A popular solar company now files for an unexpected bankruptcy after facing several legal challenges and mounting debts.
Vision Solar LLC, a solar-power firm based in Gloucester, New Jersey, has now filed for bankruptcy.
The company, primarily engaged in telemarketing sales of solar panels and installations, has filed for Chapter 7 bankruptcy, indicating its intention to liquidate assets in an effort to manage its substantial liabilities.
The bankruptcy filing, made on December 28 in U.S. Bankruptcy Court, reveals the company’s precarious financial situation.
Vision Solar has declared assets totaling $8 million against overwhelming liabilities of $119 million.
This includes a whopping $96 million in unsecured claims, with the company acknowledging the unlikelihood of satisfying these unsecured creditors.
Vision Solar’s decision to file for bankruptcy stems from its inability to pay off its debts and effectively handle ongoing litigation.
The company faces over 50 legal actions across the country, with many of these cases involving allegations of consumer fraud, telemarketing violations, unfair employee terminations, and lease disputes, reports Yahoo Finance.
Notably, Vision Solar and a South Jersey telemarketing firm settled for $135,000 in July with the U.S. Justice Department and Arizona’s Attorney General over allegations of misconduct, including repeated violations of the Do Not Call registry and misrepresentation of costs and savings to customers.
Additionally, Connecticut Attorney General William Tong sued Vision Solar in March, labeling its practices as predatory and highlighting complaints about high-pressure sales tactics, misrepresentations regarding financing and tax credits, and unpermitted work that burdened homeowners with dysfunctional systems and unaffordable loans.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
A massive delivery company now plans unexpected layoffs for 2024 as it seeks to reduce sorting operations at a major U.S. hub.
UPS plans to lay off an undisclosed number of employees as it shutters a package sortation shift at its Centennial ground hub in Louisville, Kentucky, on February 16.
“In our industry, packages equal jobs, and we need to match capacity and the number of jobs with current package volume,” the company said in an emailed statement.
The company grappled with declines in package volume over the past several quarters and is attempting to win back volume that it lost during contract negotiations with the International Brotherhood of Teamsters in the summer, reports SupplyChainDive.
The closure of the facility’s day sort affects any employee assigned to those operations, although some impacted workers will have the opportunity to move to other positions, a UPS spokesperson said Tuesday.
UPS disclosed the layoff plans less than a month after the Teamsters said the company laid off about 35 specialist and administrative workers at the hub.
UPS quickly reinstated the affected employees after the union threatened to strike over the layoffs, which impacted workers that recently organized with the Teamsters.
Teamsters Local 89, which represents more than 2,000 UPS workers at the hub, said in a statement Friday that it has meetings scheduled with the company to gather more details about the impending closure of the hub’s day sort.
Since that shift “is a relatively small operation,” most of its volume can likely be absorbed into other existing sorts, the union said.
“With [the hub’s] natural turnover rate, as well as the likelihood of the work being moved to the larger sorts, Local 89 does not anticipate a massive impact on our membership beyond shift and schedule changes,” the union said.
Also Read: Wells Fargo Now Warns of Massive Layoffs For 2024
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