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Aeropostale files Chapter 11; store closings include exit from Canada
In a move rumored for weeks, Aéropostale on Wednesday filed for Chapter 11 bankruptcy protection.
The struggling teen apparel retailer said it would close 113 stores in the United States and all 41 of its stores in Canada. Store closing sales in the United States will begin this weekend (May 7-8), and in Canada during the week of May 9.
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Iconic New York grocer files for bankruptcy
In a not unexpected move, Fairway Group Holding Corp., operator of the Fairway Market supermarket chain, filed for Chapter 11 bankruptcy protection.
The company filed a “prepackaged” bankruptcy restructuring under which its lenders agreed to exchange existing debt for new equity and debt in a reorganized company. Supporting lenders agreed to vote in favor of the plan and exchange their loans for common equity and $84 million of debt of the reorganized company.