Orchid Pharma has said that the National Company Law Tribunal (NCLT), Chennai Bench has admitted a petition filed by Laxmi Vilas Bank in its capacity as an Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The said order provides for the commencement of Corporate Insolvency Resolution Process (CIRP) and appointment…
Business Payless ShoeSource completes financial restructuring Wednesday, August 23, 2017 Payless ShoeSource has announced that its North American entity successfully emerged from its Chapter 11 restructuring as the number one specialty footwear retailer in the US and one of the largest in the world with about 3,500 brick and mortar stores 400 of these in…
Woolworths is resisting pressure to offload BIG W even though the chain will lose another $150 million this year as it battles to fix basic processes and overcome perceptions the format is “dated and dormant”. Woolworths slashed prices on more than 2000 products at BIG W in 2017 by an average 20 per cent in…
More than 30 construction companies in Queensland have collapsed this year. A new report into the risk of further failures puts another 444 building businesses at high to severe risk of failure in the next 12 months. An apartment glut and loss of Chinese investors are believed to be factors. A Brisbane-based construction company linked…
Recent recorded challenges of large retailers such as Edcon, Stuttafords, House of Busby, Mango and others could be examples. A number of global and seasoned retailers have entered SA in recent years, particularly in the apparel market, including Zara, H&M, Cotton On and other more upmarket clothing retailers. This has put some local firms under…
A MEGA list of items are up for auction after an end of lease liquidation. The company was based in Paget, but 12 months ago, shifted their business strategy from mining to solar energy. However, when they moved from the mining sector they were still bound by a lease – until now. Mackay online auctioneer…
The August reporting season has hit warp speed, with more than 50 companies trotting out either full or half year results. Key points: Disappointments dominate the busiest day of reporting season ASX200 results biggest profit: Woolworths $1.5bn biggest loss: Vocus $1.5 billion ASX200 results biggest gain: A2 Milk +5pc Biggest loser: Healthscope -15pc…