With durable and beautiful tableware, every meal you have can feel special. Here, we've rounded up our favorite dinnerware-specific startups.
Century 21 filed for bankruptcy and said its lack of insurance payouts for pandemic lockdowns was a major factor.
JCPenney is being acquired through a joint venture between Simon Property Group and Brookfield Property Partners, pending approval from a judge.
Macy's seems ready to pounce on an opportunity created by pandemic spending and the bankruptcies of other department stores.
Macy's said it will open smaller Macy's and Bloomingdale's stores away from malls, as retailers start to abandon underperforming locations.
Talks with three potential bidders for JCPenney have reached a "stalemate," and now it could be bought by its top lenders.
These are the best deals happening now across fashion, shoes, skincare, and home goods.
The slogan retires at age 95.
Gutted Sears, JC Penney locations could become 'fulfillment centers' Amazon is reportedly in talks with realtors to buy and remake the US locations of bankrupt Sears and JC Penney into Amazon fulfillment centers.…
Get the latest on coronavirus. Sign up to the Daily Brief for news, explainers, how-tos, opinion and more.Debenhams is set to cut 2,500 jobs across its stores and warehouses as the company looks to slash costs due to the coronavirus lockdown. A spokesperson for the business said the high street was “a long way from returning to normal”. “We have successfully reopened 124 stores, post-lockdown, and these are currently trading ahead of management expectations,” they said. “At the same time, the trading environment is clearly a long way from returning to normal and we have to ensure our store costs are aligned with realistic expectations.“Those colleagues affected by redundancy have been informed and we are very grateful to them for their service and commitment to Debenhams.“Such difficult decisions are being taken by many retailers right now, and we will continue to take all necessary steps to give Debenhams every chance of a viable future.”The news follows redundancies at a number of high street retailers, including 950 jobs at Marks & Spencer and 4,000 roles at Boots. Department store John Lewis also announced in July it would permanently close eight stores, putting 1,300 jobs at risk. Related...
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Amazon is in talks with the biggest mall owner in the US to take over retail space and turn them into giant Amazon fulfillment centers, The Wall Street Journal reported Sunday.
The deal could involve Amazon taking over spaces formerly occupied by Sears and JCPenney, both of which have filed for bankruptcy and closed dozens of stores.
Amazon would benefit by gaining well-located warehouse space in cities and could decrease delivery time on orders, but fulfillment centers wouldn't attract much clientele to ailing malls.
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Malls across the US — struggling to stay in business as shoppers increasingly turn to e-commerce — could soon be transformed into Amazon fulfillment centers.
Amazon is reportedly in talks with Simon Property Group, America's biggest mall owner, to turn empty retail space into Amazon warehouses that process and ship online orders, according to a Wall Street Journal report.
As part of the deal, Amazon could take over former anchor department-store spaces previously occupied by Sears and JCPenney, both of which have filed for bankruptcy and closed dozens of stores in recent months. Simon is pursuing an acquisition of JCPenney, which would grant the landlord more control over how current and former store spaces are used.
The deal could benefit Amazon by providing well-located warehouse space in cities across the US, potentially allowing the online retailer to decrease its delivery times on shipments. Some of Amazon's existing fulfillment centers already occupy old strip malls that have gone out of business.
Amazon spokesperson Rachael Lighty told Business Insider that the company would not comment on "rumors or speculation."
Mall landlords typically prioritize finding tenants that will bring in new customers, like stores and gyms. Amazon fulfillment centers wouldn't draw people other than their own employees. But amid the COVID-19 pandemic, traditional retail stores have seen revenues waver, while Amazon's sales have surged.
Bankrupt JCPenney said it would have to close about 30% of its stores. Here are all the closures it announced so far.
