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23andMe, a formerly high-flying genetic testing company, announced Sunday that it was declaring bankruptcy and that it would seek a buyer.
The company also said CEO and co-founder Anne Wojcicki is resigning immediately and will be replaced by Chief Financial and Accounting Officer Joe Selsavage as interim chief executive.
23andMe moved in November to slash 40% of its workforce as part of a restructuring plan, a step that came roughly two months after its entire board resigned.
“We expect the court-supervised process will advance our efforts to address the operational and financial challenges we face, including further cost reductions and the resolution of legal and leasehold liabilities,” 23andMe Chair Mark Jensen said in a…
Every taxpayer in the country will get an unlooked-for cut under a $17 billion promise at the centre of this year’s federal budget, although will have to wait more than a year for it as the government attempts to balance the demand for cost-of-living relief with the need to manage a budget that is now firmly in deficit.
Today’s budget handed down by Treasurer Jim Chalmers shows the national accounts have, for the first time since 2022, fallen into the red.
The $27.6 billion deficit is worse by some $700 million than what was forecast just three months ago in the Mid-Year Economic and Fiscal Outlook (MYEFO), but an improvement on the last budget’s prediction of $28.3 billion.
Treasurer Jim Chalmers has handed down his fourth federal budget.…
K-Pop Scandal-Ridden Burning Sun Entertainment Goes Bankrupt After Assets Fall Below 500 Million KRW
Burning Sun Entertainment has gone bankrupt. The corporation the infamous nightclub Burning Sun in Gangnam has officially begun bankruptcy proceedings, as reported by Korean media.
On March 25, legal sources stated that the Seoul Bankruptcy Court’s Division 13 declared simplified insolvency for the company on March 18 pushing it into liquidation. The procedure comes into play when the debtor’s remaining assets are less than 500 million KRW (approximately $342,000).
For the unversed, former BIGBANG member Seungri was an internal director at Burning Sun, the place where the alleged Burning Sun incident emerged in 2018.
Debt Awareness Week, organised by StepChange to raise awareness of the support available for those in debt, runs this month, from 24 – 30 March.
In this month’s edition of MoneyHelper’s monthly financial guidance column, Paul Fox, Regional Manager for the South-West at the Money and Pensions Service (MaPS), talks about debt and how you can get free support.
1.What is problem debt?
Debt can happen in lots of different ways; you might borrow money on a credit card or loan and then find you struggle to keep up with the agreed repayments.
Or you may not have enough money to cover council tax or energy bills and start getting letters and calls asking you to repay the money you owe.
Jeanswest’s 53 years of operation in Australia are set to end. Photo: Facebook.
Jeanswest is the latest clothing outlet to end its operations in Australia, after it was announced its parent company, Harbour Guidance Pty Ltd, had entered voluntary administration.
Across the Region network, stores will close in Tuggeranong, Bega, Wollongong, Albury and Griffith. Across the country, 90 outlets will shut, leaving 600 employees out of a job.
Jeanswest, which was founded in Perth in 1972, previously entered administration in 2020, when it was rescued and kept alive by Hong Kong-owned Harbour Guidance Pty Ltd.
But on Wednesday (26 March), the parent company was placed in the hands of Melbourne-based insolvency experts Pitcher Partners…
Fashion retailer Jeanswest will close all brick-and-mortar stores and cut hundreds of jobs as its parent company enters administration.
The brand’s parent company Harbour Guidance have appointed administrators at Pitcher Partners Melbourne to restructure the business.
While the company’s 90 physical stores will close, it is not yet known if the brand and its online store will remain open.
Jeanswest operates 146 stores across the country, including this one at Eastgardens in Sydney’s east. (Westfield)
Jeans West currently employs more than 600 staff.
The company had previously been placed in administration in 2020, with the administrators now saying that trading conditions had become increasingly tough.
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Hudson’s Bay has begun liquidating all but six of its stores after the company filed for creditor protection earlier this month.
Hudson’s Bay has begun liquidating all but six of its stores after the company filed for creditor protection earlier this month.
Here’s how the process is unfolding so far:
Which stores are part of the liquidation?
Hudson’s Bay wants to liquidate all but six of its stores. It has 80 stores under the Hudson’s Bay banner, as well as the three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a licensing agreement.
Those stores are divided between 32 locations in Ontario, 16 in B.C., 13 each in Alberta and Quebec, and two in each of Manitoba, Nova Scotia and…
The mood was melancholic this week at St. Albert Centre as shoppers got news that the mall’s Hudson’s Bay outlet was set to close its doors for good.
A nationwide liquidation sale of all but six Hudson’s Bay outlets in Canada officially began March 24.
Hudson’s Bay Company ULC filed for creditor protection on March 7. On March 21, an Ontario judge authorized the company to liquidate all its stores save for six split between Ontario and Quebec. The move affects three Saks 5th Avenue, 13 Saks OFF 5th, and 74 Hudson’s Bay outlets in Canada, including the Hudson’s Bay in St. Albert Centre, and could put 1,229 Albertans out of work.
Sentimental sale
The St. Albert Hudson’s Bay was bustling with dozens of bargain…
