All articles tagged with #market exit
TiVo, a pioneering DVR service launched in 1999, has ceased sales of its hardware after 26 years, marking the end of its legacy amid declining market share due to the rise of streaming services. Existing users will still receive support, but questions remain about the future of lifetime subscriptions.
Spirit Airlines is ending service in 12 cities and has filed for bankruptcy for the second time this year, leading rival airlines like United and Frontier to expand their routes to capture market share amid its financial struggles.
Russia's deputy finance minister has stated that foreign banks will not be allowed to easily exit the Russian market unless they unfreeze Russian assets. This comes as Russia imposes increasing costs and punitive measures on companies trying to leave the market. Western nations and their allies have frozen over $300 billion in Russian central bank assets abroad as part of sanctions related to the Ukraine conflict. China's Big Four banks have significantly increased their lending to Russia during this period.
Wynn Resorts will be shutting down its WynnBET online sports betting and online gaming platforms in eight out of the twelve states where it operates, citing high costs and intense competition. The company's operations in Nevada and Massachusetts will not be affected. Wynn Resorts plans to work with regulators and customers to cease operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. The company is also reviewing its operations in New York and Michigan. WynnBET has struggled to gain significant market share, with four dominant operators controlling the majority of the sports betting business. The decision reflects a focus on capital deployment in states where Wynn Resorts has a physical presence.
Bright Health, a health insurance company, is exiting the health insurance market by selling its California plan. The decision comes as the company aims to focus on its core markets and streamline its operations.
Yamaha Motor Co. has announced that it will cease production and sales of snowmobiles after the 2025 model year in North America and the 2024 model year in Europe, citing difficulties in maintaining a sustainable business in the snowmobile market. The company will continue to provide parts and service for existing snowmobiles and will focus on current business activities and new growth markets. Production of the 2024 models is already underway, and Yamaha will work closely with dealers to minimize the impact of their decision over the next 12 to 36 months.
OPPO has reportedly ceased its commercial animator operations in France, and a company contracted by OPPO has furloughed all external employees working for OPPO. While OPPO claims it has no plans of exiting the market, its actions may suggest otherwise. Rumors of leaving Europe have been swirling around OPPO and OnePlus for a while now, and a recent statement suggests those intentions may not extend past 2023.
Oppo is reportedly moving towards leaving the French market, with the company ceasing commercial animation roles and only pushing existing products in stock. A contractor for Oppo, Atmospheres, has furloughed all employees working for the smartphone brand and will lose its contract on June 30, with Oppo allegedly leaving millions of euros unpaid. While Oppo denies rumors of leaving Europe entirely, the evidence suggests otherwise.