All articles tagged with #wind down
Schwebel Baking Co. says discussions with a potential buyer have ended and it will wind down operations; a secured creditor seeks to preserve assets, WARN Act notices indicate layoffs, and Giant Eagle is seeking a replacement bread supplier as the 120-year-old company heads toward closure.
Schwebel Baking Co., a Youngstown, Ohio-based bakery founded in 1906, announced it will wind down operations and liquidate its business, affecting the Youngstown and Hebron bakeries, retail stores, and distribution centers. Operations will continue through the Fourth of July weekend before tapering off through the summer, after the company was unable to secure a viable buyer or investment amid aging facilities, labor obligations, and reduced demand. The board and leadership expressed gratitude to employees, customers, suppliers, and communities for Schwebel’s 120-year legacy.
Spirit Airlines has begun an orderly wind-down after years of losses and a spike in oil prices, with refunds to customers nearly finished; the carrier, which had scheduled thousands of flights through mid-May, has no funding and failed restructuring efforts. Critics tied the collapse to the blocked Spirit–JetBlue merger, while supporters argued the broader cost pressures contributed to the decision.
Spirit Airlines, already in bankruptcy, failed to secure a $500 million government bailout from the Trump administration after talks and internal debate; despite initial optimism from Trump, officials could not identify a funding source and the Defense Production Act was rejected, leading to an orderly wind-down of operations, flight cancellations, and plans to aid remaining passengers as creditors and rivals considered options.
Spirit Airlines has ceased operations after 34 years, canceling all flights and directing travelers to a wind-down site; the shutdown could affect about 17,000 jobs, including more than 2,000 pilots, as rival airlines offer rescue fares to Spirit customers while the carrier’s restructuring is derailed by soaring jet-fuel costs.
Spirit Airlines announced an immediate wind-down and the cancellation of all flights after its bailout attempt fell through, leaving about 17,000 employees affected. Card purchases will be refunded automatically, while travelers booked via agents should contact those agents for refunds; refunds for vouchers, credits, or Free Spirit points will be determined in bankruptcy. The Trump administration had considered emergency financing, and other carriers offered assistance to affected customers. The collapse is likely to push fares higher in markets Spirit served due to reduced competition, amidst ongoing high jet-fuel costs, while remaining assets are expected to be sold in bankruptcy proceedings.
Spirit Airlines announced on May 2 that it is winding down operations due to ongoing financial struggles and a surge in fuel costs, leading to the immediate cancellation of all flights; refunds for card purchases will be auto-processed, while other refunds and credits will be handled through bankruptcy proceedings, and rebooking will be limited as other carriers are expected to be full; Free Spirit points are no longer redeemable and loyalty plans will be determined by the bankruptcy process, with further details to come via the claims agent Epiq and the airline’s restructuring site.
First Brands Group has begun winding down its North American Brake Parts Inc., Cardone, and Autolite brands as it pursues strategic sale transactions; remaining units continue to operate while the company evaluates pathways to transition those operations to new ownership under its Chapter 11 proceedings, with ROW operations and other North American businesses largely unaffected and ongoing advisory and claims processes in place.
Vroom, a leading ecommerce platform for used vehicles, has announced the wind-down of its ecommerce operations and used vehicle dealership business to preserve liquidity and focus on maximizing stakeholder value through its remaining businesses, United Auto Credit Corporation and CarStory. The company is suspending transactions through vroom.com, planning to sell its current used vehicle inventory through wholesale channels, halting purchases of additional vehicles, and executing a reduction-in-force. Despite efforts to raise additional capital, Vroom was unable to do so and is now committed to responsibly managing its remaining businesses and prudently deploying its capital to maximize value for stakeholders.