Author: Georgia McKoy

2024 has seen a notable string of bankruptcies across a variety of industries. These collapses shed light on the tough economic realities and the kinds of pressures that can push well-established businesses to the edge of failure. Here’s a closer look at some of the most notable business bankruptcies of 2024.  Chicken Soup for the Soul Entertainment On June 28, Chicken Soup for the Soul Entertainment, a player in the streaming and entertainment sector, declared bankruptcy. The company accumulated nearly $1 billion in debt, listing over 500 creditors, including major entertainment entities like Sony Pictures and Warner Bros. Discovery, and retail giants…

Rite Aid has officially announced its exit from Chapter 11 bankruptcy, reestablishing itself as a private company. This major transformation followed an extensive overhaul, which included shutting down numerous stores, selling its pharmacy benefits management company, Elixir, and settling debts with key partners such as the drug distributor McKesson.In a strategic move to reduce costs and streamline its business, Rite Aid also canceled all common stock, shifting ownership to a select group of creditors. They are not the only pharmacy to fall on hard times, as others have filed for bankruptcy in 2024 as well. Rite Aid’s New Leader Rite Aid…

When a business falls into hard times financially, it often faces a tough decision between filing for Chapter 7 or Chapter 11 bankruptcy. Simply put, Chapter 7 might mean selling off everything you own to pay debts and possibly closing your business, while Chapter 11 lets you restructure your finances in a way that you can keep your doors open and work towards recovery. It’s a crucial choice that affects not just your financial health but possibly your future in business. Chapter 7 Bankruptcy Chapter 7 bankruptcy, often referred to as “liquidation” bankruptcy, is the path taken when a business…

Vermont’s only Roman Catholic Diocese in Burlington has filed for bankruptcy amid a growing number of lawsuits. Over 30 cases have piled up, all pointing to allegations of child abuse by clergy dating back decades. Bishop John McDermott laid it all out in a recent court filing, revealing the diocese has spent a staggering $34 million settling 67 lawsuits since 2006. And with the 2019 lifting of the statute of limitations on such claims, they’re bracing for more fallout, facing 31 additional lawsuits.Digging into the diocese’s pockets, they’ve sold church properties, tapped into insurance funds, and even dipped into their investments…

After 72 years of delivering meals across the country, Yelloh has decided to close its doors for good on November 22. The company, which began as Schwan’s Home Delivery in 1952 and set up shop in Marshall, Minnesota, cites a series of overwhelming business challenges as the reason for its shutdown, as stated in their recent announcement. As of October 3rd, Yelloh has not yet filed for bankruptcy.Over the years, Yelloh has been known for its frozen food offerings, delivering meals directly to customers’ homes. This service model helped the company grow a dedicated customer base and employ about 1,100…

Laura Loomer and Marjorie Taylor Greene, both vocal supporters of former President Donald Trump, publicly clashed following what many perceived as a disastrous debate performance by Trump.  The discord surfaced after a disagreement on how the former president should have handled his debate messaging, highlighting deep divisions within his circle of influence. How It All Started Source: Wikimedia Commons The conflict began after an Axios report emerged suggesting Laura Loomer had encouraged Trump to disregard other advisors’ cautious approach during a flight to the debate.  These advisors had recommended focusing on key voter concerns like the economy rather than reviving…

Joey Reed, the father of Trevor Reed, an American Marine imprisoned in Russia for three years, has openly criticized Senator Ted Cruz in a campaign advertisement.  In the ad, Joey accused Cruz of doing nothing to help his son during the difficult period of his detention. He stated, “Ted Cruz didn’t lift a finger for us when everybody else in the state did.” A Father’s Struggle Source: Colin Allred For Senate/Youtube In a campaign advertisement produced by Democratic Representative Colin Allred, Joey Reed describes the emotional and frantic efforts to save his son, Trevor Reed, who faced charges in Russia…

If you’ve got any Dearborn Sausage Company hot dogs in your fridge, pay attention.  Nearly 2,000 pounds of these wieners have been pulled from shelves due to some undisclosed, potentially harmful ingredients. Make sure to verify your stash to avoid any health snags. Mix-Up at the Factory Source: USDA Imagine this: two batches of hot dogs getting their labels switched one morning on August 7.  That’s exactly what happened at a Michigan factory, and now, these mislabeled products might pose a real risk for folks with allergies or specific dietary needs. What’s Really in Your Hot Dog? Source: USDA “Both…

In a striking move, the Florida Supreme Court has decided to expedite a crucial case questioning if Governor Ron DeSantis and other officials crossed lines by opposing a key abortion-access amendment set for this November’s ballot.  The court’s swift action underscores the pressing nature of this legal challenge. Countdown to Clarity Source: Wikimedia Commons A stern deadline looms for Governor DeSantis, Attorney General Ashley Moody, and AHCA Secretary Jason Weida.  They have until September 23 to address allegations of meddling in the electoral process concerning Amendment 4, shining a spotlight on their actions as reported by the Miami Herald. Accusations…

In a dramatic geological event, a mountaintop collapse into the sea in Greenland unleashed a 650-foot ‘mega-tsunami’ that reverberated around the globe, causing the Earth to vibrate for nine continuous days.  This phenomenon, as tall as a skyscraper, left scientists worldwide both stunned and intensely curious about the underlying causes and mechanisms. Impact on Remote Infrastructure Source: Wikimedia Commons The massive wave resulted in the destruction of roughly $200,000 worth of infrastructure at an unoccupied research station on Ella Island.  Fortunately, no injuries were reported due to the absence of personnel at the time of the incident, preventing what could…