Category: Investing News (Page 1 of 441)

Another Appliance Company Now Files An Unexpected Bankruptcy

Another appliance company now files an unexpected bankruptcy after troubling signs began when the company filed its 2023 results late.

In that brief report, the company also said that its creditors were clearly concerned.

“The company has received a Notice of Acceleration from its lenders asserting certain events of default relating to non-payment of certain principal and interest amounts and fees due and payable under the May 9, 2022 Credit Agreement on January 31, 2024,” Polished said.

Polished operated traditional physical stores that sold appliances, furniture, and home goods.

At the time, the company said it was working to reach a resolution and would “pursue a defense to any potential enforcement action taken by the lenders.”

Those efforts did not work and the company has now filed for Chapter 7 liquidation, reports TheStreet.

“Polished.com Inc. has suspended its operations.

These steps followed a comprehensive review by the company’s board of directors of available strategic alternatives, and upon consultation with the members of the company’s management, with the assistance of the company’s legal and financial advisors,” the company said in a brief news release.

The filing has not been made but the company expects to formally file for Chapter 7 bankruptcy “as soon as practicable.”

The status of unfulfilled orders is currently unclear.

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Also Read: This Massive Grocery Store Is Now Shutting Its Doors Soon

Other Economy News Today

Market News Today - Another Appliance Company Now Files An Unexpected Bankruptcy.
Market News Today – Another Appliance Company Now Files An Unexpected Bankruptcy.

This bankrupt clothing retailer is now having a massive sale of up to 90% off as it sets to close a major location.

Soft Surroundings, a women’s clothing retailer, is officially closing one of its stores in Kansas City, Kansas, reports The-Sun.

Located in the Country Club Plaza, the store has been in operation for 12 years.

An employee confirmed on Monday that the store’s last day of operation will be Sunday, February 25.

Shoppers will be able to score a whopping 70% to 90% off on inventory at the store through Sunday.

The clothing chain had over 40 stores across the US before it filed for bankruptcy last year.

All Soft Surroundings stores have either closed down or are in the process of getting shut down.

The company will still conduct direct-to-consumer business online via its website, which the apparel company Coldwater Creek acquired as part of the bankruptcy process.

Another popular fashion and clothing retailer, Rent the Runway, is also on the verge of filing for bankruptcy.

The clothing rental service has struggled with a variety of business operations, such as meeting customer demand and maintaining its active subscriber count, according to PYMNTS.

A report from CreditRiskMonitor revealed that the e-commerce platform has a 9.99% to 50% chance of filing for bankruptcy this year.

In an effort to revitalize the company, Rent the Runway executives formulated a restructuring plan that involves cutting 10% of its corporate roles, or 37 employees.

“With already strong unit economics and high margins, this new structure is designed to set the stage for the business to achieve free cash flow breakeven in fiscal 2024,” said the company.

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Also Read: A Cosmetics Company Now Makes Painful Store Closures

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Market News Today - Another Appliance Company Now Files An Unexpected Bankruptcy.
Market News Today – Another Appliance Company Now Files An Unexpected Bankruptcy.

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An Iconic Movie Theatre Now Files For An Unexpected Bankruptcy

An iconic movie theatre now files for an unexpected bankruptcy in order to reorganize its business affairs, sources report.

Iconic movie theater chain Metropolitan Theatres Corp. has filed for Chapter 11 bankruptcy protection to reorganize its business affairs, which will include restructuring and possibly rejecting theater leases, company president David Corwin wrote in a bankruptcy declaration.

The Los Angeles-based movie theater chain on Thursday February 29 filed its Subchapter V bankruptcy petition in the U.S. Bankruptcy Court for the Central District of California in Los Angeles listing about $26.5 million in assets and liabilities.

The debtor said in court papers that the financial distress caused by the temporary closures of theaters during the Covid-19 pandemic in 2020 continued after theaters reopened as the in-person movie-viewing business remained slow in the ensuing years.

Unfortunately, the slowdown in theater business coupled with significant lease obligations and business expenses negatively impacted the company’s financial stability, reports TheStreet.

The company in 2022 also shut down two poorly performing theaters in Aspen, Colorado and in Hailey, Idaho, to reduce its losses.

Movie industry labor disputes between May 2 to November 9, 2023, which led to strikes by the Writers Guild of America and Screen Actors Guild-American Federation of Television and Radio Artists, also put further strain on the theater business, the debtor said in court papers.

Domestic box office sales are expected to drop 11% in 2024 from 2023 levels due to fewer film releases, reports TheStreet.

Metropolitan Theatres was founded in Los Angeles in 1923 during the silent film era with one theater, the Broadway.

The company grew over the next two two decades to become the dominant downtown Los Angeles movie theater operator by the late 1940’s, court papers said.

The company currently operates 16 theaters and 87 screens, including two IMAX auditoriums in California, Colorado and Utah.

