Joyce Meyer Blessed Sermon Payday Is Coming.
Joyce Meyer Blessed Sermon Payday Is Coming.
Joyce Meyer Blessed Sermon Payday Is Coming.
#weatherchannel #weathernetwork news & videos – Storm Radar: Rewind and Fast Forward your Weather – #weather #news #videos
NEW YORK Mergers and acquisitions for fashion retailers are like a crop top t-shirt: a risk best braved by a select few and avoided after a certain age.
Abercrombie & Fitch Co (ANF.N), the teen brand with a 125-year heritage, became the latest to demonstrate that on Monday, ending talks about a potential sale after failing to agree terms with potential suitors.
Successful deals in the mercurial world of U.S. fashion are rare, and now look even less likely to succeed as sales dip across the board. Cost savings can be counterproductive if it means squeezing money out of marketing and design, and buyers are taking a risk on a style that can easily go out of favor.
As a result, established brands like Abercrombie are having problems finding a savior.
“Often, as well as spending the money to buy the brand or business, you then have to spend more to do something strategic that will propel growth, and that means paying out twice before getting a return,” said Neil Saunders, managing director of market research firm GlobalData Retail.
Five of the 20 companies involved in the biggest private equity apparel deals of the last decade have been restructured or gone bankrupt. All struggled under the debt load of a leveraged buyout. The biggest acquisition, Apollo Global Management’s roughly $3.1 billion leveraged buyout of Claire’s Stores Inc, restructured in 2016.
The second-largest acquisition, J. Crew Group Inc, which TPG Capital and Leonard Green & Partners bought for about $3 billion, is now being restructured. Gymboree Corp filed for bankruptcy last month, seven years after Bain Capital’s $1.8 billion purchase.
Many U.S. fashion bosses are finding they have no option but to consider a sale as pressure mounts from more affordable fast-fashion chains from Europe such as Zara (ITX.MC) and H&M (HMb.ST), and customers abandon malls in favor of Amazon.com Inc (AMZN.O) and other online retailers.
Outerwear brand Eddie Bauer, for example, is exploring a sale while also seeking relief from its debt load, sources have told Reuters. Teen brand American Apparel explored a sale last year before ultimately filing for bankruptcy.
As Abercrombie’s experience shows, finding a willing buyer at the right price is difficult.
“Public company board members are reticent about green-lighting large-scale mergers and acquisitions because it’s hard to find a good example of a business that has been rewarded by the equity market for doing so,” said Rohit Singh, who specializes in retail at UBS Investment Bank, not speaking specifically about Abercrombie.
Struggling retailers are a tough sell to potential acquirers. Merging with another company risks double the trouble – more brands falling flat and more stores bereft of customers.
Most fashion retailers are locked into store leases, and as landlords watch their malls empty out, they are increasingly unwilling to give their tenants and easy path out.
“Perhaps the reason the Abercrombie deal didn’t get done was that they’ve got way too many stores in way too many malls that don’t make any money, and the cost to unwind those pieces and get out of those stores is just too great to compensate for the upside,” said Mark Belford, a retail specialist at KPMG Corporate Finance.
After failing to strike a deal, Abercrombie now has no choice but to go it alone. On Monday, the New Albany, Ohio-based retailer said it will focus on its growing surf-wear brand Hollister and try to reposition its flagship brand, which has reported falling quarterly sales since 2014.
The most successful acquisitions have been those of younger brands, which have room for growth and have yet to develop expensive supply chains and costly, little-used store bases.
Gap Inc’s (GPS.N) $150 million purchase of athletic and yoga clothing line Athleta Inc in 2008, for example, gave it a foothold in a growing fashion trend. The acquisition helped save Gap when sales of its jeans slowed as shoppers shifted to leggings.
Apparel retailers which bought rivals in the hope of finding growth or eliminating competition have found little payoff.
“Oftentimes, the companies themselves aren’t growing, so it doesn’t solve the underlying challenge,” said Josh Chernoff, managing director, retail at consultant Parthenon-EY. “If you tie two rocks together, they sink just as fast or faster.”
The changing winds of fashion derailed Wolverine Worldwide’s $1.2 billion acquisition of boat shoe maker Sperry and other brands in 2012, several of which Wolverine tried to sell this year.
Shoppers’ addiction to discounting crushed Men’s Wearhouse Inc’s $1.8 billion acquisition of rival Jos. A. Bank, the value of which was almost written off. The suit retailer’s sales plunged after it abandoned its famous “buy-one-get-three-free” specials in the wake of the 2014 merger.
