Latest news with #financialtroubles
Yahoo
3 days ago
- Business
- Yahoo
Malik Beasley Is Being Sued By His Barber, Dentist, And Former Sports Agency
Malik Beasley Is Being Sued By His Barber, Dentist, And Former Sports Agency originally appeared on Fadeaway World. Detroit Pistons guard Malik Beasley delivered one of the best seasons of his career in 2024–25, finishing second in Sixth Man of the Year voting while hitting over 300 threes and playing a pivotal role in the Pistons' return to playoff relevance. Yet behind the scenes, Beasley's financial life has completely unraveled. According to court records obtained by The Detroit News, the 27-year-old is battling over $8 million in debts while facing lawsuits from multiple creditors including his former barber, dentist, landlord, and sports agency. And that's not all. Beasley is currently under investigation by the FBI in connection with a federal probe into gambling, wire fraud, and alleged prop bet violations. While no charges have been filed, sources confirm the Pistons have pulled a proposed three-year, $42 million offer due to the growing uncertainty surrounding Beasley's off-court issues. Among the most high-profile legal troubles is a lawsuit filed in April by Hazan Sports Management Group Inc., a New York-based agency that claims Beasley failed to repay a $650,000 advance on future marketing revenue. The lawsuit, filed in federal court, seeks at least $2.25 million for breach of contract, with Hazan alleging that Beasley made 'sporadic payments and vague promises' after terminating their agreement in February. The firm served Beasley at the Ritz-Carlton in New York City on April 21st, just hours before he helped the Pistons beat the Knicks in Game 2 of their playoff series. Hazan isn't the only creditor after Beasley. A separate $5.8 million judgment was awarded to South River Capital LLC in 2021 after Beasley defaulted on a high-interest athlete loan. Though he repaid $1.13 million of that in 2023, the remainder remains outstanding. Even the more minor debts paint a grim picture. In January 2025, celebrity barbershop Cairo Cuts, known for styling dozens of NBA players, won a $26,827 judgment against Beasley in Wisconsin. The case stemmed from unpaid grooming sessions dating back to his Milwaukee Bucks tenure. Photos of Beasley from the spring of 2024 still sit on the barber's Instagram page with the caption 'playoff ready,' making the collapse of their relationship all the more jarring. That same month, a Minnesota-based dentist, Dr. Hassan Alshehabi of Delicate Smiles, won a $34,390 judgment for unpaid dental procedures. In February, the court approved garnishment of Beasley's Pistons paycheck to begin satisfying the debt, which remains unpaid to date. His housing situation isn't faring much better. Beasley has been sued twice in the past four months by The Stott, a luxury high-rise in downtown Detroit owned by Dan Gilbert's Bedrock real estate empire. In March, the landlord sought $14,150 in unpaid rent, a case that was dismissed. However, just a month later, they filed a second lawsuit over $7,355 in new rent defaults. A court hearing is scheduled for July 15. Meanwhile, Beasley reportedly signed a bridge loan agreement last August with a Florida lender, pledging his current and future NBA contracts as collateral. These types of loans are common for pro athletes but often carry exorbitant interest rates.' In total, Malik Beasley, despite earning over $59 million in NBA contracts, finds himself on the brink of financial ruin. With the FBI circling and the Pistons now hesitant to re-sign him, the sharpshooter's offseason may be defined more by courtrooms than court story was originally reported by Fadeaway World on Jul 2, 2025, where it first appeared.
CBC
15-07-2025
- Business
- CBC
'Morale has hit an all-time low': Conestoga College union speaks out on layoffs
As Conestoga College faces layoffs and program suspensions, the union leaders representing its employees say the toll on the workers is mounting. "There is a sense of panicking now," said Vikki Poirier, president of Ontario Public Service Employees Union (OPSEU) Local 238, representing Conestoga's support staff. Across Ontario's 24 public colleges, approximately 10,000 faculty and staff have been laid off or are projected to lose their jobs, OPSEU said Wednesday. According to an arbitration document between OPSEU and the College Employer Council, 23 of the 24 colleges reported a 48 per cent decrease in first-semester enrolment of international students last year. The document says the decline and financial troubles are a result of the federally implemented international study permit cap. "We receive emails daily from our members with how upset they are," said Poirier. "Morale has hit an all-time low." Poirier's counterpart, Leopold Koff, president of OPSEU Local 237 for faculty counsellors, librarians and partial-load instructors, said the crisis extends across the college, "physically and mentally and spiritually." "They're tired. They were pushed to the max… and they're very worried as to what the future might hold," Koff told CBC News. Layoffs in the hundreds The cuts at Conestoga College have been widespread among both support and academic staff. "We have approximately 190 affected," said Poirier, adding that there is also a small portion not represented in that number. She said some jobs have shaved over 20 roles down to single digits, like student success advisers. "They don't know how they're going to do their job in the fall," she said. Poirier said some fields, including writing consultants, were cut altogether. "That role is gone." While no formal layoff notices have gone to full-time faculty yet, Koff said the damage is clearest among part-time instructors. "From the winter semester which just occurred… we had 580 partial-load faculty, whereas the year before we had somewhere like 710. This spring-summer… it's now down to 240," Koff said. "From 710 last fall to this summer 240. I don't know what you would call it other than a layoff." College has 'misaligned financial priorities,' says union president Both union presidents say communication from college leadership has been minimal. "They're lacking direction… the communication is non-existent," said Poirier. "There has been absolutely no comment, or town hall, or one ounce of compassion that has come from our leader." Poirier and Koff criticized what they see as misaligned financial priorities, including a pay bump for Conestoga's president, John Tibbits. "President Tibbits makes more than the prime minister of Canada. And we would like to know what we get for that," Poirier said. Meanwhile, Poirier says staff and students are struggling with basic working and learning conditions. "Our students are uncomfortable. Our staff is uncomfortable," she said. "Why are our students paying a fortune in tuition to come to an education facility where they are not comfortable to learn?" CBC News reached out to Conestoga College for comment, but they declined. Instead, in an emailed statement, a spokesperson for the college said: "Given the complexity of the issue and its implications across the sector, at this time, inquiries related to layoffs and program suspensions and closures are being directed to the College Employer Council." In a report last week, the College Employer Council laid the blame at the feet of the federal government, saying the cap on international students led to a dramatic decline in enrolment and tuition revenue.