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Also Read: A New Wave of Unexpected Layoffs Now Hits Wisconsin

Other Economy News Today

Market News Today - An Iconic Movie Theatre Now Files For An Unexpected Bankruptcy.
Market News Today – An Iconic Movie Theatre Now Files For An Unexpected Bankruptcy.

This massive grocery store is now shutting its doors soon at a historic location which has operated for over 60 years.

The Giant Food store on Langston Boulevard in Arlington, Virginia will permanently close on Thursday, February 29.

Giant Food has anchored the Lyon Village Shopping Center, at 3115 Langston Blvd. (formerly Lee Highway), for more than 60 years.

It is at the intersection of Langston Boulevard and Spout Run Parkway.

“In the normal course of evaluating our business and local trade areas, we determined that we can adequately serve this community through several other nearby Giant Food locations, as well as our online services, Giant Pickup and delivery,” Giant said in an emailed statement.

The nearest Giant Food store is on Washington Boulevard in Virginia Square, about a mile away.

Lyon Village Shopping Center’s other tenants include CVS Pharmacy, burger restaurant BGR, Starbucks, The Italian Store, and Big Wheel Bikes.

Giant said all employees at the Lyon Village store are being offered transfers to other Giant locations.

A spokesperson for the grocery store made the following statement:

“In our ongoing assessment of business dynamics and local trade areas, we’ve concluded that the needs of this community can be adequately met by several nearby Giant Food locations, as well as our online services, Giant Pickup, and delivery.

We want to express our sincere gratitude to the Arlington community for their support over the 60 years that Giant Food has been a part of this neighborhood, and we look forward to welcoming our shoppers at our other local Giant Food locations.

We appreciate the work our store associates have done to serve this community, and all associates from the store are being offered the opportunity to transfer to other Giant locations.

[Furthermore] We are committed to supporting our employees through this transition and ensuring that they have continued opportunities within our company.”

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Also Read: This Massive Restaurant Is Now Closing 41 Locations

Market News Published Daily 📰

Market News Today - An Iconic Movie Theatre Now Files For An Unexpected Bankruptcy.
Market News Today – An Iconic Movie Theatre Now Files For An Unexpected Bankruptcy.

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Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

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Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

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11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



A Massive Essential Store Now Continues To Close in Ohio

A massive essential store now continues to close in Ohio after the company filed an unexpected bankruptcy just last October.

Last year, Rite Aid filed for bankruptcy in October after incurring a whopping $3.3 billion in unpaid debt.

The essential company has lost approximately $3 billion since 2020, according to financial reports made to the U.S. Securities and Exchange Commission (SEC).

While closures have been occurring nationwide, Ohio is slated for nearly a dozen more shutters.

Last year, the company filed plans to close a total of 17 locations in Ohio, and another 10 are now scheduled to close down this year.

Below is the list of Rite Aid stores closing in Ohio this year:

  • Marion: 1081 Mount Vernon Avenue
  • Lorain: 2709 Broadway Avenue
  • Middlefield: 15596 West High Street
  • Brookpark: 15149 Snow Road
  • Maple Heights: 21800 Libby Road
  • Cleveland: 11702 Lorain Avenue
  • Warren: 2154 Elm Road NE
  • Geneva: 633 South Broadway
  • Amherst: 100 South Leavitt Road
  • Bryan: 1221 West High Street

Below is the list of Rite Aid stores that have already shuttered:

  • Massillon: 3129 Lincoln Way East
  • New Carlisle: 120 South Main Street
  • Dayton: 146 Woodman Drive
  • Youngstown: 2701 Market Street
  • Springfield: 401 West North Street
  • Bellefontaine: 230 South Main Street
  • Toledo: 3911 Secor Rd
  • Sylvania: 5890 Monroe St
  • Youngstown. 2800 Mahoning Ave
  • Mt Gilead. 510 West Marion Rd
  • Willowick. 30500 Lakeshore Blvd
  • 5033 Suder Ave, Toledo
  • 4332 Cleveland Ave, NW Canton
  • 501 Water St, Chardon
  • 5411 Superior Ave, Cleveland
  • 29000 Lorain Rd, North Olmsted
  • 5 East Ashtabula St, Jefferson

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Also Read: This Massive Grocery Store Is Now Shutting Its Doors Soon

Other Economy News Today

Market News Today - A Massive Essential Store Now Continues To Close in Ohio.
Market News Today – A Massive Essential Store Now Continues To Close in Ohio.

A massive restaurant now closes after 30 years, with dozens more shutting down soon according to the chain’s owner.

An Outback Steakhouse restaurant has closed after 30 years of business.

The closure comes as David Deno, who owns the chain’s parent company, warned that dozens of restaurants will be shutting up shop, per The-Sun.

The Outback Steakhouse eatery had been a staple in Harrisburg, Pennsylvania, for three decades, but it has closed its doors for good, according to Penn Live.

A note has been put on the restaurant’s window warning fans about the closure.

