MAXIMA GRUPĖ Borrows EUR 260 Million from SEB and ING Banks to Redeem Bonds MAXIMA GRUPĖ, UAB (hereinafter – MAXIMA GRUPĖ) announces that it has signed a short-term 2-year financing agreement for a total amount of EUR 260 million with Skandinaviska Enskilda Banken AB, AB SEB bankas (together EUR 130 million) and ING Belgium SA/NV (EUR 130 million). The funds received from the banks will be used for the early redemption of the MAXIMA GRUPĖ issued long-term bonds and for its related expenses. The credit agree ...

I think Pitney Bowes (NYSE: PBI ) is trying to find its footing again. The company has cut away some of the parts that weren’t working, mainly the struggling e-commerce business, and is now focused on running leanerWith over 15 years of experience in the markets and a degree in economics, I focus on breaking down companies with clarity and discipline. My goal is to give individual investors a straightforward, honest view—what’s working, what isn’t, and where the risks and opportunities actually are. I don’t ...

This story was originally published on BioPharma Dive. To receive daily news and insights, subscribe to our free daily BioPharma Dive newsletter. Dive Brief: Galapagos on Wednesday announced that a “limited number” of potential buyers for its cell therapy business have come forward, and the company plans to announce the fate of the unit in coming weeks. The interested parties are consortia, mainly made up of financial investors, Galapagos said. The company’s board and executives are working with the p ...

Core Insights - Starbucks announced the closure of 900 corporate roles and 1% of its North American stores by the end of 2025 as part of a $1 billion restructuring strategy aimed at improving declining sales and brand image [2][3] - Starbucks Workers United reported that 59 of the locations set for closure are unionized, highlighting the impact of unionization on the company's decisions [2][3][5] - The company is offering severance packages or transfer opportunities to affected baristas, while also facing pressure to settle a fair union contract to avoid potential strikes during the busy holiday season [8][7] Company Actions - The closures are part of a strategy called "Back to Starbucks," which aims to address sales decline and brand image issues [3] - Starbucks has committed to providing industry-leading offers to affected employees, including reassignment opportunities and generous severance [7] - The company has stated that unionization was not a factor in the decision to close specific locations [7] Union Response - Starbucks Workers United expressed outrage over the handling of closures but acknowledged the union's influence in making the process fairer for impacted baristas [5] - The union is focused on organizing stores and negotiating a fair contract that improves working conditions and pay for employees [5]

Starbucks is to slow expansion and close underperforming stores. (Photo by Justin Sullivan/Getty Images)Getty ImagesStarbucks is embarking on a sweeping $1 billion restructuring effort aimed at reshaping its North American operations.But the move is set to shutter hundreds of the company’s ubiquitous coffeehouses and cut hundreds of corporate jobs as the company seeks to reignite growth in its largest market.In a regulatory filing Thursday, the Seattle-based coffee giant said it plans to trim its portfolio ...

We mentioned Starbucks approving a restructuring plan that includes job cuts and store closures. Let's talk about that with Bloomberg. Shelly Banjo.She's our managing editor for Global Business. And Shelly, this is Brian Nichols, second round of job cuts since he took over a little over a year ago. Since then, Starbucks shares are down 6%.So like, is he going to finally do something to make these moves in the right direction. I think that's what investors are hoping. We saw the shares pretty much flat on th ...

Group 1 - An agreement has been reached for TikTok's U.S. operations to be spun out under majority American ownership, with Americans holding six of seven board seats [1] - The deal is anticipated to be signed in the coming days, with new investors including Oracle, Andreessen Horowitz, and Silver Lake Management [2] - Current owner ByteDance is expected to own less than 20% of the newly spun-off company [2] Group 2 - President Trump has extended the deadline for a U.S. bill that bans TikTok if it is not sold to new owners, indicating that China's President Xi Jinping has approved the deal [3]

Core Insights - Ssense has successfully retained control of its operations following a court ruling that allows the current management team to oversee a restructuring plan [1][3] - The company filed for bankruptcy protection and is in conflict with creditors who sought to sell the retailer, but the Atallah family is pursuing a restructuring strategy [2][5] Financial Overview - Ssense reported sales of $1.3 billion last year, with $1.23 billion generated from online sales, and has a current debt of $371 million [5] - The company received $40 million in interim financing, consisting of $15 million from banks and $25 million from the Atallah family, to support ongoing operations [4] Restructuring Process - Ernst & Young Inc. has been appointed as the monitor for the restructuring process, ensuring transparency and accountability [3] - Claims against Ssense for amounts owed prior to August 29 will be processed through a court-approved claims process, while payments for goods and services provided after that date will continue as normal [4] Market Challenges - The high-end retail market has shown signs of strain, impacting Ssense's operations, which has led to layoffs of over 100 employees and significant discounting practices [6] - The elimination of the de minimus exemption for goods under $800 shipping to the U.S. has adversely affected Ssense, which has a customer base of 59% in the U.S. and an average order size of $549 [6] Company Background - Founded in 2003 by the Atallah brothers, Ssense primarily operates as an e-commerce business targeting consumers aged 18 to 40 and employs 1,161 people globally [7]

Core Insights - Ssense, a Montréal-based online fashion retailer, has secured $40 million in interim financing to continue operations and implement a restructuring plan aimed at ensuring its long-term viability [1][2][15] Financial Overview - As of the latest court filings, Ssense reported assets of $387 million against liabilities of $371 million, which includes over $135 million in loans, $3.2 million in vacation pay, and $93 million owed to trade creditors [3][9] - The company experienced significant net losses: $123 million in 2022, $67.7 million in 2023, and projected $132 million in 2024, with revenue of $1.3 billion in 2024 [12] Restructuring Plan - The restructuring plan includes $15 million from bank lenders and $25 million from the company's founders, with Ernst & Young appointed as the court monitor [4] - A 30-day stay period has been granted, protecting Ssense from creditor collection actions until October 20 [10] Operational Challenges - Persistent liquidity issues have led to conflicts with lenders, prompting the hiring of investment banking firm Greenhill to develop a restructuring plan [6] - The company has faced declining sales due to changing consumer habits and rising interest rates, leading to a significant amount of unsold inventory [12][13] Cost-Cutting Measures - Ssense has implemented various cost-cutting measures, including reducing brand purchases, marking down unsold inventory, and laying off nearly 350 employees, which saved $36 million in fiscal year 2025 [13] - The company also froze base salaries and modified parental leave policies to further reduce costs [13] Market Context - Retail headwinds intensified with the expiration of the de minimis exemption, affecting 59% of Ssense's sales in the US, which have a gross average value of $549 [14]

Core Insights - Danish pharmaceutical company Novo Nordisk announced a job cut of 9,000 positions, representing 11% of its workforce, to enhance focus on growth opportunities in obesity and diabetes medications [1][3] - The restructuring aims to save 8 billion Danish krone ($1.25 billion) by the end of 2026, with savings redirected towards research and development in diabetes and obesity [2] - The company is responding to increased competition in the obesity drug market, particularly from competitor Eli Lilly, and aims to foster a performance-based culture [4] Company Actions - Implementation of job cuts will begin immediately, with affected employees being notified over the next few months [3] - The company has a total workforce of 78,400 employees [3] - Novo Nordisk's CEO, Mike Doustdar, emphasizes the need for the company to evolve in response to market changes [4] Market Context - Novo Nordisk's market capitalization once exceeded Denmark's annual GDP, making it Europe's most valuable company [5] - The company produces Wegovy and Ozempic, both based on the same active ingredient, semaglutide, which have driven significant share price increases in the past [4]