Bankruptcy

“We thank each and every one of you for all that you bring to this community, and hope that you will carry on the mission to feed your communities and create the worlds you want to see through resilient, hyper-local food systems,” Freight Farms wrote in an email to clients, obtained by the Globe. The company ceased operations on April 30, it wrote in an email to clients, the same day it filed for Chapter 7 bankruptcy protection in federal bankruptcy court in Massachusetts. Freight Farms, a Boston agricultural tech...

23andMe, the genetic testing giant once valued in the billions, is now navigating Chapter 11 bankruptcy and notifying millions of current and former customers that they may be eligible to file claims as part of the restructuring process. The company and 11 of its subsidiaries, including Lemonaid Health and LPRXOne, filed for bankruptcy protection on March 23 of this year in the Eastern District of Missouri. Customers were alerted Sunday that they have until July 14 to file claims for losses incurred. The bankruptcy follows a tumultuous 18 months for...

Accelerate Diagnostics has voluntarily initiated a chapter 11 restructuring proceeding in the U.S. Bankruptcy Court for the District of Delaware, and will seek to sell its assets through a court supervised sale process. The company has filed various "first day" motions with the bankruptcy court requesting customary relief that will enable it to transition into chapter 11 without material disruption to their ordinary course operations, including seeking authority to obtain debtor-in-possession financing and pay employee wages and benefits.

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WW International, formerly known as WeightWatchers, has filed for Chapter 11 bankruptcy protection on Tuesday in a bid to cut its debt after Ozempic and other hugely popular obesity drugs upended its business model. Shares of the company, which once boasted of media mogul Oprah Winfrey as one of its top shareholders, slumped 40% in extended trading after announcing plans to file for bankruptcy as part of a reorganization plan with a group of its lenders. WeightWatchers began as weekly weight-loss support group meeting with 400 attendees, and quickly turned...

WeightWatchers, whose dieting and wellness programs were once a central part of U.S. fitness culture, has filed for bankruptcy to adjust to the increasing use of drugs like Ozempic for weight loss.

WeightWatchers has been offering drugs as a complement to its legacy business model of providing food consumption and exercise plans, though the company’s clinical business hasn’t grown fast enough to offset the decline in subscriptions to its core programs as many women decide the drugs are all they need.

Total individual and businesses bankruptcies are up by 9 percent from last year. A person arrives at the U.S. District Bankruptcy Court for the Southern District of New York in Manhattan, on Jan. 9, 2020. A person arrives at the U.S. District Bankruptcy Court for the Southern District of New York in Manhattan, on Jan. 9, 2020. Brendan McDermid/Reuters Total bankruptcy filings, which include submissions from both individuals and businesses, were up by 9 percent on an annual basis. When an individual resorts to Chapter 7 bankruptcy, the court assesses...

Pharmacy chain Rite Aid has begun Chapter 11 bankruptcy proceedings, the company announced on Monday, May 5. Rite Aid CEO Matt Schroeder pointed to financial challenges that "intensified by the rapidly evolving retail and healthcare landscapes" for the filing in U.S. Bankruptcy Court for the District of New Jersey. The company, which operates 1,240 stores across 15 states, said that customers will be able to access pharmacy services and that it is "working to facilitate a smooth transfer of customer prescriptions to other pharmacies." "As we move forward, our key...

The Philadelphia-based Rite Aid Corp. will file for a second bankruptcy, the company said in a news release Monday afternoon. The group plans to file for a Chapter 11 bankruptcy protection and sell off its assets, including all its stores, the company said. Rite Aid Corp. has secured $1.94 billion from lenders to support its filing process and sales, and has filed motions to support continued payment of employee wages and benefits during the proceedings. In a letter to customers released Monday afternoon, Rite Aid said they intend to keep...