Bankruptcies
After being refused a payout from its insurance company.
Equitizing more than $1.6 billion USD of secured indebtedness.
Approved by the court last Friday.
Along with several other stores.
Hoping to block the payouts in court.
Ahead of a court-supervised auction.
As the Coronavirus continues to ravage the fashion industry.
Another 1,300 staff were already terminated earlier this year.
Following closures of its various locations amid the coronavirus pandemic.
Competing against an existing $600 million USD loan from other creditors.
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