WBNS 10TV

Categorical faces monetary troubles, broadcasts plans Practically 100 shops closed nationwide. The corporate, based mostly in Columbus, Ohio, will shut about 95 Categorical shops and all of its UpWest shops, in addition to 5 shops in Florida. Sadly, it will result in large job losses. Categorical intends to pay affected workers instantly and supply customary bonuses to staff whereas the shops are closed.

To satisfy monetary challenges, Categorical has filed for Chapter 11 chapter safety. The corporate has seen gross sales decline in recent times because of debt and costly mall leases. Regardless of these difficulties, Categorical secured $35 million in new financing commitments from present lenders and $49 million in new financing commitments from the IRS underneath the CARES Act.

Categorical filed for chapter safety to facilitate the sale of its retail enterprise to a bunch of traders together with WHP World, Simon Property Group and Brookfield Properties.

The corporate has been working exhausting to seize the buying habits of the youthful workforce, particularly Technology Z.