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President Donald Trump doesn’t have the grounds to stop a defamation lawsuit filed by a woman who accused him of raping her, a New York state justice ruled Thursday.That decision is a big win for E. Jean Carroll, a magazine columnist who wrote last year that Trump raped her in a New York department store in the mid-1990s. Last November, she sued the president for defamation after he accused her of lying about the incident and sought to collect a DNA sample from him.Trump’s legal team asked the New York Supreme Court to put the case on hold and argued that a sitting president is immune to any civil lawsuits in state court. But state Justice Verna Saunders rejected that argument, citing a U.S. Supreme Court ruling that Trump couldn’t refuse a subpoena for his tax returns on the basis of holding presidential office. That finding is “applicable to all state court proceedings in which a sitting President is involved, including those involving his or her unofficial/personal conduct,” Saunders wrote in her decision. Carroll tweeted that she was excited to move forward with her case, which will also allow her to continue seeking Trump’s DNA. She says that she kept the dress she had on when Trump allegedly raped her and that genetic material a lab found on the dress may match his. WE MOVE FORWARD!! Judge Verna L. Saunders has DENIED Trump's assertion of absolute immunity! My attorneys, @kaplanrobbie, @JoshuaMatz8 & Matthew Craig are chomping at the bit to begin DISCOVERY!(This is the 2nd great ruling by a Black Woman today!)https://t.co/6yrP9BKBs2— E. Jean Carroll (@ejeancarroll) August 6, 2020Carroll’s attorney, Roberta Kaplan, said she looks forward to proceeding with the lawsuit, which can now play out in the final months of Trump’s reelection campaign. “We are now eager to move forward with discovery so that we can prove that Donald Trump defamed E. Jean Carroll when he lied about her in connection with her brave decision to tell the truth about the fact that Donald Trump had sexually assaulted her,” she said in a statement.After Carroll published her allegations in a memoir last summer, Trump aggressively denied having ever met her, despite a photo of the two of them existing. He has repeatedly accused her of lying and suggested she was working as an agent for the Democratic Party to sabotage his reelection bid — a suggestion Carroll has denied.Carroll said Elle Magazine, where she worked as a columnist for many years, fired her after Trump began attacking her. The magazine denied the two events were connected.At least two dozen women have accused Trump of sexual misconduct. He has denied all allegations. Related...
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Welcome to Wall Street Insider, where we take you behind the scenes of the finance team's biggest scoops and deep dives from the past week.
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With coronavirus cases still spiking in areas throughout the country and the US this week reporting a record second-quarter GDP slump, there's a growing concern among borrowers and private-equity firms that cash raised in the spring won't be enough to ride out the economic fallout.
And Houlihan Lokey, Wall Street's top adviser to distressed companies, has changed up its outlook: Instead of the sharp but quick downturn the firm initially anticipated, it's now predicting a deeper, prolonged crisis that pushes many more firms to bankruptcy.
"This pandemic is not a short-term blip, and it's going to be something much longer and probably more damaging to the economy," Houlihan CEO Scott Beiser said on an earnings call this week. And as Alex Morrell writes, companies that piled on debt in the early stages of the pandemic may have set themselves up to struggle as the crisis drags on.
Read the full story here:
A veteran restructuring banker warns that a corporate debt binge may result in a years-long economic nightmare
Keep reading for a look at 24 quant power players; WeWork's new strategy to fill space; must-know financial adviser recruiters; and an interview with Betterment's president of retail that sheds light on how the robo is thinking about the Robinhood effect.
Have a great weekend,
What's next for Carlyle
Kewsong Lee became sole CEO of The Carlyle Group last week after two-and-a-half years running the $221 billion private-equity firm alongside Glenn Youngkin.
Casey Sullivan and Meghan Morris spoke with 20 people who have worked with him, and they painted a picture of a change agent who is unafraid to challenge conventional thinking. During his seven years at Carlyle, he's already wound down underperforming strategies, revamped pay for some execs, and built up new businesses.
Read the full story here:
Meet Kewsong Lee, the private-equity exec who's now running the show solo at Carlyle. 20 insiders lay out why the move signals a big transformation at the firm.
Must-know financial adviser recruiters
Financial adviser moves in the wealth-management industry haven't slowed during the pandemic — recruiters and consultants say it's just the opposite.
"When you look at the numbers, it's really during tougher times that we see the most movement," one San Diego, California-based recruiter said. Rebecca Ungarino rounded up nine US-based recruiters who are at the center of all the action.
Read the full story here:
These are 9 top recruiters financial advisors should know right now if they're looking to make a move
Quant power players
Quants have gone from a niche practice to a dominant player: the largest and most important hedge funds in the world are heavily influenced by, or completely committed to, computer-run strategies.
But a growing group of experts have been calling for more machine-learning techniques to be incorporated in a move away from the models that made so many people successful. And 2020 has not been kind to quants, as the volatility caused by the pandemic earlier in the year slammed many systematic funds that couldn't keep up.
