Business and Finance
Oakland’s Black-Owned Coffee Chain Files for Bankruptcy
Red Bay Coffee Roasters has officially filed for Chapter 11 bankruptcy. The black-owned coffee chain in Oakland will begin the method as the corporate faces multiple lawsuits.
he informed that Red Bay filed in late August. The well-known franchise, which boasts five stores within the Bay Area, said the impact of Covid-19 and ongoing lawsuits played a significant role. In particular, the documents noted the “rising costs and associated uncertainties” surrounding the lawsuits as a push for Chapter 11 protection.
Owner and current debtor in possession, Keba Konte, began Red Bay in his garage in 2014. In his first-day filings statement on September 5, Konte listed his assets at $251,000. He also listed his liabilities at $3.3 million, with two loans valued at $550,000 each. On the opposite hand, the corporate reported a net lack of greater than $850,000 for the six months to January 2024.
Through her expansion, Konte has positioned the space as unapologetically Black and Brown-friendly, hosting panels and workshops to uplift the community. Red Bay has also showcased exclusive coffee blends that shine a lightweight on social issues, with a recent one dedicated to the conflict within the Democratic Republic of Congo and sickle cell awareness. But lawsuits accusing employees of sexual harassment and wage theft have stalled the corporate’s growth.
In 2018, a former worker sued Red Bay, alleging that several coworkers sexually harassed him. The worker also claims that he was demoted after which fired in retaliation. He also accused the corporate of failing to pay him the total amount of wages he was owed.
The former owner also filed one other lawsuit against Red Bay. The lawsuit claims that the franchise breached a contract for one in all its now-defunct Southern California locations. To add to their legal woes, the lawsuit also claims that the Equal Employment Opportunity Commission (EEOC) has opened an investigation into their business practices based on claims made by a former worker. The EEOC has not yet confirmed the investigation as a matter of federal policy.
With the Oakland-based chain filing for bankruptcy, the longer term of the chain’s five operating stores stays uncertain.
Business and Finance
The US dollar fell as voters headed to the polls
The US dollar dropped in value on November 5 as crowds of American voters went to the polls to forged their ballots.
The dollar even fell in betting markets like PredictIt and Polymarket indicated The probabilities of Trump winning the presidential election are increasing, Reuters reports. With Donald Trump returning to the White House with a Republican-led House and Senate, extreme currency movements ought to be expected.
Trump’s immigration and tariff policies are expected to fuel inflation, while tax cuts for the wealthy and deregulation could spur growth by pushing up longer-dated Treasury yields and pushing up the value of the dollar.
By contrast, a Democratic victory was expected to weaken the dollar as bets on Trump were withdrawn, and investors were concerned about the economic impact of upper taxes on the wealthy and stricter business regulations.
“We may be seeing some leveling off… my impression is that people are being cautious,” said Steve Englander, head of worldwide G10 FX research and macroeconomic strategy for North America at Standard Chartered Bank’s New York branch.
“Right now, the mood seems to be in favor of Trump,” Englander said. “On the other hand, for most of October and early November, Trump’s trading was characterized by a stronger dollar and higher yields.”
Globally, a Trump victory may lead to a weakening of the euro, Mexican peso and Chinese yuan, as these regions could face recent tariffs under his administration. Bitcoin rose 2.76% to $68,928, with Trump’s views seen as more favorable towards cryptocurrencies. Traders are closely watching the Federal Reserve’s two-day meeting that ends on Thursday, expecting the U.S. central bank to cut rates of interest by 25 basis points.
Elsewhere on Tuesday, the U.S. services sector rose to its highest level in greater than two years in October, with employment rebounding strongly. This suggests that the near halt in job growth last month was an aberration.
Business and Finance
First Black-owned gift wrapping brand sold at Lowe’s, Hallmark
Ardean Miller, pioneering entrepreneur Mah Melaninis breaking barriers because the founding father of the primary Black-owned gift wrapping brand, partnering with Hallmark and Lowe’s across the country. With a concentrate on cultural representation, she founded Mah Melanin to fill a niche available in the market for products that commemorate the wonder and variety of black culture.
“When I started Mah Melanin, I wanted to create something more than just beautiful gift packaging. I wanted to start a movement — a place where our stories are told, our beauty is celebrated, and our community is uplifted,” she says. “Partnering with these iconic retailers is a testament to the growing demand for products that reflect our experiences and heritage.”
Breaking down barriers and empowering communities
The partnership with Hallmark and Lowe’s represents a big step toward greater diversity and inclusion within the retail space, reflecting a broader cultural shift. This groundbreaking achievement highlights the growing recognition of the importance of culturally authentic products that encourage and empower.
Under her leadership, Mah Melanin has developed from a small start-up right into a nationally recognized brand. The company has gained endorsements from industry icons comparable to Teddy Riley, Master P and Denise Boutte, and has been noticed by major organizations including an NBA feature and a finalist on QVC’s “The Big Find.” These awards confirm the brand’s commitment to quality, creativity and resilience.
Inspiring the subsequent generation of Black entrepreneurs
He is devoted to not only the success of his brand, but in addition supporting the expansion of other Black entrepreneurs by offering mentorship, sharing resources and creating opportunities for collaboration. Through his efforts, he wants to construct a legacy that can encourage future generations to interrupt barriers and achieve greatness,” he adds.
Mah Melanin’s journey reflects a commitment to celebrating Black culture and amplifying Black and Brown voices through its products, making a profound impact available in the market and beyond.
Discover their products at MahMelanin.com and remember to follow the brand Facebook AND Instagram
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Business and Finance
Jayson Tatum wants to invest in a potential WNBA team in St. Louis
The WNBA plans to add an expansion team to its current roster, and NBA champion Jayson Tatum of the Boston Celtics plans to grow to be an investor in bringing the team to his hometown of St. Louis.
According to , Tatum is connecting two billionaires who want to bring the league’s sixteenth team to Missouri City. The ownership group is headed by billionaires Richard Chaifetz and David Hoffman. Chaifetz’s previous investments include the Alpine F1 team, Major League Pickleball and the Drone Racing League. Hoffman is a developer and owner of the Florida Everblades, a minor league affiliate of the St. Louis Blues.
But despite interest in having a WNBA team in her city, WNBA commissioner Cathy Engelbert says at the least 10 other teams will pose stiff competition.
“The good news is that we have a lot of demand from many cities,” Engelbert said before the WNBA Finals. “I might say about 10 or possibly even plus at this point because I believe the more people watch the WNBA and see what we’re developing here and see these players and the product on the court, the more persons are interested in having it in their cities “.
Tatum has informally agreed to invest in a potential WNBA team. He wants to present the group’s offer to other potential investors and the league itself behind the scenes.
The presentation shown to other potential investors outlines town’s basketball history, dating back to the times of the St. Louis Hawks, which won the NBA championship in 1958. The team can have a home at Chaifetz Arena, where the University of St. Louis is home. The 10,600-seat arena was named in honor of Chaifetz, who donated $12 million to his alma mater in 2007 just over 15 years ago in 2007.
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