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North Carolina eyes grid-enhancing tech to improve aging power lines

North Carolina eyes grid-enhancing tech to improve aging power lines

Yahoo15-05-2025

Last summer, utility Duke Energy joined U.S. and state officials to announce with fanfare that it would rebuild a 40-mile transmission line between hurricane-prone Goldsboro and Raleigh, North Carolina. The company said the new infrastructure would result in fewer power outages, more solar connected to the grid, and hundreds of new jobs.
Funded jointly by the federal government and Duke, the project highlighted how advanced technology can help solve the problems posed by an aging electric grid: It will include cables better able to withstand extreme weather and modern support structures that can accommodate new sources of power.
'The grant announced today by the Department of Energy is a win for the communities Duke Energy serves, and signals North Carolina's leadership in the energy transition,' Kendal Bowman, president of the utility's North Carolina operations, said at the time.
But advocates and experts say the Lee-Milburnie transmission line in Eastern North Carolina is just the tip of the iceberg. To save consumers money and meet growing energy demand, they believe policymakers should follow other states' lead and encourage Duke to perform many more grid upgrades like the one unveiled last summer.
Bipartisan legislation that would do just that failed to meet a key deadline last week, but its contents could still end up in another bill before the session ends later this year. Backers of the measure remain hopeful, in part because it would benefit all energy sources, not just renewable ones.
'It's not a clean energy bill,' said Mel Mackin, state policy director for the nonprofit advocacy group Ceres. 'It's a grid-modernization bill. It's about upgrading transmission lines to improve efficiency, to improve reliability. It's about reducing grid congestion. We're hopeful legislators will see it that way.'
In North Carolina, as across the country, the transmission grid — the network of high-voltage lines designed to transport electrons across long distances — faces a confluence of challenges. For one thing, the grid is old: about 70% of today's transmission lines were installed at least 35 years ago.
These aging conductors have much less capacity than newer ones, said North Carolina-based Maureen Quinlan, senior officer for energy modernization at The Pew Charitable Trusts. Old lines are also susceptible to failure from normal wear and tear as well as from extreme weather events like hurricanes and heat waves, causing 'road closures' on the electricity highway.
'An element of the grid may go out, and you have to reroute the power,' Quinlan explained. 'Detours are always going to be slower; you're on smaller roads. That's going to create inefficiencies.'
The resulting grid congestion from existing, interconnected power suppliers is one 'today problem,' said Quinlan. A study from the consulting firm Grid Strategies estimated these bottlenecks cost consumers some $11.5 billion nationwide in 2023 because they force utilities looking to avoid congested areas to dispatch more expensive electricity than they otherwise would.
A second challenge for the present is the long line of projects waiting to merge onto the clogged highway that is the transmission grid. In North Carolina and throughout the Southeast, that 'interconnection queue' is dominated by solar farms and battery storage.
As Duke and other utilities race to build power plants of all kinds to supply large data centers, manufacturing plants, electric vehicles, and more, the queue is poised to lengthen until the road is widened — that is, until the grid's capacity is expanded.
'You already have a system that's experiencing a lot of these constraints and backlogs,' said Quinlan. 'That's going to be compounded by growing energy demand.'
Addressing today's bottlenecks helps utilities save money to address a hurdle for tomorrow: building brand new highways to bring large sources of energy, such as offshore wind, to population centers, such as the Raleigh-Durham-Chapel Hill area known as The Triangle.
That's why experts are increasingly looking to advanced transmission technologies, which can quickly be added to the existing grid to allow it to carry more power.
'They can be deployed in a matter of months to a few years,' said Quinlan, 'and they're also very cost-effective. [Some] can pay for themselves in less than six months, so they're seen as a bridge to these bigger transmission grid-level needs.'
