A massive retailer is now making a big comeback after the company filed for bankruptcy and began its liquidating process.
Mitchell Gold + Bob Williams has now been purchased by the Surya home-furnishings and interior-design company “in a strategic move set to reshape the landscape of the home furnishings industry.”
The new owner plans to be true to what made the furniture brand successful and has hired one of its founders, Mitchell Gold, as a consultant.
“Going back to MG+BW’s roots and building on its core tenets of craftsmanship, customization, and a design-forward approach, Surya will reintroduce the brand as a trade-only partner, accessible to leading interior designers and design-driven retailers,” the company said in a news release.
“Classic MG+BW designs and quality will be preserved and celebrated under Surya’s stewardship.”
The new owner is not simply picking up the name, reports TheStreet.
Surya plans to restart manufacturing and assemble operations at the MG+BW facilities in Taylorsville, N.C.
New products are expected to ship as soon as during the first-quarter of 2024.
In addition to approving the sale of the name and intellectual property of Mitchell Gold + Bob Williams, a federal judge has signed off on a deal that will enable some of the company’s customers to take delivery of their orders.
Ryder had been holding for the company about 2,000 deliveries that it had not been paid to ship.
The delivery company has also been charging the bankrupt furniture maker and retailer daily fees for storing those undelivered orders.
Customers who had their orders stuck due to the bankruptcy had to pay another shipping fee to receive orders they already paid for.
The new owner of the brand will not be taking on any of the obligations of the previous owner.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
Another huge retailer now unexpectedly lets go of hundreds after the e-commerce giant has eliminated tens of thousands of roles this year.
Amazon on Friday confirmed it will cut “several hundred” positions in its Alexa unit.
The company did not disclose the exact number of people impacted, their specific roles within Amazon’s devices business, or which Alexa initiatives were affected, reports RetailDive.
U.S. and Canadian-based Amazon employees affected by the Alexa-related job cuts were notified on Friday, per reports.
The company also plans to notify other employees, including some in India starting next week.
“As we continue to invent, we’re shifting some of our efforts to better align with our business priorities and what we know matters most to customers — which includes maximizing our resources and efforts focused on generative AI,” a company spokesperson said in a statement to Retail Dive.
“These shifts are leading us to discontinue some initiatives, which is resulting in role eliminations,” an Amazon spokesperson said.
“We’re grateful to these employees for their contributions, and we’re supporting them in their next steps.”
Amazon said the number of people affected by the decision represents a relatively small percentage of the total number of people who work in the company’s Amazon Devices business.
“While this was a hard decision to make, we remain very optimistic about the future of Alexa.
As we move forward, Alexa remains an incredibly important part of our business, and we will continue to invest and innovate to deliver on our vision,” the spokesperson said.
There are more than half a billion Alexa devices in customers’ homes, according to the company.
“Our investments in generative AI are bringing our vision for an even more intuitive, intelligent, and useful Alexa closer than ever before.”
Also Read: A US Bank is Now Denying Customers Access to Money
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