Consumer companies advanced as investors returned to discretionary stocks, while consumer staples posted a more modest gain. The sector roundup also brought a Chapter 11 filing at Children’s Place, a leadership change at Goodyear and a proposed debt restructuring at Vivid Seats.
Children’s Place filed for Chapter 11 bankruptcy as it pursues a sale of its assets. The children’s specialty retailer said Sunday that its stores and e-commerce sites remain open. It is in talks with multiple parties over potential transactions that could allow the Secaucus, N.J.-based company to continue operating as a going concern and preserve the value of its brands.
Goodyear Tire & Rubber said Chief Executive and President Mark Stewart stepped down, effective immediately, and left the company’s board. Director Roger Wood was named interim CEO and will lead the tire company while the board searches for a permanent successor. The change comes as Goodyear works to bolster its business.
Vivid Seats reported higher gross order value in the third quarter, lifting its topline. The online ticket marketplace also said Monday that it had reached an agreement in principle with a majority of its term loan lenders on a recapitalization and deleveraging transaction. The proposal would provide $60 million in new-money term loans, convert some existing debt into equity, cut funded debt by about $200 million and extend the maturity of the remaining debt.
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