Retail

Quiznos's Former Executives Sue Non-bankrupt Entities

July 16, 2014

Former executives and officers of sandwich chain Quiznos are suing several Quiznos-related entities that didn't file for bankruptcy, demanding the entities defend them in litigation being promised by former Quiznos owners Avenue Capital Management and Fortress Investment Group LLC, Dow Jones Daily Bankruptcy Review reported today. This lawsuit brought by Quiznos founder Richard Schaden, former board members, a former chief executive and a former chief financial officer says that the entities agreed to pay in advance for legal fees and costs associated with defending their work for Quiznos, according to the lawsuit filed Friday with the Delaware Chancery Court.

Retailer Love Culture Said to Prepare Bankruptcy Filing

July 14, 2014

Love Culture Inc., a women’s-wear retailer with more than 80 stores, is preparing to file for bankruptcy in a New Jersey court, Bloomberg News reported on Friday. The chain will seek to continue operations and sell itself as a going concern. Love Culture was founded in 2007 by Jai Rhee and Bennett Koo, former executives at fast-fashion retailer Forever 21, with the aim of selling affordable style to young women. Lowenstein Sandler LLP and New York-based PricewaterhouseCoopers LLP are representing the company.