Pier 1 Imports filed for bankruptcy Monday (Warning: source paywalled; alternative source), “a victim of changing consumer tastes and an unforgiving retail environment,” reports The Wall Street Journal. “Unlike many other retailers that have sought bankruptcy in recent years, the publicly traded Pier 1 — with assets of $426.6 million and listed total debt of $258.3 million — isn’t weighed down…
Tag: bankruptcy
2000: The Year the Startup Super Bowl Ads Failed
20 years ago, 11 different startups spent millions of dollars to run 30-second ads during the Super Bowl, reports the Hustle. Within one year 8 of the 11 companies “had either gone bankrupt or been sold in fire sales.” The how-to platform Computer.com spent $3m of its $5.8m in seed funding on an ad featuring its 2 founders holding a poster…
GM To Invest $2.2 Billion In First All-Electric Vehicle Plant, Create 2,200 Jobs
An anonymous reader quotes a report from NBC News: General Motors confirmed Monday it will invest $2.2 billion to convert an aging Detroit assembly plant into the manufacturing heart of its “all-electric future.” The Detroit-Hamtramck Assembly Plant was one of five North American factories GM said it would close in November 2018 but the automaker reversed course as part of an…
Is Fry’s Electronics in Trouble?
The tagline “Your best buys are always at Fry’s” once blanketed Bay Area airwaves, but that’s no longer true of the computer retailer’s Palo Alto store. From a report: A temple of electronics known as “ground zero for geek culture,” the Portage Avenue Fry’s Electronics closed last week after almost 30 years in business. “The Palo Alto store was a fixture…
Founder of ‘Tesla Killer’ Faraday Future Files For Chapter 11 Bankruptcy
Faraday Future’s founder and former CEO Jia Yueting has filed for Chapter 11 bankruptcy in Delaware court in a bid to satisfy his myriad debts in China. From a report: The Chinese tycoon claims he still owes around $3.6 billion to more than 100 creditors, thanks, in large part, to the collapse of LeEco, the tech conglomerate he founded there. The…
Lab-Testing Startup uBiome Files For Bankruptcy
An anonymous reader quotes a report from The Wall Street Journal: Embattled lab-testing startup uBiome Inc. filed for bankruptcy protection Wednesday and put its assets up for sale after suspending testing of its clinical products. The San Francisco-based company filed for chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del., and said it has lined up an $8 million bankruptcy…
Websites Can Discriminate Against You Even If You Don’t Use Them, California Supreme Court Rules
Nearly four years ago, a lone bankruptcy lawyer sued Square, the payment processor run by Twitter CEO Jack Dorsey, challenging the app’s terms of use — despite never signing up. As of yesterday, the case will proceed, thanks to an opinion issued by the California Supreme Court that could have wide-reaching implications for online businesses. Gizmodo reports: The first thing you…