Outdoor Voices Barreling Toward Insolvency, Former Employees Say: The one-time unicorn DTC brand is headed for bankruptcy after closing all its stores and laying off the majority of its staff last week. The fallen women’s athletic apparel brand reportedly plans to file for an Assignment for the Benefit of Creditors (ABC)—a state-governed insolvency proceeding that keeps the issue out of the courts, and often results in a speedier liquidation of assets than other bankruptcy filings—within the coming weeks.
Illinois families owed millions of dollars after retirement community files for bankruptcy – NBC Chicago: Dozens of families who trusted a senior living facility to care for their loved ones are now out hundreds of thousands of dollars after the retirement community filed for bankruptcy and has since failed to pay refunds due to former residents.
FTX Creditor Platform Buys $60 Million in Bankruptcy Claims - Bloomberg: When FTX collapsed in Nov. 2022, Louis d’Origny was just one of more than a million customers who had no idea if they would ever get their deposits back from the fraudulent crypto exchange.
Opinion: As Fisker Fails, EV Startups Need to Learn From China - WSJ: The Californian dream of making cars without factories needs to give way to a more Chinese one: churning them out fast.
Nursing Home Chain Petersen Health Files for Bankruptcy - WSJ: Midwest nursing home chain Petersen Health Care has filed for bankruptcy less than two months after it was hit with lawsuits alleging it defaulted on loans of more than $50 million.
Petmate Strikes Restructuring Deal to Hand Control to Lenders - WSJ: Petmate, the Platinum Equity-owned pet products company, has reached an agreement to transfer control of the business to its lenders in a financial restructuring.
State Farm issues big non-renewal notice for California property owners - San Francisco Business Times: The move completely severs the carrier's commercial apartment business in the state.
Short Sellers Raise Bets Against Offices as Fund Managers Grow Concerned - Bloomberg: Pressure at regional banks, a continuing downturn in US office prices and elevated interest rates have money managers piling back into bearish wagers on one of their favorite sectors: commercial property.