Ascena Retail Group Inc (ASNA.O), one of the few serial acquirers in U.S. apparel, has been laid low by its roughly $2.1 billion acquisition of Ann Inc, parent of work-wear line Ann Taylor.
The 2015 acquisition was meant to give it a full portfolio of womenswear brands and enable it to cut $150 million over three years in costs as it centralized the different lines’ internet infrastructure, distribution and manufacturing.
But sales for all its brands have dropped, most recently a combined 8 percent in the third quarter of 2017. Ascena’s market value is now $400 million, roughly 85 percent lower than before the deal.
“Fashion is not something you can solve with math,” said Belford. “Fashion – you either get it or you don’t, and it either sells or it sits on the shelf.”
(Reporting by Lauren Hirsch in New York; Additional reporting by Richa Naidu in Chicago; Editing by Carmel Crimmins and Bill Rigby)
#Heavy #Construction #News – #Construction #news today
The bridge on the left, from the second world war. Heavy duty construction with bolts which gives a robust appearance. The bridge on the right are two heavy beams of concrete. Black and white gives accents without distraction to the environment.
Tagged: , 5DIII , Arnhem , Canon , EF 16-35 II , Westervoort , Westervoortse bridge , Westervoortsebrug , bridge contruction , graffiti , groothoek , metal , sunset , construction , urban , lines , concrete , steel , Boss Photo , © , 2015 , don’t , use , whitout , permission , Dutch , DoV , Depth , Bridge , B&W , Black , White
Heavy Construction photos – Bridge construction b&w – #heavy #construction #photos #pics and #images for you.
Please visit www.jcbofmiami.com or give us a call at (305) 697-4681
Largest Equipment Dealers database. Find the right grapple for you today! Huge of Items for sale and easy financing. Compare prices and find the greatest deals online!
JCB of Miami offers over 300 JCB models at our FL location including: backhoe loaders, skid steers, compact track loaders, articulated dump trucks, tracked full size excavators, mini excavators, compact telescopic handlers, wheel loaders, compaction equipment, and rough terrain forklifts.
JCB of Miami
12360 NW South River Dr. Miami FL 33178
We look forward to serving you!
Heavy Construction Videos – #Construction #Videos #HeavyConstruction
Super funny videos – Cute Micro Pig – A Cute Mini Pig Videos Compilation 2015 #Live #laugh #love #videos
“There will have to be rigid and iron discipline before we achieve anything great and enduring, and that discipline will not come by mere academic argument and appeal to reason and logic. Discipline is learnt in the school of adversity” – Mohandas Gandhi
Super funny videos – Funny Animals – A Funny Animal Videos Compilation 2015 #Live #laugh #love #videos
Joel Osteen – The Outstretched Hand of God. (NEW SERMON 2017) Joel Osteen – The Outstretched Hand of God. (NEW SERMON 2017) Joel Osteen – The …
Miner-trader Glencore (GLEN.L) on Friday said it had offered $2.55 billion cash for coal mines owned by Rio Tinto (RIO.L) (RIO.AX) in Hunter Valley, Australia, outbidding a previous offer from Chinese-owned Yancoal.
The large-scale, long-life assets are next to mines already owned by Glencore, which has predicted continued demand for coal, especially in Asia, despite environmental opposition to the most polluting form of fossil fuel.
In January, Rio said it was selling its interest in Coal & Allied Industries Limited (C&A) to Yancoal Australia Limited (YAL.AX) for $2.45 billion.
The terms allowed Rio to engage in negotiations with another party if it made a better offer.
Glencore’s proposal is $100 million higher and fully funded, but Rio Tinto has to give Yancoal the chance to make a counter offer, opening the way for a bidding war.
Rio said in a statement it had received the offer and would respond “in due course”.
Analysts say Glencore has long been interested in the assets and predicted its offer could succeed.
“We cannot see Rio refusing unless it feels it will hurt its cosy China relationships,” Hunter Hillcoat of Investec said.
Glencore’s bid, made up of $2.05 billion upfront and $0.5 billion in instalments over five years, will automatically expire on June 26 if a binding sales agreement has not been reached.
If the deal is completed, Glencore is also offering to buy minority stakes in Hunter Valley operations from Mitsubishi for $920 million cash.
Glencore also said it will stick to a pledge to limit its net debt to EBITDA (earnings before interest, tax, depreciation and amortisation) to a maximum of 2:1.
It would therefore sell assets worth $1.5 billion, possibly including up to 50 percent of its stake in the C&A mines, it said.
