Dive Brief: J. C. Penney managed to increase net sales by 1.5%, to $3 billion, in the second quarter compared to the year-ago period, even as a mass of store closures and liquidations weighed on the companys margins, according to a company press release. The sales figure narrowly beat the FactSet consensus of $2.92 billion,…
Closing weak stores doesn’t solve all of a retailer’s problems. J.C. Penney Co. posted a wider quarterly loss, as liquidation sales at stores it closed during the period weighed on the company’s results. Penney shares tumbled more than 15% in Friday morning trading as investors responded to weaker-than-expected profit margins. Penney closed 127 stores in…
kolkata, Aug 11 The Mamata Banerjee government has sought six month’s time from nine nationalised banks to repay the principal amount of the loan taken by erstwhile Left Front government in 2004-05 for supplying iron ore to a China-based firm. “We will soon hold a meeting with the banks and tell them of our inability…
The fate of SoundCloud has been the subject of much discussion as of late. Recently we reported the streaming platform was considering selling for significantly less than it was said to be worth 12 months previously. And, just a few weeks back, group of volunteer archivists started backing up the whole of SoundCloud in case it…
First we had the ‘Single Ladies’ of Chadstone Bowls Club. Now another prominent lawn bowls club is in crisis. In 2012, the Kew Heights Sports Club was in deep trouble with “considerable” debts and ageing facilities. The MCC once wanted the MCC Kew Sports Club to be a ‘real home away from the ‘G for members’. To the…
The directors of fundraising technology and CRM consultancy Purple Vision have confirmed that the organisation will go be placed in voluntary liquidation. In a statement on its website it that Purple Vision ceased trading on 31 July 2017, and that a voluntary liquidation process will commence as soon as possible. The statement also said that, ceasing to…
Federal Court proceedings for the ailing Channel Ten, which went into voluntary administration in June, are expected to continue on Friday. Justice David O’Callaghan will deliver a judgment following a hearing in Melbourne in July in which administrator KordaMentha was granted a 120-day extension to its administration period. That means creditors now have until November…
The case involving Network Ten’s administrators will return to court today. Federal Court proceedings for the ailing Channel Ten, which went into voluntary administration in June, are expected to continue on Friday. Justice David O’Callaghan will deliver a judgment following a hearing in Melbourne in July in which administrator KordaMentha was granted a 120-day extension…
The directors of the now defunct Glasgow-based George Hunter (Demolishers) Limited have been disqualified for allowing the company to continue to incur liabilities despite knowing a petition to wind the company up was before the court. George Beattie (senior) signed a seven year disqualification undertaking on the 12 April 2017; Michelle Beattie signed a three years and six month disqualification…
According to the World Bank Report of Doing Business, the insolvency resolution process in India is complex, time consuming and expensive due to presence of multiple laws. It takes an average of 4.3 years to resolve bankruptcy, which is extremely high as compared to countries like Japan, Singapore and Finland[1]. India is ranked at 136…