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Tag Archive for Bankruptcy
Hot Business News Today
Mega-Mall Operator CBL the Latest to File for Bankruptcy
by Jonathan Small • • 0 Comments
Hot Business News Today
Jamberry Nails Out Of Business – Thousands Of Reps In Shock
by Ted Nuyten • • 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
Hot Business News Today
JRJR Networks Files For Bankruptcy – Agel Website down
by Ted Nuyten • • 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…
Hot Business News Today
Stemtech Into Bankruptcy
by Ted Nuyten • • 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
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How to Rescue a Failing Retail Business
by Brian Hughes • • 0 Comments
Hot Business News Today
Empower Network Files For Bankruptcy
by Ted Nuyten • • 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
Hot Business News Today
ForeverGreen – FgXpress Substantial Doubt To Continue As A Company
by Ted Nuyten • • 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
Hot Business News Today
I Filed for Bankruptcy at Age 21 — Here's What I Learned
by Omar Spahi • • 0 Comments
Hot Business News Today
Stemtech International Files For Bankruptcy – Thousands Of Distributors in Shock
by Ted Nuyten • • 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.
This month Stemtech’s CEO and founder Ray Carter has filed for Chapter 11 bankruptcy, leaving thousands of distributors in the dust.
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