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Saks Fifth Avenue Acquires Neiman Marcus For $2.65B With Amazon As Partner Saks Fifth Avenue Acquires Neiman Marcus For $2.65B With Amazon As Partner
Saks Fifth Avenue Acquires Neiman Marcus For $2.65B With Amazon As Partner Luxury department store Saks Fifth Avenue has acquired rival Neiman Marcus, with Amazon jumping on board with a stake in the newly combined company. HBC, the parent company of Saks, entered into an agreement to acquire Neiman Marcus Group, the parent company of Neiman Marcus and Bergdorf Goodman, for a total enterprise value of $2.65 billion.  As part of the deal, Amazon will provide logistics in what HBC says will be a "technology-powered luxury retail company." “We're thrilled to take this step in bringing together these iconic luxury names, Saks Fifth Avenue, Neiman Marcus, and Ber…

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by Joe Lombardi
Business
Recall Issued For Baby Stroller Brand Over 'Fingertip Amputation' Hazard Recall Issued For Baby Stroller Brand Over 'Fingertip Amputation' Hazard
Recall Issued For Baby Stroller Brand Over 'Fingertip Amputation' Hazard UPPAbaby is recalling one of its jogging strollers over concerns they may pose a significant safety hazard, the Consumer Product Safety Commission (CPSC) announced. The recall involves all UPPAbaby all-terrain RIDGE jogging strollers, which have an extendable canopy with a mesh window and zipper pocket, disc hand brake system, and an adjustable handlebar with a wrist strap. The stroller’s rear disc brakes have openings that can cause amputation or laceration if a child's fingertip gets caught in the openings, CPSC said. Around 14,400 of the strollers were sold at various retailers, includi…

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by Michael Mashburn
Lifestyle
Another Giant Clothier Falls: These NJ, NY, CT Brooks Brothers Stores Are Closed For Good Another Giant Clothier Falls: These NJ, NY, CT Brooks Brothers Stores Are Closed For Good
Another Giant Clothier Falls: These NJ, NY, CT Brooks Brothers Stores Are Closed For Good It was the clothier that dressed 40 presidents, brought us the button-down polo shirt and survived not only the Great Depression and two world wars but also casual Fridays. But like so many other traditional retailers, Brooks Brothers was no match for the coronavirus. The 202-year-old company – considered America's oldest apparel seller -- on Wednesday filed for bankruptcy protection while announcing that 38 stores that it closed amid the COVID-19 pandemic weren't reopening. The shuttered stores in New Jersey, New York and Connecticut include: The Shops at Riverside, Hackensack; 2381…

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by Jerry DeMarco
Business
JCPenney Reveals Locations Of 13 More Store Closures JCPenney Reveals Locations Of 13 More Store Closures
JCPenney Reveals Locations Of 13 More Store Closures JCPenney has revealed the locations of another 13 stores it will close permanently. Earlier this month, the community released a list of 154 stores nationwide that will close through the summer. The closures began in mid-June amid JCPenney's Chapter 11 bankruptcy filing. New closures include one JCPenney on Long Island -- located in Suffolk County in Bay Shore at the  South Shore Mall on Sunrise Highway. Farther north, a Hudson Valley JCPenney will close - located in Dutchess County at the Poughkeepsie Galleria on Route 9 (South Road). No other New York, New Jersey or Connectic…

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by Joe Lombardi
Business
JCPenney Announces 154 Stores Set To Close Through Summer JCPenney Announces 154 Stores Set To Close Through Summer
JCPenney Announces 154 Stores Set To Close Through Summer JCPenney has released a list of 154 stores nationwide that will close through the summer. The closures, beginning on Friday, June 12, include New York and Connecticut. Seven closures are scheduled in New York (all upstate) and one in Connecticut (at the Torrington Commons in Torrington). To view the complete list, click here. More closures will be announced in the coming weeks, JCPenney said. The company filed for bankruptcy on Friday, May 15 in the largest retail casualty of the novel coronavirus (COVID-19) pandemic. Founded in 1902, JCPenny has about 800 stores in the United…

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by Joe Lombardi
Business
Victoria's Secret, Bath & Body Permanently Closing Stores Nationwide Victoria's Secret, Bath & Body Permanently Closing Stores Nationwide
Victoria's Secret, Bath & Body Permanently Closing Stores Nationwide Victoria’s Secret will permanently close about 250 stores in the United States and Canada this year, parent company L Brands announced.  Ohio-based L Brands did not detail the closure locations, but there are 1,635 stores nationwide.  L Brands also announced that 51 Bath & Body Works stores in the U.S. and Canada will close this year.  The popular retail chain joins others in announcing permanent store closures in recent weeks including J.Crew, Neiman Marcus, JC Penney, Macy's and Pier 1, accelerated by the coronavirus pandemic.  L Brands said it is evaluating all …

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by Jon Craig
Business
COVID-19: JCPenney Plans To Permanently Close More Than 240 Stores COVID-19: JCPenney Plans To Permanently Close More Than 240 Stores
Covid-19: JCPenney Plans To Permanently Close More Than 240 Stores JCPenney, which filed for bankruptcy last week, now says it plans to close nearly one-third of its stores amid the novel coronavirus (COVID-19) pandemic. JCPenny will be left with about 600 stores after the planned 242 closures. Earlier report - COVID-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic The retailer also says it is aiming to double its e-commerce business, which currently accounts for about 14 percent of its revenue. “The coronavirus (COVID-19) pandemic has created unprecedented challenges for our families, our loved ones, our communitie…

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by Joe Lombardi
Business
COVID-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic COVID-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic
Covid-19: JCPenney Files For Bankruptcy In Largest Retail Casualty Of Pandemic In the largest retail casualty of the novel coronavirus (COVID-19) pandemic, JCPenney has filed for bankruptcy. Founded in 1902, JCPenny has about 800 stores in the United States. “The coronavirus (COVID-19) pandemic has created unprecedented challenges for our families, our loved ones, our communities, and our country," said Jill Soltau, chief executive officer of JCPenney, in a statement released on Friday, May 15. "As a result, the American retail industry has experienced a profoundly different new reality, requiring JCPenney to make difficult decisions in running our business to pr…

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by Joe Lombardi
Business
COVID-19: Neiman Marcus Becomes First Department Store To File For Bankruptcy During Pandemic COVID-19: Neiman Marcus Becomes First Department Store To File For Bankruptcy During Pandemic
Covid-19: Neiman Marcus Becomes First Department Store To File For Bankruptcy During Pandemic High-end retailer Neiman Marcus became the first department store to file for bankruptcy amid the novel coronavirus (COVID-19) pandemic. The outbreak temporarily forced the closure of all 43 Neiman Marcus stores, as well as the company's Bergdorf Goodman stores and Last Call outlets, in late March. On Thursday, May 7, the company said in a statement that it has entered into a restructuring agreement with creditors that will allow it to "substantially reduce debt and position the company for long-term growth." No specific store closures have been announced. Neiman Marcus, whose headq…

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by Joe Lombardi
Business
Ivanka Trump To Close Fashion Company Ivanka Trump To Close Fashion Company
Ivanka Trump To Close Fashion Company Ivanka Trump is shutting down her namesake clothing brand as she turns her focus to her work in the administration of her father, President Donald Trump. After distancing herself from the company last year as she took on a senior advisory role in the White House, Ivanka Trump announced Tuesday that she will be closing the doors of her businesses, which was founded in 2014. She will be meeting with staffers later in the afternoon. “After 17 months in Washington, I do not know when or if I will ever return to the business, but I do know that my focus for the foreseeable future will be the wor…

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by Zak Failla