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Tupperware files for bankruptcy after years of falling popularity and financial woes
Every home’s favorite brand, Tupperware, is filing for bankruptcy as the household name is losing its popularity among younger consumers, in comparison to some of its competitors. In April 2023, Tupperware issued a warning in a regulatory filing, stating that the company faced potential closure if it didn't secure additional financing. The Florida-based firm indicated that without more cash, it would struggle to sustain its business operations. Four months later, Tupperware found a temporary lifeline by negotiating with its creditors. The deal reduced its interest payment obligations by USD 150 Million, secured USD 21 Million in new financing, extended the repayment deadline on approximately USD 348 Million in debt, and reduced its total debt by around USD 55 Million. Despite these efforts, the company's financial situation continued to worsen even after the agreement.
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T-Mobile to pay USD 31.5 Million in settlement over data breaches
The Federal Communications Commission (FCC) has reached a USD 31.5 Million settlement with T-Mobile following several data breaches that exposed the personal data of millions of US customers. These breaches occurred in 2021, 2022, and 2023, including incidents involving an API vulnerability and a breach within T-Mobile’s sales application. Under the agreement, T-Mobile will invest USD 15.75 Million into enhancing its cybersecurity protocols and pay an additional USD 15.75 Million in penalties to the U.S. Treasury. The company has also committed to adopting stronger security measures, such as zero-trust architecture and phishing-resistant multi-factor authentication.
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Fast casual chain BurgerFi files for Chapter 11 bankruptcy
BurgerFi, a Florida-based premium burger chain founded in 2011, went public in 2020 through a special purpose acquisition company (SPAC) deal, a method briefly favored over traditional IPOs for its speed and lighter regulatory requirements. Shortly after, the company acquired Anthony’s Coal Fired Pizza & Wings for USD 156.6 Million. According to a recent bankruptcy filing, BurgerFi has assets valued between USD 50 Million to USD 75 Million, with total debts ranging from USD 100 Million to USD 500 Million. Across its two brands, the company operates 162 restaurants, about half of which are franchised. On Tuesday, BurgerFi filed for Chapter 11 bankruptcy protection, less than a month after expressing concerns to investors about its ability to continue operating. The company joins a growing list of restaurant chains, including Red Lobster and Buca di Beppo, that have turned to bankruptcy to restructure their businesses.
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Oracle agrees to settle lawsuit over tracking data without consent
Oracle has agreed to a USD 115 Million settlement in a class-action lawsuit that accuses the company of tracking consumer activity both online and offline without consent. The lawsuit claims that Oracle gathered, compiled, and sold individuals' data to third parties, a practice Oracle contends was lawful and properly disclosed, without admitting any wrongdoing. As part of the settlement, Oracle will contribute USD 115 Million to create a fund, which will also cover up to USD 28.75 Million in legal fees and other costs. U.S. residents who were affected between August 19, 2018, and the present are eligible to file a claim. The amount each valid claimant receives will depend on the number of claims submitted. The lawsuit suggests that Oracle Advertising products like ID Graph and Data Marketplace improperly collected personal data from web browsing, geolocation services, and electronic in-store purchases, and subsequently shared this data with third parties.
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