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6 companies that filed for bankruptcy in May

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Here's the story of the rise and fall of JCPenney

Retailers had already been struggling, and now they’re bearing the brunt of coronavirus’ impact. But a large gym brand and a major car rental company have also filed for bankruptcy recently.

A bankruptcy filing doesn’t necessarily mean a company will go out of business. Many use bankruptcy to shed debt and other liabilities while closing unprofitable operations, in hopes of emerging leaner and stronger. Lots of these companies have gone on to post record profits, including automaker General Motors (GM)and many of the nation’s airlines.

Still, many other brands that have filed for bankruptcy with the intention of staying in business didn’t survive. Here are some US-based companies that filed in May:

Gold’s Gym said in its May 5 fling that the virus has affected it “deeply and in many ways,” which includes the temporary closures of many of its 700 global gyms.

Filing for Chapter 11 bankruptcy protection will help it “emerge stronger and ready to grow,” the statement continued.

The 55-year-old company intends to exit bankruptcy by August and said it is “absolutely not going anywhere.” Gold’s did shutter 30 locations in April, but it doesn’t intend to permanently close any more gyms.

Hertz

Car rental giant Hertz (HTZ) filed for bankruptcy on May 22. The company also rents cars under the brands Dollar, Thrifty and Firefly.

The company has been in business since 1918, when it set up shop with a dozen Ford Model Ts. Hertz has survived the Great Depression, World War II’s near-total halt of US auto production and numerous oil price shocks.

By declaring bankruptcy, the rental car company says it intends to stay in business while restructuring its debts so it can emerge financially healthier.

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“The impact of Covid-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company’s revenue and future bookings,” the company said in a statement, noting that “uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today’s action.”

Hertz was criticized for paying out millions of dollars in bonuses to its executives just before its bankruptcy — and a month after it started laying off thousands of employees.

It paid a total of $16.2 million to 340 executives on May 19 as part of a plan to keep them in place while the company attempts to reorganize, according to a filing with the Securities and Exchange Commission.

JCPenney

Coronavirus could be the final blow for 118-year-old department store stalwart JCPenney. It was already struggling to overcome a decade of bad decisions, executive instability and damaging market trends.

JCPenney (JCP) filed for bankruptcy on May 15. The company has an agreement with most of its lenders that will allow it to attempt a turnaround plan to stay in business.
But it will close 30%, or around 200, of its 846 US stores. The company did not say how many of its 85,000 employees would lose their jobs as a result of the permanent store closings.

“Until this pandemic struck, we had made significant progress rebuilding our company,” CEO Jill Soltau in a statement, adding that the company’s efforts “had already begun to pay off.”

But JCPenney’s problems go back far before the pandemic, with the company having been battered by a decade of bad decisions. Its most recent profitable year was 2010, and its net losses have totaled $4.5 billion since then.
And the entire department store sector has suffered as more consumers shop online. Big-box discounters like Walmart (WMT), Target (TGT) and Costco (COST) have also proved to be competition, offering shoppers lower prices and a selection of items not found in department stores, such as groceries.

J.Crew Group

It’s a distinction no one wants: J. Crew Group became first national US retailer to file for bankruptcy protection since the coronavirus pandemic forced a wave of store closures. It filed on May 4.

The company, which owns the preppy J.Crew and Madewell brands, expects to stay in business and emerge from bankruptcy as a profitable company. And Madewell, the fast-growing denim brand that had been slated for an IPO, will remain part of the business.

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J.Crew Group was saddled by a heavy debt load since its 2011 purchase from private equity firms TPG Capital and Leonard Green & Partners in a $3 billion deal.

It had grown rapidly in the nine years since the transaction was completed, nearly doubling the number of stores. But it has also accumulated far more debt. It had $50 million of long-term debt on its books in 2010, before the deal was announced — and as of February of this year that number had ballooned to $1.7 billion.

The company operates nearly 500 stores including J.Crew’s factory outlets.

Neiman Marcus

Luxury retailer Neiman Marcus, which filed for bankruptcy on May 7, said the restructuring agreement with creditors will allow it to “substantially reduce debt and position the company for long-term growth.”

The company’s history goes back 113 years to its first store in Dallas, which is still its home base. The company also operates the Bergdorf Goodman and Last Call chains.

Neiman had 69 stores among the three brands as of last year. In March, just days before the pandemic prompted mass store closings, the company announced plans to permanently close a “majority” of its 22 Last Call outlet stores.

ITS fate was very possibly sealed in 2013 when Ares Management and the Canada Pension Plan Investment Board paid $6 billion in a leveraged buyout, taking the company private.

“The big issue with Neiman is that the [private equity companies] paid too much and layered on too much debt,” Steve Dennis, a retail consultant and former Neiman executive, previously told CNN Business.

