Robinhood Crypto GM discusses trading platform's deal with Canadian crypto firm WonderFi
Johann Kerbrat, the general manager of Robinhood Crypto, discusses the company's new deal with Canadian crypto firm WonderFi from Consensus 2025.
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Miami Herald
34 minutes ago
- Miami Herald
Another popular furniture company files for Chapter 11 bankruptcy
The furniture retail sector has faced financial distress over the last year, leading to manufacturer and store closings, as well as bankruptcy filings for some of the most economically challenged companies. The industry has been dealing with rising labor and product costs caused by inflation, a slowdown in the real estate market that has depressed furniture sales, and increased interest rates on debt, all of which have led to financial distress. Don't miss the move: Subscribe to TheStreet's free daily newsletter North Carolina furniture manufacturer and supplier Progressive Furniture, which provides products to major retailers, revealed that it would close down its business at the end of the year and lay off all 30 of its employees. Related: Major logistics and trucking company files Chapter 11 bankruptcy The subsidiary of ready-to-assemble furniture company Sauder Woodworking, blamed the closing of its primary supplier in Mexico, which provided 60% of its products, for its decision to shut down its business. The company imports wooden furniture from both Asia and Mexico. The company, which operates a warehousing and distribution plant in Claremont, N.C., said it will fulfill existing orders and honor warranties until it closes. It also has no plans to file for bankruptcy. Progressive Furniture sells its products through Walmart, Target, Home Depot, Lowe's, Amazon, Wayfair, and other furniture retailers. In an unusual business move that might have had something to do with U.S. tariffs on imports, Canadian furniture company Prepac in March 2025 ceased manufacturing at its Delta, British Columbia, plant and moved all production to its factory in North Carolina. Unifor, the union representing the Delta plant's workers, blamed President Trump's tariffs for the plant's closing, which will result in 170 union worker layoffs after the company winds down maintenance. Franchise Group in November 2024 filed a Chapter 11 petition on behalf of furniture chain American Freight, blaming "sustained inflation and macroeconomic challenges facing the large durable goods sector." While winding down operations, AF Newco I LLC, which owns Buddy's Home Furnishings, in January 2025 won court approval to purchase 30 store leases, a distribution center lease, and American Freight's intellectual property for $1.12 million. And now, high-quality custom wood cabinetry manufacturer and retailer Worthy's Run Furniture LLC has filed for Chapter 11 bankruptcy protection to reorganize its business. Related: Another major internet company files for Chapter 11 bankruptcy The Hagerstown, Md., furniture manufacturing and retail company filed its Subchapter V petition, listing up to $50,000 in assets and $100,000 to $500,000 in liabilities. The petition indicated that funds would be available for distribution to unsecured creditors. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy The company did not indicate a reason for filing for bankruptcy in its petition. Worthy's Run was founded in 2006 by sole owner Todd Gladfelter as a custom furniture manufacturer, specializing in kitchen islands and expanding into custom-built kitchen cabinetry and furniture for the entire house, according to the company's website. The company does not mass produce, purchase cabinets, or use pre-fabricated products in its inventory. A review of Worthy Run's website shows kitchen islands priced from $2,180 to $4,084, wine bars from $7,925 to $10,670, and hutches from $3,830 to $12,612. Customers can order furniture custom-made and hand-crafted by the company's designers and craftsmen, the website says. The company also uses Sherwin-Williams paints, finishes, and specialty coatings for its products. Related: Popular food brand files for Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
an hour ago
- Yahoo
PesoRama Reports 2025 Financial Results
Sales increased by 14% to $23,449,999 Gross profits increased by 26% to $8,791,004 Product gross margins increased by 2.1% to 44.5% Store profits increased by 60% to $2,712,878 Same store sales increased by 16% in 2025 compared to 2024 (i) Toronto, Ontario--(Newsfile Corp. - June 2, 2025) - PesoRama Inc. (TSXV: PESO) ("PesoRama" or the "Company"), a Canadian company operating dollar stores in Mexico under the JOi Dollar Plus Stores brand, today announced its financial results for the year ended January 31, 2025 ("FY 2025"). All financial figures are in Canadian dollars unless otherwise noted. "As the only true dollar store company in Mexico, we are constantly innovating and pushing the boundaries of what is possible," said Rahim Bhaloo, Founder, CEO and Chairman of the Board of PesoRama. "Creating a new market space requires strategic thinking, operational excellence, and execution, which is reflected in our financial results. During the fiscal year 2025, we saw an increase in-store traffic of 36%, over the fiscal year 2024. We attribute this to the success of our unique merchandising strategies, product assortment, and overall customer experience. Our JOi Dollar Plus Stores are increasing in popularity as we continue to expand our footprint and brand loyalty. We believe our growth strategy is being proven out by our success and we are meeting the needs of the cost-conscious shopper in an underserved market that will ultimately drive long-term value for our shareholders." Key Highlights: 2025 vs 2024 Multi-price points continue to lead to increased product assortment and increased growth of new product categories across all departments. Store profits increased by 60% to $2,712,878 for the year ended January 31, 2025, an increase of $1,016,073 from the year ended January 31, 2024. Total sales increased by 14% to $23,449,999 due to organic growth of existing stores as well as two new stores opened in October 2024 and December 2024. Gross profits increased by $1,796,307 to $8,791,004, primarily driven by an increase in revenue of 14% compared to an increase in cost of sales of 8%. Product gross margins increased by 2.1% from $8,696,378 or 42.4% to $10,424,204 or 44.5% due primarily to an increase in revenue from the increase in product assortment. (i) same store sales stated in local currency Other Performance Metrics: 2025 vs 2024 Average ticket increased by 9.3% as a result of increase in demand and increased product assortment. Same store sales increased by 16% in 2025 compared to 2024(i). Key Achievements 2025 On October 26, 2024, the Company opened its 24th Joi Dollar Plus store