Tag: bankruptcy

23andMe files for bankruptcy protection | BBC

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Popular DNA testing firm 23andMe has filed for bankruptcy protection, and announced that its co-founder and CEO, Anne Wojcicki, has resigned with immediate effect.

The company will now attempt to sell itself under the supervision of a court.

23andMe said in a press release that it plans to continue operating throughout the sale process and that there “are no changes to the way the company stores, manages, or protects customer data.”

The Information Commissioner’s Office (ICO), the UK’s data protection watchdog, said on Monday it had notified the company of its intent to hand down a £4.59m fine over a 2023 data breach.

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Vertical farming company Plenty files for bankruptcy after raising nearly $1B | TechCrunch

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Vertical farming company Plenty has filed for bankruptcy, the company said in a press release on Monday.

In its statement, Plenty said it has received a commitment for $20.7 million in debtor-in-possession financing as part of a proposed restructuring plan. It plans to continue to operate a strawberry farm in Virginia and a plant science research and development (R&D) center in Wyoming.

Debtor-in-possession financing is financing for firms in Chapter 11 bankruptcy.

Since its 2014 inception, South San Francisco-based Plenty has raised nearly $1 billion in funding from a variety of investors, including SoftBank Investment Advisers, Walmart, Bezos Expeditions, and Jeff Bezos as an angel investor.

Its last known valuation was $1.9 billion at the time of a $400 million Series E fundraise in January 2022, according to PitchBook.

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Conn’s, a 134-year-old home goods retailer, is closing 70 stores | CNN Business

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Conn’s HomePlus, a 134-year-old furniture and electronics retailer with locations primarily in the southern United States, has filed for bankruptcy and is closing nearly half of its 170 stores.

The Texas-based company, which filed for Chapter 11 bankruptcy protection on Tuesday, has been struggling with slumping sales amid a broader slowdown in discretionary spending among consumers. Conn’s has assets and liabilities worth at least $1 billion each, according to the filing.

The 73 Conn’s HomePlus stores closing are listed on its website. Florida is the most affected state with 18 stores soon shutting down, followed by Texas with 9 locations. Other states where stores are closing include Arizona, Colorado, North Carolina and Virginia.

A Conn’s spokesperson said that as the company goes through the Chapter 11 process, it “continues to have ongoing discussions with potential buyers to sell all or parts of the business and preserve jobs.”

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David’s Bridal files for bankruptcy | CNN

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David’s Bridal has been buried under a mountain of debt. It hasn’t helped that fewer people are tying the knot lately.

The nation’s largest bridal retailer filed for Chapter 11 bankruptcy protection on Monday. It owes between $500 million and $1 billion to creditors, according to court records.

As part of the bankruptcy, David’s Bridal reached a deal with lenders to reduce the company’s debt by more than $400 million. The agreement will allow David’s Bridal to continue to operate its more than 300 stores.

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Facing the Inevitable: When Business Bankruptcy May Be Your Only Option | AllBusiness.com

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Bankruptcy was a big topic in this year’s presidential campaign. With President-elect Trump previously filing for bankruptcy protection, the topic has probably never before received so much attention.

As much as I don’t want to admit it, I have personal experience with bankruptcy. A failed business, regardless of the reasons, can often leave you in a position where you have no other choice. While most of the advice I write about is on starting a business, I thought it would be a great time to talk about what to do when your business is failing. Keep in mind that being broke is not always a reason to close your business. In fact, that is why there are numerous options afforded to you as a debtor.

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Sports Authority declares bankruptcy, lays off 3,400 employees and considers selling itself | Mashable

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NEW YORK — Sports Authority is filing for Chapter 11 bankruptcy protection to try to fix its business as it pays off $1.1 billion in debt.

The retailer said Wednesday that it plans to close or sell about 140 stores and two distribution centers, in Denver and Chicago.

Sports Authority stores will remain open and run on normal schedules during the Chapter 11 process.

The company is also laying off 3,400 employees, or about one-third of its staff, all of whom were notified on February 10, according to the Denver Post.

“We wanted to give them plenty of time to find their next opportunity, whether it’s in the company, or wherever else it is,” Foss said. “It is hard to close a store or a distribution center, or right-size a corporate headquarters. We try to mitigate the impact on people as much as possible.”

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3 Who Bounced Back From Bankruptcy To Millionaires | Creditcards.com

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Bouncing back after a bankruptcy may not be easy but it can be done. The most prosperous of the rebounders analyze their past shortcomings, chart a better route, then march full force into the future.

In 2013, more than 750,000 households legally escaped their financial obligations by filing Chapter 7 bankruptcy. The sense of relief that comes with unloading debt obligations is often tempered by feelings of failure. It doesn’t have to be the end of the line, though. For some, discharging debt was not the final destination, but a launching pad to a greater and more secure economic future.

Like Henry Ford and Donald Trump, the typical profile of those who bounce high after a trip to bankruptcy court is a resilient risk-taker who learns from the past. Here are just a few people who transitioned from the depths of economic despair to a soaring net worth. Everyone can learn a thing or two from their pre- and post-Chapter 7 experiences, they say — as do the experts who help the insolvent rise and shine.

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