The Sun
15-07-2025
- Business
- The Sun
Future of iconic high street chain with 281 shops at risk as a THIRD of its stores could be axed
AN iconic high street retailer with 281 shops could face "significant" store closures amid mounting financial troubles, according to new reports. The popular budget accessories chain has hired Interpath Advisory to advise on the possible sale and restructuring of its UK arm. 1 One retail industry boss has speculated that as many as a third of the UK shops could be axed in a deal to salvage the rest of the chain, reports Sky News. The retailer is scrambling to address a looming £355million debt repayment due in December 2026. Advisers have been hired to look into ways to save the company. bankruptcy protection for the chain's US operations, according to The Telegraph. The appointment of Interpath has sparked fears of widespread store closures and possible withdrawals from some countries as the company tries to cut costs.
The Sun
13-07-2025
- Business
- The Sun
Major update on future of iconic high street chain with 281 shops as store closures loom
A MAJOR update has been issued on the future of an iconic high street chain with 281 shops. Claire's, the popular jewellery and accessories chain, is facing mounting financial troubles that could spell disaster for its UK high street stores. 1 The retailer, which has 281 stores across Britain, is scrambling to address a looming £355million debt repayment due in December 2026. Advisers have been hired to look into ways to save the company. Restructuring specialists at Interpath are seeking investors to salvage parts of the UK business, while American advisers are considering bankruptcy protection for the chain's US operations, according to The Telegraph. The appointment of Interpath has sparked fears of widespread store closures and possible withdrawals from some countries as the company tries to cut costs. Globally, Claire's operates over 2,300 stores and is well-known for its ear-piercing services. Claire's UK arm has struggled financially, racking up £25million in losses over the past three years. In the year to March 2024, it reported a £4.7million loss, slightly better than the £5million loss the previous year, with turnover slipping to £137million. The company blames inflation, rising costs, and supply chain issues for its struggles. It has also been hit hard by US tariffs on Chinese imports, as much of its low-cost merchandise comes from China. Claire's was contacted for comment. Why are so many shops going bust? What's happening at Claire's? This isn't the first time Claire's has faced financial difficulties. The chain filed for Chapter 11 bankruptcy in the US in 2018 in a bid to restructure its debts. It emerged years later under the control of creditors, including hedge funds Elliott Management and Monarch Alternative Capital. The company is also reportedly exploring a sale of its North American and European operations, with bankers searching for potential buyers. However, there's no guarantee a sale will go ahead, and for now, Claire's UK stores remain open and trading as usual. Retail experts say Claire's is struggling to stay relevant in a competitive market. Budget-conscious shoppers now turn to online platforms like for affordable jewellery and accessories. Julie Palmer, partner at Begbies Traynor, said: "Claire's low-price offering is clearly not strong enough to win over its core customers – teens and young adults – as they now have access to a vast array of affordable and convenient products online through platforms like Amazon and Temu. "So, with fewer reasons for its customers to visit their stores, the retailer has struggled to stay relevant." Why is the retail sector struggling? The retail sector has struggled in recent years due to the onset of online shopping and lockdowns during the coronavirus pandemic. Higher inflation since 2022 has also hit shoppers' budgets while businesses have struggled with higher wage, tax and energy costs. Last month, Polish owner Pepco Group sold Poundland to US investment firm Gordon Brothers for £1 after a downturn in trading. The new owners are now asking the court for permission to close 68 stores and negotiate lower rents on others, with up to 82 more stores potentially shutting in the future. Both Hobbycraft and The Original Factory Shop are also shutting branches as part of restructuring efforts. Higher inflation since 2022 has also hit shoppers' budgets while businesses have struggled with higher wage, tax and energy costs. The Centre for Retail Research has described the sector as going through a "permacrisis" since the 2008 financial crash. Figures from the Centre also show 34 retail companies operating multiple stores stopped trading in 2024, leading to the closure of 7,537 shops. RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
Bloomberg
30-06-2025
- Business
- Bloomberg
Hong Kong Builder Emperor Shares Drop After It Says Debt Overdue
Hong Kong developer Emperor International Holdings Ltd. shares fell the most this year Monday after it reported overdue bank loans and said it's talking to banks on a restructuring plan. The real estate firm had more than HK$16.6 billion ($2.1 billion) overdue as of March 31 'and/or the Group has breached certain terms of the loan agreements,' according to a filing to the Hong Kong stock exchange late Friday. 'The banks may request immediate repayment of these bank borrowings,' the company said in the filing.