location, covering approximately 554 square-meter. The store is located in the famous Condesa neighborhood in Mexico City. On December 21, 2024, the Company opened its 25th JOi Dollar Plus store in Portal Centenario, Mexico City. This 413-square-meter location is situated in the Álvaro Obregón municipality, which has a population of approximately 759,137 inhabitants. The new store enhances PesoRama's presence in high-traffic urban areas and aligns with the Company's strategy to expand in locations with strong consumer demand. On April 26, 2025, the Company opened its 26th JOi Dollar Plus store; a 406 square-meter location inside the "City Shops del Valle" mall in the Del Valle neighborhood. On May 31, 2025, the Company opened 27th JOi Dollar Plus store, a 481 square-meter location inside the "Patio Martin Carrera" mall in the Martin Carrera neighborhood. This earnings news release should be read in conjunction with the Company's consolidated financial statements for the year ended January 31, 2025, which can be found on PesoRama's issuer profile on SEDAR+ at About PesoRama Inc. PesoRama, operating under the JOi Dollar Plus Stores brand, is a Mexican value dollar store retailer. PesoRama launched operations in 2019 in Mexico City and the surrounding areas targeting high density, high traffic locations. PesoRama's 27 stores offer consistent merchandise offerings which include items in the following categories: household goods, pet supplies, seasonal products, party supplies, health and beauty, snack food items, confectionery and more. For further information, please contact: Rahim BhalooFounder, CEO and Chairman of the Board rahim@ Non-IFRS Measures There are measures included in this news release that do not have a standardized meaning under international financial reporting standards (IFRS) and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. The Company includes these measures because it believes certain investors use them as a means of assessing financial performance. Adjusted gross margin, EBITDA and Adjusted EBITDA are financial measures that do not have a standardized meaning under IFRS. EBITDA is defined as earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA refers to earnings before interest, taxes, depreciation, amortization, stock-based compensation, one-time transaction expenses and financing costs. Adjusted gross margin is defined as gross profit plus distribution costs divided by sales. We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with IFRS. We also disclose and discuss certain non-GAAP (Generally Accepted Accounting Principles) financial information used to evaluate our performance in this and other earnings releases and investor conference calls as a complement to results provided in accordance with IFRS. We believe that current shareholders and potential investors in the Company use non-GAAP financial measures, such as adjusted gross margin, EBITDA, and adjusted EBITDA in making investment decisions about the Company and measuring its operational results. Management believes that investors and financial analysts measure our business on the same basis, and we are providing the adjusted gross margin, operating profit, EBITDA, and adjusted EBITDA as financial metrics to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. Adjusted EBITDA is more fully defined and discussed, and reconciliation to IFRS financial measures is provided, in Company's Management's Discussion and Analysis ("MD&A") for the year ended January 31, 2025. Cautionary Note This press release contains "forward-looking information" within the meaning of applicable securities laws, including, among other things, statements regarding the Company's planned expansion, new store openings and expected future developments and other factors that have been considered appropriate. While the Company believes that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements, including due to changes in consumer behaviour, general economic factors, the ability of the Company to execute its strategies, the availability of capital and the risk factors which are discussed in greater detail in the "Risk Factors" section of the Company's prospectus dated January 31, 2022 and filed under the Company's profile on The statements in this press release are made as of the date of this release. PesoRama undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of PesoRama, its securities, or its financial or operating results (as applicable). Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Man Says Girlfriend Ran Off With $3.6 Million Lottery Winnings After He Bought the Ticket
A Canadian man has taken legal action against his girlfriend who allegedly vanished after winning a lottery of $3.6 million, leaving him stranded. What Happened: Lawrence Campbell, a resident of Winnipeg, stated that he had purchased a lottery ticket that bagged a whopping $3.6 million. However, due to a misplaced wallet and ID, he was unable to officially claim the prize. As a result, his long-term girlfriend, Krystal McKay, collected the winnings. Contrary to their plans of enjoying their newfound fortune together, McKay allegedly disappeared, prompting Campbell to file a lawsuit against her to reclaim the money. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — this is your last chance to become an investor for $0.80 per share. The team behind $6B+ in licensing deals is now building the next billion-dollar IP empire — invest early at $2.25/share. As per the report by New York Post, Campbell's lawyer stated that the couple was 'in a loyal, committed and promising romantic partnership.' According to Campbell, less than two weeks after McKay encashed the check, she failed to return to their shared hotel room. He later found her with another man after visiting places she frequently visited. McKay has since blocked him on social media and has obtained a protection order. McKay, however, has refuted the allegations and intends to respond in court, as per the report. This case highlights the potential legal complications that can arise from lottery winnings, particularly when the winnings are collected by someone other than the ticket purchaser. It underscores the importance of clear communication and agreement between parties involved in such situations. The outcome of this case could set a precedent for similar cases in the future, impacting how lottery winnings are handled legally. Read Next: Hasbro, MGM, and Skechers trust this AI marketing firm — Invest before it's too late. 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share with a $1000 minimum. Image: Shutterstock/Mehaniq Send To MSN: Send to MSN UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Man Says Girlfriend Ran Off With $3.6 Million Lottery Winnings After He Bought the Ticket originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
