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Though, HMV in the U.S. was not prevented from using just the "HMV" initials by themselves. [145] HMV in the U.S. faced significant competition from rivals such as Tower Records, FYE and Virgin Megastores. The final shop in the United States, having lost £500,000 in 2003 and £1 million in 2004, closed on 3 November 2004. [146]
In 23 states, Chapter 9 authorization laws are either unclear or otherwise prohibited for municipalities. Three states (Colorado, Illinois, and Oregon) grant a very limited authorization to file for bankruptcy. Illinois, for example, only grants Chapter 9 authorization to the Illinois Power Agency.
hhgregg, which filed for bankruptcy in March 2017, announced that it would close all 220 of its remaining locations in April 2017. [161] HMV Canada announced that it would file for receivership on January 26, 2017, and close all of its stores by April 30, 2017. [162] Henri Bendel announced in September 2018 that it would be shutting down by ...
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Another problem of reforming the bankruptcy code to include states is the Contract Clause of the U.S. Constitution, which prohibits state governments from ‘impairing the obligation of contracts.’ [5] As originally understood, this clause prohibited state legislatures from passing any laws to relieve either private debt or the state ...
Chicago-based hardware retailer True Value, which filed for Chapter 11 bankruptcy last week, could lay off nearly 900 employees in Illinois alone if the company isn’t sold during bankruptcy ...
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
The Bankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986 made substantive changes relating to family farmers and established a permanent United States trustee system. The 1986 Act applies to cases filed since November 26, 1986. The Bankruptcy Reform Act of 1994 is effective as to cases filed on or after October 22 ...