National Realty Investment Advisors Lands in Bankruptcy
National Realty Investment Advisors and numerous affiliates (“NRIA”) filed voluntary petitions for Chapter 11 bankruptcy protection in the District of New Jersey on June 7th (Case No. 22-14539). NRIA is a New Jersey-based real estate developer. According to filings with the Bankruptcy Court, NRIA owns thirty-one (31) completed properties; three (3) properties which are near completion; and sixteen (16) which remain to be completed and/or are in the planning stage per NRIA’s independent manager, Brian Casey. The value of these properties currently is asserted to be $225 million, with future stabilized values asserted to be over $1 billion. Read More about National Realty Investment Advisors Lands in Bankruptcy
Government orders directing the shut-down of non-essential retailers, as a result of COVID-19, have forced another retail chain into bankruptcy. Creative Hairdressers, Inc. (“Creative”), the parent of Hair Cuttery, filed for Chapter 11 relief yesterday in the bankruptcy court for the District of Maryland. According to its first day filings, Creative is one of the largest independent, family owned chain of hair salons that provides comprehensive services for men and women.
The wave of retail bankruptcy filings has crash landed on the burgeoning fruit bowl industry. Frutta Bowls Franchising, LLC, the franchisor for the popular “Frutta Bowls” chain filed a voluntary petition for Chapter 11 bankruptcy protection in the District of New Jersey on February 15th (Case No.: 19-13230). According to its website, Frutta Bowls is the fastest growing superfoods café with healthy alternatives to traditional fast food, including options such as Açai, Pitaya, and Kale bowls.