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Tuesday Morning

Discount home goods retailer Tuesday Morning (TUES) blamed the virus for prolonged store closures that caused an “insurmountable financial hurdle.”

CEO Steve Becker said the business was thriving before the pandemic. But the resulting temporary store closures and employee furloughs had “severe consequences on our business.”

“The complete halt of store operations for two months put the company in a financial position that can be effectively addressed only through a reorganization in Chapter 11,” he said in a statement.

The Dallas-based chain, which filed on May 27, said it will permanently close approximately 230 of its nearly 700 US stores.

–CNN Business’ Chris Isidore and Nathaniel Meyersohn contributed to this report.

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BTS Universal Music meninggalkan Columbia Records

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Universal dan HYBE pada hari Kamis (21 Oktober) mengumumkan kemitraan baru dengan YG Entertainment dan Kisway untuk meluncurkan platform streaming langsung global baru.

Skuter Bran, Yang menjual perusahaannya Ithaca Holdings ke HYBE pada bulan April, membantu menyelesaikan kontrak berkat Greing dan hubungan dekatnya dengan CEO Global HYBE. Lenzo Yoon, Sumber mengatakan.

Salah satu alasan BTS meninggalkan Kolombia adalah sebagai presiden dan CEO Ron PerryKurangnya hubungan dengan band, kata sumber.

Perry tidak bertemu Bang Si-hyuk Penuh waktu sejak menandatangani kontrak dengan BTS Colombia di HYBE’s pre-big hit Entertainment-2018. Si-hyuk adalah pendiri dan ketua HYBE dan membantu menciptakan BTS pada 2010, mengawasi kehidupan tim superstar untuk dekade berikutnya. Namun, sumber mengatakan bahwa C-Hugh memiliki hubungan dekat dengan Kring.

Menurut data MRC, BTS memegang setara dengan 10,4 juta unit album di Amerika Serikat. Lagu-lagu mereka juga telah bergabung dengan 10,6 miliar aliran on-demand AS.

Grup ini memiliki enam postingan No. 1 di papan reklame Panas 100 Bagan, yang semuanya muncul dalam setahun: “Dynamite” (Peta tertanggal 5 September 2020), “Life Continues” (5 Desember 2020), “Butter” (5 Juni), “Permission Dance” (24 Juli), “Ink Universe” (9 Oktober). Demikian pula, “Savage Love (Locked – Siren Beat)” milik Jason Terrulo dan Javas 685 membantu me-remix lagu mereka “No. 1” selama seminggu di bulan Oktober 2020.

Band ini memiliki lima album No. 1 Billboard 200 Sebelum 2018 Cintai dirimu sendiri: air mata (Grafik tertanggal 2 Juni 2018), Cintai dirimu sendiri: Jawab (8 September 2018), Peta Jiwa: Kepribadian (27 April 2019), Peta jiwa: 7 (7 Maret 2020) dan Keduanya (5 Desember 2020)

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Ini adalah yang terbaru dalam antrean panjang bolak-balik antara Sony dan UMG. Tahun ini, Universal memburu beberapa eksekutif puncak Sony untuk mengoperasikan dua label andalannya, mempekerjakan co-leader A&R Kolombia. Imran Majid Dan Justin Eshaq Sebagai log pulau Co-CEO dan RCA Executive vp A&R Tunji Balogun Isi peran teratas di Def Jam. Sementara itu, Sony mengakuisisi Todd MoskovitzDari Catatan Alamo – Diluncurkan sebagai usaha patungan dengan UMG, tahun ini Lil Durk dan Rod Wave- menjadi hot spot tahun ini sebagai label utama baru di bulan Juni.

Seorang perwakilan dari Columbia Records tidak segera menanggapi permintaan komentar.

Laporan tambahan oleh Dan Rice.

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Pembaruan Maskapai: PCR Wajib dan kapasitas kursi 100 persen

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TEMPO.CO, Jakarta Pemerintah Indonesia telah memberlakukan pembatasan ketat pada penumpang yang naik penerbangan Jawa-Bali, mewajibkan sertifikasi vaksinasi dan hasil tes PCR negatif. Persyaratan ini harus dipenuhi untuk menaiki maskapai komersial mana pun di tengah Peraturan Umum Operasi (PPKM) Indonesia.

Juru bicara Pokja Pemerintah-19 Viku Adisasmito menjelaskan pada Kamis, 21 Oktober 2021 bahwa pengetatan kontrol terjadi setelah pemerintah mengizinkan maskapai membuka kapasitas kursi hingga 100 persen.

Ia menambahkan, hasil tes PCR wajib dilakukan setelah penggunaan physical distance dan tes PCR memiliki kualitas terbaik dibandingkan antigen rapid test dalam upaya pengendalian penyebaran Covid-19.

