Latest news with #HostessBrands
Miami Herald
01-06-2025
- Business
- Miami Herald
Popular regional food brand files for Chapter 11 bankruptcy
Consumers face the risk of losing some of their favorite products whenever a food manufacturer files for bankruptcy. Commercial bakeries produce some of the most beloved products, and Hostess Brands is one of the most popular bakery brands, offering Wonder Bread, Twinkies, Ho Hos, Ding Dongs, and their fruit pies for decades. Don't miss the move: Subscribe to TheStreet's free daily newsletter Hostess broke a lot of hearts after it filed for bankruptcy in January 2012, shut down operations, and liquidated its products. Luckily for its fans, J.M. Smucker in September 2012 purchased the company for about $5.6 billion and restarted the business. Related: Another popular pizza dining chain files Chapter 11 bankruptcy Another food manufacturer, Hearthside Food Solutions, which made various snack and food products for distributors such as Mondelez Global, Kraft Heinz Foods, and Pepsico, on Nov. 22, 2024, filed for Chapter 11 bankruptcy protection with a restructuring support agreement to hand 100% ownership of the company to its first-lien lenders. Hearthside, known as H-Food Holdings, restructured its debt, reorganized, and emerged from bankruptcy on March 31, 2025, as a new company, Maker's Pride LLC. Through the restructuring process, H-Food eliminated about $2 billion in funded debt. The company emerged with about $600 million in liquidity, including $200 million in new money through an equity rights offering and another $190 million of additional capital from a new asset-backed loan facility, according to a Maker's Pride statement at the time. "The swift completion of our financial restructuring process marks a pivotal moment for our company and is a testament to the dedication of our valued team members and committed support of our customers and financial partners," Darlene Nicosia, chief executive officer of Maker's Pride, said in a statement. The Downers Grove, Ill., company manufactures and produces convenience foods, including baked, refrigerated, and frozen foods, sweet and salty snacks, and nutrition bars, as a full-service provider of food packaging services for many of the world's premier brands through a network of 27 facilities and is the largest private bakery in the industry. And now, another popular commercial bakery has declared bankruptcy, as the parent company of Phoenix-based artisan bakery Noble Bread has filed a Chapter 11 petition to reorganize its business. The bakery and restaurant owner's parent Noble Goodness LLC and three affiliates filed their Subchapter V petition in the U.S. Bankruptcy Court for the District of Arizona on May 29, listing $1 million to $10 million in assets and $1 million to $10 million in liabilities. Related: Major logistics and trucking company files Chapter 11 bankruptcy The debtor did not indicate a reason for filing for bankruptcy in its petition. Nobel Bread operates a bakery facility that produces 30 different types of bread, as well as a modern wood-fired deli restaurant, Noble Eats, located in the Biltmore District in Phoenix. 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 bakery says that it uses old-world techniques, "only using organic GMO-free flours, water, sea salt, and organic levain starter, which is a culture of wild yeasts used slowly to leaven the bread," according to Noble Bread's website. The company claims that it takes 36 hours to make one loaf of bread. "Utilizing whole grains, and ancient grains makes the bread far more complex and biologically active than just plain white bread," Noble Breads said on its website. The artisan bakery's products are available at Noble Eats, 11 AJ's Fine Foods gourmet markets throughout Arizona, and at a dozen farmers' markets throughout the Grand Canyon State. Related: Another major internet company files for Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Daily Mail
20-05-2025
- Entertainment
- Daily Mail
Revamped Playboy Mansion unveiled after five years of renovations by new billionaire owner
Renovations on the infamous Playboy Mansion have finally been completed, five years after works started. Aerial images show the luxury property looking vastly different than before with a brand new cream and aqua blue color scheme. From some angles, the once debaucherous mansion now resembles a picturesque Disney castle. The surrounding area of the now Disney-esque mansion boasts an impressive guest house, a cobalt blue tennis court, and perfectly manicured lawns and gardens. The rear terrace deck appears to have been extended to allow more space for outdoor entertaining. Additionally, to help guests fully unwind, there's a new 42 by 23-foot solarium. Underneath the solarium is a new luxury state-of-the-art spa-jacuzzi. The spa on the site also includes a 'cold plunge,' a treatment favored by celebrities such as Gwyneth Paltrow, Lady Gaga, and Madonna. The late Hugh Hefner's legendary home, which served as the backdrop to his Playboy magazine, was sold in January 2016 to Greek-American business mogul Daren Metropoulos for $100million. Daren, 42, is the son of billionaire businessman Dean Metropoulos, 79, and boasts his own impressive business portfolio. Daren heads companies such as Hostess Brand, which produces snacks like Twinkies and HoHos, and Pabst Brewing Company – both at some point