marketcrash
bitcoincrash
pensions
nationaldebt
bubble
risk
debtcollapse
bankruptcy
11/10/2023
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By Ramon Tomey
Co-working facility giant WeWork files for BANKRUPTCY
WeWork, a company specializing in shared office spaces, has filed for bankruptcy. CNBC reported that the company, whose headquarters is located in New York City, filed for Chapter 11 bankruptcy protection in a New Jersey federal court on Nov. 6. WeWork had entered into agreements with the vast majority of its secured note holders, and […]
10/30/2023
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By Olivia Cook
CVS, Rite Aid and Walgreens to close down more than 1,500 stores due to rising retail crime, leaving MILLIONS without local access to medications
CVS, Rite Aid and Walgreens – drugstore chains for decades – are now closing thousands of stores, leaving health gaps in a growing number of communities for medicines and non-medical essentials at the front end. A month ago, CVS announced the closing of 900 stores (10 percent of all its branches) by the end of […]
10/24/2023
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By Richard Brown
FTX founder Sam Bankman-Fried donated customer funds to Democrats, former engineer testifies
Nishad Singh, a former engineer for the cryptocurrency exchange FTX, said its founder Sam Bankman-Fried had donated customers’ money to Democratic political causes. In simple terms, Singh’s testimony indicated that Bankman-Fried used customer funds for political donations to Democrats. According to Singh, upon discovering the financial shortfall, he had a lengthy conversation with Bankman-Fried in […]
10/19/2023
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By Ramon Tomey
Pfizer CUTS COSTS after significant decline in uptake of COVID-19 vaccine and Paxlovid
Vaccine giant Pfizer has been forced to implement cost-cutting measures after a significant decline in the uptake of its Wuhan coronavirus (COVID-19) vaccine and medication over the past 12 months. According to a Pharmaphorum report, the New York-based pharmaceutical firm is set to cut costs by $1 billion this year and at least $2.5 billion […]
10/17/2023
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By Arsenio Toledo
Rite Aid forced to file for bankruptcy amid slumping sales, high debt and ongoing opioid lawsuits
Drugstore chain Rite Aid has filed for Chapter 11 bankruptcy protection in New Jersey owing to soaring debts and said it would be closing underperforming stores, selling its assets and resolving pending litigation against it. Rite Aid is one of the largest pharmacy retailers in the United States. Court filings reveal that the company has […]
09/25/2023
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By Ethan Huff
Rite Aid to close up to 500 stores in BANKRUPTCY proposal
As much as 25 percent of pharmacy chain Rite Aid’s retail footprint could disappear in the coming days as one of the top 10 largest pharmacies in the United States negotiates with creditors over a chapter 11 bankruptcy plan that The Wall Street Journal says “would substantially shrink [Rite Aid’s] operational footprint.” If all goes […]
09/20/2023
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By Belle Carter
East Coast’s largest groundfish company files for bankruptcy, lays off workers with no severance pay
East Coast’s largest groundfish company has filed for bankruptcy, according to records in U.S. federal court in Delaware, leaving employees without a job as it shutters all of its locations and concluded an eight-year private equity (PE) roll-up of New Bedford’s fishing industry. Blue Harvest Fisheries unexpectedly filed for Chapter 7 bankruptcy on September 8, […]
09/14/2023
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By Richard Brown
Another one bites the dust: Major car dealership files for bankruptcy, fires all employees
Carlos Lopez traveled from Tampa to Orlando to purchase a car only to be told that Florida-based dealership chain Off Lease Only has closed down and filed for bankruptcy. “The salesman that I was meeting with called me and told me, ‘Hey, I have bad news. The company just went out of business. We’re all […]
09/06/2023
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By Laura Harris
EV COLLAPSE: Car dealerships are now rejecting EV deliveries due to low sales
Car dealerships are now rejecting further deliveries of electric vehicles (EVs) due to low sales. But despite this, EV manufacturers are continuing to scale up their production. According to Scott Kunes, the COO of Kunes Auto and RV Group, they have turned away additional EV inventory to ensure a healthy turnover rate. Other dealers are sharing the […]
08/30/2023
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By Belle Carter
Unhappy comeback: Embattled Chinese real estate giant Evergrande crashes again by 87% after 17-month suspension
The shares of the bankrupt former Chinese property giant Evergrande plunged 79 percent on Monday, its first trading day following a suspension of more than 17 months, which it used to try to restructure its offshore debt. The stock of the embattled real estate developer Evergrande Group, which trades in Hong Kong under what was supposed […]
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