🎈 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
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.
🎈07304 Telephone: 201-984-4034
Rocky begin to 2023 for an additional massive NJ firm
The information of Get together Metropolis’s restructuring comes inside every week of, 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.
is a reporter and anchor for New Jersey 101.5. You may attain her at
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