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Soho House Is Heading Toward Bankruptcy, a New Report Says

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Soho House Is Heading Toward Bankruptcy, a New Report Says

Soho House is crumbling—according to GlassHouse Research, at least.

The research company has published a scathing report claiming that Soho House & Co, Inc. has a “broken business model” and “terrible accounting.” The company added that SHCO’s “persistent lack of profits and rising debt levels” have put it in a “precarious situation” that could affect its future viability.

SHCO oversees chic hotels and private members’ clubs across the globe, including Soho House, the Ned, and Scorpios Beach Club. The chain floated in New York at $14 a share less than three years ago but recently dropped to just $5 a share, according to The Times. Once worth $2.8 billion, the business is now valued at $975 million.

GlassHouse Research alleges Soho House is expanding into less affluent cities and increasing the number of memberships, which in turn is reducing its exclusivity and affecting customer service. (It currently has 42 locations and 184,542 members, the report says.) It also purported the company is “hurtling toward financial ruin” and could end up going bankrupt like WeWork.

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The exterior of Soho House New York.

Neilson Barnard

Shares of the company slumped by 30 percent in intraday trading on Wednesday before closing down 19 percent. Shares then surged 13 percent premarket on Thursday after SHCO spoke out against the report.

“Soho House & Co Inc. fundamentally rejects the recent report published by GlassHouse Research, which contains factual inaccuracies, analytical errors, and false and misleading statements, all designed to adversely impact the company’s stock price for the benefit of the short-seller,” SHCO said in a statement. “The company was not contacted for any comment or clarifications prior to the report being released.”

SHCO added that it is confident in the strength of its business and is focused on executing its strategy. It said that an independent committee was formed in the fall of 2023 to evaluate strategic transactions, some of which may result in Soho House going private.

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SHCO plans to share its 2023 results on March 6. It will also issue guidance for this year, with the expectation of continued growth in membership, revenues, and cash flows. GlassHouse Research issued a rebuttal a few hours after the announcement.

“Soho House rejects our report, says it has inaccuracies/errors, but does not list anything,” the company tweeted. “The company also expects growth in its made-up metric adjusted EBITDA, but says nothing about free-cash-flow or GAAP EPS. So, there you have it, more years of actual losses.”

The proof will be in the results, we suppose.

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Ron Ely, Star of TV’s Tarzan, Cause of Death Revealed

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Ron Ely, Star of TV’s Tarzan, Cause of Death Revealed


Ron Ely Dead: ‘Tarzan’ Actor Cause of Death Revealed — Obituary



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Scientists study ‘very rare’ frozen remains of 35,000-year-old saber-toothed cub

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Scientists study ‘very rare’ frozen remains of 35,000-year-old saber-toothed cub

A mummified saber-toothed cub of a catlike animal dating back 35,000 years was left almost perfectly preserved in Siberia’s permafrost.

The remains had been found back in 2020, northeast of Yakutia, Russia. Research regarding the study of the cub was published in the journal Scientific Reports on November 14, 2024. 

The discovery of frozen remains from the Late Pleistocene period is “very rare,” according to the published research, though most discovered in Russia lie in the Indigirka River basin, the authors note. 

The mummified saber-tooth cub found in Siberia’s permafrost was studied by scientists and found to have been buried around 35,000 years ago. (Alexey V. Lopatin)

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The mummified cub remained well-preserved, frozen in time for thousands of years. The frozen nature of this find left it in impressive condition, even still containing fur. 

“The mummy body is covered with short, thick, soft, dark brown fur with hair about 20–30 mm long,” the authors wrote in the published research, also pointing out that the fur that was located on the back and neck of the cub was longer than the hair that was found on the legs. 

The head of the mummy was also left well-preserved, down to its chest, front arms and paws. 

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The study of this find wasn’t just a unique opportunity for scientists, it also provided first-of-its kind research.  

