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Stock impact report

‘Unforeseen circumstances' force Portland's Schoolhouse Electric to lay off most of its staff [Yahoo! Finance]

Avidbank Holdings, Inc. (AVBH) 
NASDAQ:AMEX Investor Relations: avidbank.com
Company Research Source: Yahoo! Finance
The home goods retailer announced in May that it planned to sell its century-old building in Northwest Portland. While they originally planned to remain open during the sale process, a company spokesperson told KOIN 6 News on Friday they were forced to cut staff and expenses earlier than expected. Award-winning North Portland bakery to close original location “The company experienced a series of unforeseen events, including the loss of support from its secured lender, Avidbank, which created immediate challenges related to funding, access to capital, and liquidity,” a spokesperson told KOIN 6 News. “As a result, the company made the difficult decision to reduce staff and expenses while continuing to pursue a sale.” Schoolhouse was founded in 2003 by Portland-native Brian Faherty. He sold the company to Brooklyn-based lifestyle brand Food52 in 2021 for $48 million, according to a press release The spokesperson said approximately 75% of Food52's workforce was laid off this week Show less Read more
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