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☆ A zombie mall store king is born: JCPenney merges with Forever 21 owner
▼ + stars: | 2025-01-09 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

The 123-year-old department store chain anchors the new company — a joint venture with Sparc Group, which also owns Lucky Brand, Eddie Bauer, Nautica and Aeropostale. Catalyst represents a new chapter for JCPenney, the historic chain that filed for bankruptcy in the height of the pandemic in 2020. It was later bought by mall-owner Simon Property Group and real estate developer Brookfield in a $1.75 billion deal. Malls have been facing significant problems from store closings and reduced foot traffic since before the pandemic. JCPenney CEO Marc Rosen is leading the new company, which will be headquartered at the department store’s offices in Plano, Texas.

Persons: Brooks, Lucky Brand, Eddie Bauer, Nautica, Simon, Neil Saunders, Brookfield, Marc Rosen, ” Rosen, ”, ” Saunders, ” Catalyst Organizations: New, New York CNN, JCPenney, Brooks Brothers, Sparc Group, Catalyst Brands, Catalyst, Simon Property Group, GlobalData, CNN, ”, Reebok Locations: New York, Brookfield, Plano , Texas

☆ 5-Hour Energy billionaire Manoj Bhargava sued by the owner of Sports Illustrated for $49 million after a tumultuous takeover
▼ + stars: | 2024-04-01 | by ( Jack Newsham | ) www.businessinsider.com time to read: +5 min

The owner of the Sports Illustrated brand filed a lawsuit Monday against the magazine's old publisher. The Arena Group lost SI, its crown jewel, after 5-Hour Energy owner Manoj Bhargava took control. In a lawsuit, Authentic Brands Group says Bhargava threatened to "go nuclear" and seeks $49 million. "ABG does not comment on pending litigation," a spokesperson for Authentic Brand Groups said. AdvertisementBhargava and Arena Group also declined to comment.

Persons: Manoj Bhargava, Bhargava, —, ABG, Ross Levinsohn, steamroll, Rob Barrett, Ron Wyden, Brooks, Derek Jeter Organizations: Sports Illustrated, Group, Energy, Authentic Brands, Service, Illustrated, Arena Group, Sports, Authentic, Arena, NCAA, Brand Groups, Reebok, Brooks Brothers, Media, Players ' Tribune, SI.com Locations: Michigan, Swiss

☆ As more tankers divert from Suez Canal, there's a 'sea change' in way Europe is buying crude
▼ + stars: | 2024-01-23 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

Al HUDAYDAH, YEMEN - JULY 17: Yemen's replacement oil tanker Nautica floats over its arrival to Al Hudaydah port in the Red Sea on July 17, 2023 in Hudaydah, Yemen. (Photo by Mohammed Hamoud/Getty Images)Energy prices for Europe are expected to increase as more petroleum products and crude tankers are diverting away from the Rea Sea and Suez Canal. They would rather go around the Cape of Good Hope versus taking a chance through the Red Sea." LNG vessels travel faster than oil tankers because they are lighter and they can sail up to 21 knots versus the 12-13 knots for crude tankers. Before the Red Sea disruptions, a tanker from Jamnagar, India to Rotterdam, Netherlands would have taken 24 days.

Persons: Al, Mohammed Hamoud, Rea, Viktor Katona, Good Hope, It's, Katona Organizations: United Nations, Europe, U.S, Good Locations: Al HUDAYDAH, YEMEN, Al Hudaydah, Hudaydah, Yemen, Sana'a, Europe, Suez, Brazil, Africa's, Good, Israel, Jamnagar, India, Rotterdam, Netherlands, Basrah, Iraq, Milazzo, Sicily

☆ Get ready to buy Shein clothes in Forever 21 stores
▼ + stars: | 2023-08-24 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

Fast-fashion retailers Shein and Forever 21 are partnering up. The partnership allows Forever 21 to sell merchandise on Shein's site, and Shein products could be sold in Forever 21 stores. The partnership will allow Shein to sell Forever 21 products on its website, and Forever 21 to add Shein sections in-stores, where customers could also return Shein items. The partnership could give Forever 21 exposure to a significant number of new consumers across the US and the globe, Saunders wrote. Sparc Group, a joint venture of Authentic Brands Group and Simon Property Group, operates Forever 21.

