The big-name brand openly talked about a potential Chapter 11 filing during its most recent earnings call.
Bankruptcies happen for a variety of reasons. In the case of the recent failures of retailers Bed Bath & Beyond, Tuesday Morning, and Christmas Tree Shops, the companies simply could not sell enough merchandise to pay their bills.
The company, which has tried to file Chapter 11 through its LTL affiliate but was denied by a bankruptcy court, has a new plan to resolve its massive liabilities.This case has nothing to do with Johnson & Johnson's ongoing operations. Instead, the company faces more liability in the talc lawsuits than it has in cash reserves.
In addition to pursuing that appeal, which the company believes has merit, but will take months to resolve, Johnson & Johnson is also following a secondary strategy. The company expects that to happen after the original court, New Jersey's Third Circuit Court, denies its appeal.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fortnite: Where We Droppin' Chapter 1 Event Dates, Details & ChallengesFortnite: Where We Droppin' is a return to Fortnite's Chapter 1 roots and a journey throughout five entire seasons of change.
Read more »
The Avengers Clash With The X-Men In Massive MCU Crossover Fan PosterA stunning Marvel fan poster shows what the MCU's Avengers vs X-Men would look like once Marvel Studios brings mutants into the franchise.
Read more »
VIDEO: Monsters, skeletons take over Kentucky yard in massive Halloween displayTheir display this year features several skeleton fixtures as well as massive monsters and even a floating witch.
Read more »
Lainey Wilson Maps Out Massive 'Country's Cool Again' 2024 TourLainey Wilson will spend the bulk of 2024 on the road as the breakout country star has announced her Country’s Cool Again Tour.
Read more »
Massive protests seen at U.S. embassies in several countries after Gaza hospital bombingThousands of people in Muslim countries and beyond held demonstrations Friday in solidarity with Palestinians in the Gaza Strip, calling for an end to Israel’s blockade and airstrikes in the wake of a brutal incursion into southern Israel by fighters from the Hamas militant group that rules Gaza.
Read more »