GameStop new strategy: Let Ryan Cohen buy stocks with company cash: The company reported net sales of $1.08 billion for the quarter ending Oct. 28, down 9% year over year and off 25% since the same period in 2019. The company’s net loss did shrink year over year, but that was largely due to aggressive cost cuts, including closing stores in Europe.
How the Biggest Boutique Fitness Company Turned Suburban Moms Into Bankrupt Franchisees - Bloomberg: Xponential’s brands—Pure Barre, CycleBar, Club Pilates, Row House, Rumble Boxing—all have fanatical followings. And some very alarmed business partners.
Coffee trader Mercon runs out of credit, files for bankruptcy: Mercon, which has operations in all the major producing regions including Brazil, Vietnam and Central America, said in a letter sent to clients that problems in recent years such as the logistical disruption during the pandemic, frost and drought in Brazil, price volatility and rising interest rates all combined to hurt the company's financial situation.
Mercon Files for Chapter 11 Bankruptcy in Wake of Wild Coffee Market Swings - Bloomberg: Mercon Coffee Corp., a major global trader, filed for Chapter 11 bankruptcy in New York as supply disruptions, steep price moves and higher borrowing costs throughout the pandemic eroded the firm’s ability to pay its debt on time in full.
Yellow Rejects Bid to Revive the Collapsed Trucking Company - WSJ: A notice from the trucker’s lawyers says the bankrupt business is moving forward with the sale of properties and liquidation of equipment.
Troika Media Files for Bankruptcy After Defaulting on Acquisition Debt - WSJ: The New York company defaulted within months of taking on debt to buy marketing agency Converge Direct last year.
U.S. layoffs jumped in November led by retail and tech, report shows | Reuters: Announced job layoffs by U.S.-based employers totaled 45,510 last month, up 24% from 38,836 in October, global outplacement firm Challenger, Gray & Christmas said in the report.