Persons: Neil Saunders, GlobalData, Shein, Saunders, Simon, Lucky Brand, Eddie Bauer, Brooks Organizations: Service, Street Journal, U.S, Forever, Sparc, Authentic Brands, Simon Property Group, Brookfield Property Partners, Reebok, Brooks Brothers, Sparc Group Locations: Wall, Silicon

☆ A decaying oil tanker posed a 'catastrophic' risk. Now, a major operation is underway to avert disaster
▼ + stars: | 2023-07-25 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

A view of decaying FSO Safer oil tanker anchored 60 kilometers (37 miles) north of the port of Hudaydah, Yemen on July 15, 2023. The UN has begun a 19-day operation to extract oil from a 47-year-old decaying supertanker as it seeks to end a race against time to avoid a catastrophic oil spill. This led to growing concerns about a potential oil spill four times the size of 1989's Exxon Valdez leak, which was the second-largest oil spill in U.S. history. The oil aboard the tanker began being transferred to a U.N.-owned vessel Yemen, previously known as Nautica, at 10:45 Yemen time Tuesday. "The @UN has begun a complex operation to transfer 1 million barrels of oil from a decaying tanker off the coast of Yemen.

Persons: Exxon Valdez, Bab, Antonio Guterres, David Gressly, Ghiwa Nakat Organizations: UN, Exxon, Greenpeace MENA Locations: Hudaydah, Yemen, Suez, Red

☆ UN could start removing oil this week from decaying Yemen tanker
▼ + stars: | 2023-07-18 | by ( Michelle Nichols | ) www.reuters.com time to read: +2 min

[1/5] The Nautica, a replacement oil tanker for the decaying FSO Safer, arrives in the Red Sea port of Hodeidah, Yemen July 17, 2023. REUTERS/Adel al-KhadherUNITED NATIONS, July 18 (Reuters) - An operation to start removing some 1.1 million barrels of oil from a decaying tanker moored off Yemen's coast could start by the end of the week, the United Nations said on Tuesday. U.N. officials have been warning for years that the Red Sea and Yemen's coastline were at risk as the tanker Safer could spill four times as much oil as the 1989 Exxon Valdez disaster off Alaska. Another vessel is already alongside the Safer to help with the transfer of oil. Yemen has been mired in conflict since the Iran-aligned Houthi group ousted the government from the capital Sanaa in late 2014.

Persons: U.N, Stephane Dujarric, Michelle Nichols Organizations: REUTERS, UNITED NATIONS, United Nations, Thomson Locations: Red, Hodeidah, Yemen, Adel, Alaska, U.N, Iran, Saudi Arabia, Riyadh, Tehran

☆ Operation to empty Yemen Safer oil tanker set to begin, UN says
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

DUBAI, May 30 (Reuters) - Operations to salvage 1.1 million barrels of oil from a decaying tanker moored off Yemen's coast will soon begin after a technical support ship arrived on site on Tuesday, the United Nations said. U.N. officials have been warning for years that the Red Sea and Yemen's coastline was at risk as the Safer tanker could spill four times as much oil as the 1989 Exxon Valdez disaster off Alaska. The Ndeavor tanker, with a technical team from Boskalis/SMIT, is in place at the Safer tanker off the coast of Yemen's Ras Isa, the U.N. Humanitarian Coordinator in Yemen David Gressley said on Twitter from on board the Ndeavor. The war in Yemen caused suspension of maintenance operations on the Safer in 2015. Additional funding is still important to finish the process," the U.N said on its Yemen Twitter account.

Persons: U.N, SMIT, Yemen's Ras Isa, Yemen David Gressley, Muhammad Yusuf The, Nayera Abdallah, Lisa Barrington, Bill Berkrot Organizations: United Nations, Boskalis, Twitter, REUTERS, Thomson Locations: DUBAI, Alaska, Yemen's, Yemen, Ras Issa, China, Iran, Saudi Arabia, Riyadh, Tehran

Amid disorganization on the ship during an extensive overhaul, Crisostomo said she was constantly berated for things out of her control. On April 15, Master-at-Arms Seaman Recruit Xavier Hunter Sandor died by suicide onboard the George Washington, according to the Navy and the state chief medical examiner’s office. The USS George Washington during its mission in the eastern Mediterranean Sea in 2017. The Navy has directed leaders on the ship to identify sailors who could benefit from morale and personal well-being programs, Myers said. But she said the root of the problem is not the shipyard, or the ship itself, but “toxic leadership” on the George Washington.

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