The technologies include both hardware and software. Carbon composite conductors, for instance, are up to twice as efficient as traditional aluminum cables reinforced with steel, in part because they sag less when overheated. These modern lines are a key reason the Lee-Milburnie upgrade is expected to reduce the length of service interruptions by 10%.
Through a process called dynamic line rating, utilities can place sensors on lines to assess temperature, wind speed, and other factors, allowing significantly more power to flow under favorable conditions.
Installing advanced hardware is more economical than building new conventional transmission lines because it offers more bang for the buck, doesn't involve new rights-of-way, and reuses some existing infrastructure. One recent study found that replacing conventional lines with advanced conductors nationwide would increase the transmission grid's capacity by four times as much as only building new lines. Such 'reconductoring' would also save $85 billion by 2035 compared to business as usual.
The Lee-Milburnie line, for instance, will allow 1,600 megawatts of solar and 260 megawatts of energy storage to connect to the grid in Eastern North Carolina. Duke also told regulators the project would bring $2.1 billion in benefits, The News and Observer reported.
Advanced software technologies are also money-savers. A pair of studies from Quanta Technologies and The Brattle Group shows such software could reduce energy costs nationwide by over $5 billion annually, a former chairman of the Federal Energy Regulatory Commission wrote in a Utility Dive opinion article last year. However, he wrote, 'a policy vacuum' in the U.S. is holding back adoption.
From Arizona to Maine, there's growing bipartisan interest around the country in filling that void. Just this week, South Carolina Gov. Henry McMaster, a Republican, signed a bill requiring utilities to report on their advanced transmission efforts.
Advocates made some headway in North Carolina last November, when the state Utilities Commission approved Duke's long-range carbon-reduction plan.
Regulators wrote in their decision that they believe that grid-enhancing technologies 'can be used to overcome interconnection limits, address transmission outage challenges, and interconnect resources while transmission system upgrades are being constructed.'
Commissioners ordered that Duke's next plan, a draft of which is due in September, report on the utility's progress toward implementing such technologies, including explanations for not proceeding with any grid enhancements it evaluated.
Legislation sponsored by Rep. Kyle Hall, a Stokes County Republican who co-chairs the House Energy and Public Utilities Committee, would set that directive into law.
'That makes it more durable,' said Cassie Gavin, director of policy at the North Carolina Sustainable Energy Association.
The proposed legislation, House Bill 814, also takes the order a step further, asking Duke to examine a full suite of advanced transmission technologies, including hardware modernization and new software.
Gavin's group has long supported energy efficiency, she said, and promoting advanced transmission technologies is a logical next step.
'This is like energy efficiency for the grid,' she said. 'And it can benefit ratepayers at the same time, so it seems like a no-brainer.'
Still, HB 814 as written won't be eligible to advance for the rest of the General Assembly's two-year session since it failed to pass the House by May 8. The bill also has yet to be discussed by a single legislative committee.
Duke, which holds significant sway in the Republican-controlled legislature, hasn't taken a public stand on the legislation.
However, the utility has previously expressed concern about challenges posed by grid-enhancement technologies. During its planning process last year, the company told regulators that such tools could 'contribute to operational complexities and reduced situational awareness.'
Asked recently about Duke's position, a company spokesperson told Canary Media: 'We appreciate the importance of discussions around ensuring safe and reliable power infrastructure to serve our customers in North Carolina and will continue to work with policymakers and other state leaders toward that goal.'
Official legislative deadlines notwithstanding, North Carolina lawmakers often combine an array of energy policies into one grand compromise bill; that's how they passed the state's bipartisan climate law in 2021. So, advocates remain hopeful that if there's enough political will, there will be a way.
'We're cautiously optimistic,' said Quinlan. 'We look forward to finding a path forward to promote [advanced transmission technologies] in the state as part of its energy future.'

