"Rivalry Corp. is pulling back sharply on its day-to-day business as its board considers what comes next for the company. The Toronto-based online betting and gaming operator said Friday (February 13) that directors have signed off on a major scale-down of operations. The move comes after months of uneven performance that have put pressure on the business and forced leadership to rethink its direction."
"Effective immediately, Rivalry has begun cutting costs across the organization, which includes a significant reduction in staff and other operating expenses. The company has also halted all player activity on its betting platform. Customers are still able to withdraw funds in the normal course, but no new bets can be placed and the platform is otherwise inactive until further notice."
"Behind the scenes, the board has been talking with outside parties about potential transactions. Executives cautioned that there is no certainty any agreement will materialize, and no promise that the company will eventually return to operating at its previous scale. Options on the table range from selling specific assets to pursuing a broader corporate deal, restructuring, or another strategic path."
Rivalry Corp. is sharply scaling back day-to-day operations as its board evaluates strategic options. Directors have approved a major scale-down that includes significant staff reductions and cuts to other operating expenses. The betting platform has been halted for new wagers while customers can still withdraw funds. The board is engaging with external parties about potential transactions, though no agreement is certain. Options under consideration include asset sales, a broader corporate deal, restructuring, or other strategic paths. The pullback aims to conserve cash and buy time for evaluation, but there is no assurance the company will continue in its current form.
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