Tag Archive for Out Of Business

Hot Business News Today

Beautycounter Terminates All MLM Distributors, Shutting Down

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Beautycounter founder and CEO Gregg Renfrew left the company in January 2023. In 2022, Beautycounter named Marc Rey as CEO while Renfrew became the company’s Executive Chair and Chief Brand Officer. In June 2023, Mindy Mackenzie has been appointed interim chief executive officer.
In a review about the company we noticed that Beautycounter failed to regularly offer press releases, lacks transparency in its financial matters, and doesn’t boast well-known top earners with clear visibility.
In a confidential email to its distributor force Beautycounter stated today:
“Dear Brand Advocate,

This email constitutes written notice of the termination of your Brand Advocate Agreement with Counter Brands, LLC (d/b/a Beautycounter) (the “Company”), effective as of April 17, 2024 (the “Termination Date”).
In connection with a sale, the Company is shutting down its operations and intends to wind-down and dissolve in the near-term. You will receive payment of all accrued and unpaid commissions through the Termination Date, and you shall otherwise have no further rights to any bonuses, commissions, or other compensation tollowing the Termination Date.
Payment is expected to be made on or about April 26, 2024. From and after the Termination Date, you shall not hold yourself out as a Company brand advocate or as

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Partylite Abandon Direct Selling in The USA and Canada

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After half a century of pioneering success in the Direct Selling sector, Luminex Home Décor & Fragrance proudly announces a strategic shift for its PartyLite North America market, transitioning it from a Direct Selling/Affiliate model to a modern and consumer-centric approach with the adoption of a Direct-to-Consumer (DTC) model with a new and innovative Brand Ambassador program, poised to generously support its field of PartyLite Affiliates. This transition is anticipated to be effective March 1, 2024.
Legacy of Excellence
PartyLite has been a direct selling trailblazer and the #1 global party plan company offering candles, home fragrance and décor for five decades, establishing itself as a leader with an unwavering commitment to quality, innovation, field support, and customer satisfaction.
Throughout the years, the company has navigated rapidly changing market landscapes and evolving consumer preferences with resilience and adaptability.
The decision to transition to a DTC model is a natural progression for the North America market, aligning with PartyLite’s tradition of staying at the forefront of industry and market trends. This transformation is a testament to our willingness to embrace change while staying true to the core values that have defined us for half a century.
Adapting to Consumer Changes
Through the years, PartyLite has demonstrated an

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Lyoness AG Files For Bankruptcy

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Lyoness International AG and Lyoness Europe AG: Insolvency proceedings initiated for both companies – national companies to continue operations as before.
Insolvency proceedings have been commenced in respect of Lyoness International AG and Lyoness Europe AG, both of which are officially headquartered in Buchs, Switzerland. The insolvency proceedings pertain solely to these two companies.
The Lyoness national companies, which operate a shopping community for consumers and participating partner companies independently of each other in the respective countries, will continue their operations as before.
Existing Lyoness members of the individual national companies will, therefore, continue to receive the usual purchase benefits when they shop at Lyoness partner companies.
Christopher Thomson, president of the administrative board of Lyoness International AG and Lyoness Europe AG explained:

“Over the last few years the pandemic, energy crisis and inflation have left deep marks in our company. Regretfully, the management team no longer sees itself as being in a position to continue the running of Lyoness International AG and Lyoness Europe AG in their present form.” 

About the Lyoness Group of Companies
Lyoness operates an international shopping community as well as a loyalty programme. Target groups are, on the one hand, consumers who save money by shopping with Lyoness (cashback) and, on the

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Isagenix Outstanding Debt Of $43 Million “Unsustainable”

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Moody’s Investors Service (“Moody’s”) appended a limited default “/LD” designation to Isagenix International, LLC’s (“Isagenix”) Probability of Default Rating (PDR), changing the PDR to C-PD/LD from C-PD.
The/LD designation reflects Moody’s view that Isagenix’s continued failure beyond the grace period to make its interest and principal payments that were due in September 2022 on its senior secured first lien credit facility is a limited default despite the company having entered into a forbearance agreement.
The limited default designation will remain until the company resolves the missed interest and principal payments. Isagenix’s Corporate Family Rating remains unchanged at C and the outlook remains negative.
Isagenix’s C Corporate Family Rating reflects the high likelihood of a debt restructuring based on the company operating under a forbearance agreement due to missed interest and principal payments due in September 2022. The company’s high leverage, refinancing risk driven by expiration of the revolving credit facility in June 2023, and weak operating performance as earnings continue to decline indicate the current debt structure is untenable.
Moody’s believes a deterioration in member base and weakening consumer demand is contributing to revenue declines, which combined with inflationary cost pressures is leading to significant EBITDA erosion.
Moody’s anticipates ongoing headwinds in the

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Young Living Abandons Brasil

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According to a Young Living Press Release:
The experience of a global pandemic—and everything that came along with it—created a necessity for most businesses to reevaluate ideal conditions for sustainable growth. As a leader in our space, Young Living is no exception.
To continue our global mission to bring essential oils into every home, we have begun making necessary adjustments to strategically align our resources and focus on core business operations.
To best move forward in this new, very different world, Young Living will continue to monitor key performance indicators across all of our international markets and make necessary business decisions in the best interests of our Brand Partners, customers, and employees, including reducing force and optimizing our inventory.
In addition, while it is far from an easy call, we made the strategic decision to suspend operations for Young Living Brazil, beginning on September 30, 2022, with the last commissions being paid in October 2022. 
We take pride in our ability to adapt, learn, and grow. By lowering our operational spending now, we will secure our position in today’s uncertain economic environment.
Keeping Young Living on the trajectory of continued growth is part of our deep commitment to empowering entrepreneurs worldwide and delivering essential oils

