Regional barbecue restaurant chain Sonny's Real Pit Bar-B-Q filed for bankruptcy Thursday. The 10-store chain immediately closed four outlets, but plans to continue operations during the restructuring.
September 2008 Archives
Upstart discount-clothing retailer Steve and Barry's filed for bankruptcy in July, citing widespread credit woes.
On August 21 two investment firms purchased the company at auction, two weeks after Steve and Barry's found a different private equity buyer.
Last week, the company's new owners announced the closing of 103 stores, leaving 173 still operational. The closings began yesterday.
This is so obvious as to be trite, but it's relevant: Merrill Lynch has been sold to Bank of America as a result of the financial industry crisis. Bank of America acquired Merrill not in a traditional M&A pursuit but as a cut-rate sale of a distressed entity. Merrill Lynch operates America's largest retail brokerage