bankruptcy

Catherines plus-size retailer to permanently close all of its stores in bankruptcy. See the list.

Plus-size retailer Catherines will permanently shutter all of its 320 bricks-and-mortar stores but plans to continue as an online-only store.

The upcoming closures were announced as parent company Ascena Retail Group filed for Chapter 11 bankruptcy protection Thursday.

The New Jersey-based company said it has reached an agreement to sell Catherines’ intellectual property and transition its e-commerce business to City Chic Collective Limited.

Ascena also operates 2,800 stores across Justice, Lane Bryant, Ann Taylor Loft, Lou & Grey and Cacique. More than 1,600 stores could close across all the brands, court records show.

“It is with a very heavy heart that we must let you know that we will be closing all of our Catherines stores,” a letter to customers said. “The COVID-19 global pandemic has had a tremendous financial impact on our business and it saddens us to make this difficult decision.”

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Raleigh mayor tells McClatchy bankruptcy judge that NC needs N&O’s public service

As a bankruptcy auction takes place to determine who will own McClatchy, the parent company of The News & Observer and The Herald-Sun, Raleigh mayor Mary-Ann Baldwin is appealing to the federal judge in the case to consider “the public good” in his decision.

McClatchy, the nation’s second largest news company, entered Chapter 11 bankruptcy in February. Until that time, the Sacramento, Calif.-based company had been under the control of the McClatchy family for 163 years.

After the Friday auction, the judge in the case will sign off on a sale on July 24. The known bidders are hedge funds Chatham Asset Management, McClatchy’s largest creditor, and Alden Capital Group, which owns the Media News Group chain and a third of the Tribune Company.

In a letter dated July 9, Baldwin told Judge Michael E. Wiles of the Southern District of New York that “The News & Observer was founded

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