Following a deal, Glencore’s combined portfolio would have production capacity of 81 million tonnes per year of high-energy coal, which would meet Asian demand, Glencore said, adding it already had regulatory approval from the Japanese anti-trust authorities.
Coal asset sales stalled last year when coal prices hit nearly five-year highs and miners raised their expectations on bids for their assets.
Agreeing deals has also been complicated by climate change concerns and shareholders have questioned the long-term financial sustainability of mining portfolios.
Glencore says it reviews the sustainability of its assets and has said it sees continued demand for high-quality coal that can still be the cheapest form of baseload power.
Japan has been forced to burn more coal following the Fukushima disaster, which led to the shut down of nuclear capacity.
David Neuhauser, managing director at U.S. hedge fund Livermore Partners, which owns Glencore shares, said the offer was strategic.
“In the past, they tried to gain producing assets at any cost. Today they’re targeting deals that are very prudent, opportunistic and move the needle in terms of their cash flow,” he said.
(additional reporting by John Tilak in Toronto; Editing by Elaine Hardcastle)
Republished by Blog Post Promoter
NEW YORK U.S. stocks edged higher on Monday, led by gains in technology stocks as investors were optimistic ahead of earnings.
The S&P 500 technology index .SPLRCT was up 0.8 percent, followed by a 0.6 percent gain in the materials index .SPLRCM.
Technology is expected to have had among the strongest earnings growth for the second quarter, according to Thomson Reuters data.
“You had a little bit of a sell-off in the tech sector over the last couple of weeks,” said Jeff Carbone, managing partner at Cornerstone Financial Partners. “This shows that investors may be seeing opportunities to get in … as we head into earnings season.”
U.S. companies have begun to release second-quarter earnings, with reports due this week from big U.S. banks including JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N). S&P 500 earnings are forecast up 7.9 percent in the second quarter compared with a year ago.
In a significant victory for the banking industry, the Federal Reserve late last month approved plans from the 34 largest U.S. banks to use extra capital for stock buybacks, dividends and other purposes.
The healthcare sector .SPXHC was down 0.3 percent as investors waited for clarity on the healthcare legislation overhaul proposed in Washington.
The Dow Jones Industrial Average .DJI fell 5.82 points, or 0.03 percent, to end at 21,408.52, the S&P 500 .SPX gained 2.25 points, or 0.09 percent, to 2,427.43 and the Nasdaq Composite .IXIC added 23.31 points, or 0.38 percent, to 6,176.39.
Snap (SNAP.N) shares fell below their IPO price of $17 for the first time, to hit a low of $16.95. The stock closed at $16.99, down 1.1 percent. Snap was the hottest U.S. technology listing in years when it went public in March.
Fed Chair Janet Yellen’s semi-annual testimony may be the highlight this week for investors looking for cues on further interest rate hikes. She will testify on Wednesday and Thursday.
Amazon.com Inc (AMZN.O) shares rose 1.8 percent to $996.47 ahead of its popular Prime Day shopping festival. Shares of Best Buy (BBY.N) fell 6.3 percent to $54.23 on news that Amazon was planning to roll out a Geek Squad competitor.
Advancing issues outnumbered declining ones on the NYSE by a 1.05-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favored decliners.
The S&P 500 posted 27 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 81 new highs and 69 new lows.
Volume was light, with about 5.6 billion shares changing hands on U.S. exchanges. That compares with the 6.9 billion daily average for the past 20 trading days, according to Thomson Reuters data.
(Reporting by Kimberly Chin in New York; Editing by James Dalgleish)
#Heavy #Construction #News – #Construction #news today
The block of Broadway between Harbor Drive and Pacific Highway in downtown San Diego has been undergoing amjor renovation. This is what it currently looks like behind the construction fencing. Eventually new landscaping and lighting will go in the median here.
Tagged: , sandiego , broadway , construction , nevp , downtown
Heavy Construction photos – Broadway – #heavy #construction #photos #pics and #images for you.
The content in this compilation is licensed and used with authorization of the rights holder. If you have any questions about compilation or clip licensing, please contact us: firstname.lastname@example.org
WANT TO SEE YOUR PET IN OUR COMPILATIONS?
Send your clips or links to: email@example.com
For more funny videos & pictures visit and like our Facebook page:
“Fenster’s Explanation, Monkeys Spinning Monkeys” Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0
Super funny videos – The funniest and most humorous cat videos ever! – Funny cat compilation #Live #laugh #love #videos