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Bankruptcy Proceedings

BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Sun Staff Writer | February 16, 1995
An Elkridge-based clothing manufacturer has been forced into involuntary bankruptcy proceedings by creditors who say Wang Zi Cashmere Products Inc. owes them more than $150,000 from its expansion into the factory outlet store business.The creditors' filing, made last week in U.S. Bankruptcy Court in Baltimore, said the cashmere company did not pay a contractor, a display shelf fabricator and architects who worked on some or all of the company's eight factory outlets, scattered from Massachusetts to California.
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BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | February 1, 1995
NEW YORK -- Lower costs, customer research and stronger fashion statements will help struggling Merry-Go-Round Enterprises Inc. boost sales and generate positive cash flow this fiscal year, company executives said yesterday.In elaborate presentations to financial analysts, creditors and shareholders, Chairman Thomas Shull pronounced the Joppa-based retailer "alive and well."But he said the company came perilously close to shutting down and liquidating last fall.Merry-Go-Round projects that it can boost same-store sales by 10.5 percent during the fiscal year that started Sunday, compared with an estimated plunge of 17.7 percent last fiscal year.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | January 6, 1995
After weeks of negotiating and a 1 a.m. conference call to bless the deal, parties in Merry-Go-Round's bankruptcy case agreed yesterday to sharply reduce potential pay for the fashion retailer's new bosses.Also, as expected, Merry-Go-Round announced its intention to file a reorganization plan by Feb. 15 with the U.S. Bankruptcy Court in Baltimore.Creditors and shareholders for the Joppa-based clothing chain agreed last week on a tentative plan, which company managers have agreed to support.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | December 29, 1994
In another big, painful step to try to return to profitability, Merry-Go-Round Enterprises Inc. said yesterday that it will close 200 more stores by February.The move means hundreds more store employees will lose their jobs. And it raises a question of whether additional positions will be cut at the retailer's Joppa headquarters, now that there are fewer Merry-Go-Round, Dejaiz and Chess King stores to support.Company executives could not be reached yesterday to comment on the number of jobs being eliminated and locations of the stores.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | December 17, 1994
After weeks of intense negotiation, Merry-Go-Round Enterprises Inc. has agreed to pay a bonus that could reach $8.8 million to its two new bosses if they succeed in restoring the Joppa-based retailer to a certain level of profitability.But the deal is still controversial among Merry-Go-Round's creditors, who want to speed the chain's bankruptcy process so they can receive what they're owed more quickly. Creditors may try to block the package because it contains no incentives for management to file a reorganization plan in 1995, said people close to Merry-Go-Round.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | November 30, 1994
Mac Clayton, who led Fair Lanes Inc. into and then out of bankruptcy proceedings, has resigned and been replaced as president by the bowling chain's vice president for real estate, the company said yesterday.In parting ways with Mr. Clayton, Fair Lanes is returning to its roots, taking on top managers and an organization structure that predate an unsuccessful 1989 leveraged buyout.Fair Lanes' new president is Wayne Strausburg, who has worked in operations, finance and real estate over a 22-year career with the Hunt Valley-based chain.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | August 10, 1994
Most landlords have agreed to give Merry-Go-Round Enterprises Inc. until Jan. 31 to decide how many more of its 1,300 stores to close as it tries to reorganize under bankruptcy proceedings.There's one condition, though: The Joppa-based fashion retailer can't shut stores owned by certain landlords between Sept. 18 and Dec. 31. That way, mall operators won't have unexpected vacancies for the important holiday shopping season.The agreement, disclosed in filings in U.S. Bankruptcy Court in Baltimore, increases the likelihood that Merry-Go-Round's bankruptcy proceedings will extend into 1995.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | July 22, 1994
Trying to bolster management while it goes through Chapter 11 bankruptcy reorganization, Merry-Go-Round Enterprises Inc. yesterday named a veteran department store and boutique merchant to run its flagship division.On Aug. 1 Frank Tworecke will become president of the Merry-Go-Round stores unit, a 500-store chain that forms the core and corporate soul of the Joppa-based fashion retailer.Now senior vice president and general merchandise manager for Federated Department Stores Inc.'s Lazarus division, Mr. Tworecke fills the last important vacancy on the team Merry-Go-Round officials have said they need to turn the company around.
BUSINESS
By Bloomberg Business News | January 14, 1994
Investors in distressed securities are paying unusually high prices for the trade debt of Merry-Go-Round Enterprises Inc., which filed for Chapter 11 bankruptcy protection Tuesday."
BUSINESS
March 4, 1992
State Farm Insurance Co. plans to build a $32 million, 355,000-square-foot regional headquarters in Frederick, a move that will keep 678 jobs there, the company's regional vice president said yesterday."
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