Gawker files for bankruptcy3/22/2023 ![]() Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account These companies have struggled for years and are most vulnerable to challenging economic conditions. Rite Aid, Joann Fabric and other chains are also on bankruptcy watch, according to credit rating agencies. Around 2,800 stores will close this year, an 8% increase from last year, according to Coresight Research. Retail sales surged and consumers propped up struggling chains.īut holiday sales were sluggish and the industry is expected to have a weaker 2023. The retail sector’s struggles are a reversal of industry trends for much of the pandemic.Īfter an initial burst of bankruptcies, consumers dished out on clothing, furniture, electronics and other goods. Bed Bath & Beyond narrowly avoided a bankruptcy filing by raising stock and announcing plans to close 400 stores. Party City’ Serta Simmons, the mattress manufacturer and Independent Pet Partners, a pet store retailer, have declared bankruptcy in recent weeks. Consumer spending has slowed down in the face of inflation, and interest rates have increased, making it costlier for companies to borrow. Tuesday Morning joins a growing number of financially distressed retailers that have filed for bankruptcy this year. It plans to close unprofitable stores and cut costs. The company, based in Dallas, Texas, has about 480 stores, down from around 700 three years ago. The chain said Tuesday it must restructure its “exceedingly burdensome debt.” It has secured $51 million in financing to keep operations running. Tuesday Morning’s previous bankruptcy came during the initial months of the Covid-19 pandemic. It’s the latest example of the retail apocalypse, which is starting to creep back. Bollea suffered, this is a victory.Tuesday Morning, the discount home goods retailer, filed for Chapter 11 bankruptcy protection Tuesday, its second bankruptcy in three years. If even one person has been spared the humiliation that Mr. ![]() ![]() Bollea's legal bills, and everything to do with Denton's own choices and accountability. His bankruptcy has nothing to do with who paid Mr. Bollea, is not the puppet he thought it would be. "The Appellate court, in which he has guaranteed victory over Mr. Denton has spent vast amounts of time and money attempting to dodge his responsibility and a judge has subsequently determined that he misled the court in these efforts. Gawker filed for Chapter 11 bankruptcy in June and is up for sale.ĭavid Houston, Hogan's legal counsel, told ABC News in a statement today, "Following a lengthy trial, a jury verdict and much legal maneuvering, the time has come for Nick Denton to accept responsibility for the decisions he made and the rewards he reaped based on the suffering and humiliation of others. Gawker Media has appealed the ruling, and it came to light in May that PayPal CEO Peter Thiel had bankrolled Hogan's lawsuit. The lawsuit stemmed from a 2012 Gawker post that featured a portion of a sex tape recorded without Hogan's knowledge. In March, a jury awarded Hogan, whose real name is Terry Bollea, $140 million in compensatory and punitive damages after he sued the media company for invasion of privacy. PayPal Co-Founder Peter Thiel Admits to Bankrolling Hulk Hogan's Gawker Lawsuit
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |