business news: business who gone closing condition
business news: business who gone closing condition
Wework news of closing
Wework co-founder Neumann has sued Softbank to cancel a $3 billion share buyout agreement, accusing it of violating their contractual commitments and fiduciary duties. As part of the deal, Neumann was set to receive almost $1 billion for his shares. Soft bank had pulled out of the deal in April after closing conditions were not met and sued for COVID-19 impact.
Air-bnb fired 1900 employees
Air-bnb, the US based startup that connects travelers with places to stay is firing 1900 employees. In a rate to employees co-founder and CEO Brian Chesky called “coronavirus pandemic the most harrowing crisis of our lifetime, I am truly sorry. Please know this is not your fault.” Chesky told fired employees. The percentage is 25% of total employees in Air-bnb.
Cure.fit CEO taking 100% pay cut
Fitness startup cure.fit co founders are taking 100% pay cuts for the year while senior management is taking 50% cuts due to coronavirus crisis, Co-founders Mukesh Basal and Ankit Nagari said in a letter to employees “ our revenue went down to nearly zero from 70 crore rupyees per month”. They also admitted to firings across markets where cure fit shut operations.
Gold’s Gym has filed for bankruptcy
World's largest co-ed gym chain Gold's Gym has filed for bankruptcy after it shut down several branches across the world due to the disruptions caused by the COVID-19 lockdown that has been in place in most major countries. In an artificial press release issued by the company, president and CEO Adam zeltsiff said that he wanted to be 100% clear. Gold’s Gym is not going out of business.
NPA of Bank of Baroda
Non-performing assets of bank of baroda and Indian bank grew multiple times in the last six years, an RTI reply said, NPA of BOB surged sin folds from rupees 11,837 crore in 2014 to rupees 71,140 crore in 2019- end while its NPA accounts rose by four lakh NPAs of Indian bank rose four times rupees 8068.05 crore in 2014 to 32,561.26 crore in 2020.
Highlights
Many companies and other sectors are closing or firing their employees due to loss.
Indian banks rose four times in 2020 along to 2014.
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