A Travel Company Now Declares An Unexpected Bankruptcy

February 21, 2024

A travel company now declares an unexpected bankruptcy as a way to sell the brand with its investors taking a larger stake in the company.

Travel and cruise company, Hornblower Group, which operates American Queen Voyages, City Experiences, and Journey Beyond, has filed for bankruptcy.

“The brand heritage of our organization dates back nearly 100 years, with the establishment of Boston Harbor Cruises in Massachusetts in 1926; on the west coast of the United States, Hornblower Group began in 1980.

Across our growing portfolio, we have a long-standing history of expertise and innovation and have continually redefined the marine hospitality industry,” the company said on its website.

At the time of its Chapter 11 filing, the company operates in 125 U.S. cities and 111 countries.

Its products include everything from transportation services to overnight cruises, and other water-based experiences.

The company has its U.S. headquarters in San Francisco and operates Journey Beyond, a leading experiential travel group in Australia.

Hornblower has entered bankruptcy as a way to sell the brand with its investors taking a larger stake in the company.

“Under the terms of the agreement, funds managed by Strategic Value Partners, LLC and its affiliates, a global alternative investment firm, will acquire majority ownership of Hornblower and provide a significant equity investment in the business,” the company said in a news release.

“Crestview Partners will retain a significant minority position in Hornblower and become the sole owner of Journey Beyond.”

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Also Read: A Cosmetics Company Now Makes Painful Store Closures

Other Economy News Today

Official: An essential retailer is now closing almost all locations after the company claims to being ‘driven out’, sources report.

An independent pharmacy has been driven to close driving customers elsewhere, reports The-Sun.

Mainline Pharmacy made the decision to close nearly all of its stores citing loss of profit caused by pharmacy benefit managers.

They will be closing a total of nine stores by March 11, leaving one location open in Somerset Pennsylvania and continuing to service long-term care facilities out of another pharmacy with a different business model.

The closing announcement was made on Facebook.

“It is with a heavy heart that we announce the closure of your local pharmacies,” Mainline said.

“This decision was not made lightly, and we understand the impact it may have on you and your loved ones.”

Mainline opened its first store in 1980 and began to expand year after year, the goal was to stay a staple in the community.

“We wanted to keep stores in the community,” said John Pastorek, Mainline Pharmacy owner and director of pharmacies.

But there is a reason that their goal has become unobtainable.

According to the company, pharmacy benefit managers (PBMs) are third-party insurance bodies that have been underpaying the pharmacy for medications, meaning they do not turn any profit needed to stay in business.

“We’ve been sadly driven out of business by pharmacy benefit managers,” Pastorek said.

The Tribunal Democrat reported that for a popular diabetic injectable, Mainline spends $2,858; reimbursement from pharmacy benefit managers is $2,436 equating to a $422 loss for the business.

“They pay us way less than what we pay for medications from our wholesaler,” Pastorek said.

He further attributed this issue with PBMs to the closings of other independent pharmacies.

“That’s why there are barely any independent pharmacies across the country,” he claimed.

Since the start of the year, Mainline has filled 17,574 prescriptions at a loss, totaling $350,000 in profit losses.

“We are sick about it,” Pastorek said of the decision to close.

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Also Read: This Massive Mall Retailer Is Now Closing In California

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