A popular shark tank company now files for an unexpected bankruptcy in the district of Colorado as it aims to reorganize its finances.
M.C. Squares, a company that creates Earth-friendly reusable office products, filed for Chapter 11 bankruptcy on December 22nd.
“At M.C. Squares, we create reusable, life-transforming products for the home, office, and everywhere in between,” the company website says.Â
“Our journey began with a simple inspiration — to develop a new category of reusable home and office products.
Notably … we became the inventor of the Reusable Sticky Note! Starting in the classroom, we quickly expanded into corporate offices, and now our innovative organization solutions have found a place in your day-to-day routine.”
That’s a noble goal, but consumers have generally rejected green solutions that cost more than the products they’re replacing, reports TheStreet.
At the time of the filing the office-supplies company had $5.7 million in operating losses and owed its various creditors roughly $3.4 million.
M.C. Squares had about $900,000 in assets and counts O’Leary as one of its 20 creditors.
“The startup owes $33,657.84 to O’Leary Productions, $850,000 to the Micro Cap Opportunity Fund, and $408,700 to Denver Angels as highlighted in the filing,” Inside Startups reported.
O’Leary has not commented on the bankruptcy and did not immediately return a request for comment made through the O’Leary Ventures website.
He did recently share some of his personal philosophy on investing on his X (formerly Twitter) page:
“Every penny I don’t spend on something I actually need gets invested and makes more money for me. I buy the good stuff that I need, and I invest the rest,” he posted.
Shark Tank companies filing for bankruptcy are rare, but it does happen and a number of companies showcased on the site have gone out of business.
These include Breathometer, which made a home test to check your blood alcohol level, and Toygaroo, which was pitched as “the Netflix of toys.”
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
A popular US chain now makes unexpected layoffs in California ahead of the minimum wage increase soon to take place.
In October, California Governor Gavin Newsom passed a new law to increase wages for fast-food workers across the state.
The new AB 1228 legislation, or the Fast Food Franchisor Responsibility Act, will come into effect on April 1, 2024, and guarantees fast-food employees in California a minimum wage of $20 per hour- the highest in the United States.
Pizza Hut franchises in California are expected to lay off approximately 1,200 drivers amidst the minimum wage increase.
The company will be relying on third party delivery companies such as DoorDash.
Southern California Pizza Co, a franchisee covering Orange County and the Inland Empire, has stated it will cut 841 salaried delivery drivers, while PacPizza, which operates Pizza Hut establishments across California, will eliminate jobs in February.
“PacPizza, LLC, operating as Pizza Hut, has made a business decision to eliminate first-party delivery services and, as a result, the elimination of all delivery driver positions.”
The CEO of popular restaurant chain Jack in the Box, Darrin Harris, expressed his views on how this may impact the industry this week.
The business owns Jack in the Box, which has about 43% of its 2,200 locations in California, and Del Taco, which operates about 63% of its 591 locations in the state.
Harris expects to raise prices 6% to 8% companywide, mainly because of the California wage hikes.
BJ’s, a restaurant chain headquartered in California, has also stated that higher menu prices will reflect the wage increase. BJ’s has 59 locations across California.
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Also Read: Massive Layoffs in California Now Underway Prior to Holidays
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