Shoppers browse at a Sears Canada store in Toronto in October after the company began liquidation sales. Its retirement funds are short $308 million, forcing a 19 per cent cut to employee pensions.
(THE CANADIAN PRESS/Nathan Denette)
Sears Canada's bankruptcy should alert employees and regulators alike to rethink defined-benefit pensions.
South Africa needs to decide if it will continue to waste public money on its national carrier, or incur the costs of letting SAA go bankrupt.
There is no good case for bailing out South African Airways, it's simply a matter of avoiding a potentially catastrophic debt default.
What the lessons of failed high street brands mean as M&S finally makes a big move.
A man fishing from a dock in Fajardo, Puerto Rico.
AP Photo/Ricardo Arduengo
At society's margins, people without access to the mainstream job economy are able to carve out lives rich in other resources and community.
Empty field north of downtown Detroit, photographed nine months before the city declared bankruptcy in 2013.
AP Photo/Carlos Osorio, File
Less than four years after Detroit filed for bankruptcy, boosters say a revival is underway in the Motor City. But two scholars say new growth has not spread yet to neighborhoods that need it.
Martin Parkinson (right) said he was an optimist about the role innovation would play in driving Australian national incomes.
Australia needs to speed up the spread of ideas across the economy in its quest for higher living standards, Martin Parkinson has said.
There’s little left of the Trump legacy in Atlantic City.
A study of the three casinos Donald Trump owned in Atlantic City shows they performed far worse than their rivals, losing more jobs and revenue.
People are needlessly filing for bankruptcy because they don’t understand the system.
New research shows people are needlessly declaring bankruptcy because they don't know about the help available to manage their debts.
Forgive me, for I have borrowed.
About 10 million borrowers in the government's main student loan program are struggling to make their payments, yet unlike other types of debt, it's next to impossible to have it forgiven.
Reform to Australia’s bankruptcy period seeks to wipe its stigma.
Image sourced from www.shutterstock.com
The majority of bankruptcies occur due to unemployment and excessive credit, rather than business failure.
Acid drainage from surface coal mining site, North Lima, Ohio.
As coal energy loses market share, major U.S. coal companies are filing for bankruptcy. One multi-billion-dollar question: will taxpayers be forced to pay for cleaning up abandoned mines?
Gateway to downtown Flint, Michigan.
Michigan Municipal League/Flickr
The state takeover and fiscal crisis in Flint hamstrung city managers, making it hard to provide basic services like water.
Changes to Australian bankruptcy laws have led to fear that people will be let off easily - but is that warranted?
Image sourced from www.shutterstock.com
Australians still have lingering beliefs about bankruptcy as a crime. This has to change if we want to foster business innovation.
The Powerball prize got so big that it wouldn’t fit on some signs – and it keeps growing.
At first glance, US$1.5 billion seems like a lot of money. But that's before taxes and a tendency for winners to spend it unwisely.
Garment workers sew t-shirts at the American Apparel factory in downtown Los Angeles.
For the company's brand, it's crucial to figure out a way to continue making clothes on American soil.
Graham Beal led the Detroit Institute of Arts through the city’s financial crisis.
Graham Beal, the Director of the Detroit Institute of Arts, recently announced that he will be retiring after fifteen years at the helm. Two of his achievements particularly stand out. The first is his…
Bills, bills, bills.
bills and stethoscope via vichie81/Shutterstock
Burdensomely high medical costs are often blamed for pushing many Americans into bankruptcy. According to the Consumer Financial Protection Bureau some 43 million Americans have unpaid medical debt on…
Many former NFL players face the future with despair: the years after retirement can include an array of physical and financial woes.
USA Today Sports/Reuters
The cascade of woes that have befallen former NFL players has stunned fans and casual observers. Former NFL stars Junior Seau and Dave Duerson committed suicide. All-pro Warren Sapp went bankrupt after…
Detroit has emerged from bankruptcy, but the process has been sharply criticized, which could impair its success.
Earlier this month, we learned that the biggest municipal bankruptcy in history would also be among the swiftest. The emergency manager for Detroit filed for bankruptcy in the summer of 2013 without a…
Kodak shareholders have reason to celebrate, with the camera manufacturer bouncing out of bankruptcy.
Sourced from AAP images
“Kodachrome, it gives the nice bright colours, it gives the dreams of summer, it makes you think all the world’s a sunny day.” (Paul Simon, Kodachrome, 1973, from ‘There Goes Rhymin Simon.) Eighteen months…