Tag Archive for Bankruptcy

Hot Business News Today

Tupperware Brands Plans To File For Bankruptcy, Bloomberg News Reports

by  •  • 0 Comments

Tupperware Brands is preparing to file for bankruptcy as soon as this week, Bloomberg News reported on Monday, citing people with knowledge of the plans.
The company’s shares were down 15.8% at 43 cents after the bell. They closed down 57%. Founded in 1946 by chemist Earl Tupper, the company’s popularity exploded in the 1950s as women of the post-war generation held “Tupperware parties” at their homes to sell food storage containers as they sought empowerment and independence.

The COVID-19 pandemic provided a boost in sales from families who sheltered at home, cooked more and produced lots of leftovers. Sales have declined in recent quarters as the world re-opened.

Tupperware is planning to enter court protection, opens new tab after it breached the terms of its debt and enlisted legal and financial advisers, Bloomberg News reported on Monday.

The bankruptcy preparations follow protracted negotiations between Tupperware and its lenders over how to manage more than $700 million in debt, according to the report.

Tupperware did not immediately respond to a Reuters request for comment. In March, the company warned it was not certain its business could continue as a going concern and faced a liquidity crunch.
About Tupperware
Tupperware Brands Corporation (NYSE: TUP) is a global consumer

Read more...

Hot Business News Today

Avon Products Files For Bankruptcy

by  •  • 0 Comments

Avon Products, Inc. (“API”), a U.S.-based non-operational holding company of the Avon beauty brand, today announced that it has initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware to address its debt and legacy talc liabilities.
API has not sold products in the U.S. since it divested its North America business in 2016 but remains the holding company of the brand’s non-U.S. operating entities.
Avon’s operating businesses outside the U.S., which continue to advance on strategic initiatives, are not part of the Chapter 11 proceedings, and it is business as usual in Avon’s international markets.

Brazil-based Natura &Co (B3 – NTCO3), which acquired Avon in 2020, has entered into an agreement to purchase the equity interests in Avon’s non-U.S. operations for $125 million in the form of a credit bid, subject to a Court-supervised auction process.

Reflecting its continued belief in the Avon brand, Natura &Co has committed up to $43 million in debtor-in-possession financing that, subject to Court approval, will provide sufficient liquidity to fund API’s obligations during the sale process.
John Dubel, API’s Chairperson, said,

“Today’s action and the proposed sale of Avon’s non-U.S. operations will maximize the value of our assets and enable us to address our

Read more...

Hot Business News Today

Jamberry Nails Out Of Business – Thousands Of Reps In Shock

by  •  • 0 Comments

Utah (USA) based Jamberry Nails has ceased paying affiliates and shipping products. Over the past eight years, the company’s sales network has grown to more than 100,000 Independent Consultants.
The company stated in an email to consultants:
“We’re so grateful to each of you for your patience during this transitional time for Jamberry.
 
We regret to inform you that any product, gift cards, swag, marketing or event purchases made prior to 11:59 p.m. MT on June 28, 2018, are ineligible for refund from Jamberry.”
Nail products maker Jamberry named in October 2016 Elizabeth Thibaudeau as its new CEO.
Thibaudeau succeeded Adam Hepworth, who has led the company from its inception. Hepworth’s wife, Christy, co-founded Jamberry in 2010 with her two sisters, Lyndsey Ekstrom and Keri Evans.
Jamberry is known for its do-it-yourself nail wraps, which are applied using a heat and pressure technique. In addition to offering a wide range of original designs, the company has worked with the likes of Disney and the NFL to introduce special themed collections.
Jamberry expanded into Mexico, adding to operations in the U.S., Canada, Puerto Rico, Australia and New Zealand, and the United Kingdom.
“I am passionate about the direct selling channel and believe in the power of social selling,” said Thibaudeau when she started

Read more...

