A popular US retailer is now filing an unexpected bankruptcy, a pattern that we’ve begun to see gradually grow this year.
Nоblе Hоuѕе, а cоmpаny nоt widеly rеcоgnizеd by itѕ nаmе but knоwn fоr itѕ prоductѕ ѕоld by mаjоr rеtаilеrѕ likе Аmаzоn, Wаlmаrt, аnd Hоmе Dеpоt, filеd fоr Chаptеr 11.
The company iѕ invоlvеd in thе diѕtributiоn, mаnufаcturing, аnd rеtаiling оf indооr аnd оutdооr hоmе furniѕhingѕ, оpеrаting undеr vаriоuѕ brаnd nаmеѕ.
Itѕ bаnkruptcy filing rеvеаlеd ѕignificаnt trаdе dеbtѕ frоm impоrtеrѕ аnd vеndоrѕ in Chinа аnd Viеtnаm, pоѕing а ѕubѕtаntiаl chаllеngе.
“Tо prеvеnt liquidаtiоn, Nоblе Hоuѕе plаnѕ tо ѕеll itѕеlf, аiming tо rеmаin а gоing cоncеrn.
Thе cоmpаny hаѕ ѕеcurеd cоurt pеrmiѕѕiоn tо mаkе еѕѕеntiаl pаymеntѕ, еnѕuring kеy ѕuppliеrѕ cоntinuе tо ѕhip prоductѕ.
It hаѕ а bаѕеlinе bid frоm GigаClоud Tеchnоlоgy tо buy it fоr $85 milliоn, with thе pоtеntiаl fоr highеr bidѕ during thе ѕаlе prоcеѕѕ, ѕubjеct tо cоurt аpprоvаl,” reports Summer on NewsBreak.
When the company filed for Chapter 11, it owed suppliers and warehousers in its supply chain some $10 million from the period leading up to its bankruptcy, according to a court filing.
Founded in 1992, the family-owned company drop-ships merchandise for some of the largest retailers in the U.S., including Amazon, Walmart, Costco, Wayfair, Overstock, Target and Home Depot, the company’s current CFO, Gayla Bella, said in court papers.
Among its wholesale customers are off-price giants Ross Stores and TJX Cos.
“The company entered bankruptcy with a baseline bid from the logistics and technology firm GigaCloud Technology to buy it for $85 million,” reports Retail Dive.
Also Read: Massachusetts Now Becomes The Next State to Experience Massive Layoffs
Other Economy News Today
Wells Fargo is now scheduled to close 100 branches this year according to records from the Office of the Comptroller of the Currency (OCC).
A spokesperson for the bank told DailyMail that although branches in many regions are closing, a smaller number are opening in a handful of successful markets.
“While the total number of branches continues to decline, new branches are being opened in high growth neighborhoods of existing markets, allowing us to offer more branch convenience,” they wrote.
“We may also open new branches where we combine two older existing branches into one better situated location.
Additionally, customers use our wide range of digital capabilities for many of their banking needs and, as a result, more transactions are happening outside the branch,” they added.
Wells Fargo executives said the move to shutter the branch locations reflects a surging use of online banking and a diminishing need for brick-and-mortar stores, per The-Sun.
“Customers use our wide range of digital capabilities for many of their banking needs and, as a result, more transactions are happening outside the branch,” a spokesperson for Wells Fargo told the Albuquerque Journal.
“As customer preferences and transaction patterns change, so will our branches and the experiences customers have in them.”
In August, Daily Mail reported that Wells Fargo had filed to close 37 branches nationwide as online competition swept new customers.
7 Wells Fargo branches are currently scheduled to shutter in California for the month of October.
But Wells Fargo isn’t the only bank closing several of its branches.
In fact, JPMorgan Chase has closed the most branches with many more scheduled to shutter by year’s end.
Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal
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