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First Brands Is Great Company With Bad Balance Sheet, Says Marathon's Richards
Yahoo Finance· 2025-10-09 15:31
Marathon Asset Management LP Chief Executive Officer Bruce Richards says First Brands is a "great company" with a bad balance sheet. Marathon, a distressed-debt investor, bought the term loan of First Brands at around 40 cents on the dollar. "We feel good about that position because we think it's a great company that needs to be restructured," Richards said on "Bloomberg Open Interest." ...
Starbucks abruptly closes dozens of NYC locations in ‘chaotic' downsizing: ‘No warning, no heads up'
New York Post· 2025-09-30 21:24
Starbucks’ surprise plans to close dozens of stores across New York City are claiming dozens of high-profile locations — and sparking chaos for employees, city officials and landlords alike, The Post has learned.The Seattle-based coffee giant – which laid off 900 corporate staffers last week in a $1 billion restructuring plan — is shuttering some 400 plus stores across the country after reporting six consecutive quarters of sales declines. Those include 54 coffee shops across the city’s five boroughs, accor ...
Starbucks to shut cafes and sack 900 staff in £750m turnaround plan
Yahoo Finance· 2025-09-25 16:25
Starbucks plans to close scores of cafes and sack 900 people in a push to turn around the struggling coffee chain. Brian Niccol, the company’s chief executive, outlined the plans in a letter to employees on Thursday. He said the chain would shut locations that were unable to “deliver a warm and welcoming space” or meet financial targets. The overhaul will involve closing more than 100 shops in North America and locations in the UK – though Starbucks declined to give an overall total – while 900 “non-reta ...
Starbucks closing stores, including iconic Seattle roastery, as CEO deepens restructuring
Yahoo Finance· 2025-09-25 11:08
By Juveria Tabassum and Waylon Cunningham (Reuters) -Starbucks said on Thursday it would close underperforming stores in North America, including its iconic Seattle roastery, as CEO Brian Niccol presses ahead with his restructuring effort, which is expected to cost $1 billion in a bid to revive the company's flagging sales. The coffee chain's overall U.S. and Canada store count is expected to drop by 1%, or several hundred stores, by the end of the 2025 fiscal year. Niccol is trying to restore the chain' ...
Kering’s De Meo Shuffles Top Gucci Ranks in Early Step as CEO
MINT· 2025-09-17 16:15
Group 1 - Kering SA's Gucci label has undergone a leadership shuffle with Francesca Bellettini appointed as CEO and Jean-Marc Duplaix remaining as group COO, as part of efforts to revive the struggling fashion group [1][2] - Luca de Meo, the new CEO, aims to implement tough and fast decisions to address the decline in luxury goods demand, with Gucci's sales dropping by 25% in the first half of the year and profit measures falling by over 50% [2] - The previous structure of having deputy CEOs was criticized for adding unnecessary management layers, which has now been eliminated with the new appointments [3] Group 2 - Former CEO Francois-Henri Pinault stepped down but retains the role of chairman, with his family holding approximately 42% of Kering's shares and 59% of voting rights [4] - Bellettini will collaborate closely with artistic director Demna Gvasalia, who joined from Balenciaga, despite initial market skepticism regarding his appointment [4]
Weight-loss drug manufacturer Novo Nordisk cuts 9000 jobs — and its profit forecast
MarketWatch· 2025-09-10 08:47
Core Viewpoint - The new CEO Mike Doustdar is implementing a significant restructuring of the company, focusing on diabetes and anti-obesity drugs while incurring substantial costs in the process [1] Group 1 - The company is undergoing a restructuring to prioritize its efforts in diabetes and anti-obesity drug development [1] - The restructuring is characterized by a "kitchen-sinking" approach, indicating a comprehensive write-off of costs associated with this transition [1]
Diamond Estates Wines & Spirits Reports Fiscal 2025 Financial Results
Newsfile· 2025-08-26 21:39
Core Insights - Diamond Estates Wines & Spirits Inc. reported financial results for the fiscal year 2025, showing a revenue decrease but improvements in gross margin and EBITDA [1][6][9]. FY 2025 Summary - Total revenue for FY 2025 was $24.5 million, down from $28.5 million in FY 2024, a decrease of $4.0 million [6]. - The Winery division saw an increase in sales of $2.3 million, while the Agency division experienced a decrease of $6.3 million [6]. - Gross margin as a percentage of revenue improved to 52.7% in FY 2025 from 40.7% in FY 2024, with gross margin increasing by $1.3 million to $12.9 million [6]. - EBITDA increased by $6.8 million to positive $1.1 million in FY 2025 from a negative $5.7 million in FY 2024 [6]. - Net loss decreased from $10.7 million in FY 2024 to $2.5 million in FY 2025 [6]. Q4 2025 Summary - Total revenue for Q4 2025 was $4.2 million, a decrease of $1.3 million compared to Q4 2024 [6]. - Gross margin for Q4 2025 was $2.3 million, down from $3.7 million in Q4 2024, with gross margin as a percentage of revenue at 55.0% compared to 67.3% in Q4 2024 [6]. CFO Transition - Basman Alias has been appointed as the new Chief Financial Officer, effective August 27, 2025, succeeding Ryan Conte [4][5][7]. - Ryan Conte's departure was a planned transition, and he may consult with Lassonde Industries Inc., the largest shareholder of Diamond [5]. Strategic Developments - The company has benefited from retail expansion, government support, and a growing consumer preference for Canadian wines, which positively impacted the Winery division [6][9]. - Recent acquisitions, including the D'Ont Poke the Bear brand and the Perigon Beverage Group sales agency, align with the company's strategy to diversify and strengthen its business [9].
