A popular travel retailer now files for unexpected bankruptcy after experiencing “significant financial difficulty”.
Van’s Aircraft has now announced that it has filed for Chapter 11 bankruptcy protection.
Van’s posted a statement on its website about its Dec. 4 Chapter 11 bankruptcy filing.
The Aurora, Ore., company, founded 1972, tried to reassure its customers that it would “continue to source, produce, and provide parts, service, and support to our customers. We will also be crating and shipping kit orders.”
The company sells a variety of kits to make airplanes, and many of its customers have never built a plane before.
“RV kits are very complete. All necessary aluminum forming is done; all welding is completed at the factory. Molded canopies and fiberglass parts are supplied.
All the hardware is included. Most steel parts are powder-coated,” the company writes on its website.
Van’s sells planes that have up to four seats with a variety of capabilities.
Some are optimized for short flights while others have longer ranges or can even be used to perform acrobatics.
In a note to customers posted on its website, Van’s made clear that it has a significant inventory of parts, so it can continue to support built aircraft as well as those being built now.
The company also explained what led to its Chapter 11 petition, filed in U.S. Bankruptcy Court for the District of Oregon.
“We understand that this situation creates a hardship for everyone involved.
However, without these changes we do not see a viable path forward that would allow Van’s Aircraft to remain in business and support its customers,” the company said in a statement.
Other Economy News Today
Wells Fargo now warns of massive layoffs for 2024 as the banking giant announces a whopping $1bn severance hit.
So far, Wells Fargo, which has its corporate headquarters in California, has fired approximately 11,300 employees in 2023.
This is equal to nearly 5% of its nearly 230,000 workforce, reports CNBC.
As layoffs continue into 2024, Wells Fargo CEO Charlie Scharf has warned investors the costs could amount to a staggering $1 billion.
However, Scharf did not confirm the number of employees that would be affected by the next round of layoffs.
“We’re looking at something like $750 million to a little less than a billion dollars of severance in the fourth quarter that we weren’t anticipating, just because we want to continue to focus on efficiency,” Scharf told investors during a Goldman Sachs conference in New York.
“Wells Fargo needs to get “more aggressive” managing headcount because employee attrition has slowed this year,” Scharf added.
That expense is an accrual for worker layoffs that Wells Fargo expects to make next year, according to a bank spokeswoman.
The company declined to say how many jobs it will cut, says CNBC.
Wall Street leaders including Scharf and Morgan Stanley CEO James Gorman have said that unusually low attrition among their workers has left them bloated.
The industry has been cutting jobs in the past year as it deals with rising funding costs, a prolonged slump in Wall Street deals and concern over loan losses.
Wells Fargo, the fourth-biggest U.S. bank by assets, was already among the most active in laying off workers this year, thanks in part to its “retrenchment” from the mortgage arena.
The bank has cut about 11,300 jobs so far in 2023, or 4.7% of its workforce, and had 227,363 employees as of September, reports CNBC.
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