Get together Metropolis recordsdata for chapter safety, retains NJ shops open

🎈 NJ-based firm has secured a $150M mortgage

🎈 All Get together Metropolis shops — 27 in NJ — stay open

🎈 Chapter 11 submitting follows massive NJ firm turmoil with Mattress, Bathtub and Past

New Jersey-based Get together Metropolis Holdco has filed for chapter safety — whereas assuring clients that its shops remained open.

The social gathering provide retailer that’s headquartered in Woodcliff Lakes has a restructuring plan and a $150 million chapter mortgage secured, in accordance with a information launch issued Tuesday.

On Wednesday, a federal decide gave approval for the corporate to make use of half of that quantity — $75 million — to maintain paying workers and distributors.

Get together Metropolis would now work towards getting out of $1.4 billion of debt, as reported by Bloomberg Legislation.

Get together Metropolis Chapter 11 chapter submitting retailer in East Hanover (Google Maps)

Get together Metropolis in East Hanover (Google Maps)

Get together Metropolis’s humble NJ beginnings

Get together Metropolis was based in 1986 by Steve Mandell.

After seeing a chance inside the social gathering provides market, he opened a 4,000-square-foot retailer in East Hanover. The corporate was then included in 1990.

Over many years, it has grown to greater than 800 areas and franchise shops — together with 27 shops now in NJ.

Get together Metropolis shops in NJ (, Townsquare Media)

Get together Metropolis shops in NJ (, Townsquare Media)

🎈 730 US-202, Bridgewater Township, NJ 08807 Telephone: 848-305-6013

🎈 1255 Raritan Street, Clark, NJ 07066   Telephone: 201-499-4106

🎈 385 NJ-3, Clifton, NJ 07014 Telephone: 862-414-8164

🎈 4004 US 130, Delran, NJ 08075 Telephone: 856-393-2979

🎈 1500 Almonesson Street, Deptford, NJ 08096 Telephone: 856-381-4442

🎈 346 NJ-10, East Hanover, NJ 07936 Telephone: 973-739-8771

🎈 50 NJ-36, Eatontown, NJ 07724 Telephone: 732-440-3176

🎈 509 River Street, Edgewater, NJ 07020 Telephone: 201-282-6856

🎈 3082 State Freeway 35 Hazlet, NJ 07730 Telephone: 732-931-2048

🎈 4771 US Route 9, Howell, NJ 07731 Telephone: 732-835-7778

🎈 733 State Freeway 440, Jersey Metropolis, NJ 07304 Telephone: 201-984-4034

🎈 2450 Route 22, Kenilworth, NJ 07033 Telephone: 908-514-4553

🎈 530 Client Sq., Mays Touchdown, NJ 08330 Telephone: 609-829-3193

🎈 2148 North 2nd Road, Millville, NJ 08332 Telephone: 856-776-7592

🎈 1180 Nixon Drive, Mt. Laurel, NJ 08054 Telephone: 856-444-5058

🎈 3149 Kennedy Boulevard, North Bergen, NJ 07047 Telephone: 201-381-5766

🎈 669 South Route 17, Paramus, NJ 07652 Telephone: 201-345-2514

🎈 670 Nassau Park Boulevard, Princeton, NJ 08540 Telephone: 609-454-8221

🎈 357 Mount Hope Ave, Rockaway, NJ 07866 Telephone: 973-453-3123

🎈 611 Cross Keys Street, Sicklerville, NJ 08012 Telephone: 856-513-2058

🎈 7000 Hadley Street, South Plainfield, NJ 07080 Telephone: 908-412-8000

🎈 180 Market Boulevard, Trenton, NJ 08691 Telephone: 609-631-5992

🎈 79 Route 73, Voorhees, NJ 08043 Telephone: 856-346-7143

🎈 1684 Route 22 East, Watchung, NJ 07069 Telephone: 908-540-0671

🎈 1625 Route 23, Wayne, NJ 07470 Telephone: 973-317-9171

🎈 455 Inexperienced Road, Woodbridge, NJ 07095 Telephone: 732-734-0088

🎈 1756 Route 46 West, Woodland Park, NJ 07424 Telephone: 973-321-1869

Rocky begin to 2023 for an additional massive NJ firm

The information of Get together Metropolis’s restructuring comes inside every week of Mattress Bathtub & Past asserting one other spherical of retailer closures, together with a mixed 4 Buybuy Child and Harmon shops in New Jersey.

The Union Township-based firm suffered a dismal finish to 2022 and has been struggling via inflation and elevated competitors from on-line retailers.

Chapter 11 submitting has not at all times been a “remaining” chapter for large retailers, as some have managed to drag via a restructuring.

Massive corporations that survived, and thrived, after chapter

There have been some massive title manufacturers that declared chapter and constructed again, stronger — some with New Jersey ties.

From an automaker to theme park firm and mall meals court docket staple, right here’s not less than six profitable restructuring tales.

Erin Vogt is a reporter and anchor for New Jersey 101.5. You may attain her at [email protected]

Click on right here to contact an editor about suggestions or a correction for this story.

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