Canadians are justifiably appalled by the plight of thousands of employees and pensioners who are being victimized by the bankruptcy protection manoeuvring of Sears Canada. Thousands have been laid off and even more stand to lose the severance, benefits and pensions that they earned, while Sears pays millions in bonuses to executives and managers. Sadly,…
More than half Australia’s Topshop and Topman stores have closed and 370 jobs have been axed as administrators continue to restructure the struggling fashiopn retailer. Administrator Ferrier Hodgson on Friday confirmed five of the UK-based brand’s nine Australian stores have shut, including the flagship unit on Melbourne’s Chapel Street. The closures resulted in 335 staff,…
The 94-year-old UK-based lighting brand Bowens surprised the photo world last month when it abruptly closed shop and went into liquidation, citing the rise of cheap Chinese brands and fierce competition. The death of a beloved photo brand is (sadly) not too unusual, but former Bowens employees in both the UK and in China say…
Unicorns arent real, and neither are the valuations ascribed to many of the startups that say theyre worth $1 billion or more. About half of private companies with valuations exceeding $1 billion, known as unicorns, wouldnt have earned the mythical title without the use of complex stock mechanics, according to a study by business professors…
THE IGA at Bucasia has reopened with a fresh new look. Cornetts Supermarkets chief executive officer Graham Booysen, who has opened the store on Thursday, said there would be a focus on delivering fresh produce to customers. Cornetts owns 31 supermarkets across the state, including Sarina, Collinsville, Clermont, Dysart and Middlemount. Mr Booysen said he…
Administrators of collapsed education company Acquire Learning have sold it’s single biggest asset – online job search site CareerOne – to a media group. Cor Cordis announced on Thursday it had sold Acquire’s 90 per cent stake in CareerOne was sold for an undisclosed sum to Octomedia. Creditors will discover the sum at the next creditors meeting in September. Job…
The company, which owes lenders Rs 11,309 crore, was referred to the bankruptcy court under Section 7 of the Insolvency and Bankruptcy Code (IBC) by SBI following a nudge from the Reserve Bank of India (RBI). The Kolkata bench of the National Company Law Tribunal (NCLT) on Wednesday asked the interim resolution professional (IRP), appointed…
Liquidators appointed by the Federal Government have sensationally applied to freeze hundreds of millions of dollars worth of Clive Palmers assets including luxury boys toys and 15 properties in a shock move to help recoup taxpayer money. Special purpose liquidators PPB Advisory yesterday filed a Mareva injunction in the Supreme Court of Queensland to stop…
Bloomberg/Mumbai A tribunal in Indias Gujarat state agreed to start insolvency proceedings against Essar Steel India Ltd, the debt-laden mill owned by the billionaire Ruia brothers, according to people familiar with the verdict.The Ahmedabad bench of the National Company Law Tribunal agreed to a petition from State Bank of India and appointed Satish Kumar Gupta…
Indias banking industry is in the throes of a crisis. Bad debts are piling up at banks. Earlier, the multiplicity of laws dealing with the insolvency of a company has been a problem in the way of banks failing to recover their loans. The new insolvency and bankruptcy code brought by the incumbent National Democratic…