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9 mentions found


☆ Express files for bankruptcy; closing more than 100 stores
  + stars: | 2024-04-22 | by ( Parija Bhatnagar | ) edition.cnn.com   time to read: +2 min
New York CNN —Trendy fashion retailer Express Inc. has filed for bankruptcy after consistently struggling with continued missteps over its merchandise mix that failed to get shoppers excited. The retailer filed with the bankruptcy court in Delaware and said it also plans to shutter several stores as part of the process. The company operates Express, Express factory outlets, Bonobos and UpWest stores under its corporate umbrella and said in a release Monday that it plans to close 95 Express locations (it operates more than 500 in the US) and all UpWest locations with closing sales at those stores set to begin on April 23. “With the company struggling to gain traction with consumers, it has been obvious for quite some time that bankruptcy was the inevitable destination for Express,” Neil Saunders, managing director of GlobalData, said in a note Monday. “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.
Persons: “, Neil Saunders, GlobalData, ”, Saunders, ” Stewart Glendinning, “ WHP, ” Glendinning Organizations: New, New York CNN, Express Inc, Express, WHP Global Locations: New York, Delaware
☆ Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
  + stars: | 2024-04-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +4 min
The company said hours for remaining stores won't change and it will continue to accept orders and returns as usual. "The proposed transaction will provide Express with additional financial resources, better position the business for profitable growth and maximize value for the Company's stakeholders," Express said. "We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives," he added. Last spring, Express acquired Bonobos' operating assets and related liabilities for $25 million from Walmart in a joint deal with WHP. The deal came as Express' "core business was weak, and cash was tight," GlobalData managing director Neil Saunders said in a Monday note.
Persons: –, Stewart Glendinning, Neil Saunders, Saunders, Kirkland Organizations: Express Inc, Longtime, Express, WHP, Simon Property Group, Brookfield Properties, Les Wexner's, CNBC, Walmart, Powerhouse, Ellis, Partners Locations: New York, U.S
☆ Retailers like Peloton and Saks keep paying vendors late, signaling possible 'financial distress'
  + stars: | 2024-04-04 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +13 min
To be sure, late payments don't always signal financial troubles. Creditsafe spokesperson Ragini Bhalla said payment data is only one factor the firm considers when assessing a company's financial health. Though the data "doesn't represent a company's total trading behavior, analysis has proven that it is hugely predictive of a company's financial health and creditworthiness," Bhalla said. "When the number of late payments increases like this, it's often indicative of financial challenges and poor cash flow forecasting," Creditsafe said. While Saks often made late payments last year, its on-time payments have dropped significantly since October 2023, the firm said.
Persons: Saul Loeb, Perry Mandarino, Mandarino, Creditsafe, Ragini Bhalla, Bhalla, Barry McCarthy, Simeon Siegel, Siegel, he's, Peloton's DPO, Marc Metrick, Metrick, Mark Still, Stewart Glendinning, Tim Baxter Organizations: Saks, Washington , D.C, AFP, Getty, Bed, RadioShack, CNBC, Retailers, Body, Body Works, Riley Securities, BMO Capital Markets, Business of Fashion, HBC, Express, Street, Creditsafe, Economic Security, IRS, New York Stock Exchange, Bath Locations: Washington ,, Express, Creditsafe, U.S
☆ CEOs are having their worst year in decades
  + stars: | 2023-09-13 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
Oil prices hit 10-month highGlobal oil prices climbed above $92 a barrel on Tuesday for the first time in nearly 10 months, reports my colleague Matt Egan. Takeaways from Apple’s iPhone 15 eventTuesday was a big day for Apple as the tech titan unveiled its iPhone 15 lineup along with other major updates during its September keynote event. Among the highlights: The iPhone 15 Pro and iPhone 15 Pro Max now feature a titanium casing, allowing the design to be slimmer and thinner than before. The iPhone 15 comes in 5 colors (white, black, pink, green and yellow) and in two sizes: A 6.1-inch screen for the iPhone 15 and 6.7 inches for iPhone 15 Pro. The iPhone 15 will start at $799, and iPhone 15 Pro will start at $999.