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Digging into claims Biden administration 'shoveled' $93 billion in loans out of Energy Department in final months
Digging into claims Biden administration 'shoveled' $93 billion in loans out of Energy Department in final months

Yahoo

timean hour ago

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Digging into claims Biden administration 'shoveled' $93 billion in loans out of Energy Department in final months

In May 2025, U.S. Secretary of Energy Christopher Wright repeatedly claimed that the administration of former U.S. President Joe Biden lent or committed $93 billion to companies through the Department of Energy's Loan Programs Office (LPO) in the final 76 days of the administration. It was unclear where Wright got this figure. According to our investigation, the LPO lent or committed anywhere from $68 billion to $77 billion between Nov. 5, 2024, and Jan. 20, 2025. According to the LPO awarded up to 27 loans during this period — around half the 53 the office said it announced during the Biden-Harris administration. Wright also claimed that, before Election Day in November 2024, the LPO had awarded loans worth $43 billion. We did not independently confirm this figure, though the LPO said on its website that it had "financed" a $43.9 billion portfolio by September 2024. This could be the number Wright was referring to. After U.S. Secretary of Energy Christopher Wright testified (archived) at the U.S. Senate Appropriations Committee on May 21, 2025, a claim (archived) circulated alongside a video clip from the hearing that U.S. President Joe Biden gave out $93 billion in loans to businesses during its last 76 days through the Department of Energy. One Facebook post read: "Wasting $93 billion of our hard earned money is criminal and it needs to be handled as such. Thank you Kennedy for exposing this!" The claim also appeared on X (archived), Instagram (archived) and Threads (archived). Snopes users searched our site for information about the claim. However, we found no evidence the Department of Energy's Loan Programs Office (LPO) — which is the office claims are referring to — approved loans worth exactly $93 billion between Nov. 5, 2024 and Jan. 20, 2025. The office awards or guarantees loans to companies to advance clean energy, advanced transportation and Tribal energy projects in the United States. According to the LPO's public news releases, the office announced loan guarantees or conditional commitments worth around $68 billion during this period. According to an open data source of federal spending information, new loans issued by the LPO during that period totaled around $77 billion. On Jan. 17, 2025, the LPO said in its 2024 year-in-review that it had announced "53 deals totaling approximately $107.57 billion" during the entire Biden-Harris administration from January 2021 to January 2025. Though none of these figures corresponded exactly to Wright's claim, according to the LPO awarded 27 of the 53 loans on or after Nov. 5, 2024, indicating a flurry of activity in the administration's final months. We reached out to the Department of Energy to ask how it evidenced Wright's statement. We also reached out to Biden administration Secretary of Energy Jennifer Granholm and Jigar Shah, who was at the time the head of the LPO, to ask if they could confirm the figure. We await replies to our queries. Wright first made the claim during an interview (archived) with Blaze Media's Glenn Beck. Wright has since repeated the claim in an appearance on Fox Business (archived) and while testifying at the Senate Appropriations Committee on May 21, 2025. Wright said during the May 21 hearing while speaking about the LPO (time code 37:43, our emphasis): Christopher Wright: The Loan Programs Office is a key tool. We do need to make sure we have funding available in the Loan Programs Office because, used judiciously, it's a way to leverage private capital to make things happen fast. If your equity investors behind that debt are the six hyperscalers in the United States, they're great credit, the American taxpayers are going to be paid back. Alternatively, in the last administration — the Loan Programs Office in its 15-year history lent $43 billion — Sen. Katie Britt: Wow. CW: — In the 76 days since Election Day to Inauguration Day of the new President, the previous administration lent or committed $93 billion — two and a half times the 15-year total — KB: You're kidding, tell me, tell me that time frame again? CW: — 76 days from Election Day when the B — Biden lost the presidential election to President Trump's inauguration, in 76 days — KB: That is absolute insanity. CW: — they lent or committed $93 billion. So, there is a reason I'm moving slow and I'm doing evaluations of projects, yes, there's a very big reason. Sen. John Kennedy of Louisiana repeated the claim to Wright later in that same hearing (starting around time code 1:38:25). Kennedy asked: "The people running the Department of Energy for President Biden's administration shoveled $93 billion, not million, $93 billion out the door in 76 days and it just happened to be the time between when President Trump was elected and President Biden, their boss, was leaving. Is that right?" While we could not document loan or commitment announcements from the LPO between Nov. 5, 2024 and Jan. 20, 2025 totaling exactly $93 billion, our investigation did find that the office announced a flurry of new activity during this period. During that period the office announced loan guarantees or conditional commitments to 23 new companies totaling $68,836,640,000, according to the LPO's own news releases. The largest was a $15 billion loan guarantee to Pacific Gas & Electric Company (PG&E)'s Project Polaris, a portfolio of projects to expand hydropower in the company's service area. A loan guarantee is a promise