Loyalty Ventures files for Chapter 11 bankruptcy protection

Loyalty Ventures

10/03/2023 13:11

March 10 (Reuters) - Loyalty Ventures Inc  LYLT.O  said on
Friday it had filed for Chapter 11 bankruptcy protection, after
the provider of consumer loyalty solutions in November warned of
pressure from Russia's invasion of Ukraine, high inflation and
rising interest rates.
    The company's shares tumbled more than 60% to 21 cents in
trading before the bell. The stock fell 92% in 2022 and has lost
76% so far this year.
    Loyalty Ventures helps companies increase shopper traffic
and customers by providing data and technology to manage
customer loyalty programs.
    The company, which will voluntarily delist from the Nasdaq,
had $1.98 billion in liabilities and total assets of $1.59
billion at the end of the third quarter.
    Canada's Bank of Montreal  BMO.TO  will acquire Loyalty
Ventures' subsidiary's rewards program AIR MILES for an
undisclosed amount, the company said.

 (Reporting by Akash Sriram in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))