Rite Aid filed for Chapter 11 bankruptcy protection in New Jersey on Sunday and said it would begin restructuring to significantly reduce its debt. The company appointed Jeffrey Stein as its new chief executive officer and chief restructuring officer as well as a member of its board. Elizabeth Burr had been serving as interim CEO since…
China’s heavily indebted property developer Evergrande on Thursday filed for Chapter 15 bankruptcy protection in a U.S. court. In a filing to the Manhattan bankruptcy court, the firm sought recognition of restructuring talks underway in Hong Kong, the Cayman Islands and the British Virgin Islands. CNBC has reached out to Evergrande for comment but did…
The Twitter era has essentially ended after the company’s owner, Elon Musk, rebranded the company as X, nixing the iconic blue bird in the process. For some critics, Musk has been the harbinger of death for the social media platform since acquiring it in 2022. In his quest to remake Twitter into a free speech haven, Musk…
Anchor Brewing Co., the iconic San Francisco brewery opened in 1896 and purchased by Japan’s Sapporo in 2017, announced Wednesday it has stopped brewing its ales and will cease operations in the coming weeks. Anchor spokesman Sam Singer said the brewery was “losing millions of dollars a year” and had informed its 61 employees of…
First Look Should Musk step down as Twitter chief? Users say yes. Twitter CEO Elon Musk posted the results of a Twitter poll and of the 17.5 million users who responded, a majority said he should step down. Mr. Musk has been using controversial, unscientific polls to shape policies and chart the future of the…