It listed other Outback eateries in the area that fans of the restaurant can head to.

Bloomin’ Brands owns popular chains Bonefish Grill and Carrabba’s Italian Grill.

Deno announced that 41 underperforming restaurants across the company are set to close.

Chiefs revealed the eateries set for the cut are predominately older and underperforming, per a company earnings call.

“A majority of these restaurants were older assets with leases from the 90s and early 2000s,” Deno said.

He stressed that the restaurants are not closing because of staffers’ performances.

The company says they expect to finalize the closures by the end of the first quarter.

However, they also mentioned they hope to open between 40 and 45 new restaurants this year.

Earlier this month, it was reported that Outback Steakhouse had closed its last remaining restaurants across Hawaii.

Outback Steakhouse had been a staple in the state for more than two decades.

The dramatic restaurant closures were described as unexpected by industry experts and workers claimed they were given short notice.

A worker at the chain’s Waipio branch claimed staffers were given just a few days’ notice.

An Outback Steakhouse location in State College, Pennsylvania, has also closed, per the NBC affiliate WJAC-TV.

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Also Read: This Massive Restaurant Is Now Closing 41 Locations

Market News Published Daily 📰

Market News Today - A Massive Essential Store Now Continues To Close in Ohio.
Market News Today – A Massive Essential Store Now Continues To Close in Ohio.

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This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

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Frank Nez’s Stock Portfolio

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11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



Jobs in South Carolina Have Now Been Lost To Mexico

Jobs in South Carolina have now been lost to Mexico as a manufacturing plant announced the move to the neighboring country.

Gentherm has filed a WARN notice advising of the upcoming layoffs in South Carolina with the Department of Employment and Workforce.

It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.

Gentherm, which supplies heated seats for the automotive facility, announced it was moving the manufacturing production undertaken at the South Carolina facility to Mexico.

The company’s board of directors approved on September 15 a plan to move its manufacturing operations in Greenville, South Carolina, to a new plant in Monterrey, in Mexico Nuevo Leon state, Genterm said in a filing with the US Securities and Exchange Commission (SEC).

“The plan is expected to reduce the company’s cost base, improve its financial performance and cash flow generation, and create a streamlined organization better positioned to meet its key financial and operational priorities,” the company said in a statement.

With the decision, Gentherm expands its manufacturing operations in Monterrey, where it already has a production center.

The company has other production centers in the country, in Ciudad Acuna, in Coahuila state, and in Celaya in Guanajuato state, according to its website.

“The plan is expected to reduce the company’s cost base, improve its financial performance and cash flow generation, and create a streamlined organization better positioned to meet its key financial and operations priorities,” the company said.

The filing stated the closure would result in 124 staff at the facility losing their jobs.

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Also Read: A New Wave of Unexpected Layoffs Now Hits Wisconsin

Other Economy News Today

Market News Today - Jobs in South Carolina Have Now Been Lost To Mexico.
Market News Today – Jobs in South Carolina Have Now Been Lost To Mexico.

This massive grocery store is now shutting its doors soon at a historic location which has operated for over 60 years.

The Giant Food store on Langston Boulevard in Arlington, Virginia will permanently close on Thursday, February 29.

Giant Food has anchored the Lyon Village Shopping Center, at 3115 Langston Blvd. (formerly Lee Highway), for more than 60 years.

It is at the intersection of Langston Boulevard and Spout Run Parkway.

“In the normal course of evaluating our business and local trade areas, we determined that we can adequately serve this community through several other nearby Giant Food locations, as well as our online services, Giant Pickup and delivery,” Giant said in an emailed statement.

The nearest Giant Food store is on Washington Boulevard in Virginia Square, about a mile away.

Lyon Village Shopping Center’s other tenants include CVS Pharmacy, burger restaurant BGR, Starbucks, The Italian Store, and Big Wheel Bikes.

Giant said all employees at the Lyon Village store are being offered transfers to other Giant locations.

A spokesperson for the grocery store made the following statement:

“In our ongoing assessment of business dynamics and local trade areas, we’ve concluded that the needs of this community can be adequately met by several nearby Giant Food locations, as well as our online services, Giant Pickup, and delivery.

We want to express our sincere gratitude to the Arlington community for their support over the 60 years that Giant Food has been a part of this neighborhood, and we look forward to welcoming our shoppers at our other local Giant Food locations.

We appreciate the work our store associates have done to serve this community, and all associates from the store are being offered the opportunity to transfer to other Giant locations.

[Furthermore] We are committed to supporting our employees through this transition and ensuring that they have continued opportunities within our company.”

For more news and updates like this, opt-in for push notifications.

Also Read: This Massive Restaurant Is Now Closing 41 Locations

Market News Published Daily 📰

Market News Today - Jobs in South Carolina Have Now Been Lost To Mexico.
Market News Today – Jobs in South Carolina Have Now Been Lost To Mexico.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



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