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
Tag Archive for Out Of Business
Hot Business News Today
Young Living Abandons Brasil
by Team Business For Home • • 0 Comments
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
Hot Business News Today
Amway Winding Down Operations In Russia
by Team Business For Home • • 0 Comments
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
by Team Business For Home • • 0 Comments
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
Hot Business News Today
Hyperfund – Hyperverse Collapse, Kalpesh Patel Exit The Ponzi
by Team Business For Home • • 0 Comments
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
Hot Business News Today
Isagenix Named One Of Arizona’s Most Admired Companies
by Nicole Dunkley • • 0 Comments
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
Hot Business News Today
M.Network Takes Over Jambery Nails
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 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
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
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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…
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JRJR Networks Acquire Longaberger And Kleeneze And Both Are Out of Business?
by Ted Nuyten • • 0 Comments
According to below facts and figures, as a distributor of below remaining companies it seems you are not backed up by a financial strong parent company.
We would be not surprised if the whole company will go down. Be carefull….
JRJR has acquired companies on their way down, with many different cultures and tried to create one company. They burned their cash with that strategy.
Momentum is what you need in Direct Sales and that is what is mssing.
JRJR Networks is a Dallas, Texas, USA based company and acquired in recent years 10 Network Marketing – Direct Selling companies:
Agel
Kleeneze
Betterware
Longaberger
Tomboy Tools
Paperly
Uppercase living
Your Inspiration At Home
Happenings
My Secret Kitchen
Longaberger and Kleeneze are gone out of business in 2018, because of “Lack of Capital” leaving thousands of distributors in the dust.
JRJR Networks according to their website:
“JRJR Networks is a unique portfolio of direct-to-consumer brands, led by an experienced management team, engaged in a long-term process of acquiring brands in this sector and maximizing returns for shareholders.
We define direct-to-consumer as any business selling products or services through a fully- commissioned, independent sales force, straight to customers via relationship-based selling rather than through retail stores, supported by the power of Internet support tools such as individualized e-commerce web sites”.
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