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23andMe, which provides medical and ancestry-related genetic testing, has filed for bankruptcy after it was unable to find a buyer to rescue it from insolvency proceedings and the board of directors rejected a buyout offer from co-founder Anne Wojcicki.
Despite collecting DNA from saliva samples from more than 15 million customers, the company hasn’t been profitable since going public in 2021. That personal information can now be sold as part of a court-supervised auction, 23andMe said in a filing.
Wenzel’s the Bakers, which is headquartered in Tolpits Lane, has played down any concerns despite confirming that it is the subject of a winding-up notice.
A winding-up petition can be issued to take a company to court if it cannot pay its debts and, if successful, company assets can be sold to pay creditors – also known as compulsory liquidation.
This process could potentially lead to closures for its more than 100 branches if it goes to court.
A Wenzel’s spokesperson said: “The winding-up notice is in relation to ongoing discussions with HMRC regarding an outstanding balance, however, we are actively engaged with HMRC and expect this matter to be resolved shortly.
Shoppers pour into remaining Bay location in city for deals, but liquidation starts tomorrow
Liquidation sales start tomorrow at The Bay, but that did not stop shoppers from crowding into the location at Mapleview Centre on Monday morning.
The parking lot was full at 11 a.m. today, (Monday, March 24) though many shoppers were seen and heard putting items back on the shelf as employees explained the liquidation sale had not yet started.
The Hudson’s Bay Company – Canada’s oldest company being founded in 1670 – filed for creditor protection earlier this month, after struggling with finances for years. The company is currently owned by NRDC Equity Partners, which also owns the U.S. department store Lord &…
A rule that kept bankrupt businesses on life support is on its way out, promising speed, transparency and better liquidation value.
A rule that kept bankrupt businesses on life support is on its way out, promising speed, transparency and better liquidation value.
India’s bankruptcy rule maker recently proposed to drop the clause that allows keeping a company in liquidation as a going concern—essentially, a business that can operate and meet its obligations. While the provision intended to save jobs and preserve value, it merely encouraged lawsuits, attracted tainted owners, delayed liquidation and depressed asset values, lawyers said.
As the liquidation sales continue, the discounts will deepen, but customers will face issues like sizing, colour, and quality of inventory available, said Jeff Schwarz, owner of Burnaby-based Direct Liquidation, who was known as The Liquidator on the Canadian reality television series of the same name.
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TORONTO — Canadians headed to Hudson’s Bay stores Monday in hopes of scooping up the first of the retailer’s liquidation deals, but many left confused about whether the markdowns had even begun.
TORONTO — Canadians headed to Hudson’s Bay stores Monday in hopes of scooping up the first of the retailer’s liquidation deals, but many left confused about whether the markdowns had even begun.
Shoppers who visited department stores in Quebec and Alberta noticed plenty of sales signs the company uses seasonally but none advertising a clear-out or liquidation underway.
“I was hoping for better,” said Mireillle Girouard as she sifted through the racks of women’s clothing at a Hudson’s Bay in La Salle, Que.
This process could potentially lead to closures for its more than 100 branches if it goes to court.
