Trump Entertainment Resorts Files Bankruptcy, Donald Trump Sues For Downing 'Trump' Brand, Not Maintaining Premium Standards Plaza And Taj Mahal,
Atlantic City, N.J. -- According to online reports, Trump Plaza has filed for bankruptcy this week, making it the fifth Atlantic City casino to close. The news comes days after revel casino enterprise Trump Plaza hotels and casinos shuttered down.
Trump Entertainment Resorts owns Trump Plaza and Taj Mahal and the latter could close if it doesn't find a way to fund salaries for its employees.
The company said it has no cash to pay interest to lenders and its Internet gambling partners have ended their contracts with the establishment that carries the 'Trump' name.
The PostandCourrier reported entrepreneur and savvy real-estate mogul Donald Trump has in interest to buy back shares for a lower price after exiting from the industry. He also wants to save his brand name associated with many of the casino groups like Trump Entertainment Resorts:"Donald Trump owns a 9 percent stake in the firm, but neither controls it nor has any involvement in it. He is suing the company to remove his name from the properties, which he says have fallen into disrepair and do not meet agreed-upon standards of quality and luxury."
Donald trump has filed a lawsuit against Trump Entertainment Resorts to maintain his reputation and quality of the 'Trump' brand.
According to a report by postcrescent.com "The lawsuit, filed in Atlantic County, New Jersey, seeks to have Trump's name removed from the Resorts' properties, namely the Trump Plaza Hotel and Casino and the Trump Taj Mahal. Donald claims that the company has breached the licensing agreement that allowed the resorts to use Trump's name. Donald no longer operates the resorts; however, he does retain a (small) percent ownership interest."
Donald Trump says that Trump Enterprise has breached their contract since it was supposed to oversee operations of the casinos under "high standards of quality and luxury."
The 'Apprentice' boss reiterated that the casinos aren't maintaining these standards.
The bad news gets worse as Trump Entertainment Resorts is in the process of a bankruptcy filing.
The investor billionaire is also concerned that the combined closing of the prestigious Trump Plaza closing this week and the forecasted shutting down of the Trump Taj Mahal in November "further harm the Trump name and brand."