Persons: New York CNN — It’s, ”, Bernard Looney, Looney, Stewart Glendinning, Timothy Baxter, Baxter’s, Baxter, Macy’s, Rosalind Brewer, Neil Saunders, hasn’t, Matt Egan, Brent, Matt Smith, “, Clare Duffy, Samantha Murphy Kelly, Max Organizations: CNN Business, Bell, New York CNN, Ferguson Partners, BP, Express, Tyson Foods, Walgreens Boots Alliance, Walgreens, “, Americas, AAA, Apple Locations: New York, —, Libya, “ Libya, Kpler, Russia, Saudi Arabia
☆ Express CEO Tim Baxter resigns, replaced by former Tysons Foods exec Stewart Glendinning
  + stars: | 2023-09-09 | by ( Eva Rothenberg | ) edition.cnn.com   time to read: +3 min
CNN —Former Tyson Foods executive Stewart Glendinning will be the new CEO of clothing company Express, replacing Timothy Baxter, effective September 15, the company announced. “He is a highly accomplished executive who will bring fresh thinking to the Company and our strategies for profitable growth. Baxter’s resignation was announced one day after Express released its second-quarter results, with net sales of its Express brand and its lifestyle line UpWest decreasing 15% compared to last year. Express affirmed Baxter’s departure was not related to the company’s financial position. Baxter, who spent more than 11 years with Macy’s, joined Express in June 2019.
Persons: Stewart Glendinning, Timothy Baxter, ” Mylle Mangum, Stewart, Glendinning, Baxter’s, Neil Saunders, Baxter, Macy’s Organizations: CNN, Tyson Foods, Express, Express Board, Company, New York Stock, ” Express, “ Express, WHP, NYSE, “, VF Corporation Locations: womenswear
☆ Bank of America downgrades Tyson Foods ahead of earnings, citing worsening conditions in meat industry
  + stars: | 2022-11-09 | by ( Carmen Reinicke | ) www.cnbc.com   time to read: +3 min
The future isn't looking very bright for Tyson Foods, according to Bank of America. In addition, the company has seen market share losses in prepared foods that it is working hard to regain. Beef, chicken headwinds Weaker industry fundamentals in beef will weigh on Tyson Foods going forward. Chicken prices have also slipped as production has increased, weighing on margins. Prepared foods The company recently made a change in its prepared foods division as it tries to regain losses.
☆ Tyson Foods CFO arrested for public intoxication, falling asleep in the wrong house
  + stars: | 2022-11-07 | by ( Amelia Lucas | ) www.cnbc.com   time to read: +1 min
Tyson Foods CFO John Tyson was arrested early Sunday in Arkansas after allegedly becoming intoxicated and falling asleep in the wrong house. Tyson, 32, was charged with public intoxication and trespassing and booked in Washington County jail. Tyson Foods is headquartered in Springdale, Arkansas. Tyson is the son of the company's chairman, John H. Tyson, and the great-grandson of founder John W. Tyson. Tyson is the second prominent C-suite food executive to be arrested in Washington County over the last two months.
☆ Tyson Foods Promotes Chairman’s Son to CFO Role
  + stars: | 2022-09-27 | by ( Mark Maurer | ) www.wsj.com   time to read: +2 min
Tyson Foods Inc. promoted the chairman’s son to be its new finance chief as the meat producer navigates higher costs for worker wages and animal feed. The Springdale, Ark.-based company on Tuesday said it named John R. Tyson as executive vice president and chief financial officer, effective Oct. 2. Mr. Tyson, who currently serves as executive vice president of strategy and chief sustainability officer, is set to succeed Stewart Glendinning. John R. Tyson in his new role will continue to oversee enterprise strategy and sustainability activities for the company. In his new role, Mr. Tyson will continue to oversee enterprise strategy and sustainability activities for the company, Tyson said.
☆ Tyson Foods Shuffles Leadership Team
  + stars: | 2022-09-27 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Tyson Foods Inc. on Tuesday shuffled its leadership team. The meat processor said Stewart Glendinning will transition to group president, prepared foods from his current role as executive vice president and chief financial officer. The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. John Tyson succeeds Mr. Glendinning as CFO. Amy Tu has been named president, international and chief administrative officer, expanding her current role as executive vice president, chief legal officer and secretary, global governance and corporate affairs.
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