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The leader of Nottingham City Council has warned another ‘bankruptcy’ notice could be issued if the authority does not make cuts to its libraries and other services, WestBridgfordWire.com reported. In November last year the Labour-run council issued a Section 114 notice, effectively declaring bankruptcy, because it could not set a balanced budget. Government-appointed commissioners arrived in February, and the authority was granted Exceptional Financial Support, allowing it to use asset sales to fund day-to-day operational costs.
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High-end Toronto grocer Pusateri's Fine Foods is consolidating its operations into one location and shuttering all other branches after filing for bankruptcy earlier last week, CBC.ca reported. According to the appointed insolvency trustee, Albert Gelman Inc., the grocer filed assignments in bankruptcy Tuesday for its locations in Bayview Village, Yorkville, Little Italy and Pusateri's Kitchen in North York, which operates as the warehouse and kitchen supplying in-house branded products to other branches.
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Weltbild, once one of Germany’s largest bookselling operations, is closing down on 31st August. The remaining 14 brick-and-mortar stores and Weltbild’s online shop will be affected, with 440 employees being laid off, The Bookseller reported. Owner WBD2C Group, itself a subsidiary of Düsseldorf-based private equity investor Droege Group, called in insolvency administrator Christian Plail in early June. However, while Plail talked to several possible suitors, none were prepared to buy the loss-making company.
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Booktopia has been rescued by the owner of online camera store digiDirect, Shant Kradjian, who is adding 100 jobs back to the collapsed bookseller, the Sidney Morning Herald reported. The business and all its assets were transferred to Kradjian on Friday evening and the website has resumed trading. McGrathNicol administrator Keith Crawford said that he was incredibly pleased to close the sale and that the transition of Booktopia to another Australian e-commerce retailer was a great outcome for the business.
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Thousands of ticket holders have been left empty handed after W-Festival was cancelled just two weeks before it was set to take place at the Ostend beach. But the chances of refunds being issued are slim as the organising company has filed for bankruptcy, the Brussels Times reported. On 8 August, W-Festival was cancelled after a sudden bankruptcy announcement of the company behind the music event, Wave to Synth, which cited ongoing financial hardships and disappointing ticket sales.
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Derby dance organisation Deda is “with a heavy heart” entering into voluntary insolvency, BBC.com reported. The charity which runs the dance and movement venue in Chapel Street said that it was “impossible” to continue in its current financial situation.
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Half of UK Bible colleges to close in next two years A prediction by Dr Anthony Royle, Director of King’s Evangelical Divinity School (KEDS), the Lodi Valley News reported. According to Royle, the Association of Bible College Directors warned of widespread bankruptcy. This reality is also due to the impact of the Covid-19 pandemic, economic crisis and increasing secularism. Currently, there are about 50 Bible colleges in England. Many face serious challenges. Some have already closed recently, such as St. John’s in Nottingham and Redcliffe College in Gloucestershire.
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Canada Jetlines has announced an immediate halt to all flights and the temporary suspension of its operations due to a lack of necessary financing, Proactive Investors reported. The airline plans to file for creditor protection and has advised passengers with existing bookings to seek refunds through their credit card companies. The news comes following the recent resignation of four key executives, including CEO Brigitte Goersch.
China's factory output slowed for a third straight month in July, showing that the recovery in the world's second-largest economy was losing steam, although the battered consumer sector perked up slightly as stimulus targeting households took effect, Reuters reported. A mixed batch of data on Thursday pointed to a patchy start to the second half for the $19 trillion economy and gave policymakers continued cause for concern following dismal export, prices and bank lending indicators earlier this month.
Former Montreal Canadiens player Steve Bégin announced Thursday that he must declare bankruptcy, the Montréal Gazette reported. The 46-year-old former hockey player confirmed the news in a Facebook post. “The civil engineering company in which I had been offered to invest significant sums of money since 2013 went bankrupt, which had negative repercussions on my financial situation and consequently also caused a bankruptcy. I could have tried to avoid the subject, but I chose to talk about it openly, because I believe there are lessons to be learned,” he wrote.