by a third party (not the borrower or lender) to repay a loan if the borrower is not able. According to between Nov. 5, 2024, and Jan. 20, 2025, the Department of Energy awarded 27 loans with a combined face value (the amount either lent directly or guaranteed) of $77,150,255,215. This number was likely higher because the LPO might not have publicly announced all the loans or guarantees it made on its website. Though the higher loan total from was in the ballpark of Wright's $93 billion — about $16 billion short — neither figure matched exactly. We await a reply from the LPO about the discrepancy between publicly available data and Wright's statement. According to the Biden-era LPO itself, the office announced "53 deals totaling approximately $107.57 billion" during the Biden-Harris administration. According to the office made 27 of these commitments in its last three months. Therefore, while it was not possible to exactly match Wright's $93 billion figure, data shows the Biden administration did commit to around half the loans or guarantees made through the LPO in its last three months. Then-Secretary of Energy Jennifer Granholm declared the office "open for business" in 2021, after it, according to reports citing Granholm, had been dormant during the first Trump administration. Outlets like Politico, Bloomberg and the Financial Times reported in late 2024 that companies were rushing to finalize loan deals with the LPO amid uncertainty about what then President-elect Donald Trump would do with the office once in power. Alongside his claim about $93 billion in loans given out in the final months of the Biden administration, Wright also claimed that this was "two and a half times the 15-year total" of $43 billion that the office had lent previously. The LPO did likely lend or commit more than $43 billion during its last three months — as listed above, our estimates range up to around $77 billion during this period. The office's website said in May 2025 that by September 2024 the LPO had financed "a $43.9 billion portfolio of innovative clean energy projects and advanced technology vehicle manufacturing facilities across the United States." This could be the figure Wright was referring to, though it would account for 19 years of the LPO's lifetime, not 15, as Wright had said. President George W. Bush founded the office in 2005, so a 15-year lifetime would only count up to 2020. It was unclear whether "financed" on the LPO's website meant obligated or disbursed — and equally unclear whether Wright was referring to either or both of these terms when he said the LPO "lent" $43 billion. The LPO's own annual portfolio status report for fiscal year 2023 (Page 10) showed that the office has consistently obligated more than it has disbursed. For example, in FY23, the office had obligated nearly $40 billion in its lifetime, but disbursed nearly $35 billion. By the end of March 2025, the LPO said on its website it had disbursed $47.3 billion in loans. Ultimately, while it was uncertain where Wright got his figures from, it was clear that the Biden administration finalized a large number of the loans and commitments it made through the LPO after Election Day in November 2024, and that the value of these loans and commitments likely exceeded the office's previous lifetime cumulative total. It remains uncertain what will happen to the $46.95 billion worth of active conditional commitments the LPO made under the Biden-Harris administration as Wright and the Trump Department of Energy turn their attention to the office. Wright said during the May 21 Senate appropriations hearing (time code 01:40:26): "Senator, the one complication in there too is, mixed in there, are good companies doing good things honestly with credible plans." Wright agreed that he was trying to "sort the wheat from the chaff." "That's our job and we're doing it," Wright said. Accelerating Portfolio Growth. Department of Energy Loan Programs Office, An Overview of DOE's Loan Programs Office. U.S. Department of Energy, June 2021, Brady, Jeff. "After Solyndra Loss, U.S. Energy Loan Program Turning A Profit." NPR, 13 Nov. 2014. NPR, Chu, Amanda. "Joe Biden Rushes to Issue Cleantech Loans in Bid to Secure Legacy." Financial Times, 26 Dec. 2024, Daly, Matthew. "AP Interview: DOE Reviving Loan Program, Granholm Says." AP News, 4 Mar. 2021, "December 2024 Monthly Application Activity Report." Accessed 28 May 2025. "DOE Announces $15 Billion Loan Guarantee to Pacific Gas & Electric Company to Expand Hydropower Generation, Battery Energy Storage, and Transmission." 17 Jan. 2025, DOE Loan Programs Office: 2023 Updates, Overview and Key Insights | Insights | Holland & Knight. Accessed 28 May 2025. Energy for America's Future. Accessed 28 May 2025. Forbes Breaking News. "Energy Secretary Chris Wright Testifies Before The Senate Appropriations Committee." YouTube, Accessed 28 May 2025. Friedman, Lisa. "Billions in Clean Energy Loans Go Unused as Coronavirus Ravages Economy." New York Times, 30 Apr. 2025, @glennbeck. "Trump's Energy Dept. Just Discovered Biden Rushed out $93 BILLION in Green Energy Loans in the 3 Months before Trump." X, 8 May 2025, "LPO Year in Review 2024." 21 Jan. 2025, Natter, Ari, and David R. Baker. "With Trump Looming, Biden's Green Bank Moves to Close Billions in Deals." Bloomberg, 13 Dec. 2024. "November 2024 Monthly Application Activity Report." Accessed 28 May 2025. "October 2024 Monthly Application Activity Report." Accessed 28 May 2025. @SecGranholm. "The @Energy Department's Loan Programs Office Is Back in Business! ." X, 3 Mar. 2021, @SecretaryWright. "The Biden Administration Pushed out $93 BILLION in Green Energy Loans in the 3 Months before @POTUS Came into Office." X, 10 May 2025, Storrow, Benjamin, et al. "Biden Inks Billion-Dollar Climate Deals to Foil Trump Rollbacks." POLITICO, 20 Nov. 2025, Accessed 28 May 2025.

