Tag

Wind Down

All articles tagged with #wind down

business3 hours ago•4 min saved

Spirit Airlines winds down after years of losses, cancels all flights

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.

via USA Today|

#bankruptcy #business #free-spirit-points

business3 months ago•4 min saved

First Brands Initiates Wind Down of Key North American Brands Amid Sale Talks

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.

via Business Wire|

#automotive-aftermarket #business #chapter-11

business2 years ago•2 min saved

Vroom to Cease Ecommerce Operations, Sell Inventory

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.

via Yahoo Finance|

#business #ecommerce #stakeholder-value