The 79-year-old luxury handbag retailer has struggled financially in sales, resulting in $14.3 million in losses last year according to The Herald. This was compared to a $3.4 million profit the previous year. The company revealed this morning that an eight-month strategic review failed to find a “viable option” to secure its future. In a statement to the…
LIFES never dull for controversial businessman and former Auburn deputy mayor Salim Mehajer. On top of facing a series of court battles over everything from his former relationship to his crumbling business empire, now he can reportedly add the threat of bankruptcy to the list. The 31-year-old is currently under virtual house arrest and facing…
Bowmans Senior Partner Richard Harney during the interview with Weekend Business. [Beverlyne Musili, Standard] The restructuring of Kenya Airways, concluded mid-November, has been billed as one of the most complex transactions in the region. Complex due to the number of companies and institutions involved. The deal saw transaction advisers shuttle from Africa to Europe and…
Orascom Construction is planning to restructure its US operations in order to reduce unnecessary costs, a senior company official told Daily News Egypt on Saturday. We have plans to improve our costs, specifically our US operation. Restructuring our business, there is a main goal on which we are focusing in the current stage, the source,…
Rewarding good work and recognising employees aspirations will drive performance and growth in the corporate world. The best example of this was set by the corporates in the U.S. in the post-Second World War era. Perhaps they went overboard and the after-effects are manifest now with income disparity becoming more acute. Practices such as huge…
WASHINGTON The International Monetary Fund (IMF) says it is acutely aware of the urgent need to assist the Caribbean countries to build resilience, particularly in the context of the recent hurricanes that swept through the Lesser Antilles killing scores of people and leaving billions of dollars in damage. Related articles And we stand ready to…
BuzzFeed will restructure its business team, resulting in layoffs of about 100 people, and the transition of the company’s president to the role of senior advisor. Company CEO Jonah Peretti said in a memo Wednesday that BuzzFeed needed to shift away from direct advertising sales to more diverse revenue streams. The company will search for…
By FRED GITUKUMore by this Author Q. I am a HR manager, six months into a new job. I have observed that the previous manager did not practice diversity, since this company is dominated by two tribes. Is it fair to fire under-performing employees and re-structure the company to accomplish diversity? There is more to…
If order gets passed, lenders will have to provision for 50 per cent of their debt Mumbai, Nov 30: Nearly 30 lenders of debt-ridden Reliance Communications (RCom) have opposed a petition by China Development Bank (CDB) to file an insolvency case against the telecom company. CDB, a lender to RCom, had filed the suit with…
FORT WASHINGTON, Pa., Nov. 30, 2017 /PRNewswire/ — Walter Investment Management Corp. (“Walter” or the “Company”) (NYSE: WAC.BC) today announced that, as expected, the Company filed a voluntary chapter 11 petition in the United States Bankruptcy Court for the Southern District of New York (the “Court”) to execute a prepackaged financial restructuring plan (the “Prepackaged Plan”).…