Weight-loss brand Jenny Craig will soon begin liquidating its US operations, according to people familiar with the matter, who asked not to be named as the matter is private.
The settlement underscores a failed attempt to sell the US-based weight-loss services provider, which had been looking for a way to work over $250 million in debt amid liquidity pressures, Bloomberg reported in March. At the end of April, the company was on course for liquidation unless a buyer emerged, Bloomberg said reported.
Chief executive officer and president Mandy Dowson said at the time that the diet company was “transforming from a brick-and-mortar retail store to a customer-centric, e-commerce-driven model.”
The US liquidation follows Thursday’s entry of the Canadian division into bankruptcy proceedings. That entity listed approximately CA$324 million ($242 million) in debt to unsecured creditors and, according to public records, appointed B. Riley Farber Inc. as its liquidator.
Representatives from Jenny Craig and owner HIG Capital did not immediately respond to requests for comment on the liquidations.
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