Rite Aid, a leading pharmacy chain, recently announced its filing for bankruptcy and securing $3.45 billion in fresh financing. This decision comes as the company faces challenges such as declining sales and the impact of opioid-related lawsuits. While specific details about store closures were not immediately available, Rite Aid has taken steps to resolve …
In a strategic move to revitalize its 121-year-old department store chain, JCPenney has announced plans to invest over $1 billion by the end of 2025. The investment will be allocated towards remodeling JCPenney stores, enhancing its online shopping platform and app, and improving its supply network to ensure faster delivery of online orders. Under the …
In December 2021, I found myself battling both COVID and the possibility of a prostate cancer diagnosis. However, amidst my personal struggles, I became a target of criticism on Twitter. My offense? Reporting on the formation of an investment cult around AMC, a troubled movie theater chain, which led to inflated stock prices. Despite the …
In a cyberattack incident, the claims agent responsible for bankruptcy cases involving Genesis Global Holdco, FTX, and BlockFi, revealed that it had fallen victim to a data breach. As a result, the personal data of hundreds of claimants may have been compromised. Kroll, a business-services company, reported that hackers conducted a SIM-swapping attack on T-Mobile …
China Evergrande Group, a troubled developer, has filed for bankruptcy protection in the US as part of a massive debt restructuring. The move comes as concerns grow over China’s property crisis and its impact on the weakening economy. In an attempt to support struggling economic activity, China has unexpectedly lowered interest rates, but analysts believe …
New York CNN — Evergrande’s recent bankruptcy filing in the US serves as a cautionary tale about China’s growth-at-all-costs model, which fueled its remarkable economic expansion over the past three decades. For years, Evergrande, formerly one of China’s most successful real estate developers, amassed significant debt as the country’s economy boomed. The demand for housing …
Text size Evergrande has long symbolized China’s sprawling and distressed property sector. Getty Images Evergrande has filed for bankruptcy protection in the U.S. nearly two years after its descent into distress triggered a crisis across China’s property sector. More risks, beyond developers, are brewing in the world’s second-largest economy. Evergrande filed for Chapter 15 bankruptcy …
In a groundbreaking move, the Supreme Court has temporarily halted a nationwide settlement with Purdue Pharma, the manufacturer of OxyContin. This settlement aimed to protect the Sackler family, who own the company, from civil lawsuits related to the devastating effects of opioids. The Biden administration requested this intervention, and the Supreme Court has also agreed …
Beloved bargain retailer Christmas Tree Shops recently announced its decision to permanently close its doors on August 12th. This unfortunate development comes after the company filed for Chapter 11 bankruptcy three months ago. In an effort to clear out its remaining inventory, Christmas Tree Shops will be offering discounts of up to 80% on its …
According to a lawsuit filed against Sam Bankman-Fried, the disgraced founder of bankrupt crypto exchange FTX, the FTX Foundation, a nonprofit arm of FTX, had plans to purchase the small Pacific island nation of Nauru to build a bunker for an apocalyptic event. The lawsuit, filed in Delaware bankruptcy court, claims that Bankman-Fried’s brother Gabe, …