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Sunday, apr 28
Tag:
Bankruptcy
Business
'Pharmageddon': CVS, Walgreens Protests Spread As Workers Seek Better Conditions
Around a thousand pharmacy workers across the country have walked off the job as part of a strike to protest conditions. The so-called "Pharmageddon" series of walkouts at pharmacy chains including CVS and Walgreens stores started Monday, Oct. 30, and is expected to continue at least through the middle of the week. Around 900 people from about 10 states could participate, organizers of the ongoing protest told NBC News. A growing workload and understaffing are the main reasons for the protest, organizers say, noting that the pharmacy workers are not unionized. In a statement to KDKA in Pi…
Business
Rite Aid Will Close CT Store After Filing For Bankruptcy
Rite Aid, the pharmacy giant that filed for bankruptcy on Sunday, Oct. 15, plans to close 154 underperforming stores nationwide, according to a new filing. Some of those closures will be in Massachusetts and Connecticut. Related: Why Is Rite Aid Filing For Bankruptcy? Rite Aid announced earlier this week that declining sales and rising debt forced the company's hand in filing for Chapter 11 bankruptcy. The chain has more than 2,100 stores nationwide, and reducing rent costs will play a large part in bringing its balance sheet back into the black. The only store in Massachusetts…
Business
Rite Aid Files For Bankruptcy Amid Drop In Sales, Opioid Lawsuits
One of the country’s largest pharmacy chains has just filed for bankruptcy. The move by Rite Aid comes amid declining sales and a rise in debt, which hit $3.3 billion, according to midyear filings. The company said in an announcement on Sunday, Oct. 15 that in connection with the filing, it has received a commitment for $3.45 billion in new financing from some of its lenders. "This financing is expected to provide sufficient liquidity to support the company throughout this process," Rite Aid said. Rite Aid is one of a number of drugstore chains facing litigation related to the…
Business
Revlon, 90-Year-Old Personal Care Company, Files For Bankruptcy
New York-based personal care and cosmetics company Revlon announced it has filed for bankruptcy on Thursday, June 16. The company is hoping to get $575 million in debtor-in-possession (“DIP”) "to strategically reorganize its legacy capital structure and improve its long-term outlook," according to a release. Revlon says they plan on operating "seamlessly" after the filing “Today’s filing will allow Revlon to offer our consumers the iconic products we have delivered for decades, while providing a clearer path for our future growth,” said Debra Perelman, Revlon's President an…
Business
JCPenney Offers Billions To Buy Rival Kohl's, Report Says
The owners of JCPenney are bidding to acquire rival Kohl’s, according to a new report. Shopping-mall owners Simon Property and Brookfield Asset Management have offered around $8.6 billion for Kohl's stores, the New York Post reports. Under the plan, JCPenney's parent company would maintain two separate brands and cut costs by $1 billion at Kohl’s over the next several years, the Post said, citing a source. After filing for bankruptcy in the spring of 2020, JCPenney was acquired by Simon Property Group and Brookfield Asset Management. With about 1,160 locations in every state except Hawaii…
News
Purdue Pharma Reaches $6B Settlement With US States Over Thousands Of Opioid-Related Lawsuits
OxyContin creators Purdue Pharma and the Sackler family have reached a $6 billion settlement over their roles in the ongoing opioid crisis plaguing the country. The announcement comes following an earlier deal made with Purdue, headquartered in Stamford, Connecticut, that was ultimately appealed by eight states and the District of Columbia until the Sacklers kicked in more cash to get the deal done. Earlier story - NY, Other States Reach $4.5B Settlement With Purdue Pharma Over Its Role In Opioid Epidemic The $6 billion will be paid out over the course of 18 years, with larger payments fro…
Obituaries
Official Cause Of Death For Rapper DMX Released
An official cause of death for rapper and lifelong New Yorker DMX has been released following his death in April at the age of 50. The Westchester County Medical Examiner told Vulture on Thursday, July 8 that the hip-hop icon died on April 9 due to a cocaine-induced heart attack which caused a lack of blood circulation to his brain. Original story - Rapper, Westchester Native, Resident DMX Dies At Age 50 “It was cardiac arrest for a period of time, so there was no circulation to the brain,” the Medical Examiner explained to Vulture. No official statement has been released by the ME’s offi…
Politics
Legal Expert Says Indictment Would Be 'Devastating' For Trump Organization
With the Trump Organization expected to face a criminal indictment this week, one of the nation’s top legal experts said that it could be "devastating" for the former president, and could potentially lead to bankruptcy for the company. Attorneys for the Trump Organization were advised that criminal charges will be filed in Manhattan as soon as Thursday, July 1, including top target, Chief Financial Officer Allen Weisselberg, and other lead members of the organization. The former president himself is not expected to be charged with anything criminal. Related story - Trump Foundation Will C…
News
Rapper DMX Hospitalized In NY In Grave Condition
The rapper DMX is hospitalized in his native New York in Westchester County in grave condition, according to a report by TMZ. DMX, age 50, whose birth name is Earl Simmons, suffered an overdose around 11 p.m. Friday, April 2, which led to a heart attack, according to TMZ. He is hospitalized in the critical care unit in White Plains, the report said. Simmons is a Mount Vernon native who grew up in Yonkers. Simmons lived near the Bedford border on McLain Street in Mount Kisco with his now-estranged wife Tashera Simmons before putting the home into foreclosure in 2016 after filing for bankru…
Business
Covid-
19: Century 21 Files For Bankruptcy, Closing All Stores
Liquidation sales are under way at all 13 Century 21 stores after the company announced Thursday it filed for Chapter 11 bankruptcy protection. The impetus was a non-payment of approximately $175 million declined by the company's insurance provider as a direct result of losses during the COVID-19 pandemic, the company said in a press release. The off-price retail store in business for more than 60 years was left with "no viable alternative" to closing," the company's co-CEO Raymond Gindi said. "While retailers across the board have suffered greatly due to COVID-19, and Century 2…
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