Caltagirone Concerned About Generali-Natixis Investment JV: Sole
The partnership offers few economic advantages and would effectively 'dismantle' Generali, Caltagirone said in an interview with Il Sole 24 Ore published on Sunday.
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Town centre restaurant still closed one month on with reopening date uncertain
A fast food restaurant and takeaway in Swindon town centre remains closed, as customers are left in the dark about when it could reopen. Pepe's Piri Piri, located on the corner of Commercial Road and Regent Street in Swindon town centre, is a popular fast food chain with 235 branches nationwide. The spicy chicken restaurant has been a staple in Swindon for several years, but in July 2025 the company announced it was shutting its doors for a long-awaited refurbishment. An announcement issued by Pepe's on July 15 simply stated: "We are closed for renovation". Pepe's Piri Piri remains closed (Image: Newsquest) The company promises it will reopen 'soon' (Image: Newsquest) Work is now well underway at the Swindon store, with decorators and contractors seen inside the shop, and materials left outside the front door. However, with the temporary closure having now reached week five, the re-opening date for Pepe's remains unknown. Recommended reading: Pizza shop boss seeks new owner for transformed formerly zero-rated takeaway Familiar faces reveal plans after taking over popular café restaurant Highly anticipated all-you-can-eat steakhouse opening soon in place of Italian Signs hung on the door of the store read: "We are closed while we improve your restaurant. We look forward to welcoming you back very soon. Apologies for any inconvenience." However, no official reopening date has been given, and efforts by the Swindon Advertiser to contact the store have been unsuccessful. The Regent Street restaurant has faced repeated issues with its town centre location in the past, after being targeted by burglars four times in 2019. Pepe's Piri Piri is not only refreshing its Swindon store, but has also shown its popularity with multiple new branches having opened across the country this summer. Four new Pepe's restaurants opened in July 2025, in Edinburgh, Clapham, Chingford and Chesterfield, with several more towns and cities earmarked to receive new branches of the chicken shop later this year.
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Struggling auto parts retail chain files Chapter 11 bankruptcy
The automotive auto parts aftermarket remained stable in the first half of 2025, as retail sales increased about 1% in both revenue and demand, according to market research firm Circana, Aftermarket Matters reported. But increased revenue and demand in the industry didn't prevent several auto parts chains from filing for bankruptcy. After filing for Chapter 11 bankruptcy protection in November 2024, electric vehicle battery maker Northvolt AB dismissed its U.S. case and filed for bankruptcy liquidation in Sweden in March 2025. Related: Popular Italian restaurant chain files Chapter 11 bankruptcy Also, motor vehicle parts manufacturer Hypertech Inc. and two affiliates filed for Chapter 11 bankruptcy protection on April 11, 2025, to reorganize their businesses. The Memphis, Tenn.-based company manufactures automotive performance electronics and components. In the biggest auto parts bankruptcy so far this year, global giant Marelli Holdings Co. filed for Chapter 11 bankruptcy on June 11, listing $4.9 billion in funded debt, with plans to hand the company over to its senior lenders. The debtor blamed its distress on the effects of the Covid pandemic and post-pandemic market challenges and headwinds, including supply chain challenges, labor shortages, high costs, inflation, rising prices of raw materials, and declining customer volumes. And now, longstanding car audio retail chain Car Toys Inc. as filed for Chapter 11 bankruptcy protection, seeking to sell its assets to five different buyers in four states. Car Toys filed its petition in the U.S. Bankruptcy Court for the Western District of Washington on Aug. 18, listing $10 million to $50 million in assets and liabilities in its petition. Northvolt AB, liquidation, March April Holdings, June Toys, August 2025. The debtor had about $30 million in liabilities, according to court papers. The debtor's largest unsecured creditors include Pembroke Real Estate, owed $4.2 million in lawsuit debt; Kenwood Electronics, owed over $1.27 million; and Alpine Electronics, owed over $612,000. Related: 63-year-old retailer closing all stores in Chapter 11 bankruptcy The debtor has faced financial difficulties for several years, as its car audio business, which represents 70% of the company's sales, has declined about 8% to 10% annually since 2020, according to a declaration by the debtor's Chief Restructuring Officer Philip Kaestle of Sierra Constellation Partners. "In 