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Groupon
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Groupon's Uncertain Future: Lease Terminations and Weak Earnings.
Groupon, the Chicago-based online marketplace, issued a "going concern" warning during a weak Q1 earnings report, indicating the company could be insolvent within a year. The company also disclosed it was terminating the lease at its massive River North headquarters two years early. Groupon had a net loss of $29 million in Q1 and about $164 million in cash left as of March 31. The company has been downsizing and retooling amid declining revenues, with two rounds of layoffs eliminating a total of 1,000 positions. The new CEO outlined an eight-point transformation strategy to turn the company around.
Groupon's Financial Woes Lead to Early Termination of Chicago HQ Lease
Groupon is terminating its lease for its Chicago headquarters two years early, paying a $9.6 million termination fee to end its commitment. The move comes as the struggling online-deal company risks running out of cash and warns investors that it may not remain a "going concern." The termination will create a big leasing challenge for developer Sterling Bay, which will soon be saddled with a big block of vacancy at a bad time to be hunting for new tenants.
Groupon's Struggles Continue with Weak Earnings and Survival Warning.
Groupon, the internet-deals site, warns that it may not survive as its stock tumbles following weak earnings. The company has struggled since going public 12 years ago and faces a day of reckoning as it tries to gain a foothold in online commerce.
"Financial Struggles and Legal Battles: The Downfall of Virgin Orbit"
Virgin Orbit lays off 85% of its workforce due to lack of funding; ByteDance's Lemon8 app rises in the US App Store as a potential TikTok replacement; Groupon appoints Dusan Senkypl as interim CEO; Lyft may drop shared rides and other features to focus on core ride-hailing business; Canoo settles with the SEC for $1.5 million.