Worldventures Bankruptcy and Business Problems
Worldventures, the travel club that promised money-making opportunities and access to exclusive vacations, is going through some severe financial trouble. In a short time, things went from bad to worse at Worldventures.
WORLDVENTURE CHAPTER 11
As you may know, Worldventures filed for Chapter 11 bankruptcy in September 2020. This was a massive blow to the morale of its reps, and many saw it as a red flag. Fewer people were interested in joining the club after this news broke, which only made things worse for those still involved with Worldventures.
There are some solutions to help you avoid these problems if they arise within your business or club:
* If an investor or lender becomes concerned about your company’s financial health, find out what he wants from you before making any major decisions on how to proceed.
* Don’t make any rash decisions without consulting legal counsel first!
* If you’re considering bankruptcy or considering closing down your business due to financial hurdles, you may first want to explore all tax deductions for MLM companies.
* If you’re part of an MLM company, the IRS has a list of tax deductions for MLM companies that can be filed as an expense.
* The list includes things like travel, advertising, and recruitment expenses. It also includes business equipment, office supplies, and computers. The IRS has even created a guide for MLM companies on how to file taxes appropriately.
WORLDVENTURES HAS BEEN SUED AND ASKED TO STOP OPERATING IN SOME STATES.
No matter what you do, whether investing or playing the stock market, risks are always involved. Some people have lost their life savings trying to make money in the stock market. So if you use Worldventures as your business opportunity, be sure you’re getting all the facts first.
Worldventures has been sued in ten states and asked to stop operating in more! They were recently sued by members who claim that Worldventures is a scam and has been operating illegally for years.
WHAT IS WORLDVENTURE, AND WHAT’S THEIR BUSINESS MODEL
Worldventures is a company that offers travel packages. They sell these packages through the direct selling model and are members of the Direct Selling Association (DSA). This means they provide financial benefits to their independent representatives, who earn commissions by recruiting others into the business.
Direct selling companies like Worldventures have been around for many years and continue to grow as more people look for alternatives to traditional employment. While direct sales companies have traditionally been considered pyramid schemes, but you need to understand that this is no longer true. The DSA has strict rules that its members must follow to comply with federal regulations and avoid being considered a pyramid scheme.
COO MICHAEL POATES BLAMED THE BANKRUPTCY ON COVID 19’S IMPACT ON TRAVEL
The COVID 19 virus severely impacted air travel in 2019, which meant that many people could not travel internationally and decided not to do so. This included Worldventures customers who were about to go on trips with the company. Worldventures experienced a huge drop in sales due to this phenomenon and went bankrupt.
WORLDVENTURES’ CLUBS BEGAN SHUTTING DOWN IN SEPTEMBER 2020.
Worldventures’ clubs began shutting down in September 2020. By the end of that year, Worldventures clubs closed worldwide. The company plans to expand its online presence through new and improved marketing campaigns. Still, at this point, it’s unclear how much money or time Worldventures will be able to invest into these campaigns before its bankruptcy proceedings begin.
IN MARCH 2020, WORLDVENTURES BEGAN STALLING PAYMENTS TO MEMBERS.
In March 2020, Worldventures began stalling payments to members. This was due to a problem with the company’s bank, which had been experiencing issues in processing credit card transactions.
The delay resulted from a problem with the company’s bank, which had been experiencing issues in processing credit card transactions. The company is trying to protect its reputation, business model, and assets by preventing members from learning about the issues or leaving their membership.
IS WORLDVENTURES STILL OPERATING?
Yes. Whether or not you should invest in WorldVentures depends on your goals. If you’re looking for a reliable way to make money, WorldVentures is probably not the right fit. It may be in the future, but right now, it’s too hot to be worth your time and money. If, however, you’re interested in traveling more often than usual and seeing new places with friends or family members—and willing to put up with some of the drawbacks of being an affiliate— WorldVentures could be for you!
VERONA INTERNATIONAL HOLDINGS INJECTED $82.5 MILLION INTO THE COMPANY.
As you may have heard, Worldventures was in financial trouble and had to file for Chapter 11 bankruptcy protection. Well, it looks like the company has been saved from that fate. A private equity firm called Verona International Holdings injected $82.5 Million into the company to help facilitate its reorganization. The subsidiary of Verona Group purchased a majority stake in Worldventures’ former parent company, WorldVentures Holding Inc., which owns WorldVentures Inc., as well as several other companies under different names.
DID SEACRET BUY WORLDVENTURES?
The short answer is yes, Seacret did buy WorldVentures. If you’re unfamiliar with this company, it’s a wellness and lifestyle brand that sells a wide range of products directly to consumers. For example, health and beauty products; supplements like vitamins and fish oil; other nutritional supplements; cookbooks; fitness equipment and exercise gear; clothing/fashion accessories —everything! They also have an online store where you can buy their products. They don’t sell any “official” Worldventures travel packages or trips through their website, though (at least not anymore).
Worldventures has been sued in multiple states, including New York, for breach of contract and fraud. In some cases, Worldventures has been asked to stop operating in additional states due to concerns about its business practices and consumer complaints. Most of these lawsuits have been filed by individuals who participated in Worldventures’ travel club program as a member or affiliate marketer.
Worldventures is still operational but has left behind a trail of bad debts and broken dreams. Customers who invested with Worldventures are out of luck, as their money is probably gone for good. Unless there’s some miracle that allows people to get back their money from this company, it looks like investors will be out of luck forever.