China's grueling ‘996' work culture is being debated by European startups — 7 founders and VCs on why they are resisting
China's grueling ‘996' work culture is being debated by European startups — 7 founders and VCs on why they are resisting

CNBC

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China's grueling ‘996' work culture is being debated by European startups — 7 founders and VCs on why they are resisting

The European startup scene was recently shaken by a LinkedIn debate with some venture capitalists applying pressure on founders to embrace a culture of overwork to compete on a global stage. The "996" work culture reigns supreme in China and has been adopted by various tech giants including Jack Ma's Alibaba and Bytedance's TikTok, but the system has also been the subject of much protest in recent years. Tech workers in Europe told CNBC in 2021 that they're turning down job offers, rejecting interviews, or even quitting their roles, upon learning of TikTok's 996 work culture. Sebastian Becker, general partner at Switzerland-based VC company Redalpine added to the debate on LinkedIn by addressing the new German Chancellor Friedrich Merz, who has called for removal of the legal work limit of eight hours per day in Germany in a bid to increase efficiency, while keeping the 40-hour week. Becker said Merz' proposal doesn't go far enough, as "40 hours a week won't cut it." "In Silicon Valley, 60-70 hour weeks aren't the exception — they even have a term for it: 996 — 9am to 9pm, six days a week... we can have the same amount of smart, ambitious people, but if we're consistently being outworked, we won't win," Becker said. Index Ventures Partner Martin Mignot in London explained on LinkedIn that 996 originated in China and has "quietly become the norm" at startups internationally. Part of the reason behind this most recent push is that there's a persistent view that Europe's tech and startup scene is lagging behind the U.S. and China, both of which have produced tech giants and are known for intense work cultures. However, Suranga Chandratillake, general partner at Balderton Capital, told CNBC Make It that these views are outdated as Europe has produced deca-corns in recent years— companies worth more than $10 billion including Klarna, Revolut, Wise, and The continent has yet to produce a trillion-dollar tech firm like Nvidia. "The European tech market and ecosystem is keeping up today with the U.S. and Asia... back in the 1980s the European tech scene was behind the tech scene on the West Coast of the US, but that's not the case now," Chandratillake said in an interview. The calls for Europe to adopt the 996 work culture sparked a wave of backlash. CNBC spoke with seven European startup founders and VCs on why they disagree. The obsession with China's 996 or Silicon Valley's 24/7 work culture emerges from a glorification of hustle culture in the startup landscape, founders and VCs said. "It's about a fetishization of overwork rather than smart work…it's a myth," Chandratillake said. "California is very good at telling stories and there's a lot of mythmaking around the concept of what startups look like…. there is hard work involved but if you really spend time in that ecosystem, you will discover that lots of people work really hard, but there are also periods where they don't work." Nina Mohanty, a Silicon Valley native and founder of London-based Bloom Money, said there are actually "lasting effects and unintended consequences" to adopting an aggressive overwork culture, "You only have to think about Revolut and the culture that they have is probably the closest that we've seen in Europe to the 996 culture, and they struggled," Mohanty told CNBC. "Their churn rate was incredibly high within their team, and they even struggled to get their banking license, and their culture was actually cited as one of those reasons." For its part, Revolut told CNBC it operates in a "high-growth, high-performance environment." "In line with this, we've evolved how we support our people: through value-based behaviours, structured development, and a culture that's collaborative, challenging, and built for scale," a spokesperson from Revolut said. Noa Khamallah, general partner at Don't Quit Ventures, pointed out that there's "no need for 996" and that these values are often at odds with both the European mindset and regulation. "Europe's most successful companies — from Spotify to SAP to ASML — didn't achieve dominance through overwork but through sustainable innovation cultures," Khamallah said. He offered the examples of Silicon Valley's Uber and Meta, both companies that expanded into Europe and faced massive regulatory pushback. "These examples reveal how Silicon Valley's 'move fast and break things' ethos often breaks against European values around worker rights, privacy, and sustainable business practices," Khamallah said. An always-on culture decreases retention and creates a revolving door of talent, Sarah Wernér, co-founder of Husmus, told CNBC. "Overwork today is a productivity crisis tomorrow," Wernér said. "Personally, I hope my competitors are doing 996. It makes poaching great people a lot easier when they decide they've had