Bankruptcy & Restructuring News Headlines for Wednesday Aug 31, 2022

Here's what we are reading this morning:

China’s Property Market Has Slid Into Severe Depression, Real-Estate Giant Says - WSJ: Country Garden, which for years ranked as China’s top real-estate developer, reported a 96% drop in first-half profit and said the market has struggled with sluggish demand and declines in property prices.

Exclusive: Digital-Health Startup Wheel Laid Off 17% of Its Staff: Wheel cut 35 employees on August 18 as it moves from providing a marketplace of virtual care tools to building a virtual care platform for companies.

Best Buy’s quarterly sales drop, as inflation-weary consumers pull back on spending: Best Buy’s sales dropped by about 13% in the fiscal second quarter, as the retailer felt a pullback from inflation-weary shoppers; the consumer electronics company had already cut its full-year forecast in July

NewAge, Inc. Files Voluntary Petition for Relief Under Chapter 11: The Utah-based direct-to-consumer (D2C) organic and healthy products company announced that the Company and certain of its subsidiaries each filed a voluntary petition in the United States Bankruptcy Court for the District of Delaware commencing Chapter 11 cases to facilitate a value-maximizing sale process.

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