus (R-Al.), House Judiciary Committee Chairman Bob Goodlatte (R-Va), John Conyers. It is part of an ongoing response to the fallout of the 2008 collapse of Lehman Brothers.

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Columbus Blue Jackets defenseman Jack Johnson has filed for bankruptcy, according to the Columbus Dispatch.

Johnson, 27, is in his ninth NHL season. He is slated to earn $5 million this season. However, due to his parents' mismanagement, he won’t see a dime.

After splitting from his agent Pat Brisson in 2008, Johnson gave power of attorney to his parents. With his fortune in their control, his parents took out a series of high interest loans in his name after Johnson signed a seven-year $35 million contract with the Los Angeles Kings in 2011.

The first loan Johnson’s parents took out was for $1.56 million, used to purchase a home in Manhattan Beach, California. The loan included a 12 percent interest rate and a down payment of $1 million.

Just one day after signing the home loan, the Johnsons took out a $2 million personal loan from U.S. Congressman Rodney L. Blum, also with a 12 percent interest rate.

Hardly one month later, the Johnson took out a $3 million personal loan—this one at 24 percent interest. The loan was funded by Pro Player Funding.

Not even a month later, Johnson was sued by both Pro Player Funding and Congressman Blum; he reached a settlement with both parties that included garnishing his wages.

However, Johnson’s parents continued to take out more loans in his name—up to 18, according to the Columbus Dispatch. Additionally, both parents purchased new cars and made roughly $800,000 in home improvements to the Manhattan Beach home.

On October 7, Johnson filed for bankruptcy, listing assets "of 'less than $50,000' and debt of 'more than $10 millon,'" according to court papers; the Dispatch alleges his debt might be closer to $15 million. Due to the high level of debt, Johnson is filing Chapter 11 bankruptcy, which is usually reserved for businesses.

Johnson has cut off communication with his parents but no legal action has been taken at this time; he has sued mortgage lender Steve Miller, who was involved in the home loan, in an attempt to prevent a foreclosure.

“I’d say I picked the wrong people who led me down the wrong path,” Johnson told The Dispatch. “I’ve got people in place who are going to fix everything now. It’s something I should have done a long time ago.”

Johnson’s bankruptcy hearing is scheduled for January 23, 2015 in Los Angeles.

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The U.S. Supreme Court will decide whether homeowners can terminate “underwater” second mortgages during bankruptcy.

On Monday, the country’s top court agreed to review two appeals from Bank of America against bankrupt homeowners who are attempting to eliminate bank liens on their properties.

Two Florida homeowners are arguing that filing for Chapter 7 bankruptcy protection with a first mortgage valuing more than their property’s worth permits them to remove the lien from the second mortgage.

The homeowners’ lawyers argue that when both mortgage loans are underwater, the second lien is effectively valueless.

Financial lenders are fighting to keep the second mortgage lien, contending the debt could one day be fully paid—especially as property values increase.

“There is no such thing as a ‘truly valueless’ lien on property capable of appreciating,” as stated in court papers filed by Bank of America lawyers.

The 11th U.S. Circuit Court of Appeals ruled that homeowners currently in Chapter 7 bankruptcy can annul a second mortgage when the owed debt is greater than the value of the first mortgage.

Bank of America appealed the decision, stating their plea “may be the single most important unresolved issue in consumer bankruptcy.”

In 1992, the Supreme Court ruled a bankrupt homeowner does not have the authority to void a lien on a submerged first mortgage; however, the judgment is not clear as to the regulations on a second mortgage.

The last bankruptcy revamp occurred in 1978, when second mortgages were much less common.

Roughly 2.1 million debtors had partially or fully underwater second mortgages by the end of2014’s second quarter, according to a CoreLogic report.

A decision is expected June 2015.

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Dendreon Corp, the maker of the world’s first cancer vaccine, filed for bankruptcy protection this Monday.

The Chapter 11 bankruptcy has been filed as Dendreon faces an outstanding $620 million in convertible debt that is due in 2016. The Seattle-based company listed over $664 million in total debts and $364.6 million in assets.

The arrangement requires a recapitalization of Dendreon, or a sale of the company and all its assets, according to a statement released today. The company also indicated it had agreed on financial restructuring terms with several bond holders.

Provenge was approved in 2010 as the first immunotherapy and was intended to treat patients with advanced-stage prostate cancer. Drug sales never met its expectations as Provenge is difficult to administer and cost $93,000.

The treatment requires a patient’s extraction of white blood cells to be mixed with vaccine components. The combination is then provided as an infusion.

The high cost of manufacturing Provenge specifically hurt Dendreon and allowed several competitors to surpass the company.

Dendreon reported only $283.7 million in revenue in 2013, significantly smaller than 2012’s $325.3 million.

"The business is fundamentally unprofitable so, without a change to efficiencies in the manufacturing process, it's really difficult to see them coming back as a standalone company," according to Wedbush Securities analyst David Nierengarten.

Dendreon dispensed several staff and cost-cutting actions over the past years after the company realized revenue growth would take much longer than expected.

By summer 2014, it was clear that cost cutting alone would not make Dendreon "independently viable with its existing capital structure," according to general counsel Robert Crotty.

Shares of Dendreon plummeted Monday, dropping 70 cents to 24 cents in one afternoon of trading. The stock posted below $1 earlier this quarter, as compared to $2.99 at the close of 2013.

Dendreon said it plans to resume operations during the restructuring and will continue to provide Provenge to patients.

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