Hot Business News Today

JRJR Networks Files For Bankruptcy – Agel Website down

by  •  • 0 Comments

JRjr33, also known as CVSL and JRJR Networks, filed for Chapter 11 bankruptcy Friday in U.S. Bankruptcy Court for the Northern District of Texas.
In a previous article we already predicted that, as the company burned its cash.
JRJR Networks is a Dallas, Texas, USA based company and acquired in recent years 10 Network Marketing – Direct Selling companies:

Agel
Kleeneze (Out of Business)

Betterware (Out of Business)

Longaberger (Out of Business)

Tomboy Tools
Paperly (website is down)
Uppercase living (Out of Business)
Your Inspiration At Home (Out of Business)

Happenings
My Secret Kitchen (Out of Business)

It remains the be seen if the remaining companies go down, or if a few pearls can be saved from the mess the Rochon family created.
We noticed the www.agel.com website is down, former home of a lot of top leaders in the direct selling industry…

Read more...

Hot Business News Today

Stemtech Into Bankruptcy

by  •  • 0 Comments

Stemtech International, is an USA based network marketing company and offers “innovation, wellness and prosperity” in the global marketplace with a patented and patent-protected line of all-natural nutritional products that can be purchased only from Independent Business Partners.
In 2015 the company had a revenue of $52 million in 2016 $43 million.
According to Stemtech reasons for the bankruptcy is a long lasting and lost lawsuit against Andrew Paul Leonard a photographer of stem cells, as a lawsuit against a supplier of raw materials Cerule. Total amount creditors is approx. $5 million.
In August 2015 Inc. Magazine has included Stemtech International Inc. on its List of the Fastest-Growing Private Companies in America for the third consecutive year.  Stemtech has now appeared on this prestigious list three years in a row and a fourth time in six years, a feat unmatched by any other company in the direct selling industry.

About Stemtech and Ray Carter
Ray Carter oversees the strategic direction and day-to-day operations of Stemtech International, Inc., the ground-breaking direct seller of innovative nutritional, personal care and ECO products, based in South Florida. With Carter at the helm, Stemtech has grown rapidly, currently employing over 200 staff members who support operations in more than 50 countries on six continents.
Stemtech

Read more...

Hot Business News Today

Empower Network Files For Bankruptcy

by  •  • 0 Comments

In a Facebook Video Founder David Wood announced, Empower Network has filed for Bankruptcy. The company who in the past

Grown from $1.5 million a month, to $1.5 million a week in sales.
Grown from around 50,000 customers, to over 197,000 customers.
Grown from 5 employees, to over 105 employees.

Got down from $7 million per month to $300,000 per month.
Once the home of top leaders as Lawrence Tan, Shaqir Hussyin, Vick Strizheus, Justin Verrengia, Tracey Walker, Chuck and Christie Marshall, Aaron and Sophia Rashkin, Kevin Knecht, Tissa Godavitarne and many others.
Empower Network hosts one of the largest blogging communities and publishing platforms online in addition to providing educational training products and services to online marketers and start-up, home-based and small businesses. Empower Network offers a program through which affiliates can earn commissions off the sales of Empower Network products.
Headquartered in St. Petersburg, Fla., David Wood and David Sharpe founded Empower Network in 2011 to empower small-business owners to make money online without dealing with the technical, marketing, payroll and overhead challenges that frustrate many entrepreneurs and small-business owners.
Empower Network’s signature product is a viral blogging system geared toward helping its 30,000 affiliates and 70,000 members use the Internet to grow their

Read more...

Hot Business News Today

ForeverGreen – FgXpress Substantial Doubt To Continue As A Company

by  •  • 0 Comments

 
In an in-depth report, Duane Bair, research Analyst of Seeking Alpha, a not-so-friendly website for Network marketing companies, points out that ForeverGreen is running out of capital:
Duane Bair:

Almost half of the company’s members left in 2016 (45.5%), marking the worst year for member retention in recent company history.
With an accumulated deficit of $42.7 million and less than $200,000 of cash on the balance sheet, the company is quickly careening toward complete insolvency.
This year (2017), the company has $1.7 million of debt coming due. Operating cash flow is negative, the balance sheet has $187,000, and the company has been unable to get financing through traditional lenders.
It should not come as a shock that management has finally disclosed that there is substantial doubt regarding their ability to continue as a going concern.

“Through a series of

Read more...