Corporate bankruptcy
Bed Bath & Beyond’s merchandise problems will make it hard to pull off a turnaround this holiday season
A person exits a Bed Bath & Beyond store in New York City, June 29, 2022. Andrew Kelly | Reuters Bed Bath & Beyond is betting on a drastic change in strategy and well-recognized brands to revive its struggling business. But the retailer’s strained relationships with suppliers of products such as air fryers and stand-mixers […]
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How Detroit moved on from its legendary bankruptcy
A new wave of development is rippling through downtown Detroit. “Walking around Detroit in 2008 or 2009 is not the same as walking around in 2022,” said Ramy Habib, a local entrepreneur. “It is absolutely magnificent what happened throughout those 15 years.” Between 2010 and 2019, just 708 new housing structures went up in the […]
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Voyager CEO made millions in stock sales in 2021 when price was near peak
Stephen Ehrlich, CEO of bankrupt cryptocurrency exchange Voyager Digital, made millions of dollars selling Voyager shares in February and March 2021 when shares were near their peak, nineteen months before the crypto lending firm declared bankruptcy in July 2022, financial records show. Ehrlich’s gains were propelled by the stratospheric increase in Voyager’s stock price, which […]
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Former employees say issues plagued the crypto company Celsius years ahead of bankruptcy
Problems at Celsius appear to have been simmering for years before the crypto lender filed for bankruptcy. The crypto company saw a range of internal missteps leading up to its recent turmoil, according to former employees and internal documents CNBC reviewed. Multiple employees painted a picture of risk-taking, disorganization and alleged market manipulation. “The biggest issue […]
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Looking to get your funds out of a collapsed crypto platform? Don’t get your hopes up
Bankruptcy filings from Celsius and Voyager have raised questions about what happens to investors’ crypto when a platform fails. Rafael Henrique | Sopa Images | Lightrocket | Getty Images Traders hoping to recoup their funds from failed cryptocurrency exchanges anytime soon are likely to end up disappointed, legal experts tell CNBC. Crypto trading and lending […]
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Crypto brokerage Voyager Digital files for Chapter 11 bankruptcy protection
Voyager said it has roughly $1.3 billion of crypto on its platform and holds over $350 million in cash on behalf of customers at New York’s Metropolitan Commercial Bank. Justin Sullivan | Getty Images Beleaguered crypto brokerage Voyager Digital has filed for Chapter 11 bankruptcy protection, becoming the latest casualty of chaos in digital asset […]
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Former Apple, JC Penney exec Ron Johnson’s Enjoy Technology files for bankruptcy months after it went public
Ron Johnson during a panel discussion at the CNBC Evolve New York event on June 19, 2019. Astrid Stawiarz | CNBC Enjoy Technology, a retail startup founded by former Apple and J.C. Penney exec Ron Johnson, filed for Chapter 11 bankruptcy protection on Thursday, mere months after it made its stock market debut. The company’s […]
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The retail industry is facing a potential wave of bankruptcies – here’s why
Revlon makeup products are displayed at a CVS store on August 9, 2018 in Sausalito, California. Justin Sullivan | Getty Images The retail industry is up against a potential wave of bankruptcies following a monthslong slowdown in restructuring activity. There could be an increase in distressed retailers beginning later this year, experts say, as ballooning […]
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EV start-up Electric Last Mile Solutions plans to declare bankruptcy a year after going public
The ELMS Urban Delivery, anticipated to launch later this year, is expected to be the first Class 1 commercial electric vehicle available in the U.S. market and will be produced at the Company’s facility in Mishawaka, Indiana. Electric Last Mile Solutions EV start-up Electric Last Mile Solutions said late Sunday it plans to file for bankruptcy […]
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This flashy Bel Air mansion that was listed at $87.8 million flopped at auction — and now the seller is furious
An over-the-top modern mansion in Bel Air was listed for $87.8 million for an auction this week. But the highest bid came in just under $45.8 million, according to the home’s seller, dermatologist-turned-developer Alex Khadavi. “Horrible, Horrible, Horrible!” was how Khadavi characterized the auction results to CNBC. He filed for Chapter 11 bankruptcy protection two […]
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