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Senin, 03 Februari 2020

Forever 21 reaches $81 million deal to sell its retail business to US mall owners and Authentic Brands - CNBC

People enter a Forever 21 store at a shopping mall in Montebello, California on September 30, 2019 a day after the fashion retailer filed for Chapter 11 bankruptcy protection.

Frederic J. Brown | AFP | Getty Images

Forever 21 has reached an $81 million deal to sell its retail business to a group that includes Simon Property Group, Brookfield Property Partners and Authentic Brands.

Forever 21 said in a bankruptcy court filing it is seeking approval to name the three as the lead, stalking-horse bidders in an auction.

Rival bidders have until Friday to make any counteroffers, the filing said. If other bids are made, an auction will be held on Feb. 10. Forever 21 is planning to seek approval of the sale by Feb. 11.

Forever 21 filed for Chapter 11 bankruptcy protection in September. The mall-based apparel chain, which caters to younger customers, got into trouble by expanding too quickly inside and outside the United States. Forever 21 has shuttered more than 100 locations since its bankruptcy filing. It still had more than 800 stores globally in September.

The fear for many of America's mall owners has been that a liquidation of Forever 21 would leave them with too much vacant space. Simon and Brookfield are two of Forever 21's biggest landlords.

While not common for a real estate company to acquire a retailer, the strategy has been successfully used before.

In 2016, Simon and mall owner General Growth Properties, which is now owned by Brookfield Property Partners, teamed up to rescue embattled teen apparel retailer Aeropostale. The two were part of a group that ultimately won an auction to buy the Aeropostale brand out of bankruptcy court, salvaging its real estate. At the time, Simon had about 160 Aeropostale stores in its portfolio, while GGP had 77. A liquidation would have left them with more than 200 empty shops.

Simon's malls have nearly 100 Forever 21 stores.

When asked in July about acquiring or investing in more of its own tenants, Simon Property CEO David Simon said: "We're certainly as good as the private-equity guys when it comes to retail investment. ... And so, I wouldn't rule it out."

Authentic Brands in late 2019 bought the rights in bankruptcy court to the Barneys New York brand name. Its retail portfolio includes Nine West and Nautica.

Read the Forever 21 court documents here.

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2020-02-03 12:25:00Z
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Bernard Ebbers, former WorldCom CEO who went to prison in massive accounting fraud case, is dead - CNN

His death was confirmed by his attorney in a statement to CNN affiliate WAPT in Jackson, Mississippi. Ebbers had been granted an early release from prison due to poor health in January after serving just over 13 years of a 25-year sentence. He was 78 years old.

Ebbers was found guilty in 2005 of conspiracy, securities fraud and filing false statements in the case that brought down what was then the nation's No. 2 long-distance provider. The company eventually went bankrupt, leading to substantial losses for shareholders. Thousands of WorldCom employees lost their jobs and savings. At the time, the bankruptcy was the largest in US history.

Ebbers insisted during the trial that he had been unaware of the fraud that was taking place at his company, but Scott Sullivan, the company's chief financial officer, testified against him during his trial.

A federal jury in New York deliberated for eight days before finding him guilty on all counts against him.

Ebbers' attorney filed for his early release last year, saying that his health had deteriorated substantially, necessitating his transfer to a 24-hour nursing care unit. The filing said his weight had dropped from 200 pounds to 142 pounds in the previous 18 months, that he was having trouble walking. His attorney said Ebbers had fallen and suffered head injuries numerous times.

In the filing, his attorney said it was estimated he had only 18 months to live.

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2020-02-03 12:44:00Z
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Coronavirus: China shares in biggest fall in four years - BBC News - BBC News

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2020-02-03 10:26:06Z
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Stocks in China Slide; U.S. Equity Futures Advance: Markets Wrap - Yahoo Finance

(Bloomberg) -- U.S. equity futures rose and European stocks fluctuated following steep losses at the end of last week and as investors digested the latest developments in the coronavirus outbreak. Shares plunged in China as markets there reopened after a long holiday.

Contracts on the three main American equity indexes all advanced in the wake of Friday’s declines. Gains in technology and travel shares offset losses for miners in the Stoxx Europe 600 Index, as support measures from China’s government helped stem losses in other markets. Stocks in Shanghai fell almost 8% and fluctuated in Hong Kong. The deadly outbreak, largely centered in China, showed no signs of slowing with the nation’s death toll exceeding 360.

The dollar strengthened, while Treasuries slipped. Oil was little changed, and the offshore yuan weakened to more than 7 per dollar. Copper futures drifted in London trading following 13 sessions of declines.

Investors shifted gears on Monday on the back of turmoil that sent global equities to the worst week since August amid concern economies will falter as the virus spreads. The People’s Bank of China cut rates as it injected cash into the financial system on Monday, part of a slew of measures to shore up their financial markets.

Elsewhere, the pound slid as investors reacted to a report that U.K. Prime Minister Boris Johnson could walk away from talks over Britain’s future trade relationship with the European Union. Indian bonds surged after the government refrained from announcing higher debt sales in Saturday’s budget and amid plans to allow foreign investors greater access to government securities.

Here are some key events coming up:

The first contest to choose a Democratic nominee to run against Donald Trump in November is the Iowa caucuses Monday.The U.S. manufacturing gauge from the Institute for Supply Management is due Monday. There are also a slew of other PMIs, including India and Brazil.Tuesday brings a policy decision from the Reserve Bank of Australia, and the Reserve Bank of India’s interest rate decision is due Thursday.Friday has the U.S. employment report for January.

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index increased 0.4% as of 10:18 a.m. London time.Nasdaq 100 Index futures gained 0.5%.The Stoxx Europe 600 Index advanced 0.1%.The MSCI All-Country World Index decreased 0.2%.The MSCI Emerging Market Index sank 0.7%.

