Labcorp has acquired Invitae Corp’s assets for $239 million in a bankruptcy sale. Invitae filed for bankruptcy protection in February, seeking a sale to continue operations as a going concern. Invitae’s estimated assets ranged from $500 million to $1 billion, while liabilities were significantly higher, between $1 billion and $10 billion.
Gateway Pundit, a far-right outlet known for promoting conspiracy theories, has filed for Chapter 11 bankruptcy protection as it faces multiple defamation lawsuits related to its coverage of the 2020 presidential election. The company claims that the legal challenges are part of a coordinated effort by progressive forces to silence conservative media outlets. Gateway Pundit has been accused of spreading false and defamatory claims, including allegations that poll workers and voting machine employees helped rig the election in favor of President Joe Biden.
Former Amazon aggregator, Thrasio, is undergoing a significant shakeup in its leadership amidst Chapter 11 bankruptcy proceedings. CEO Greg Greeley and several other senior executives, including the finance chief and technology head, announced their resignations. This follows Thrasio’s initial filing for bankruptcy in February due to factors such as fading pandemic-driven e-commerce surge, unsold inventory accumulation, and excessive debt. The company plans to lay off employees at various levels to reduce operational expenses and meet financial obligations. Thrasio is also considering selling off certain brands to streamline its portfolio. The Unsecured Creditors Committee is currently investigating the loss of over $3 billion in value by Thrasio in a short period.
As Massachusetts officials prepare for a possible bankruptcy filing by Steward Health Care, they are in discussions with experts and other healthcare providers to ensure a smooth transition. The state has been closely monitoring Steward’s financial struggles and recognizes that a bankruptcy could lead to new ownership and leadership for its eight hospitals in the state. Health and Human Services Secretary Kate Walsh emphasizes that a bankruptcy filing does not necessarily mean hospital closures, as operations could continue while creditors and new operators are considered.
The Gateway Pundit, a website known for promoting falsehoods and conspiracy theories, has filed for Chapter 11 bankruptcy in response to multiple defamation lawsuits. The lawsuits allege that the website spread false claims about election fraud in the 2020 presidential election, resulting in harassment and harm to election workers. The bankruptcy filing follows a similar move by conspiracy theorist Alex Jones, who filed for bankruptcy after Sandy Hook families were awarded over $1 billion in damages against him. The Gateway Pundit’s owner, Jim Hoft, blamed “progressive liberal lawfare attacks” but admitted no wrongdoing. Attorneys representing former election workers expressed concern that the bankruptcy could delay and potentially derail their pursuit of justice and compensation.
Upscale appliance brand Pirch has filed for Chapter 7 bankruptcy, marking the end of its business operations. The company’s six furniture showrooms in California, which initially closed temporarily in March due to the COVID-19 pandemic, will now remain shut permanently. Pirch’s assets, estimated to be between $10 million and $50 million, will be liquidated to repay creditors, while its debts total between $100 million and $500 million.
Popular clothing retailer Express has filed for bankruptcy and announced the closure of 95 stores across 20 states. The closures will affect locations in New York, New Jersey, California, Florida, Georgia, and more. The Staten Island Mall store will remain open. The Chapter 11 filing will facilitate a sale to WHP Global and mall landlords Simon Property Group and Brookfield Properties.
Despite the challenges of bankruptcy, Clover Food Lab has emerged with ambitious growth plans. The vegetarian fast food chain maintains a stable employee count, local sourcing practices, and continued innovation. Through efficient bankruptcy processes and open communication, Clover has navigated the financial challenges and secured investor support. The company aims to expand by 50 locations in New England over the next five years, betting on the growing demand for vegetarian and affordable fast food options.
Express, Inc., a once-trendsetting clothing retailer, has begun closing sales at 95 of its stores following a Chapter 11 bankruptcy filing. The closures include all 10 UpWest stores and represent part of a larger plan to facilitate Express’s sale to a consortium led by WHP Global. Despite the closures, Express plans to continue operating as usual, with over 500 Express and Express Factory Outlet stores remaining open, along with Bonobos Guideshops and online operations.
Embattled electric vehicle manufacturer Fisker Inc. has announced its intention to seek bankruptcy protection within 30 days if it fails to obtain waivers from its debt holders or secure sufficient capital to settle its obligations. The company’s financial situation has deteriorated significantly, with cash reserves plummeting and a net loss of $463.6 million reported in the fourth quarter of 2023. Fisker has also faced setbacks with its production and sales, resulting in a production pause and price cuts on its Ocean SUV to stimulate demand. This news comes amid a broader downturn in the EV industry, with Canoo Inc. raising concerns about its ability to continue as a going concern and Lordstown Motors filing for bankruptcy protection last year.