2021, the company experienced a strong financial year following pent-up demand coming out of the Covid-19 pandemic," Kaestle said in the declaration. "However, this success was short-lived," Kaestle said. The walls came crashing down in 2022 when Car Toys' affiliate Wireless Advocates LLC, which sold wireless phones and network service contracts, lost an exclusive partnership with Costco Wholesale Company. The dissolved partnership was a fatal blow to Wireless Advocates, as the company shut down its business in December 2022, and the shared management and overhead expenses between the two affiliates shifted to Car Toys. Wireless Advocates is currently a Chapter 7 bankruptcy liquidation debtor. Car Toys' revenue plummeted by 3.3% from $127 million in 2021 to $123 million in 2022, and by another 8.3% in 2023 to $113 million, the declaration said. As the company's revenues continued to decline in 2024, it hired restructuring advisers and laid off 140 employees. More bankruptcy: Unusual bar and restaurant chain files Chapter 7 bankruptcyMajor healthcare company files Chapter 11 bankruptcy, seeks saleHome improvement retail supplier files for Chapter 11 bankruptcy Revenue did not improve in 2025 as by July 2025, sales were down 14% year-over-year. The Seattle-based debtor is the nation's largest independent specialty car audio and mobile electronics retail chain, according to court papers, with 46 locations in four states. Texas (16)Washington (14)Colorado (10)Oregon (6) Car Toys began marketing itself for sale in March 2025 and reached purchase and sale agreements with five competitors to purchase 35 of its locations in 4 states for a combined $13.75 million in a Section 363 bankruptcy sale. Aspen Sound is seeking to purchase two Spokane, Wash., locations for $477,536, and Drive In Sound looks to purchase a Colorado Springs North location in Colorado for $533,809. Sound Distribution seeks to purchase six Colorado and nine Washington locations for $1.138 million, and partners Don Longworth and Raul Shakarov offered to buy five Oregon locations for $1.522 million. CTX Operating Co. wants to acquire 12 locations in Texas for $3.951 million. Aspen Sound, Spokane, Wash. (2), $477, In Sound Colorado Springs North, Colo. (1), $533, Distribution Colorado (6), Washington (9), $1.138 Longworth, Raul Shakarov, Oregon (5), $1.522 Operating Co., Texas (12), $3.951 million. Car Toys, which was founded by Daniel Brettler in 1982, specializes in sales of car audio, video, car alarms, remote start, car accessories, marine audio and powersports, and window tinting services. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
2 hours ago
- Yahoo
Mediobanca shareholders reject bid to acquire Banca Generali
Mediobanca shareholders rejected a roughly €7bn proposal to acquire wealth manager Banca Generali in a pivotal vote on Thursday. The Milanese bank said that 35% of investors accepted the proposal, just shy of the 50% plus one vote needed to pass. 32% of investors abstained, while 10% rejected the proposal. The outcome could threaten Mediobanca's independence as the bank seeks to fend off a takeover by Italian competitor Monte dei Paschi di Siena (MPS). Mediobanca rejected the bid from its smaller rival in January, warning that it would be 'strongly destructive' and weaken its business model. The proposed acquisition is — however — still on the cards, and Mediobanca investors have until September 8 to accept the offer. Thursday's vote suggests that many investors are not concerned about blocking the MPS deal. Mediobanca's largest shareholder, the Del Vecchio family, abstained from the vote, while the second-largest shareholder, business mogul Francesco Gaetano Caltagirone, rejected the proposal to acquire Banca Generali. Related Italy's Monte dei Paschi bank gets ECB nod for Mediobanca takeover Mediobanca launches bid for Banca Generali as M&A flurry intensifies Together, these two investors hold nearly 30% of Mediobanca, but they are also major shareholders in MPS and Banca Generali. Asset manager Amundi, lender UniCredit, and Italian pension funds also abstained on Thursday. Alberto Nagel, CEO of Mediobanca, said in a statement following the vote: 'This is clearly an opportunity, for now, missed for the development of our bank and the Italian financial system.' The Italian state had notably approved of the takeover, hoping that it would strengthen the country's banking sector. Nagel added that the vote's outcome could be attributed to shareholders "who expressed a clear conflict of interest in their engagement activities, putting (their interests) relating to other Italian situations/assets before those of Mediobanca shareholders'. In June, Mediobanca had postponed the shareholder vote at the last minute as the proposal lacked sufficient support. Mediobanca had planned to buy Banca Generali using its 13% stake in Generali, the bank's parent company.