previously owned by his father. Hang out area: The rear terrace deck appears to have been extended The businessman has seemingly been a fan of Hefner's fantasy home before he owned it, as he was photographed partying at the 29-room Holmby Hills property in 2012 alongside rapper Snoop Dogg and an entourage of bunnies. The makeover of the property was executed by architect Richard Landry, who has renovated multiple star's houses such as Tom Brady, Kylie Jenner, Rod Stewart, Mark Wahlberg, and Sylvester Stallone. Daren has spent the last 18 years buying up iconic properties, with estimating that the mogul has spent around $326million so far. Outside of the Playboy Mansion, Dean's purchases include $148million on a Mediterranean Revival-style home in Palm Beach, Florida. Speaking to The Wall Street journal in the past, he said: 'My general approach is very measured and tactical and I am particularly interested in hidden jewel properties that rarely come to market.' In addition to owning the $100million Playboy Mansion, Daren also owns a 'miniature' mansion next door which is worth around $60million. He has hinted in the past that he has plans to combine the two estates. Building permits filed with the Los Angeles Department of Building and Safety at the start of renovations five years ago, showed his intention of remodeling the kitchen, family room bathrooms and powder room in the main house. When Daren originally bought the mansion in 2016, he allowed Hefner to live out his last days there. He died the following year at age 91 from sepsis which he had developed after he contracted E coli. The Playboy Mansion is emblematic of celebrity culture with some of the biggest stars scrambling to enjoy Hefner's lingerie-only dress code for the female guests who roamed around the estate. Elvis Presley reportedly had sex with eight Playmates at once at the home, while John Lennon burned a Matisse original with a cigarette. Donald Trump even filmed an episode of The Apprentice at the mansion where contestants got to meet Hefner and several of his girlfriends. However, the mansion also has a dark side, with allegations against disgraced actor Bill Cosby purported to have taken place during these debauched parties. Judy Huth claimed that Cosby assaulted her when she was 15 at Hugh Hefner's home. Chloe Goins claims she was also assaulted by Crosby at the mansion, but criminal charges in the case were ruled out. The luxury pad was also reportedly filthy. Multiple former Playboy bunnies previously spoke out about the dilapidated building which had floors strewn with dog feces and urine. In 2011, health officials confirmed that the bacteria that causes Legionnaires' disease was found in a whirlpool spa at the Playboy Mansion where more than 100 people fell ill. The Los Angeles County Health Department presented its findings at an annual conference at the Centers For Disease Control in Atlanta. The legionella bacteria also cause a milder illness - Pontiac fever. Symptoms, which include fever and headache, are the same as those suffered by Playboy Mansion partygoers. Building permits, accessed by in 2023, revealed that workmen repaired 'termite and dry-rot damage' from the original wooden framing. The Playboy mansion sits on five acres adjacent to the Los Angeles Country Club – on Charing Cross Road in the exclusive Holmby Hills neighborhood just off the famous Sunset Boulevard. The house was designed by Arthur Kelly for Arthur Letts Jr - the son of Arthur Letts who founded The Broadway, a now-defunct department store – and was completed in 1927. It was purchased by Hefner in 1971 for $1million, becoming the second Playboy Mansion house. The first was a 54-room classical brick and limestone mansion in Chicago's Gold Coast district.
Yahoo
27-02-2025
- Business
- Yahoo
The J.M. Smucker Q3 Earnings Top Estimates, Sales Dip on Low Volumes
The J. M. Smucker Company SJM posted third-quarter fiscal 2025 results, wherein the bottom line increased year over year and beat the Zacks Consensus Estimate, while the top line declined and missed the consensus company's third-quarter performance reflects the effective execution of its strategy and ability to achieve favorable results despite a dynamic operating and consumer landscape. While net sales were affected by certain supply chain disruptions, stringent cost management and strong execution led to better-than-expected adjusted earnings per share. Management stated that the company's strategic focus and commitment to key development platforms have driven strong year-to-date performance, boosting growth in its top and bottom lines while enhancing shareholder value over time. Adjusted earnings of $2.61 per share advanced 5% year over year and surpassed the Zacks Consensus Estimate of $ the latest EPS estimates and surprises on Zacks Earnings Calendar. The J. M. Smucker Company price-consensus-eps-surprise-chart | The J. M. Smucker Company Quote Net sales amounted to $2,186 million, which fell 2% year over year and missed the Zacks Consensus Estimate of $2,221 million. Excluding noncomparable net sales of last year associated with divestitures, additional sales of the present year related to the Hostess Brands acquisition, as well as currency movements, net sales dipped 1%. The downtick in comparable net sales can be attributed to the lower volume/mix (down 5%), partly made up by net price realization (up 3%).The gross profit