All articles tagged with #financial trouble
Novo Nordisk, the maker of Ozempic, is facing significant financial challenges due to increased competition and declining sales, leading to a hiring freeze and potential layoffs, despite its focus on diabetes and obesity treatments.
The University of the Arts in Philadelphia will close on June 7, 2024, due to financial difficulties, affecting 1,100 students and 700 faculty and staff. The school will assist students in transferring to nearby universities. The closure follows years of declining enrollments, revenues, and rising expenses, including needed infrastructure repairs. This adds to the trend of financial struggles faced by arts schools nationwide.
Retired NFL wide receiver Antonio Brown has filed for Chapter 11 bankruptcy, owing nearly $3 million to eight creditors. Despite earning over $80 million during his 12-year career, Brown's assets are listed as $50,000 or less. The largest debt is a $1.2 million court judgment related to a 2020 incident. Brown's post-NFL career has been tumultuous, including legal issues and a failed ownership of an arena football team.
JetBlue is discontinuing service to and from Kansas City, Missouri, and making route trims from Los Angeles and Fort Lauderdale, as well as not returning to Newburgh, New York, due to financial struggles and a federal judge's rejection of its merger with Spirit Airlines. The airline cited underperforming routes and markets as the reason for the changes and plans to focus on East Coast, Caribbean, and long-haul cross-country flights while adding capacity in successful areas like Puerto Rico and Florida.
Former Ford CEO Mark Fields warns that the transition to electric vehicles (EVs) is taking longer than expected, leading to financial trouble for EV startups as mainstream consumers remain focused on cost and convenience. Sales of hybrid vehicles are soaring, with Toyota and Ford benefiting from the trend. Struggling EV startups like Fisker, Rivian, and Lucid are facing market challenges, with plummeting market caps and concerns about funding and bankruptcy.
Amazon's bid to acquire iRobot has fallen through, leaving the robot maker to grapple with financial losses and mounting debt. The company's future remains uncertain as it navigates the aftermath of the failed deal and seeks to address its challenges in the stock market.
Russia has admitted that it was on the verge of economic collapse last year due to Western sanctions imposed after its invasion of Ukraine. However, the Kremlin now claims that it has successfully recovered and is entering a new growth phase, with predictions of up to 3% growth this year. Despite these claims, experts have expressed doubts about Russia's economic future, citing signs of financial trouble, collapsing sectors like the auto industry, high inflation, and a plunging ruble. Some researchers even suggest that Russia's economy could be teetering on the edge of collapse as the war with Ukraine consumes all available resources.
Actor Sunny Deol is facing financial trouble as a bank has issued a notice for unpaid dues of over Rs 55 crore. His Juhu property, Sunny Villa, is scheduled for e-auction on September 25 to recover the outstanding amount. Despite this, Sunny's latest film 'Gadar 2' is enjoying immense success at the box office, grossing over Rs 336 crore in India and approaching the 400-crore mark globally.
A lawsuit has been filed against NM Solar Group, a solar panel company in New Mexico, by a resident who claims the company sold him panels just weeks before abruptly closing down. Other customers have also reported being blindsided by the closure, leaving them with unpaid bills and no panels. The lawsuit alleges that the company's owner boasted about its success while facing financial trouble. Some customers are now calling for state regulation of such businesses. Attempts to contact NM Solar Group have been unsuccessful.
Christmas Tree Shops, a well-known chain that filed for Chapter 11 bankruptcy earlier this year, is reportedly planning to liquidate all of its remaining 70 stores unless a buyer can be found within the next week. The company defaulted on a $45 million bankruptcy loan and is now required to sell off its stores, which sell a variety of products including kitchen gadgets, outdoor furniture, toys, and food.
Reality TV star Kim Zolciak is facing a lawsuit from Target National Bank over an alleged unpaid credit card bill of $2,482.24. The account was opened in 2007, and despite a recent payment of $500, Kim has defaulted on further payments. This adds to a series of financial troubles for Kim, including other lawsuits and allegations of a gambling addiction.
Kim Zolciak and Kroy Biermann's divorce may turn nasty as Biermann seeks sole legal and physical custody of their four children, while Zolciak asked for primary physical custody and joint legal custody in her petition. The couple is also reportedly in financial trouble, owing $1.1 million in unpaid taxes and their Georgia mansion going into foreclosure earlier this year. A legal expert says that the request for sole custody indicates a potentially nasty divorce, as it is rarely granted unless one parent is unwilling or unable to parent.
Tupperware, the iconic food-storage container company, is facing financial trouble due to a decline in demand for its products and a decrease in its sales force. The company's net sales for 2022 were $1.3 billion, an 18% decrease from 2021. Tupperware is also facing the possibility of being delisted by the New York Stock Exchange. Despite this, many people still appreciate the durability and usefulness of Tupperware products, which have become an indelible part of American and world culture.