Currencies

The Bloomberg Dollar Spot Index advanced 0.2%.The British pound decreased 1% to $1.307.The euro declined 0.2% to $1.1067.The Japanese yen weakened 0.1% to 108.51 per dollar.The offshore yuan depreciated 0.3% to 7.0168 per dollar.

Bonds

The yield on 10-year Treasuries increased two basis points to 1.53%.Germany’s 10-year yield decreased one basis point to -0.44%.Britain’s 10-year yield fell less than one basis point to 0.522%.

Commodities

West Texas Intermediate crude climbed 0.5% to $51.84 a barrel.Gold weakened 0.7% to $1,577.82 an ounce.LME copper climbed 0.6% to $5,598 per metric ton.

--With assistance from Haslinda Amin and Adam Haigh.

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

To contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Yakob Peterseil

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

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Stocks in China Slide; U.S. Equity Futures Advance: Markets Wrap - Yahoo Finance

(Bloomberg) -- U.S. equity futures rose and European stocks drifted following steep losses at the end of last week and as investors digested the latest developments in the coronavirus outbreak. Shares plunged in China as markets there reopened after a long holiday.

Contracts on the three main American equity indexes all advanced in the wake of Friday’s declines. Gains in technology and travel shares offset losses for miners in the Stoxx Europe 600 Index, as support measures from China’s government helped stem losses in other markets. Stocks in Shanghai fell almost 8% and fluctuated in Hong Kong. The deadly outbreak, which is still largely centered in China, showed no signs of slowing with the nation’s death toll exceeding 360.

The dollar strengthened, while Treasuries slipped. Oil was little changed, and the offshore yuan weakened to more than 7 per dollar. Copper futures drifted in London trading after dropping for 13 sessions.

Elsewhere, the pound dipped as investors reacted to a report that U.K. Prime Minister Boris Johnson could walk away from talks over Britain’s future trade relationship with the European Union. Indian bonds surged after the government refrained from announcing higher debt sales in Saturday’s budget and amid plans to allow foreign investors greater access to government securities.

Here are some key events coming up:

--With assistance from Haslinda Amin and Adam Haigh.

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

To contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Yakob Peterseil

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

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Stocks in China Slide; U.S. Equity Futures Advance: Markets Wrap - Yahoo Finance

(Bloomberg) -- U.S. equity futures power higher and European stocks were steady as investors took in stride a sell-off in Asia, where Chinese shares plunged as markets there reopened amid the worsening coronavirus outbreak. Treasuries and gold declined.

Contracts on the three main American equity indexes all advanced in the wake of Friday’s drop. Gains in technology and travel shares offset declines for miners in the Stoxx Europe 600 Index, as support measures from China’s government helped stem losses in other markets. Stocks in Shanghai fell almost 8%, while local iron ore futures slumped. Equities came off their lows in Tokyo, Seoul and Sydney and fluctuated in Hong Kong.

Oil was little changed, and the offshore yuan weakened to more than 7 per dollar. Copper futures drifted in London trading after dropping for 13 sessions. The deadly outbreak showed no signs of slowing with China’s death toll reaching at least 360.

Here are some key events coming up:

These were the main moves in markets:

Stocks

Futures on the S&P 500 Index increased 0.4% as of 8:15 a.m. London time.Nasdaq 100 Index futures gained 0.6%.The Stoxx Europe 600 Index edged up 0.1%.The MSCI All-Country World Index decreased 0.2%.The MSCI Emerging Market Index sank 0.7%.

Currencies

The Bloomberg Dollar Spot Index advanced 0.1%.The British pound dipped 0.4% to $1.3147.The euro dipped 0.1% to $1.1078.The Japanese yen weakened 0.2% to 108.53 per dollar.The offshore yuan depreciated 0.3% to 7.0191 per dollar.

Bonds

The yield on 10-year Treasuries climbed two basis points to 1.53%.Germany’s 10-year yield was steady at -0.44%.Britain’s 10-year yield fell one basis point to 0.518%.

Commodities

West Texas Intermediate crude dipped 0.4% to $51.35 a barrel.Gold slipped 0.7% to $1,577.82 an ounce.LME copper futures climbed 0.6% to $5,600.50 per metric ton.

--With assistance from Haslinda Amin.

To contact the reporters on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net;Todd White in Madrid at twhite2@bloomberg.net

To contact the editors responsible for this story: Sam Potter at spotter33@bloomberg.net, Yakob Peterseil

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

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2020-02-03 08:25:00Z
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Former WorldCom CEO Bernie Ebbers dies at 78 - Fox Business

A federal judge has ordered convicted ex-WorldCom CEO Bernie Ebbers to be released from prison early due to health concerns.

Bernie Ebbers, the disgraced former CEO of Worldcom has died at the age of 78, according to a family attorney.

Ebbers was the brains behind one of America’s biggest accounting frauds.

He received an early release from his 25-year prison sentence in Dcember, because family members said he was suffering from dementia and was legally blind.

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Ebbers served 13 years of his sentence.

Worldcom was a veritable household name in 2001 as one of the world's largest telecommunication companies. A popular portfolio stock, Worldcom made moves to falsely inflate its earnings on its profit and loss statement by nearly $4 billion.

BERNIE EBBERS, BRAINS BEHIND HISTORIC FRAUD SCHEME, TO BE FREED FROM PRISON

Under Ebbers, the company spread out expenses in smaller amounts over several years instead of reporting them immediately to investors. As a result, in 2001, the company reported a mind-boggling $1.4 billion profit. Had the operating costs been correctly reported, Worldcom would have lost money for fiscal 2001 as well as first-quarter 2002.

Ebbers had been serving his time in a federal prison in Fort Worth, Texas.

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2020-02-03 04:44:10Z
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