Bankruptcy & Restructuring News Headlines for Friday May 27, 2022

Here's what we are reading this morning:

First-quarter GDP declined 1.5%, worse than thought; jobless claims edge lower: The U.S. economic contraction to start the year was worse than expected as weak business and private investment failed to offset strong consumer spending.

College Enrollment Drops, Even as the Pandemic’s Effects Ebb - The New York Times: The latest college enrollment figures released on Thursday by the National Student Clearinghouse Research Center indicated that 662,000 fewer students enrolled in undergraduate programs in spring 2022 than a year earlier, a decline of 4.7 percent. Graduate and professional student enrollment, which had been a bright spot during the pandemic, also declined 1 percent from last year.

Substack Drops Fund-Raising Efforts as Market Sours - The New York Times: Amid an industrywide downturn, venture investors are preaching austerity and halting new deals, particularly for companies that have spent aggressively on growth.

Berlin’s Gorillas lays off 300, explores ‘strategic options’ in 4 countries as funds dry up for its $3B instant grocery play | TechCrunch: Gorillas will focus on its home market of Germany, as well as France, the Netherlands, the U.K. and the U.S., which account for 90% of its revenues.

Delivery app Getir axing 14% of employees, NYC workers outraged: Rapid delivery app Getir said Wednesday that it plans to cut 14% of its global workforce — but gave employees no detail on who’s getting the ax, leaving New York City store and delivery workers anxious and angry.

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