The transition to online shopping, interest rate increases, labor costs, maturing debt and rising inflation have collectively taken a significant toll on the retail industry, contributing to store closures and a growing number of bankruptcy filings by retail companies in recent years. Nearly 30 retailers sought bankruptcy protection in 2023. Some retailers have even filed…
The England and Wales Court of Appeal recently handed down its first judgment relating to a restructuring plan under Part 26A of the UK Companies Act 2006: Re AGPS Bondco Plc [2024] EWCA Civ 24. Restructuring plans were a 2020 innovation in UK insolvency law, as described in our earlier alert. At first instance, the…
Unlock the Editors Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Company insolvencies are running at a 30-year high in the UK, signalling a busy year ahead for corporate restructuring and bankruptcy specialists. More than 25,000 companies in Britain registered as insolvent in 2023, a 14…
The Body Shop is not gone from the UK high street. That is the opinion of the retailers former CEO David Boynton, who has now weighed in on the embattled beauty brand’s current predicament. Boynton said the administration of the business UK division is not a story of a failing brand or the challenges of…
BetMakers’ half-year revenue crept up 9.9% to AU$51.3m (26.4m/30.8m) for the period ending 31 December, against the background of the company’s ongoing restructuring plan. The sports betting and technology provider noted that, in the six-month period, it had focused on minimising its cost base. This also saw it renew its contracts and the signing of…
Stay informed with free updates Simply sign up to the Accountancy myFT Digest — delivered directly to your inbox. The boss of struggling private equity-backed UK restructuring business Interpath Advisory, which was sold by KPMG in 2021, is set to leave. Chief executive Blair Nimmo will step down from Interpath in the spring, the company…
Endeavors fourth-quarter results reflected the companys growth in sports through the acquisition of WWE last September, but its bottom line was hit by nearly $30 million in legal and restructuring costs and $47 million in write-offs from its Events, Experiences and Rights division. Last year Endeavor also paid out $101 million in advisory fees and…
Chinas property crisis has been disastrous for many employees in the building industry, but for specialists in restructuring its been the exact opposite. Companies like Alvarez & Marsal, and Houlihan Lokey, have hiring new staff for months because of a surge in debt restructuring deals. They are one of the few bright spots in the…
Citigroup (C) has hired JPMorgan executive Viswas Raghavan as become its new Head of Banking. The move is part of a corporate restructuring for Citi, which has been lagging behind its big bank rivals. CFRA Research Director of Equity Research Ken Leon joins Yahoo Finance to discuss the reasons behind his upgrade of Citi shares…
In a bold move marking its latest round of workforce adjustments, Optus, a leading telecommunications entity, is set to eliminate nearly 200 positions. This decision comes as part of an extensive restructuring strategy aimed at streamlining operations and focusing on areas deemed critical for enhancing customer satisfaction. The move has sparked widespread concern among employees…