A massive podcast now files for an unexpected bankruptcy to reduce its debt to about $350 million from around $1.9 billion.
Audacy, the radio and podcast giant, has now filed for Chapter 11 bankruptcy.
The restructuring agreement will allow Audacy to slash its total debt load by 80% to about $350 million from around $1.9 billion, the company said.
“Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company,” David Field, CEO of Audacy, said in a statement.
However, Field added, “the perfect storm” over the past four years of macroeconomic challenges “facing the traditional advertising market” led to a sharp reduction in radio ad spending.
“These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring,” Field said.
The Philadelphia-based company owns hundreds of radio stations and is one of the top radio broadcasters in the U.S. Audacy owns WFAN Sports Radio, New York’s 1010 WINS and KCBS.
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A massive retailer is now closing stores inside Target, part of a plan to reduce its density after already shuttering several locations.
CVS said this week that it plans to close some pharmacies that are located inside Target stores.
The pharmacy closures will begin in February and be completed by the end of April, a CVS spokesperson confirmed to Retail Dive.
The closures are part of CVS’ plan to realign its national retail footprint and reduce store and pharmacy density.
Employees affected by the Target store-in-store closures will be offered comparable roles within the company.
Unfortunately, CVS declined to identify the locations slated for closure.
However, the pharmacy retailer did state that it has about 1,800 locations inside Target stores.
Prescriptions at closing locations will be transferred to a nearby CVS Pharmacy, the company said.
CVS acquired Target’s pharmacy business in 2015.
The deal was worth a whopping $1.9 billion, The Wall Street Journal reported.
The partnership was “a significant shift” in Target’s business model, CEO Brian Cornell said in a blog post at that time.
Rather than invest its own resources into in-store healthcare, the company instead chose to rely on “an expert partner” which gave Target the bandwidth to focus on growing its overall wellness business, the company said.
“The closures are part of our plan to realign our national retail footprint and reduce store and pharmacy density and are based on our evaluation of changes in population, consumer buying patterns and future health needs to ensure we have the right pharmacy format in the right locations for patients,” CVS spokesperson Amy Thibault said in an email.
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