An essential healthcare company now declares an unexpected bankruptcy while planning to sell the business along the process.
Sientra, which calls itself a surgical-aesthetics company, manufactures breast implants and related healthcare products.
“Backed by unrivaled clinical and safety data,” the company says, “Sientra’s platform of products includes a comprehensive portfolio of round and shaped breast implants, the first fifth-generation breast implants approved by the FDA for sale in the United States, the ground-breaking AlloX2 breast tissue expander with patented dual-port and integrated drain technology,” along with other products.
The company filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the District of Delaware on Monday February 12th.
The company also said in a post on its website that it plans to sell the business during the bankruptcy process.
Sientra does not have a specific deal with a buyer in place, so its plan remains dependent on it being able to make a deal, reports TheStreet.
Some of Sientra’s products, including its breast tissue expander line, are used in ongoing medical treatment.
That means that a Chapter 7 filing or any other form of the company going out of business would leave those patients/customers in a difficult position.
The company has said that it will continue to support its customers during the Chapter 11 process.
Sientra plans to use its existing cash reserves and $22.5 million in new debtor-in-possession financing from existing lenders to facilitate the sale and support continuing operations.
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Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy
Other Economy News Today
A massive retailer now launches a liquidation sale as it closes an anchor store and abandons a mall for good, sources report.
A JCPenney store located inside a popular shopping mall is set to close in weeks, reports The-Sun.
Liquidation sales at the outlet in the Crystal Mall in Waterford, Connecticut, are underway.
The prices of goods have been cut by up to 50% and the store is set to close by May 25th, per The Day.
The JCPenney outlet is the last anchor store at the mall following the departures of renowned brands such as Macy’s, Sears, and Bed Bath & Beyond.
Executives of the company admitted the decision to close the store wasn’t easy.
“We continue to work to make every dollar count for America’s diverse, working families and welcome them to shop at our other JCPenney stores in the area,” they said.
The Crystal Mall has seen a series of high-profile store closures in recent years.
Its Macy’s and Sears outlets also closed back in 2021 and 2018.
A JCPenney store at the Shenango Valley Mall in Hermitage, Pennsylvania, is also set to permanently close its doors in May.
The store is unfortunately shutting down after the chain was in a legal dispute with the owner of the mall.
The closures come just years after the chain filed for bankruptcy.
Chiefs filed for bankruptcy after the business had racked up a whopping $5 billion in debt.
The chain survived and the company has since revealed details on restructuring plans.
More than $1 billion is set to be spent by the end of 2025 on several upgrades.
Stores are set to be renovated, and the company’s app and website will be improved.
The purpose of the upgrades is to boost efficiency.
“Now is the time more than ever to lean into that and make sure that we’re delivering that experience for our customer,” CEO Marc Rosen told the Associated Press.
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Also Read: A US Company Now Declares An Unexpected Bankruptcy
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