Parts Supplier Standard Profil Agrees Creditor Takeover Deal
Under the plan, bondholders will have the option to provide as much as €145 million ($170 million) of new financing at a super senior level, according to a presentation seen by Bloomberg News. Participants will be allocated 90% of the common equity in the firm, with additional shares offered to lenders who backstop the deal.
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Yahoo
3 hours ago
- Yahoo
Asda axes store managers in turnaround push
Asda is axing a key layer of middle management across its sprawling estate as chairman Allan Leighton steps up efforts to revive the supermarket. The retail giant announced an internal shake-up on Wednesday that will make a number of in-store managers redundant to 'take out complexity' from the business. Asda said it was combining its 'section managers' and 'trading managers' roles into a single 'manager' post, leading to the exit of some staff because of the duplication of roles. Section managers are a layer of in-store middle management who supervise team leaders and teams of shelf stackers. Trading managers are more senior and have responsibility for 'driving sales and standards'. The shake-up will collapse the two roles into a single job. This means around 20pc of store management will effectively be promoted to the new combined 'manager' role. But it will also mean some managers across its 700 larger supermarkets are no longer needed. Some are being asked to move to different nearby stores. Asda declined to comment on how many people were being made redundant. However, workers in its larger supermarkets reported being handed brown envelopes on Wednesday, saying they had been placed on gardening leave. Some claimed the number of people in management roles was being halved in their stores. However, the changes are understood to be different for each large supermarket, meaning some stores will have no redundancies. The shake-up does not affect Asda Express stores. A spokesman for Asda said: 'The investment in this new structure brings decision making closer to the shop floor and our customers by clarifying roles and providing clearer accountabilities. 'We will be offering our full support to other colleagues impacted by the changes.' It is the latest round of job cuts at Asda since Mr Leighton rejoined as its chairman in November. In March, Asda sacked more than 200 employees who had been involved in its botched £800m IT upgrade. That same month, it cut bonuses for thousands of managers, telling workers they would not be rewarded with payouts because of the retailer's faltering performance. In January, it also cut 13 regional managers as part of an internal restructuring. The latest move to sack middle managers echoes similar decisions by supermarket rivals. Earlier this year, Sainsbury's said it was planning to cut more than 3,000 posts, including a 20pc reduction of senior management roles. At Asda, Mr Leighton has argued he wants to prioritise investment in stores and lower prices to help the supermarket win back shoppers. Mr Leighton has said the plans will result in a 'material reduction' in profitability at Asda. It was seen as firing the starting gun on a price war among grocers, with Tesco and Sainsbury's racing to counter recent reductions. It follows years of declines at Asda. The most recent figures from Kantar showed its market share slipped from 12.5pc to 11.9pc in the year to the middle of June. Over the weekend, The Telegraph revealed the supermarket chain was piling pressure on suppliers including Heinz, Nestle and General Mills to help it cut prices within its stores. At the time, an Asda spokesman said: 'The material investment we are making this year to lower prices has already made a difference by opening up a 3pc-6pc price gap over other traditional full-service supermarkets.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
4 hours ago
- Yahoo
Wolfspeed Soared Again Today -- Is the Stock a Buy?
Wolfspeed stock skyrocketed yesterday after the company announced its next CFO, and the rally continued today. The silicon carbide specialist is moving forward with a Chapter 11 bankruptcy and restructuring that could leave current shareholders with very little value. Wolfspeed stock could see more upward momentum in the very near term, but the outlook further out isn't promising. 10 stocks we like better than Wolfspeed › Wolfspeed (NYSE: WOLF) stock closed out Tuesday's trading with another day of big gains despite retreating from its intra-day high. The company's share price gained 9.1% in the daily session, but it had been up as much as 44.2% earlier in the session. Wolfspeed stock saw a massive rally in Monday's trading after it was announced that the company had selected Gregor van Issum as its next chief financial officer, and the bullish momentum continued in today's trading. While there wasn't any fresh news powering the sustained rally today, investors continued buying into the stock in hopes of additional gains. There may be different strategies at play here. Van Issum will be leading the company through its Chapter 11 bankruptcy filing and restructuring, and some investors may be hoping that he'll be able to arrange terms that work out for the silicon carbide specialist's current shareholders. Meanwhile, some investors may be hoping that the stock continues to rally in the near term as other investors who have sold shares short move to cover their positions. As part of its Chapter 11 bankruptcy and restructuring, Wolfspeed's current corporate entity will be effectively disbanded, and a new company built around its assets will be formed. The transferring of assets and new company formation will allow much of Wolfspeed's debt to be cleared and its core silicon carbide manufacturing operations to continue under the leadership of the new company. Through the deal, current common stock shareholders will only receive in the new company between 3% and 5% of the new company's common equity. So while it's possible that current shareholders could see their positions increase above current levels if the new company receives a relatively high valuation, it doesn't seem to be a likely outcome. Short covering and meme-stock momentum could help push shares even higher in the near term, but the risk for investors is very high here. Before you buy stock in Wolfspeed, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Wolfspeed wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $695,481!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $969,935!* Now, it's worth noting Stock Advisor's total average return is 1,053% — a market-crushing outperformance compared to 179% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of July 7, 2025 Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Wolfspeed. The Motley Fool has a disclosure policy. Wolfspeed Soared Again Today -- Is the Stock a Buy? was originally published by The Motley Fool 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
Bloomberg
7 hours ago
- Bloomberg
How German Cities Are Rethinking Women's Safety — With Taxis
Amid growing concerns about women's nighttime safety, several German cities have launched night cab voucher programs, subsidizing taxi rides with €10 vouchers to give women a safer way home. Such schemes have proved hugely popular with users, but their effectiveness in changing overall conditions remains a matter of debate. While countries ranging from India to the US have launched initiatives offering women-only taxi services, German cities are among the first globally to provide subsidies for women's nighttime cab rides.
