
XCel Brands: Q1 Earnings Snapshot
NEW YORK (AP) — NEW YORK (AP) — XCel Brands Inc. (XELB) on Wednesday reported a loss of $2.8 million in its first quarter.
On a per-share basis, the New York-based company said it had a loss of $1.18. Losses, adjusted for amortization costs and non-recurring costs, were 58 cents per share.
The brand management company posted revenue of $1.3 million in the period.

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Business Wire
an hour ago
- Business Wire
Allvue Systems Announces White Oak Management S.A. Is Live on Fund Administration Essentials Platform
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New York Times
an hour ago
- New York Times
How a Manhattan Private School With a Utopian Mission Suddenly Collapsed
In early October, parents at Manhattan Country School were panicked to find out in the pages of the business press that their school faced foreclosure. For nearly 60 years, families had been coming to Manhattan Country for its scrappy intimacy and a dedication to equity that went well beyond performative rhetoric and the reductive simplicities of D.E.I. Inc. But now it was not clear how much longer this sustained utopia on the Upper West Side could persist. Since the beginning, Manhattan Country offered sliding-scale tuition, a model that had been devised with the help of Frank Roosevelt, the grandson of F.D.R., who was an economist and one of the school's longtime trustees. Affluent families paid full price while others paid according to some calculated proportion of their income. The school, which runs from preschool to eighth grade, was educating not only the children of liberal aristocrats but also the children of undocumented immigrants. Until a few years ago, the school did not require tax returns or any other form of income verification to establish need. Parents were drawn to M.C.S. fully appreciating that it did not function in the same universe as Trinity, say, or Collegiate, nearby private schools that have been rooted in the city for hundreds of years and have amassed endowments of tens of millions of dollars. Resources were tight; parents were always pitching in to do things. The hands-on aspect of the school's culture was so much a part of its allure. Still, parents had little sense of how insecure the future of the institution had become. 'My favorite students were always the ones from M.C.S., and so when I had my son, I knew that I wanted him to go,' Olga Ramos, the deputy director of Bard High School and a parent at Manhattan Country, told me. 'But this left me really blindsided.' By the spring, bankruptcy proceedings would show that the school owed creditors more than $27 million and held $82,000 in its bank account. Recently, the last day of school was pushed up a week because money ran out. At the same time, parents were scrambling to raise hundreds of thousands of dollars to meet back payroll for teachers and other staff members, which they did. They were also busy creating a food pantry to help the employees get by in the meantime. On Oct. 7, Flushing Bank filed a $3 million suit against Manhattan Country School for a default on interest payments tied to a line of credit. Flushing also holds the mortgage on the school's West 85th Street building, which M.C.S. was struggling to pay. The day the news was reported in Crain's New York Business, the former board chair and one of the school's major donors, a lawyer named Roxanne Elings, sent an email to the community trying to calm nerves. Trustees, she said, were working closely with the bank and anticipated 'resolution shortly.' Two days later, she sent out a second note, more urgent and sobering in tone. Want all of The Times? Subscribe.

an hour ago
Jack Daniel's maker Brown-Forman sees sales fall as Trump trade conflicts weigh on spirits producers
LOUISVILLE, Ky. -- Brown-Forman Corp. reported weaker sales Thursday as the maker of Jack Daniel's Tennessee Whiskey confronts challenging market conditions amid global trade conflicts and pinched consumer spending. The Louisville, Kentucky-based spirits giant said its full-year net sales of nearly $4 billion were down 5% from a year ago, and fell 7% in in the fourth quarter. Net income was down 15% for the full fiscal year and plunged 45% in the fourth quarter ending April 30, the company said. The quarterly drop came as Brown-Forman and other U.S. spirits producers who rely heavily on foreign sales felt the reverberations from President Donald Trump's sweeping tariff plans and consumer anxiety about the economy. Brown-Forman also offered a sobering assessment for the coming year. Having steered the company through an 'extremely challenging and uncertain operating environment' in the past year, Brown-Forman CEO Lawson Whiting predicted another challenging year ahead. 'Fiscal 2025 was a year unlike any other that I've seen in the past three decades,' he said during a conference call with industry market analysts. Whiting pointed to industry figures showing that many consumers are purchasing smaller sizes of spirits. He called it unusual and said it reflects a consumer 'who's pinched and just goes to the store with a $10 bill instead of $20 and then they get the smaller size.' 'The consumer and their wallet just doesn't have as much money in it," he said. "They're spending money on things like vacations and lodging, and other things like that. But then when it trickles down and they go to the grocery store, I think in some cases, spirits have fallen out of the basket a little bit.' In its outlook for the next year, the company said the challenges include continued consumer uncertainty and the 'potential impact from currently unknown tariffs.' 'We know it's highly volatile," Leanne Cunningham, the company's CFO, said while fielding a question about tariffs during the conference call. "None of us can predict what's going on." The company believes the market volatility will "create sustained levels of consumer uncertainty, which we believe will lead to another year of below historical total distilled spirits trends,' she said. Trump has often announced changes and pauses to his sweeping tariff plans on his social media platform. Trump hiked nearly all of his tariffs on steel and aluminum imports to a punishing 50% on Wednesday in a move that's set to hammer businesses from automakers to home builders, and likely push up prices for consumers even further. Brown-Forman executives said Thursday that American spirits brands mostly remain off store shelves in Canada. Trump has angered Canadians with his trade war and calls to make Canada the 51st state. Spirits makers in Kentucky have expressed fears of becoming "collateral damage' by getting caught up in trade conflicts. 'The uncertainty of the tariffs continues to weigh down distilleries large and small," Chris Swonger, president and CEO of the Distilled Spirits Council of the United States, said in a statement Thursday. "We are urging the Trump administration to help get the spirits sector back to fair and reciprocal trade with zero-for-zero tariffs with our major trading partners.' Meanwhile, Brown-Forman's full-year results showed that net sales for its whiskey products were flat. Growth from Jack Daniel's Tennessee Whiskey and its Woodford Reserve brand was offset by the negative effect of foreign exchange and declines in other super-premium Jack Daniel's products, it said. The company will launch a new product, Jack Daniel's Tennessee Blackberry, this summer. 'BlackBerry is a globally recognized, well-established flavor trend, and naturally complements the flavor of Jack Daniel's Tennessee Whiskey," Whiting said. In January, Brown-Forman announced it was reducing its global workforce by about 12% and closing its hometown barrel-making plant in Louisville. Whiting reaffirmed Thursday that those actions are expected to produce about $70 million to $80 million in annualized cost savings.