Bradley Saacks took a look at long-time players, under-the-radar heavy-hitters, and entrepreneurial founders with serious pedigrees who will be guiding quant investing into its next phase.
Read the full story here:
The 24 quant power players driving the future of hedge funds, from well-known billionaire founders to under-the-radar data chiefs
Betterment eyes ways to tap the retail-trading frenzy
In an interview with Rebecca Ungarino and Dan DeFrancesco, Betterment president of retail Mike Reust offered a window into how the robo-adviser is thinking about the recent self-directed trading mania.
Betterment is not trying to launch a "Robinhood clone," Reust said. But it is looking for ways to tap into the retail trading surge with more tailored options and examining the "psychology and the human side of it," he said.
Read the full story here:
Roboadviser Betterment is looking for ways into the do-it-yourself trading boom dominated by Robinhood, like adding more customization for users
WeWork hires big brokers to fill space
Faced with large vacancies in its sprawling portfolio of office spaces, WeWork has turned to major commercial real-estate brokerage companies to help it fill millions of square feet.
As Dan Geiger reports, the move to hire outside firms is a turnabout for the flexible-workspace company that comes as the pandemic has battered the country's office market and stalled leasing activity.
Read the full story here:
WeWork is embracing big brokerage firms to help it fill space it gobbled up in NYC and Los Angeles. It's a key pivot for the coworking giant as leasing demand slows.
On the move
Cubist, the quant unit of Steve Cohen's Point72, has hired Denis Dancanet as its new head. Dancanet spent a combined two decades at Morgan Stanley and the quant fund PDT, which he left in 2016. Since then, he founded a startup called Jetoptera that hopes to make flying cars and was the head of research at Theorem, a Y Combinator-backed data-science startup focused on the loan market
Government-focused consulting firm Booz Allen is hiring and gearing up for M&A, even as competitors cut costs and stay out of growth mode
Meet the 20-year-old founder of @WallStreetConfessions, an Instagram account that's become an open forum to discuss the dark side of finance and gathered followers including the CEO of Jefferies
Headhunters lay out what bonus season could look like this year for Wall Street traders
3 ways law school graduates can stay on top of their game if their new jobs as associates have been delayed or canceled
Blackstone just hired an Amazon Web Services exec who helped the cloud giant do M&A. It's the latest sign that big private-equity firms are muscling in on specialty tech investors' turf.
JCPenney has hired brokers to sell off 163 locations across the US as the department-store chain slashes its footprint and tries to emerge from bankruptcy
A flexible leasing company — think Classpass for apartments — is expanding to cities like Denver and Atlanta after building a C-suite with former WeWork and Airbnb execs
SL Green is looking to sell a $1.1 billion Amazon-anchored building to buy back its shares. Here's a look at its strategy to defend its share price as the office market tanks.
IBM is on the hunt for a massive Manhattan space, showing that worries about the death of the big-city office may be overblown
Hedge funds and investing
Anthony Scaramucci's flagship fund is getting hit with a huge wave of redemptions. He explained why investors are pulling up to $900 million and where he's finding new money.
Billionaire Ray Dalio's Bridgewater is having a really bad year. Inside the layoffs, lawsuits, and double-digit losses at the world's largest hedge fund.
Here are the 8 'long-lasting implications' of the pandemic hedge-fund billionaire Seth Klarman lays out to investors in a new letter
Billionaire Cliff Asness says that going through value-investing hell has only made him more confident — and shares the advice he'd give his younger self
Fintech and startups
Affirm is reportedly eyeing an IPO that could value it at $10 billion. Here's how the buy now, pay later fintech became one of the breakout stars of 2020.
OpenSpace, a startup that applies AI to managing building sites, used this pitchdeck to nab $15 million. Here's a look at its vision to be the 'telemedicine of construction.'
Doubling down on diversity can help law firms land big clients like Microsoft. Industry experts give 2 key steps to making firms more inclusive.
4 Schulte Roth partners who rep lenders like Cerberus and Sixth Street Partners are moving to Proskauer after a dispute over firm leadership
Top VCs say these 9 legal tech startups are poised to take off as clients pressure law firms on costs
Join the conversation about this story » NOW WATCH: Here's what it's like to travel during the coronavirus outbreak