New York CNN — Party City filed for bankruptcy protection Tuesday, weighed down by competition and years of financial losses. The largest party goods and Halloween specialty retail chain in the United States said in a regulatory filing that it reached an agreement with debtholders to cut its $1.7 billion debt load. The company said […]
New York CNN Business — When Christine Martinez found out last month that Kroger and Albertsons planned to merge in a deal worth nearly $25 billion, she thought, “here we go again.” Martinez lost her job as a pharmacy technician in the aftermath of a prior supermarket mega-merger: Albertsons’ $9 billion tie-up with Safeway in […]
New York CNN Business — A new court filing about Sam Bankman-Fried’s bankrupt companies reveals a crypto empire that was colossally mismanaged and potentially fraudulent — a “complete failure of corporate controls” that eclipses even that of Enron. “Never in my career have I seen such a complete failure of corporate controls and such a […]
Editor’s Note: This is an updated version of an article that first published on June 13, 2022. The “crypto winter” that hit earlier this year walloped digital asset prices and served as a healthy reminder that cryptocurrencies are highly risky, volatile investments. But now, in the wake of crypto exchange FTX’s implosion, crypto investors were […]
Stellantis said that shareholders of its loss-making joint venture producing Jeep vehicles in China have approved it to file for bankruptcy. The European carmaker said in a statement it had fully impaired the value of its investment in the venture in its results for the fist half of 2022, adding that it will continue to […]