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“For the first time in the history of paleontology, the appearance of an extinct mammal that has no analogues in the modern fauna has been studied,” the authors of the study explained. 

Heads of three-week-old cubs

This discovery provided an extremely unique and rare opportunity for scientists to study an extinct species that was so well preserved. (Alexey V. Lopatin)

The scientists determined that the cub had died at about three weeks old. It was identified by the authors of the study as belonging to the species Homotherium latidens and had many differentiations from a modern lion cub of a similar age. 

The shape of the muzzle displayed by the mummified cub, which had a large mouth and small ears, plus a “massive” neck, long forelimbs and a darker colored coat, were all among key differences from today’s modern lion cubs that scientists observed. 

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Scientists also worked in their research to find out how the extinct species was able to survive through frigid temperatures.  

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Large contributors to their survival were the shape of the large paws and absence of carpal pads. Scientists believe these elements helped them get through the snow.

In recent years, there have been other ancient animals found in Siberian permafrost. 

Skull of cub

Analysis of the cub’s skull helped scientists identify it as belonging to the genus Homotherium. (Alexey V. Lopatin)

 

For example, in 2021, a mummified wolf was discovered that dated back over 44,000 years, Live Science reported in June 2024. 

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More than 100 Palestinians killed in Israeli attacks on Gaza in 48 hours

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More than 100 Palestinians killed in Israeli attacks on Gaza in 48 hours

Director of the Kamal Adwan hospital says several staff wounded in Israeli bombardment.

At least 120 people have been killed in Israeli attacks on Gaza in two days, Palestinian health officials said, as Israel intensified its bombardment across the besieged territory.

At least seven people were killed when a residential home was hit overnight in the Zeitoun suburb of Gaza City, health officials said on Saturday. The other deaths were recorded in central and southern Gaza.

Israeli air raids caused significant damage to al-Faruq Mosque in the Nuseirat refugee camp in central Gaza, according to a social media video verified by Al Jazeera.

Israeli forces also deepened their ground offensive and bombardment of northern Gaza, where one of the last partially operating hospitals was hit, wounding several workers.

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Hussam Abu Safia, director of the Kamal Adwan Hospital, said in a statement on Saturday that Israeli forces “directly targeted the entrance to the emergency and reception area several times, as well as the hospital courtyards, electrical generators, and hospital gates”.

The bombardment “resulted in 12 injuries among doctors, nurses, and administrative staff within the emergency and reception areas”, he said.

The Israeli military rejected the allegations and said it was “not aware of a strike in the area of the Kamal Adwan Hospital” following an initial review of the situation.

On Friday, Gaza’s Ministry of Health said hospitals have fuel left for only about two days before it needs to start restricting services.

Israel’s military imposed a siege and launched a renewed ground offensive in northern Gaza last month, saying it aimed to stop Hamas fighters from waging more attacks and regrouping in the area.

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The United Nations warned earlier this week that almost no aid had been delivered to northern Gaza since Israel’s renewed offensive as aid groups and food security experts warn of a famine in the area.

In a call with Defence Minister Israel Katz on Saturday, United States Defense Secretary Lloyd Austin pressed Israel to “take steps to improve the dire humanitarian condition in Gaza”, the Pentagon said.

Israel’s assault on Gaza has killed more than 44,000 people and wounded more than 104,000 since October 2023, according to Palestinian health officials.

Israel launched its assault on Gaza after the Hamas-led attacks on southern Israel on October 7, 2023, in which at least 1,139 people were killed and about 250 others seized as captives.

A spokesperson for the armed wing of Hamas, Abu Ubaida, said later on Saturday that a female Israeli captive in the group’s custody had been killed in northern Gaza in an area under attack by Israel’s forces.

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“The life of another female prisoner who used to be with her remains in imminent danger,” he added, accusing the government of Prime Minister Benjamin Netanyahu of being responsible and of undermining efforts to end the war.

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