New Jersey Is the New Hot Spot for Big Businesses to Go Broke
- Judicial turnover, predictability among reasons for NJ venue
- Bed Bath & Beyond, David’s Bridal filed bankruptcy there
Signage outside a Bed Bath & Beyond store in Hawthorne, California.
Photographer: Patrick T. Fallon/AFP/Getty ImagesWell-known companies in financial trouble are increasingly seeking bankruptcy protection in New Jersey, upending a decades-old norm of firms filing in neighboring jurisdictions Manhattan and Delaware.
Bed Bath & Beyond Inc. and David’s Bridal LLC both sought Chapter 11 protection last month in Newark and Trenton, New Jersey, respectively. A former chemical maker that’s affiliated with Berkshire Hathaway Inc. filed there last week. And Jersey City-based BlockFi Inc. did the same last year, along with a wave of retailers during the pandemic.