United States: What we read this week [March 25, 2022]

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By Law360a Delaware bankruptcy judge ruled that Art Van Furniture did not violate the Worker Adjustment and Retraining Notice (“TO INFORM”), which requires large employers to provide workers with at least 60 days notice before mass layoffs, while Art Van laid off 700 workers when COVID-19 shutdown orders were in effect. The court found that the abbreviated notice granted by Art Van met the “unforeseen business circumstances” and “natural disaster” exceptions to the WARN Act, as the layoffs were a response to the COVID-19 pandemic. [Law360; March 21, 2022].

Reuters reports on BlackRock’s letter to shareholders regarding how the Russian-Ukrainian war could accelerate the use of digital currencies in international transactions. BlackRock also noted that it plans to focus more on digital currencies in the future due to increased customer interest.
[Reuters; March 24, 2022].

By Bloomberg, the Jekyll & Hyde Club, a popular horror-themed restaurant in New York City, filed for Chapter 11 bankruptcy. In its bankruptcy filing, the restaurant listed liabilities of at least 7 million, including $1.5 million in unpaid rent. Since it is a small business, the Club is looking to have a less costly reorganization by using certain Chapter 11 rules to quickly reorganize debt. [Bloomberg, March 23, 2022].

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