Bankruptcies
Kyte shuts down after sinking $550+ million
Rental car company sputters? Kyte falls out of the sky? What kind of metaphor should I have used to describe the spectacular bust of a company once touted itself as the next Hertz?
As tempting as some NY Post wordplay could have been, the amount of cash that they burned through was just too large to not put in the title.
Oh well. Kyte is now floating its way to the great airport parking lot in the sky.
Kyte, which billed itself as the ‘best competitor to Hertz,’ shuts down
Lilium NV plummets to the ground after gov declines to rescue it mid-air
In our second “falling to earth” headline metaphor of the day, Lilium NV will be shuttering its two subsidiaries after it failed to raise the 100mm in loans it needed to stay afloat. Layoffs of 1,000 are inbound as well. The hail mary that Lilium hoped for was the involvement of the German government, but with that window now closed, any hopes of raising the loans are now closed.
Tech Crunch - Kirsten Korosec Electric aircraft startup Lilium has run out of money
Tipranks - Steve Anderson Lilium (NASDAQ:LILM) Stock Plunges 58% on Insolvency News
Espirit is shirtless
Eighties and nineties kids might remember when Espirit was the peak of cool, but no one else does. The failed fashion brand company is filing chapter 7 bankruptcy and will liquidate its assets. An article in ChainStorage notes that the company recently signed a least in downtown Manhattan for a “global creative headquarters.” You’d think that a company on the verge of bankruptcy should be using capital better, but with thinking like that, you wouldn’t be the CEO of Espirit.
BowFlex can’t handle the weight
BowFlex is filing for bankruptcy with $140mm in assets and $125.9mm in debt. The home workout equipment maker has said that it has a bid of $37.5 million from Johnson Health Tech which will enable it to continue operating in the interim.
E-commerce company Thrasio gets throttledio
The headline: Thrasio Takes Steps to Strengthen Financial Position
The sub-headline: Initiates Pre-Arranged Chapter 11 Process with Support from Lenders to Significantly Reduce Debt and Facilitate Comprehensive Balance Sheet Restructuring
The dirty details: this company burned through more than 3.4 billion buying up smaller e-commerce players and selling their inventory on Amazon.
