Bankruptcy Filed by Orange County Hotel Managment Company

June 17, 2009 · Posted by Alex

From the OC Register online:

“Debt-laden Extended Stay Inc. — which controls hotel brands that have 10 Orange County locations — has filed for bankruptcy protection.

HVM, a company that manages 684 hotels for Extended Stay — including the Extended Stay and Homestead Studio brands — says in a press release that, for hotel guests, the story is the same: the same great service, the same convenient locations, same comfortable, value-priced hotel rooms. All hotels are open and welcoming guests as usual.’

The company — primarily servicing a value-oriented customer seeking longer-term hotel stays — adds that there are no plans to close or sell any of the hotels.

The companies operate Extended Stays in Anaheim, Anaheim Hills, Huntington Beach, Newport Beach, Lake Forest, Orange and Yorba Linda plus Homestead Studio Suites in Brea, Cypress and Irvine.”

Bankruptcy attorneys in Orange County have seen many such companies file for bankruptcy protection during this economic crisis.

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Bankrutpcy Protection Sought By Another Orange County Retailer

May 29, 2009 · Posted by Alex

The worst National and Global Economy in decades has struck another Orange County retailer.  Bankruptcy attorneys filed for Chapter 11 on behalf of Anchor Blue Retail Group, Inc., a teen retailer.

From the company’s press release:

“Anchor Blue Retail Group, Inc., parent company of specialty retailer Anchor Blue and outlet store retailer Levi’s & Dockers Outlet by MOST, today announced that the company and its subsidiaries have filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the District of Delaware to enter a 363 sale process to facilitate a restructuring. The process will allow the company to quickly restructure and emerge stronger and more competitive.

As part of the filing, Anchor Blue Retail Group reached a stalking horse agreement with Levi Strauss & Co. regarding the purchase of the Levi’s & Dockers Outlet by MOST stores. In addition, the company negotiated a stalking horse agreement with nationally recognized financial institutions to purchase its Anchor Blue division in collaboration with the current senior management team. Both transactions are subject to an auction process and to approval from the bankruptcy court.

Anchor Blue Retail Group’s filing was largely the result of the significant and sustained economic downturn that has severely impacted California — its key market — and eroded the company’s profitability. The company expects to continue paying employee salaries and benefits as well as honor gift cards and store credits as usual.

‘After completing a detailed analysis of all our operations and conducting negotiations with a number of our landlords, we made the difficult but necessary decision to close approximately 50 underperforming Anchor Blue stores,’ Thomas Sands, CEO of Anchor Blue Retail Group, said.”

The Orange County retailer has Anchor Blue stores at Anaheim Plaza, Brea Mall, Buena Park Downtown, Laguna Hills Mall, The Block at Orange, Village at Orange, Westfield MainPlace in Santa Ana and Westminster Mall. At this point it is unclear how the bankruptcy will affect the operation of these stores, as they are not included in the aforementioned 50 stores to be closed.

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Bankruptcy Protection Sought By Another Orange County Retailer

March 16, 2009 · Posted by Alex

From the OC Register online:

“Retail chain Everything But Water recently filed for Chapter 11 bankruptcy protection, according to a court document.

The chain has Everything But Water stores at Brea Mall, South Coast Plaza and The Shops at Mission Viejo, according to its Web site.

The company wants to close 10 stores; none of those are in Orange County, according to a court document.

During the period from late September to December 2008, the company experienced a more than 23 percent decrease in gross sales compared to the same period in 2007. Still, the company showed a profit for 2008. But recognizing that no end to the economic crisis was in sight, the company began efforts to reduce expenses and streamline operations as early Sept. 15, 2008. The company has been operating at a net loss in 2009, according to a court document.

The company is also attempting to sell the business as a going concern in Chapter 11, according to a court document.

Everything But Water has been a retailer of women’s swimwear, resort wear and accessories for 25 years. In October of 2006, Everything But Water acquired the assets of another retailer in the same line of business, Water Water Everywhere, and in February of 2007, Everything But Water acquired the stock of Just Add Water, effectively doubling the size of the business’ retail operations.

The Florida-based company has 70 stores in malls and strip malls in 26 states and Puerto Rico.

In April of 2006, Everything But Water was acquired by Bear Growth Capital Partners, an affiliate of Bear Stearns Merchant Banking, which is now a part of J.P. Morgan Chase Bank.”

Both Chapter 11 bankruptcies and Chapter 7 bankruptcies have seen a marked increase in Orange County this year, according to the bankruptcy attorneys at Curtis Law Group, a bankruptcy law firm with Orange County offices in Irvine, Mission Viejo, and Fullerton.

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Circuit City Files for Bankruptcy, Closes Orange County Store

November 10, 2008 · Posted by Dr. Grey

Circuit City Stores Inc. filed for bankruptcy Monday, November 10th, 2008. The announcement was made approximately a week after the company said it would close 20% of its stores.

Circuit City said it decided to file for protection under the Chapter 11 of the Bankruptcy Code, because it will allow the company to hold off creditors and continue its operations, while a reorganization plan is designed. The company said it was facing pressure from vendors who threatened to withhold products during the holiday period, and that’s why it decided to file for Bankruptcy protection.

James A. Marcum, vice chairman and acting president and chief executive, said in a statement that filing for bankruptcy “should provide us with the opportunity to strengthen our balance sheet, create a more efficient expense structure and ultimately position the company to compete more effectively”.

In Orange County, Circuit City will be closing its Foothill Ranch location.  But don’t fret, Orange County, there are still plenty of nearby Circuit City locations that will remain open.  Stores will remain open in: Irvine, Newport Beach, Laguna Hills, Orange, Rancho Santa Margarita, Fullerton, and Brea.

Some of the other store locations that will be closed throughout the state of California are those located in Pomona, Compton, and City of Industry in Los Angeles County.   Other Southern California stores targeted for closure include locations in Escondido and Vista in San Diego County, and in the cities of Riverside, Murrieta, Moreno Valley and Mira Loma in Riverside County.

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