“Untuk mencegah penyebaran virus, maskapai harus menyiapkan tiga baris kursi yang bisa digunakan untuk menampung penumpang yang menunjukkan tanda selama penerbangan,” kata Vic Adisasmito.

Persyaratan tes PCR ini dipantau melalui Surat Edaran Resmi Pokja 19 Pemerintah Nomor 21 Tahun 2021 dan Instruksi Menteri Dalam Negeri Nomor 53 dan 54 Tahun 2021 serta Surat Edaran Kementerian Perhubungan.

Noorita Devi

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Peneliti Universitas Indonesia Uraikan Riset Ilmiah dan Teknologi (Kepatuhan Regional dan Rekomendasi Badan Jaminan Kesehatan Nasional Indonesia dan Organisasi Kesehatan Online melalui Perilaku Kesehatan di Indonesia): Sains dan Teknologi

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2021 OCT 20 (NewsRx) – oleh a Berita Reporter-Karyawan Berita Penulis di Berita Harian Asuransi Penyelidik merilis laporan baru tentang sains dan teknologi. Menurut laporan berita dari Universitas Indonesia oleh wartawan NewsRX, penelitian tersebut mengatakan, “Siapa yang menyediakan metode rekomendasi perawatan kesehatan online? Perusahaan Asuransi Kesehatan Nasional Indonesia Kepatuhan rekomendasi kesehatan menjadi perhatian besar karena kekurangan yang terus-menerus. Penelitian ini mengkaji proses rekomendasi kesehatan, regional dan pola kepatuhan rekomendasi dari tahun 2015 hingga 2016.

Koresponden kami mengutip penelitian dari Universitas Indonesia: “Penelitian ini bertujuan untuk memberikan analisis yang komprehensif tentang bagaimana orang menerima pengobatan dan untuk memahami perilaku mencari kesehatan. Indonesia, Penggunaan terapi alternatif dan perilaku mencari informasi kesehatan di media sosial. Data berasal dari tiga file data, yaitu Asuransi Kesehatan Nasional Data induk anggota, data transaksi fasilitas kesehatan tingkat pertama dan data transaksi fasilitas kesehatan rujukan lanjutan sebanyak 1.697.452 orang. Kepatuhan regional menggunakan model regresi login, sedangkan kepatuhan rujukan menggunakan statistik deskriptif jalur rekomendasi. Studi ini mengikuti pendekatan satu ukuran untuk semua menggunakan kuesioner online dengan 463 responden Asuransi Kesehatan Nasional Ini menggunakan formulir login yang dipesan. Kami menemukan bahwa ketersediaan beberapa variabel populasi dan fasilitas kesehatan daerah mempengaruhi kompatibilitas daerah. Selanjutnya, kami menemukan bahwa 19,3% transaksi tidak sesuai dengan urutan rekomendasi yang direkomendasikan. Urutan rekomendasi yang direkomendasikan sebagian besar diikuti untuk pasien yang menderita penyakit ganas. Laki-laki yang merasa kesehatannya lebih sehat lebih kecil kemungkinannya untuk mendapatkan pelayanan kesehatan dibandingkan dengan perempuan. Selanjutnya, tren terapi alternatif meningkatkan perilaku pencarian kesehatan, dan tren pencarian informasi kesehatan di media sosial meningkatkan frekuensi pencarian layanan kesehatan.

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Menurut wartawan, penelitian tersebut menyimpulkan: “Kami merekomendasikan peninjauan terhadap garis rekomendasi yang direkomendasikan, terutama untuk pasien dengan penyakit ganas; proses rekomendasi tidak boleh didasarkan pada kelas rumah sakit tetapi pada kemampuan fasilitas kesehatan untuk secara tidak langsung mengatasi masalah tersebut. kelangkaan, perlu dievaluasi.

Untuk informasi lebih lanjut tentang penelitian ini, lihat: Kepatuhan Regional dan Rekomendasi Sistem Kesehatan Online Jaminan Kesehatan Nasional Indonesia Perusahaan dan Perilaku Mencari Kesehatan Indonesia. Helian, 2021,7 (9): e08068. (helion – http://www.heliyon.com) Apakah penerbit Helion El Xaverius.

Edisi gratis artikel majalah ini tersedia di sini https://doi.org/10.1016/j.heliyon.2021.e08068.

Untuk informasi lebih lanjut, silahkan hubungi Pudu Vuri Handayani, Fakultas Ilmu Komputer Universitas Indonesia. Indonesia. Penulis tambahan untuk penelitian ini adalah Tegu Toronto, Faisal Rahmondo Moise, Ave Adriana Binem, Fatima Assaro, Ahmed Nisar Hidayanto, Denny, Dumila Iunignas.

(Laporan kami memberikan laporan penelitian dan temuan berbasis fakta dari seluruh dunia.)

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