Journalist, New York
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Jul 31, 2013

CIT clamps down on credit to some J.C. Penney vendors: source

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.

Jul 30, 2013

Coach sees soft North American sales; more executives exit

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.

Jul 30, 2013

Coach sees weakness in North America; two more executives leave

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.

Jul 29, 2013

Canada’s Hudson’s Bay to buy Saks for $2.4 billion

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.

Jul 29, 2013

Lord & Taylor parent HBC to buy Saks for $2.9 billion in cash

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.

Jul 17, 2013

Quebec brings in 9/11 expert to help sift through train crash debris

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.

Jul 16, 2013

First glimpse at Canada disaster site shows scale of devastation

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.

Jul 15, 2013

Even funerals on hold in blast-ravaged Quebec town

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.

Jul 15, 2013

Survivors of Quebec train crash to file class action suit

LAC-MEGANTIC, Quebec (Reuters) – Two residents of the Quebec town of Lac-Megantic, where a runaway train derailed on July 6 and exploded into a wall of fire that killed 50 people, have launched a class action lawsuit to win compensation for the small community.

The plaintiffs, Guy Ouellet and Yannick Gagné, are seeking damages after the Montreal Maine & Atlantic Railway train of 72 oil tanker cars crashed into the center of the lakeside town near the Maine border, destroying buildings and businesses and leaving a community in mourning.

Jul 14, 2013

Rail at center of Quebec town tragedy and heart of its recovery

LAC-MEGANTIC, Quebec (Reuters) – It was a runaway train that caused this month’s deadly inferno in Lac-Megantic, but the Canadian town’s leaders, business owners and many of its residents see the railway as crucial to their survival and want it operating again as soon as possible.

Fifty people, including 17 still missing, are believed to have been killed on July 6 when a driverless train with 72 oil tanker cars crashed and exploded in the center of the picturesque, lakeside town in rural Quebec. The fire burned for hours and dozens of buildings were leveled.

    • About Phil

      "Phil Wahba joined Reuters in 2008 and has covered the exchanges, equity capital markets (IPOs), corporate bankruptcies and now covers retailers such as department stores and booksellers."
      Joined Reuters:
      2008
      Languages:
      English, French, Spanish, German and Danish.
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