Notice on the Supplement to the Agenda of the Annual General Meeting of Shareholders of the AUGA group, AB entity under restructuring convened on 29 August 2025
Globenewswire· 2025-08-14 13:59
Group 1 - The Company, AUGA group, AB, is undergoing restructuring and has convened an Annual General Meeting of shareholders on August 29, 2025, at 10:00 a.m. [1] - The agenda of the Meeting has been supplemented with a new item regarding the amendment of the Articles of Association of the Company, as proposed by the Company's creditors [2] - A draft resolution related to the amendment will be provided separately along with the general voting ballot [2] Group 2 - The CEO of the Company, Elina Chodzkaitė – Barauskienė, can be contacted for further information [3]
Notice on the General Meeting of Shareholders of the AUGA group, AB entity under restructuring on 12 August 2025 to approve the Company's draft restructuring plan
Globenewswire· 2025-07-21 18:35
Core Points - AUGA group, AB is convening a General Meeting of shareholders on August 12, 2025, to vote on the approval of a draft restructuring plan aimed at overcoming financial difficulties [1][4][5] Meeting Details - The meeting will take place at QUADRUM NORTH business center, Vilnius, starting at 10:00 a.m. [2] - Registration for shareholders begins at 10:00 a.m., and only those who are shareholders by the record date of August 5, 2025, can participate and vote [3][4] Restructuring Plan - The restructuring plan includes economic, technical, and organizational measures to settle with creditors and improve financial results at the group level [4][5] - The Group anticipates fulfilling all financial obligations to external creditors by 2029 through the implementation of strategic actions [5] Proposed Decisions - The main decision to be voted on is the approval of the Company's draft restructuring plan [6] - The CEO and Board are authorized to execute necessary documents related to the restructuring plan [7] Shareholder Participation - Shareholders can participate and vote in person, by power of attorney, or through a representative [8] - A total of 233,803,368 shares with a par value of EUR 0.29 each grant voting rights during the meeting [8] Voting Procedures - Shareholders must provide identification to vote, and non-shareholders must present documents confirming their voting rights [9] - Shareholders can vote in writing in advance using a general ballot paper, which will be available on the Company's website [14] Agenda and Proposals - Shareholders holding at least 1/20 of the votes can propose to supplement the agenda or draft resolutions [16][17] - Questions related to the agenda can be submitted in advance, and the Company will respond if received in a timely manner [18] Access to Documents - Shareholders can review documents related to the meeting agenda, including the restructuring plan and voting rights information, at the Company's registered office or website [19][20]
Statement Regarding the Unaudited Annual Financial Results of 2024
Globenewswire· 2025-07-01 14:03
Core Points - The Company has released unaudited annual financial results for the year ended December 31, 2024, with ongoing audit procedures that may lead to adjustments [1] - The Group's operations in 2024 were significantly impacted by restructuring processes involving 18 companies, affecting financial statements and investment valuations [2] - The Group's revenue from continuing operations for 2024 was EUR 85.6 million, an increase from EUR 77.4 million in the previous year, while losses from continuing operations remained relatively stable at EUR 26.9 million compared to EUR 26.3 million in 2023 [3]