NEW YORK (Reuters) – A New York state judge could decide as soon as Thursday whether J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz) can sell certain Martha Stewart-branded home goods despite rival Macy’s Inc’s (M.N: Quote, Profile, Research, Stock Buzz) exclusive deal with the doyenne of U.S. home decor.
The two department store chains are scheduled to give closing arguments Thursday morning, more than three months after testimony ended in the non-jury trial before Justice Jeffrey Oing in state Supreme Court in Manhattan. He could render his verdict from the bench following summations or issue a decision in coming days.
NEW YORK (Reuters) – Commercial lender CIT Group (CIT.N: Quote, Profile, Research, Stock Buzz) abruptly stopped funding some future shipments to J.C. Penney Co (JCP.N: Quote, Profile, Research, Stock Buzz), a source familiar with the situation said Wednesday, in a move that could disrupt the retailer’s holiday shipments and hamper sales.
CIT met with Penney officials on Tuesday and is in talks with the department store chain to resolve the issue, the source said.
NEW YORK (Reuters) – Commercial lender CIT Group Inc (CIT.N: Quote, Profile, Research, Stock Buzz) abruptly stopped funding some future shipments to struggling retailer J.C. Penney Co Inc (JCP.N: Quote, Profile, Research, Stock Buzz), just months before the all-important holiday season, a source familiar with the situation said on Wednesday.
CIT, who met Penney officials on Tuesday, is currently in talks with the department store chain to resolve the issue, the source said. Penney and CIT representatives were not immediately available for comment.
By Phil Wahba
(Reuters) – Coach Inc (COH.N: Quote, Profile, Research, Stock Buzz) disclosed a new round of executive departures on Tuesday and reported disappointing handbag sales in North America, dashing investor hopes that the leather goods maker will rebound anytime soon.
Shares of New York-based Coach, known for its Poppy handbags, were down 8.2 percent at $53.06 in afternoon trading.
By Phil Wahba
(Reuters) – Coach Inc (COH.N: Quote, Profile, Research, Stock Buzz) on Tuesday again reported soft sales at its North American stores as it continued to face tough competition for handbag shoppers, and the leather goods maker announced the departures of two more executives.
Shares of New York-based Coach, which is known for its Poppy handbags, fell 6.2 percent to $54.25 in premarket trading.
NEW YORK, July 29 (Reuters) – Hudson’s Bay Co said
on Monday it would buy Saks Inc in a $2.4 billion deal
that would add prime real estate to its portfolio and bring the
luxury chain to its home market of Canada.
HBC, which operates Lord & Taylor in the United States and
Hudson Bay in Canada, is offering $16 per share, a 30 percent
premium over levels in May right before media reports emerged
Saks had put itself up for sale.
NEW YORK (Reuters) – Hudson’s Bay Co (HBC.TO: Quote, Profile, Research, Stock Buzz), operator of department store chains Lord & Taylor in the United States and The Bay in Canada, said on Monday that it would buy luxury retailer Saks Inc (SKS.N: Quote, Profile, Research, Stock Buzz) for $16 per share, or $2.9 billion in cash, including debt.
Saks, famous for its iconic Fifth Avenue flagship in Manhattan, will operate separately within HBC and have its own merchandising, marketing and store operations teams. It will also keep its New York headquarters.
LAC-MEGANTIC, Quebec (Reuters) – A U.S. expert who worked on the aftermath of the September 11 attacks is helping Canadian authorities sift through wreckage left more than a week after a runaway train barreled into a lakeside town in Quebec killing 50 people, police said on Wednesday.
Frank DePaolo, an emergency specialist from New York’s Office of the Chief Medical Examiner, visited the ruins of Lac-Megantic earlier in the week.
LAC-MEGANTIC, Quebec, July 16 (Reuters) – Street lights
melted and heavy rail lines buckled into a 5-foot arch after the
explosion of a runaway train in the little Quebec town of
Lac-Megantic, where police on Tuesday gave outsiders a first,
closely monitored look at the edges of the devastation.
“Go in, listen, be silent and understand, and explain to the
world what happened here,” Quebec police Lieutenant Michel
Brunet told a small group of journalists who have been reporting
on the disaster, which killed 50 people and destroyed the center
of this lakeside town near the Maine border.
LAC-MEGANTIC, Quebec (Reuters) – A small Quebec town devastated by the deadliest North American rail crash in more than 20 years faces a slow and painful return to a more normal way of life, with even the funerals of the dozens of victims likely to be delayed by weeks or months.
About 50 people are believed to have died when a runaway train with 72 oil tanker cars crashed and exploded in the center of the Quebec lakeside town just over a week ago, although not all the bodies have yet been recovered, and only 11 have so far been identified.