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Saturday, nov 9
Business
Luxury Retailer Barneys Sets Closing Date For Its Stores
Barneys New York luxury goods stores and its corporate office will officially be closed later this month, costing hundreds of jobs after the company went bankrupt. The once iconic luxury retailer will shutter the doors of 15 stores across the country as of Sunday, Feb. 23, with 719 employees losing their jobs, according to the New York State Department of Labor. According to reports, any employee at the 97-year-old chain who has worked for the company at least two years received five-weeks severance, though workers did not receive accrued vacation time. The closures come after Barneys file…
Business
Pier 1 Will Close Nearly Half Its Stores Amid Bankruptcy Speculation
Pier 1 Imports announced it will close up to 450 stores, nearly half of its 942 outlets. The news comes amid rumors unconfirmed that the retailer will soon file for bankruptcy and after another quarter of declining sales and losses. Pier 1 said sales decreased 11.4 percent compared to the third quarter of fiscal 2019. Pier 1, which did not reveal the timetable for store closures, said it plans to shut down some distribution centers and reduce its corporate headcount while also slashing expenses. To view the Pier 1 statement, click here.
Business
Luxury Retailer Barneys Closing 15 Stores, Files For Bankruptcy
Barneys has gone bankrupt. The luxury retailer has officially filed for bankruptcy due to decreased sales, and will be closing down 15 stores as part of a reorganization effort. “For more than 90 years, Barneys New York has been an iconic luxury specialty retailer, renowned for its edit, strong point of view, creativity, and representation of the world's best designers and brands," Barneys CEO and President Daniella Vitale said. "Like many in our industry, Barneys New York's financial position has been dramatically impacted by the challenging retail environment and rent structures that are …
News
Father/Son Owners Of Area Auto Dealership Charged With Tax, Bank Fraud
A father and son who own a Hudson Valley auto dealership are facing charges for an alleged multi-million dollar tax and bank fraud scheme. Central Valley residents Mehdi and Saeed Moslem, the owners of the Exclusive Motor Sports car dealership in their Orange County hometown, were arrested and indicted for their roles in conspiring to defraud the United States, U.S. Attorney Geoffrey Berman announced. It is alleged that from 2009 through 2016, Mehdi Mosel, 70 and his son, 35, concealed millions of dollars in profits from the IRS that were tied to their dealership. Berman said that to fals…
News
Honda Recalls 1.6M Vehicles Due To Potentially Deadly Airbags
Honda is recalling 1.6 million vehicles nationwide due to potentially deadly Takata airbag inflators, completing its required recall of nearly 13 million vehicles. The recall will affect Honda and Acura vehicles in the United States. According to the U.S. National Highway Traffic Safety Administration (NHTSA), Takata used ammonium nitrate to create a small explosion and inflate airbags in a collision. But the chemical can deteriorate when exposed to high temperatures and humidity and blow apart a metal canister, spewing out shrapnel. Affected Honda models include the 2001-2012 Accord,…
Business
Sears Announces This Westchester Store Will Be Latest To Close
This story has been updated. As Sears continues to struggle to survive in a market filled with instant deliveries and the internet, the company announced on Wednesday, June 5, that another of its Westchester stores will close its doors. “As we continue to evaluate our store network and invest in our best stores, the Sears store in Yonkers at Cross Country Shopping Center did not meet our go-forward criteria," a Sears company spokesperson told Daily Voice. The store will close in late July and the store liquidation sale will start around Thursday, June 6, the spokesperson said. "We invite …
Business
Friendly's Closes 23 Restaurants, Including In New York, Connecticut
Friendly's is closing 23 more of its restaurants in the Northeast, including in New York and Connecticut. The closures will occur when the leases are up of the affected restaurants. "While this was a tough decision, we are confident it will best position the brand for a bright future," Friendly's CEO George Mitchell wrote in a letter to franchise owners in April. "Especially difficult is the impact these closures will have on the locations' wonderful employees, who we are working to support with opportunities in other locations or severance payments and other assistance." Fourteen of …
Business
Payless Going Out Of Business, With Eight Westchester Stores Among Closures
Another iconic retailer is going out of business. Payless ShoeSource will be closing all of its 2,100 remaining stores in the U.S. and Puerto Rico. The chain had filed for Chapter 11 bankruptcy protection nearly two years ago, closing hundreds of stores as part of its reorganization. Liquidation sales start Sunday, Feb. 17 with all stores staying open until the end of March with many others remaining in business until May. Store closures in the Hudson Valley and Fairfield County are as follows: Hudson Valley Westchester County Burlington Shopping Center, Yonkers Cortlan…
Business
Fashion Retailer Charlotte Russe To Close Stores In Westchester, Rockland
Another traditional brick-and-mortar retailer will soon be shuttering its doors in the Hudson Valley. Charlotte Russe Holding Corp., which operates Charlotte Russe, a fashion brand for females filed for Chapter 11 bankruptcy protection over the weekend, impacted local stores. The company announced that it is planning to close 94 stores, including locations at the Jefferson Valley Mall in Yorktown Heights and Rockland Plaza on Route 59 in Nanuet. The stores at the Galleria Mall in White Plains and Palisades Center in West Nyack were not on the initial list of locations closing. Charlotte Ru…
Business
40 New Sears, Kmart Store Closures Announced, Including Three In NY
Less than a month after it filed for bankruptcy and announced the closures of 142 Sears and Kmart stores, Sears Holdings is saying it's planning to close another 40 stores in February. The new round of closures means there will be roughly 660 Sears and Kmart stores still open. Liquidation sales at the 40 locations set to close will start late next week. There are three stores slated to shut down in New York among those 40: Kmart 805 New York Ave., Huntington Sears, 3065 Route 50, Saratoga Springs Sears, 21182 Salmon Run Mall, Watertown The one store in Connecticut in the ne…
News
Westchester Developer Admits To Ponzi Scheme, Could Face Decades In Prison
A real estate developer has admitted to operating a years-long Ponzi scheme that included properties in Westchester. Michael D’Alessio, 53, has pleaded guilty to one count of committing wire fraud and one count of concealing assets from a bankruptcy court. He faces up to 20 years in prison and hundreds of thousands of dollars in fines when he is sentenced on March 22 next year. The elaborate scheme involved defrauding investors of luxury real estate developments in Manhattan, the Hamptons, Westchester and other locales. D'Alessio is the former president and CEO of real estate deve…
Business
Nearly 200 Sears, Kmart Workers In Area Will Lose Jobs Following Bankruptcy Declaration
Nearly 200 Sears and Kmart employees will lose their jobs following the official filing for bankruptcy by Sears Holdings. Last week, Sears announced that it would be closing another 142 unprofitable Sears and Kmart locations, including several in the area. Those closures will reportedly impact According to the Worker Adjustment and Retraining Notification filed on Oct. 15, 42 employees at Kmart on Route 6 in Mahopac would be let go; 55 employees at Sears in the Jefferson Valley Mall would face termination; 76 employees at the Sears at The Shops in Nanuet; and 12 at Sears on Route 59 in Nanu…
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