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- Will Andy Burnham’s devolution plan raise economic growth?
BBC Verify has looked at what impact further devolution could be expected to have on the UK. [TheTopNews] Read More.2 hours ago - Saks emerges from bankruptcy with a new name and a leaner store footprint
Luxury retailer Saks Global on Friday announced it will operate with a new name after it exited bankruptcy after cutting its store count and reducing its debt obligations.The company – which is the parent of notable retail brands including Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman – will operate under the new name Exemplar Luxury Group (ELG) and will focus on luxury retail."Moving forward as Exemplar Luxury Group reflects the shared ideals that anchor each of our banners and our commitment to setting the standard of excellence for luxury retail across all three," said CEO Geoffroy van Raemdonck."As the gateway to the U.S. luxury customer, we are uniting coveted brands with unrivaled customer experiences to drive growth for Exemplar Luxury Group and the broader luxury ecosystem," he added.SAKS GLOBAL EXPECTS TO EXIT BANKRUPTCY THIS SUMMER AFTER RECEIVING $500M IN FINANCINGThe company said that the restructuring it underwent in the bankruptcy process allowed it to eliminate 75% of previous debt, while the process also wiped out its equity and reduced its store count.It exited bankruptcy with 49 stores after closing 62 of its off-price locations, including 57 of its Saks OFF 5th and all five Neiman Marcus Last Call stores.The company also closed 12 Saks Fifth Avenue stores in March, as well as three Neiman Marcus locations. It had entered bankruptcy with 33 Saks Fifth Avenue locations.SAKS GLOBAL FILES FOR BANKRUPTCY AFTER $2.7B NEIMAN MARCUS ACQUISITION DEALDuring the restructuring, Saks Global ended its partnership with Amazon to sell its products on the e-commerce platform during the restructuring after facing pushback from luxury brands about selling on a mass-market site.Saks Global's $2.7 billion merger with Neiman Marcus in 2024, which was orchestrated by the company's former CEO, was designed to create a luxury powerhouse but burdened Saks with debt when global luxury sales were slowing – a dynamic which complicated an already difficult turnaround.SAKS FIFTH AVENUE SHUTTING DOWN SAN FRANCISCO LOCATION AFTER NEARLY 45 YEARSAfter it struggled with weak sales for over a year as its debt mounted, Saks filed for bankruptcy in January with $3.4 billion in debt, including over $337 million owed to critical suppliers like Chanel and Kering, the owner of Gucci.The company received approval for a $1 billion bankruptcy loan in February and planned to use $600 million of that financing to cover vendor payments.GET FOX BUSINESS ON THE GO BY CLICKING HEREELG's new board will include… [TheTopNews] Read More.2 hours ago - Beloved gas station pizza chain CEO reveals 400-store expansion plan as food bus...Casey’s General Stores is betting bigger on stores, food and tech as it looks to extend its growth streak.The Ankeny, Iowa-based company recently unveiled a new three-year plan centered on expanding its prepared food business, adding new stores and using technology to run more efficiently.Casey’s plans to add at least 400 stores over the next three years through acquisitions and new builds. The company operates more than 2,900 convenience stores and says it is the nation’s third-largest convenience store retailer and fifth-largest pizza chain."We made a commitment to grow our EBITDA by 8% to 10%, which is top-quintile growth for the S&P 500," CEO Darren Rebelez told FOX Business. "We’ll do that through growing our prepared foods business, growing our store base and running our business more efficiently."BELOVED CONVENIENCE STORE FOOD HELPING COLLEGE FOOTBALL FANS TACKLE EARLY KICKOFFSRebelez said Casey’s is coming off "the best three-year cycle" in company history after beating its prior targets, adding more than 500 stores and joining the S&P 500. The company's stock is up more than 53% year-over-year.Food remains a key part of Casey’s growth strategy. The company, long known for its pizza, is pushing deeper into made-to-order items such as wings and fries.Rebelez said wings are now available in 850 stores, with bone-in and boneless options, five sauces, three dry rubs and ranch made from scratch daily."We're famous for our pizza, we still have a long runway for growth there with innovation and new items that we've introduced more recently," he said. "But now we have the wings platform."YUM BRANDS SELLS PIZZA HUT FOR $2.7B, SHARPENS FOCUS ON TACO BELL AND KFCCasey’s sees its food business as competing more with restaurants than other convenience stores."We really don't look at the convenience store industry as a competitor for our prepared foods. We're really competing with the restaurant business," Rebelez said.In Des Moines, where wings have been available for more than a year, sales are up roughly 20% year over year, according to the company.Casey’s is also looking to expand "Casey’s Country" by opening stores in current and new markets."Our growth strategy is expanding Casey’s Country in a disciplined way," Ena Williams, chief operations officer at Casey’s, said in a statement. "We’ve shown that we can grow through both new stores and acquisitions."PAPA JOHNS SHUTS DOWN DOZENS OF LOCATIONS ACROSS 17 STATES AS FAST-FOOD COMPETITION INTENSIFIESThe company is additionally investing in artificial intelligence, forecasting tools… [TheTopNews] Read More.2 hours ago
- Comcast’s NBCUniversal spinoff raises hope for more deals. There may not b...
Comcast plans to separate its cable and media divisions over the next year. This could set each company up for M&A, but there might not be any good options. [TheTopNews] Read More.3 hours ago - Eli Lilly, Regeneron among first companies selected for FDA initiative to speed ...Eli Lilly and Regeneron are among the first seven companies the FDA has selected for its PreCheck Pilot Program, CNBC has learned. [TheTopNews] Read More.3 hours ago
- How a stolen surfboard launched a global surf empireA surfboard stolen from a California teenager nearly seven decades ago helped launch what has become one of the world's most recognizable handcrafted surfboard brands.FOX Business correspondent Kelly Saberi joined FOX Business’ Stuart Varney on "Varney & Co." to highlight Harbour Surf Shop in Seal Beach, California, home to the world's oldest surfboard manufacturing shop operating continuously from the same location. Founded after Rich Harbour decided to build his own board when his original was stolen, the shop continues to operate from the same location, preserving many of the original tools and shaping templates that helped establish its reputation.Current owner Robert Howson said the company's focus has never been chasing professional surfing trends, but instead understanding everyday surfers.BELOVED PIZZA CHAIN TURNS AMERICA’S 250TH BIRTHDAY INTO SUMMER-LONG CELEBRATION"I think the level of appreciation for handcrafted products is improving globally… We are not one that follows necessarily professional surfing as a barometer to the success of surfing. We take a look at the people that are at the beach. What are they enjoying?" Howson said.That philosophy has helped keep the brand relevant across generations. Each surfboard is still crafted in the original shaping room, and the company produces only about 400 boards each year, emphasizing quality over volume.MCDONALD'S BRINGING BACK FRIED APPLE PIE TO CELEBRATE AMERICA'S 250TH BIRTHDAYHarbour Surfboards has also earned a place in pop culture. The company's iconic triangle logo appeared in the 1959 film, "Gidget," and later in a 1965 television series starring Sally Field, introducing the brand to audiences well beyond Southern California.Nearly 70 years after one missing surfboard changed Rich Harbour's path, the shop remains a symbol of American craftsmanship, proving that a small business built on quality and tradition can leave a lasting legacy. [TheTopNews] Read More.3 hours ago
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