went up 7% driven by better net price realization, reduced costs and a positive impact of the Hostess Brands acquisition, partly negated by the impact of divestitures and reduced volume/mix. The adjusted gross profit fell 1%.The adjusted operating income rose 1% year over year to $463.8 million. U.S. Retail Pet Foods: The segment's sales fell 9% to $423 million. The volume/mix had a 9-percentage-point adverse impact on net sales, while net price realization remained neutral. The segment's profit jumped 7% to $116.8 million. The Zacks Consensus Estimate for segment sales was pegged at $430.1 million.U.S. Retail Coffee: The segment's sales grew 2% to $740.6 million, backed by higher net price realization (up 9%), while volume/mix declined 7%. The segment's profit went up by $0.8 million to $208.6 million. The consensus estimate for segment sales was pegged at $734.9 million.U.S. Retail Frozen Handheld and Spreads: Sales in the segment increased 2% to $445.2 million, while the consensus mark stood at $456.7 million. The volume/mix boosted net sales by 2%, and the net price realization remained neutral to sales. The segment's profit tumbled 5% to $99.2 Baked Snacks: Sales in the segment came in at $278.6 million, down 7% year over year. Excluding noncomparable sales related to acquisitions and divestitures, net sales declined 8%. Both volume/mix and net price realization had an adverse impact on net sales. The consensus estimate for segment sales was pegged at $285 million. Segment profit slumped 19% to $54.8 million in the and Away from Home: Net sales dropped by $0.8 million to $298.6 million, compared with the Zacks Consensus Estimate of $307.1 million. Excluding the impact of noncomparable net sales associated with divestitures and currency movements, net sales grew 5%. The volume/mix had a one-percentage-point negative effect, and the net price realization had a positive impact of six percentage points on net sales. The segment's profit increased 22% to $61.6 million. The J. M. Smucker exited the quarter with cash and cash equivalents of $47.2 million, long-term debt (net of current portion) of $6,385.5 million and total shareholders' equity of $6,907.3 flow provided by operating activities amounted to $239.4 million for the three months ended Jan. 31, 2025. Free cash flow was $151.3 million in the same time cash flow and capital expenditures are likely to be $925 million and $400 million now, respectively, in fiscal 2025. Free cash flow and capital expenditures were earlier guided to be $875 million and $450 million, respectively. Fiscal 2025 net sales are anticipated to increase 7.25% now, compared with the previous view of 7.5-8.5%.SJM anticipates comparable net sales to increase by nearly 0.75%. This excludes noncomparable sales in the current year related to the Hostess Brands buyout and noncomparable sales in the prior year associated with the divested Voortman, Canada condiment, and Sahale Snacks businesses. This view also includes a decrease of $100 million in contract manufacturing sales associated with the divested pet food adjusted EPS for fiscal 2025 is now envisioned in the $9.85-$10.15 band, up from the $9.70-$10.10 range expected before. The company recorded an adjusted EPS of $9.94 in fiscal 2024. The bottom-line guidance takes into account an adjusted gross profit margin of about 38% and a roughly 8% rise in SD&A expenses. The company had earlier expected the adjusted gross margin to be 37.5%-38% and SD&A expenses to grow 9%.Management's fiscal 2025 guidance does not incorporate any effects from the previously announced deal to offload certain Sweet Baked Snacks value brands. This transaction, anticipated to close in the fourth quarter of fiscal 2025, is expected to impact fiscal 2025 net sales by approximately $10 million while having no material impact on the adjusted earnings per share. The company plans to allocate the proceeds toward debt of this Zacks Rank #3 (Hold) company have tumbled 7.5% over the past three months compared with the industry's decline of 3.6%. Post Holdings POST currently carries a Zacks Rank of 2 (Buy). POST delivered a trailing four-quarter earnings surprise of 22.3%, on average. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks consensus estimate for Post Holdings' current fiscal-year sales and earnings indicates growth of 0.3% and 2.2%, respectively, from the year-ago period's reported Colony LANC, which engages in the manufacturing and marketing of specialty food products, presently holds a Zacks Rank #2. LANC delivered a trailing four-quarter earnings surprise of 1.7%, on Zacks Consensus Estimate for Lancaster Colony's current fiscal year sales and earnings implies growth of 3.1% and 6.1%, respectively, from the year-ago period's reported Brands UTZ, which engages in the manufacture, marketing and distribution of snack foods, currently carries a Zacks Rank #2. UTZ delivered a trailing four-quarter earnings surprise of 8.8%, on consensus estimate for Utz Brands' full-year sales and earnings calls for growth of 2% and 9.1%, respectively, from the prior-year reported levels. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The J. M. Smucker Company (SJM) : Free Stock Analysis Report Post Holdings, Inc. (POST) : Free Stock Analysis Report Lancaster Colony Corporation (LANC) : Free Stock Analysis Report Utz Brands, Inc. (UTZ) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