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Amway Winding Down Operations In Russia

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According to an Amway press release:
Earlier this week, we shared with our employees and Amway Business Owners (ABOs) that Amway’s global Board of Directors has made the decision to cease operations in Russia. This follows our announcement on March 14th, 2022, on the suspension of product imports.
This is the first time in Amway’s 63-year history that we have left a market. What makes this such a heartbreaking decision is our enduring belief in offering an economic opportunity, meant for everyone.
After exploring all possible options, we have reached a point where economic, technological, organizational, and operational circumstances have made it impossible for us to operate in Russia.
Beginning July 1, we will be thoughtfully and responsibly winding down our operations there.
We are focused on providing support to those impacted by this decision; and on treating all with openness, dignity, and respect while meeting our contractual and statutory obligations.
Amway employees and ABOs in Russia have been a part of our family for 17 years and we are endlessly grateful to them for their dedication and for inspiring us with their entrepreneurial spirit.
About Amway
Amway is an entrepreneur-led health and wellness company based in Ada, Michigan. It is committed to helping people live better, healthier

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Crypto Scammer Bruce Brise Sentenced To 50 Months

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Founders of Crypto ICO Sentenced to Combined 8 Years in Prison for Tax Evasion After Raising $24 Million from Investors.
The owners of a cryptocurrency company have been sentenced to a combined 8 years in federal prison for tax evasion, announced U.S. Attorney for the Northern District of Texas Chad E. Meacham.
Bitqyck founders Bruce Bise, 61, and Samuel Mendez, 65, were charged with tax evasion in August 2021.
Mr. Bise pleaded guilty on Sept. 9, 2021 and was sentenced on March 7, 2022 to 50 months in federal prison;
Mr. Mendez pleaded guilty on October 12, 2021 and was sentenced this afternoon to 50 months in prison. U.S. District Judge Jane J. Boyle ordered the men jointly and severally liable for $1.6 million apiece.
According to plea papers, Mr. Bise and Mr. Mendez admitted that Bitqyck raised approximately $24 million from more than 13,000 investors.
Instead of fulfilling their promises to these investors, the defendants used Bitqyck funds on personal expenses, including casino trips, cars, luxury home furnishings, art, and rent.
“Crypto actors are required to pay their fair share of taxes, just like everyone else,” said U.S. Attorney Chad Meacham.
“Not only did these defendants shirk their tax obligations, they lied to investors and made

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Hyperfund – Hyperverse Collapse, Kalpesh Patel Exit The Ponzi

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Hyperfund, Hyperverse, Hypertech, Hyperone, and HyperNation, all rebrands in the past months of a very large Ponzi scheme.
A Ponzi scheme is a fraudulent investing scam which generates returns for earlier investors with money taken from later investors.
Kalpesh Patel was a (very) early investor and top Hyperfund promoter who made an estimated $4+ million per month.
He stated a typical “sorry for your loss “excuses on his exit in a followers group:
“I can not stand in integrity and keep showing up and mis leading the community on hot air where the founders themselves can not be bothered to show up for us since December.
Total disrespect. I know my correct decision will affect many of you adversely…
Please forgive me for the impact of my personal decision on your lives.
This place I find myself in is such a shame, if a day appears in the coming days where corporate do the right thing the I’ll be happy for you all and my prayers would have been answered, but I can not continue on this path any longer.
I’ll find another home, I’m sure. Ive loved the 1st 18 months and those are the memories I’ll travel forward with”
So the good news is that Kalpesh

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Isagenix Named One Of Arizona’s Most Admired Companies

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Isagenix International, a global health and wellness company providing nutrition and lifestyle solutions, has been selected as one of the 2018 Arizona’s Most Admired Companies by Arizona Business Magazine. There were 187 entries for the award this year, the most in its history. Isagenix was one of 55 honorees.
Arizona’s Most Admired Companies were chosen based on performance in five areas: workplace culture, leadership excellence, corporate and social responsibility, customer opinion, and innovation.
“This is the most comprehensive corporate awards program in Arizona, and due to the breadth of the areas it examines, companies who are selected join a prestigious group of employers in Arizona,” said Denise Gredler, founder and CEO of BestCompaniesAZ and co-founder of the Most Admired Companies program. “This program recognizes the wonderful contributions and impact these most admired companies bring to the state.”
Isagenix Chief Executive Officer Travis Ogden said the company is honored to receive the award.
“We strive for excellence in every area of the business, and our reputation as an exceptional health and wellness company and employer is important to us, so I’m thrilled Isagenix was named one of Arizona’s Most Admired Companies,” he said. “We thank Arizona Business Magazine and BestCompaniesAZ for this honor and congratulate all

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M.Network Takes Over Jambery Nails

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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 original owners sold a majority stake in Jamberry to outside investors a few years ago, according to Ryan Anderson, CEO of M.Network.
Ryan Anderson stated:
The Jamberry brand, products and consultants all have a home at the M.Network.
 
The consultants still have their same back offices, same websites, same product lines and can continue business as usual.
 
They haven’t missed a commission payment and they won’t either. The only difference is now they they will be incorporated under the M.Network.
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.
About M.Networks
 M.Network

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