The fabric and craft retailer Joann, which had already announced the closure of hundreds of stores, this week said the chain will shut down completely.
Here’s what’s known about the liquidation process:
When will the stores close?
No date has been announced, and employees also apparently have not been told yet. On social media, staff members reported that the only information they received at an all-hands meeting Monday, Feb. 24, was a basic memo about the results of the bankruptcy auction the previous day.
The memo included the line: “Subject to court approval of the transaction [on Feb. 26], the winning bidders plan to wind down ongoing operations and conduct going-out-of-business sales at all JOANN locations.”
How deep are the…
Read the original article here
Durban’s Pencil Club — a networking venue for the rich and famous — did not have sufficient money to keep going even until June.
Business rescue practitioner Eugene Nel was appointed by the club’s directors earlier this month in an attempt to stave off liquidation.
But on Wednesday Nel said it was hopeless.
TimesLIVE Premium reported on Tuesday the club had suddenly shut its doors, leaving about 95 full-time employees with no jobs.
Nel said he would bring urgent liquidation proceedings to wind up the holding company.
This means the employees, who were told on Tuesday there was no money to pay their February salaries and wages, will have to stand in line with creditors.
Nel was appointed on February 12 after a resolution by the…
Read the original article here
Updated Feb 26, 2025 18:43 IST
Gautam Adani to acquire power company once owned by Anil Ambani (Pic: ET NOW)
Vidarbha Industries Power Ltd (VIPL), once a subsidiary of Anil Ambani’s
Reliance Power , was undergoing insolvency proceedings. Last year, Reliance Power had announced that Vidarbha Industries Power ceased to be its subsidiary.
Adani Power said that it has secured approval from the committee of creditors for acquiring Vidarbha Industries Power.
“This is to inform that the Committee of Creditors (“COC”) of Vidarbha Industries Power Limited (“VIPL”), a company undergoing Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code 2016 (“IBC”) has approved the Resolution Plan submitted by Adani Power…
Read the original article here
Conor Benn Alleges Chris Eubank Jr. Owes Neymar Jr. £4 Million in Gambling Debt FootBoom
Read the original article here
NCLT Admits Ansal Properties & Infrastructure to Insolvency on IL&FS Plea for Rs257 Crore Dues Moneylife
Read the original article here
Please note that by blocking any or all cookies you may not have access to certain features, content or personalization. For more information see our Cookie Policy.
To enable cookies, follow the instructions for your browser below.
Facebook App: Open links in External Browser
There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser. This can be done through the following steps:
1. Open the settings menu by clicking the hamburger menu in the top right
2….
Read the original article here
When Strategy stock plunged more than 11% on Tuesday morning, fears of a potential forced liquidation from the self-described “Bitcoin Treasury” company spread across markets.
While those fears are not unfounded—as the company is the largest corporate entity holding Bitcoin—concerns may be overblown.
That’s because structural safeguards make a forced liquidation scenario for Strategy “highly unlikely,” according to analysts at The Kobeissi Letter
The way “convertible notes are structured” with Strategy lends credence to this assertion, The Kobeissi Letter wrote on X on Tuesday.
A convertible note is a short-term debt instrument that converts into equity, typically used to delay discussions about a company’s valuation.
Strategy…
Read the original article here
Windows firm goes bust leaving customers out of pocket The Star
Read the original article here
Australia’s No-Holds-Barred War on Phoenix Fraud: Crushing Corporate Crooks AussieTheatre.com
Read the original article here
Lapid proposes Egyptian administrative control of Gaza in exchange for debt relief Middle East Monitor
Read the original article here
New Look store closures: Full list of 26 shops revealed as liquidation begins Yahoo News UK
Read the original article here
Read the original article here