enough." Dama Sathianathan, a senior partner at Bethnal Green Ventures said it's unhelpful to "prescribe" working hours, especially if it means putting workers' wellbeing at risk. "Optimizing labor doesn't always lead to better productivity, or help with differentiating from other companies long-term, if you've made work devoid of meaning," Sathianathan explained. Meanwhile, the youngest generation at work are less likely to put up with overworking and tend to prioritize work-life balance. Jas Schembri-Stothart, founder of Luna, a health and wellness app for teen girls, said 996 will drive young talent away from European startups. "People may tolerate overwork for a while, but eventually it leads to churn and even resentment, especially with Gen Z and younger millennials, there's much less tolerance for toxic hustle cultures," Schembri-Stothart said. Founders insist that instead of increasing working hours, startups need more funding and resources to position themselves as key players in the global startup scene. "What Europe really needs isn't more hustle-porn it's more aggressive funding," Wernér said. "With the right level of capital, our startups can hire enough talent to work intensely without breaking themselves. If a team of 10 is burning out to keep up with a 50-person U.S. VC or Chinese government-backed startup, the problem isn't their stamina, it's their cap table." In fact, since 2015 Europe's tech startups have missed out on nearly $375 billion in growth-stage funding, with founders losing out on a potential $300 billion in European investments, according to Atomico's State of European Tech report published in 2024. Additionally, one in two companies raising funding turn to the U.S. for capital rather than Europe. "What European startups really need is access to the right resources — funding, talent, and support — to grow, innovate quickly, and scale effectively," Schembri-Stothart said. "The venture landscape in the U.S. is a different ballgame altogether, and it's tough to compete with that without a stronger ecosystem here. Founders acknowledged that the startup life requires intense hustle and grind, but it's a more nuanced picture than just adopting 996. Timothy Armoo, co-founder and former CEO of Fanbytes, an influencer marketing firm that he sold for eight figures in 2022, told CNBC that he's a "huge supporter" of this new 996 push, but admitted that timing is key. "I think there are seasons but I also think that if you are a first-time founder or if your primary goal is basically wealth creation, I'll be very candid, if this is your season, and you're stepping back, then you're not serious about it," he said. Armoo said there are no excuses because AI allows entrepreneurs to be maximally efficient as it can reduce certain time-consuming manual tasks. Meanwhile, Bloom Money's Mohanty, said that when she's not sleeping, she's working. "I think early stage teams tend to almost unknowingly or without actually saying it, work the 996 life, because when you are early stage, you just have to hustle harder with less, and especially if you're the founder, you're always on and always working, and it can be very, very difficult to turn off." Schembri-Stothart draws the line at exploiting her team to produce more work. "It's my choice to work at the weekend, but I'd never expect that on my team, it's definitely not glorified to push your teams to breaking point. Silicon Valley tech exec Dion McKenzie warned that expectations of a 996 culture could make VC funding even more out of reach for early-stage startups. "My fear is that as these new norms and trends become the status quo and benchmarks for getting funded, it excludes so many brilliant founders that value their mental health and/or can't commit to a 996 due to caregiving responsibilities or being a parent," Mckenzie said.

Apparel brand Oak + Fort to restructure amid tariff woes
Apparel brand Oak + Fort to restructure amid tariff woes

Hamilton Spectator

time4 hours ago

  • Hamilton Spectator

Apparel brand Oak + Fort to restructure amid tariff woes

VANCOUVER - Canadian apparel brand Oak + Fort says it has obtained creditor protection as it works to restructure the business. The Vancouver-based company says the move is necessary because U.S. tariffs have joined other price pressures and led to a decline in consumer confidence and spending. The tariffs arrived after Oak + Fort pushed to open 26 new Canadian and U.S. stores in the last four years, which the company says resulted in a reduced and ultimately insufficient investment in its e-commerce platforms. Court documents show the company owes more than $25 million to creditors including some landlords who didn't receive May rent payments. Oak + Fort says it will continue to operate stores and an e-commerce business during the restructuring. The retailer has hired Reflect Advisors LLC to assist with the restructuring. Oak + Fort was founded in 2010 as an online boutique that eventually expanded to 42 stores in Canada and the U.S. selling womenswear, menswear, accessories, jewelry and home goods. This report by The Canadian Press was first published June 7, 2025.

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