-
Unsecured creditors seek quick liquidation of former sporting goods giant
Unsecured creditors of Sports Authority said in court papers that the bankrupt retailer should not waste its dwindling funds preparing a plan to end its Chapter 11. The unsecured creditors argued the company, which filed Chapter 11 in March, is "administratively insolvent," meaning it cannot even pay the cost of running its bankruptcy case, Reuters reported. -
Passing of the baton at J.C. Penney
Some three years after he returned to save J.C. Penney, industry veteran Myron E. (Mike) Ullman will retire from the company on Aug. 1. Ullman is passing the reins of chairman of Penney’s board of directors to current CEO Marvin R. Ellison. The succession is in accordance with a transition plan the company outlined in 2014.

