Net SE, the company behind the photographic brands Meyer Optik Goerlitz, CP Goerz and Oprema Jena, has been declared insolvent and will be wound up. German blog Photoscala reports that insolvency proceedings have started for the assets of Net SE, thus throwing the fate of all of its many crowdfunded lens campaigns into doubt.…
DetailsThe US Bankruptcy Court for the Southern District of New York has approved US retailer Sears Holdings first day motions for its voluntary Chapter 11 restructuring. The retailer filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code yesterday. This approval is expected to improve the companys liquidity position and allow it to…
DetailsLOS ANGELES, Oct. 16, 2018 /PRNewswire/ — After a period of unprecedented growth, national wholesale insurance brokerage, managing general agent and program underwriter Worldwide Facilities announces an organizational restructuring. The company will reorganize into three divisions: Worldwide Brokerage, Worldwide MGA, and Worldwide Programs. The driving force for this change is the significant growth that Worldwide…
DetailsA Perth-based startup with an app promising cheap international money transfers has been put into liquidation. The Federal Court was told that Bux Global raised at least $65 million. Evidence was given to the court that cash raised went to fund the private expenses of those associated with the startup and that the app didnt…
DetailsSears, an anchor of retail life for generations of Americans, filed for bankruptcy on Monday and said it was closing almost 150 stores, the latest marquee victim of the online era. Founded in 1886 as a mail order catalog company, it went on to pioneer the department store industry, selling all things to all people,…
DetailsVideo PlayerClose BERLIN, Oct. 15 (Xinhua) — Chinese investment, together with a Swiss partner, has helped a 120-year-old insolvent German rail system company back to life, the chief executive officer (CEO) of Molinari Rail Systems GmbH told Xinhua on Monday. “At the end of 2016 before the acquisition, the situation of the railway systems company…
DetailsSears said Monday that it will close 142 more stores, part of its plans to file for Chapter 11 bankruptcy. Massive liquidation sales will start at the stores soon, the company said. Sears has closed hundreds of stores already in an effort to stay afloat, including 46 which are due to close next month. The…
DetailsHOFFMAN ESTATES, Ill., Oct. 15, 2018 /PRNewswire/ — Sears Holdings Corporation (“Holdings,” “we,” “our,” or the “Company”) (NASDAQ: SHLD) today announced a series of actions to position the Company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term. To facilitate these actions, the Company and certain…
DetailsHOFFMAN ESTATES, Ill., Oct. 15, 2018 /PRNewswire/ — Sears Holdings Corporation (“Holdings,” “we,” “our,” or the “Company”) (NASDAQ: SHLD) today announced a series of actions to position the Company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term. To facilitate these actions, the Company and certain…
DetailsSears, the one-time titan of American retail, is expected to file for bankruptcy early Monday morning US time ahead of a $US134 million ($190 million) debt payment. For years, Sears has contended with the threat that it would become the latest big-name retailer to fall to online competition and crushing debt. The icon once known…
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