Julian Clary, Elaine Paige and Beverley Knight will perform.
The Disney Cruise Line announced Friday that it has suspended all departures through the end of February. The move continues cutbacks at the company, which has seen layoffs and the end of such vehicles as Radio Disney in recent days, as the pandemic’s fallout ruthlessly attacks the bottom line. Disney Cruise Line said it “remains […]
The Lakers duo's number trade was spiked by Nike last year.
The stock market pushed further into record territory on Friday, closing a remarkable week. There are plenty of uncertainties in the market right now, but investors are nevertheless convinced that everything will turn out well. With optimism reaching exuberant levels, the question is whether the stock market can keep up the pace in 2021.
Experts warn stress of being cooped up may make creatures more vulnerable to viruses
The president has long claimed without substantial evidence that the Georgia election results are a fraud, even after multiple recounts showed he lost
(Bloomberg) -- Boutique women’s clothing chain Francesca’s Holdings Corp. filed for bankruptcy after the pandemic eroded the company’s already flagging sales.The Houston-based company sought Chapter 11 protection in U.S. Bankruptcy Court in Delaware late Thursday with plans to sell the business, according to a statement. TerraMar Capital LLC or an affiliate has agreed to become the stalking-horse bidder in a court-supervised auction, and Francesca’s existing lender, Tiger Finance LLC, has committed to provide a $25 million bankruptcy loan, the retailer said.“Implementing this process allows Francesca’s to address our lease obligations and seek a new investor that can see Francesca’s into the future,” Andrew Clarke, chief executive officer, said in the statement. Other potential bidders are studying the company, the chain added, with a target of Jan. 20 for completing a sale.Francesca’s markets itself as a destination for ever-changing fashion. It replenishes its merchandise daily, with the capacity to ship more than 100,000 units each day. About half of the company’s 1,500-square-foot boutiques are in malls.Retail CarnageThe chain joins a growing list of more than three dozen clothing retailers seeking to reorganize amid the pandemic. Francesca’s temporarily shut down in March and began reopening in April, leading to a 50% drop in first-quarter net sales that raised doubt about its ability to survive. Bloomberg reported Francesca’s pending court filing last week.But Francesca’s was already struggling well before the pandemic hit. The previous management reported two years of losses and scrapped a strategic review last year after top executives departed.Clarke, who took over as CEO early this year, previously headed the Loft chain of Ascena Retail Group Inc., which has also filed for bankruptcy. He inherited a turnaround program begun last year that aimed to cut costs, boost online sales and refocus on its 18-to-35-year-old customers, according to court filings. In a sign of how far behind Francesca’s had fallen, the company launched its first mobile app only last month.“Without these initiatives, Francesca’s likelihood of continuing as a going concern would have been greatly diminished,” Clarke said in court papers Friday.Deferred RentThe impact of the pandemic was simply too great to avoid Chapter 11, Clarke said. While online sales were growing, most of the revenue was coming from the stores. To cut expenses, Francesca’s deferred about $36.8 million in rent as foot traffic plunged by 47%.The bankruptcy is another blow for retail landlords, whose struggling tenants have been withholding rent or filing for Chapter 11 protection. Shopping center owners listed as creditors in Francesca’s court case include Simon Property Group Inc. and Tanger Properties LP, according to court records.Francesca’s last month said it planned to shutter about 140 of its 700 stores and added late Thursday that more closings might be necessary. Some 558 stores remain open and the company employs 4,540 people, most of whom work at the boutiques, court papers show.The case is Francesca’s Holdings Corp., 20-13076, U.S. Bankruptcy Court in the District of Delaware. To see the docket on Bloomberg Law, click here.(Updates with events leading up to the bankruptcy starting in the fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Queen Latifah opens up about her mother's battle with interstitial lung disease in the Beyond Breathless documentary, premiering on A&E; Saturday, Dec. 5 at 12 p.m. ET
The Port Commission of the Port of Houston Authority will conduct its regular monthly meeting virtually on Tuesday, Dec.8.
Edge rushers Nick Bosa and Dee Ford were lost for the season by Week 2. The secondary has been a revolving door all season as stalwarts like Richard Sherman, Jaquiski Tartt and K’Waun Williams are among those dealing with injuries. Through it all, the San Francisco 49ers have still managed to put together one of the league’s top defenses thanks in large part to their defensive coordinator, who is making his case to be one of the top head coaching candidates at the end of the season.
The governor has dismissed the criticism as ‘all political’
Marv Marinovich, who captained Southern California’s national championship football team in 1962 and famously employed his strength and conditioning methods to groom son Todd into becoming quarterback for the Trojans, has died. The university said he died Thursday of natural causes in Mission Viejo. Marinovich grew up in the Northern California city of Watsonville.
Friday was a happily memorable day for the marijuana sector, but you wouldn't know that from the performance of HEXO (NYSE: HEXO) stock. The company's shares cratered by nearly 8% on the day, despite the passage of a historic marijuana decriminalization measure in the U.S. House of Representatives. In what can't be classified as an instance of ideal timing, as the House was preparing its vote, HEXO announced that it has scheduled an annual general meeting (AGM) of shareholders for Friday, Dec. 11.
California law firm Hanson Bridgett advised Project Cannabis in its $69 million sale to Columbia Care, a top player in the global cannabis space.
Netflix had appointed https://www.reuters.com/finance/article/us-netflix-cfo/netflix-poaches-activisions-neumann-for-cfo-role-idUSKCN1OW1BA Neumann as Chief Financial Officer in January 2019, after Activision terminated his employment for violating legal obligations to the company. "Netflix has a pattern and practice of unlawfully inducing employees of other competitors to breach their fixed-term contracts," Activision said in a court filing, adding that Netflix knowingly induced Neumann to breach his employment contract with Activision.
Billy Joe Saunders said his unanimous points win against Martin Murray at the Wembley Arena, which saw him retain his WBO super-middleweight title, was "like boxing in a cemetery." The 31-year-old made easy work of his opponent, in what was his first fight in a year, with the title bout taking place behind closed doors due to ongoing coronavirus restrictions. Murray went down under a barrage of punches in the fourth round, but appeared to have lost his balance and no knockdown was given.
Congress considering bipartisan $908B relief proposal; Kristin Fisher reports from the White House
Time to start your architectural bucket list. From Veranda
Biden said he would refrain from holding a "super" version of Trump's October nomination of Amy Coney Barrett, which led to a COVID-19 surge in the White House.
Shares of Snowflake (NYSE: SNOW) surged 14% to a record closing high of $387.70 on Friday, furthering the cloud data specialist's gains since reporting earnings earlier in the week. Snowflake's first earnings release since its initial public offering (IPO) in September was solid. On Thursday, analysts at Goldman Sachs, Deutsche Bank, and several other investment firms hiked their price targets for its shares.