Bankruptcy & Restructuring News Headlines for Wednesday Dec 6, 2023

Here's what we are reading this morning:

Joann raises cost savings target to $225M | Retail Dive: The craft retailer is working to improve its cash flow, but its $1 billion-plus debt load remains a concern.

Ghost kitchens were supposed to revolutionize restaurants. They’re crashing | CNN Business: Last week, Kitchen United, which raised $175 million in funding and was backed by Kroger, announced it would sell or close all of its locations.

Yet another private college in New York is closing | Bond Buyer: The College of Saint Rose, a private Roman Catholic school in Albany, said Friday it plans to close after this academic year.

Yellow Rivals Scoop Up Truck Terminals in Bankruptcy Auction - WSJ: Yellow is set to raise more than $2 billion after a bankruptcy auction that will disperse much of its national network of truck terminals among rivals, casting deeper doubt on a long shot bid to revive the trucker.

TuSimple Winds Down U.S. Operations as It Looks for Buyer - WSJ: The self-driving trucking company will continue to operate out of China.

Smithfield Foods ends contracts with 26 US pig farms, citing oversupply | Reuters: Smithfield Foods said on Tuesday it will end contracts with 26 hog farms in the U.S. state of Utah, in the latest contraction by the world's largest pork processor in the face of an industry oversupply. Pork producers have been losing money as pig prices and consumer demand for pork have struggled at a time of high costs for labor and other expenses.

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