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Search resuls for: "SmileDirectClub Inc"


2 mentions found


☆ Bankruptcies are surging - and Fed rate hikes are to blame, economist says
  + stars: | 2023-10-13 | by ( Aruni Soni | ) www.businessinsider.com   time to read: +2 min
Rising US corporate bankruptcies are due to Fed rate hikes, Apollo chief economist said. "The September data for bankruptcy filings are out, and more and more companies are going bankrupt because of Fed hikes," said Apollo chief economist Torsten Sløk in a note on Friday. "Bankruptcies are hitting companies with high levels of debt and low earnings in the Consumer discretionary, Healthcare, and Industrials sectors," Sløk added. AdvertisementAdvertisementSome of the other headline bankruptcies this year have included the collapse of Yellow, Bed Bath & Beyond, and Silicon Valley Bank. According to experts, a rising wave of bankruptcies and debt defaults could risk rocking the economy towards a recession.
Persons: —, Torsten Sløk, Sløk Organizations: Service, P, Healthcare, SmileDirectClub Inc, Silicon Valley Locations: Silicon
☆ SmileDirectClub CFO Cuts Costs as Demand for Teeth Straighteners Falls
  + stars: | 2022-09-20 | by ( Kristin Broughton | ) www.wsj.com   time to read: +4 min
SmileDirectClub Inc.’s finance chief is cutting costs as the company, whose sales have plunged amid high inflation, aims to turn a profit next year. Troy Crawford, CFO of SmileDirectClub Photo: SmileDirectClubU.S. consumer prices rose 8.3% in August compared with a year earlier, hovering near four-decade highs, the U.S. Labor Department said last week. The company continues to identify potential savings but hasn’t set additional targets, said Mr. Crawford, who took over as CFO in June after serving as interim CFO since January. Its net loss was $20.3 million, compared with $16.9 million a year earlier. The company is under pressure to show that customers that, even in an inflationary environment, it can still boost sales, Mr. Crawford said.
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