Eagle Senior Living Files on Bankruptcy, Citing Labor Costs

Eagle Senior Living Files on Bankruptcy, Citing Labor Costs

Not only did Eagle’s occupancy decline, Eagle President Todd Topliff said in a court filing, but the pandemic “placed unprecedented stress on the sales and marketing efforts of the Facilities.”

Eagle Senior Living filed for Chapter 11 bankruptcy on Friday, refering to “exponential” expansions in labor costs. The pre-arranged recording will permit the chain to operate without interruption and make required capital improvements, Eagle said in a Friday press statement. The organization recorded both assets and liabilities in the scope of $10 million to $50 million. It additionally holds $215 million in municipal debt. Plunging occupancy during the pandemic and higher wage and supply costs have pummeled the area, resulting in $1.67 billion in municipal bond defaults for senior living facilities last year.

Even with fewer residents, the company wasn’t able to reduce staff because of health and safety protocols, all the while contending with higher costs for supplies and meals, according to Topliff.

Eagle was formed only in 2018 with the purchase of facilities from Brookdale Senior Living Inc. It now operates 15 facilities in seven states including Florida and Ohio with about 1,000 residents. It plans to sell its Vista Lake facility as part of the bankruptcy process. The company is working with law firm Polsinelli and FTI Consulting.

The case is American Eagle Delaware Holding Company LLC, 22-10028, U.S. Bankruptcy Court for the District of Delaware.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
A new survival game for PC and consoles is revealed
A new survival game for PC and consoles is revealed
There are vacancies available across Art, Design and Engineering departments for the unannounced survival game. Many of the open roles include positions at ...
COVID UPDATE: CT positivity rate is 9.73% |  Connecticut News
COVID UPDATE: CT positivity rate is 9.73% | Connecticut News
On Thursday, 693,386 COVID-19 cases have been reported since the beginning of the pandemic, which is up 3,036 since Wednesday. Officials say 31,201 tests were ...
What is COVID data telling us?  |  local news
What is COVID data telling us? | local news
Case counts trending down So what do scientists have to say about COVID cases, hospitalizations and our future with COVID? Cases appear to be trending down but ...
it’s time to rethink this popular retirement rule |  personal finances
it’s time to rethink this popular retirement rule | personal finances
Also, Americans are living longer these days than they were years ago. If you’re retiring on the early side, you may need your nest egg to last more than ...
Pa. passes 40,000 deaths to COVID-19
Pa. passes 40,000 deaths to COVID-19
Why have there been more COVID-19 deaths in 2021 despite the availability of vaccines? In another previous interview, Goldman said that vaccinated ...
This is the end of Evergrande as China's ownership problems spread
China considers Evergrande spin-off to stem ownership crisis
A group led by China Cinda Asset Management Co., a state-owned bad debt manager and major Evergrande creditor, would take over any unsold property assets, ...
EasyJet sees short-term Omicron hit before summer recovery
EasyJet sees short-term Omicron hit before summer recovery
“We see a strong summer ahead, with pent-up demand that will see easyJet returning to near 2019 levels of capacity with UK beach and leisure routes ...
MORNING BUSINESS REPORT: Student loan is not worth it, help with internet account, large wind farm News
Shreveport Councilman Asks State to Investigate City Finance Department | News
Nickelson included with his letter the statement Hebert made Monday during a news conference.  “Last month, the city’s interim chief financial officer ...
Second local child dies of COVID-19 |  local news
Second local child dies of COVID-19 | local news
The death comes amid skyrocketing case levels from the fast-spreading omicron variant. Even though deaths among the younger set remain rare, children are ...
Economic indicators flash early warning signal for India's recovery
AI-powered digital skills assessment start-up iMocha raises $14 million
“Without a skill assessment platform to help measure and scale their talent pool, businesses will quickly lose out on talented team members,” said Amit ...
Show next
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo