Wal-Mart de Mexico CEO Ignacio Caride Resigns Abruptly
The company has appointed Cristian Barrientos, currently head of Walmart Chile, as an interim head.
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Yahoo
21 minutes ago
- Yahoo
Claire's files for bankruptcy - again. See which stores are closing.
Mall jewelry chain Claire's has filed for bankruptcy for the second time in seven years. The majority of Claire's locations in the U.S. and the rest of North America will remain open as the company "continues to explore all strategic alternatives," according to a news release issued Wednesday, Aug. 6, by parent company Claire's Holdings LLC and Claire's U.S., which operates Claire's and Icing stores in the U.S. Claire's, which is based in Hoffman Estates, Illinois, near Chicago, has continued to struggle since a March 2018 bankruptcy filing. The rise of ultra-popular fast fashion websites Shein and Temu had cut into sales for the jewelry store chain, which has 1,326 company-operated stores in the U.S. Other detrimental factors: rising interest rates, inflation and tariffs on goods from China. Known for its ear piercings and teen fashion accessories, the chain joins other companies facing bankruptcies and store closings such as At Home, Big Lots, Joann Fabrics, Kohl's, JCPenney, Macy's and Party City. Here's what to know, including which stores are closing. Kroger: Supermarket chain closing two more stores, adding to list of closures Why is Claire's filing for backtuptcy? Ahead of the Aug. 6 bankruptcy filing, the company had sought to find a buyer for all or part of the business, and identified 18 stores it would close, according to filings in U.S. Bankruptcy Court in Delaware. "This decision is difficult, but a necessary one. Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire's and its stakeholders," said Claire's CEO Chris Cramer in the news release. "We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives." Earlier this year, Claire's deferred payments on debt interest as a way to conserve cash, Bloomberg reported. U.S. tariff policy uncertainties has led to concerns about Claire's ability to pay a $475 million loan due in December 2026, according to Bloomberg. Another sign of financial pressure and cash flow problems at Claire's: the company had increasingly fallen behind on its bills over the past year, according to Ragini Bhalla, spokesperson for business credit report provider Creditsafe. "These patterns once again reveal that the retailer has been struggling to handle its financial obligations and delaying paying more of its outstanding bills," he said in July 30 report shared with USA TODAY. Which Claire's and Icing stores are closing? A total of 18 Claire's and Icing stores will be closing, with clearance sales concluding no later than Sept. 7, according to the company's court filings. Additional stores could close, the company said in the filing. Here's the current list: Claire's Stores closing (13) Eastdale Mall, Montgomery, Alabama Newpark Mall, Newark, California Ford City Mall, Chicago Market Street, Lynnfield, Massachusetts Bay City Town Center, Bay City, Michigan Northtown Mall, Blaine, Minnesota Livingston Mall, Livingston, New Jersey Uniontown Mall, Uniontown, Pennsylvania Shops at Highland Village, Highland Village, Texas Pinnacle at Turkey Creek, Knoxville, Tennessee Junction Commons, Park City, Utah Provo Town Center, Provo, Utah Woodinville Plaza, Woodinville, Washington Icing stores closing (5) Galleria at Tyler, Riverside, California Woodland Mall, Grand Rapids, Michigan Greece Ridge, Rochester, New York Mall of Abilene, Abilene, Texas University Orem, Orem, Utah Contributing: Greta Cross and Kathryn Palmer, USA TODAY Mike Snider is a national trending news reporter for USA TODAY. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day This article originally appeared on USA TODAY: Claire's files for bankruptcy. See closing list. Sign in to access your portfolio
Yahoo
21 minutes ago
- Yahoo
Exclusive-Lula rejects 'humiliation' of calling Trump over US-Brazil tariff
By Brad Haynes and Lisandra Paraguassu BRASILIA (Reuters) -As U.S. tariffs on Brazilian goods jumped to 50% on Wednesday, Brazil's President Luiz Inacio Lula da Silva told Reuters in an interview that he saw no room for direct talks with U.S. President Donald Trump which he believes would turn into a "humiliation" for him. Brazil is not about to announce reciprocal tariffs, he said. Nor will his government give up on cabinet-level talks. But Lula himself is in no rush to ring the White House. "The day my intuition says Trump is ready to talk, I won't hesitate to call him," Lula said in an interview from his presidential residence in Brasilia. "But today my intuition says he doesn't want to talk. And I'm not going to humiliate myself." Despite Brazil's exports facing one of the highest tariffs imposed by Trump, the new U.S. trade barriers look unlikely to derail Latin America's largest economy, giving Lula more room to stand his ground against Trump than most Western leaders. Lula described U.S.-Brazil relations at a 200-year nadir after Trump tied the new tariff to his demand for an end to the prosecution of right-wing former President Jair Bolsonaro, who is standing trial for plotting to overturn the 2022 election. The president said Brazil's Supreme Court, which is hearing the case against Bolsonaro, "does not care what Trump says and it should not," adding that Bolsonaro should face another trial for provoking Trump's intervention, calling the right-wing former president a "traitor to the homeland." "We had already pardoned the U.S. intervention in the 1964 coup," said Lula, who got his political start as a union leader protesting against the military government that followed. "But this now is not a small intervention. It's the president of the United States thinking he can dictate rules for a sovereign country like Brazil. It's unacceptable." Lula said his ministers were struggling to open talks with U.S. peers, so his government was focused on domestic measures to cushion the economic blow of U.S. tariffs, while maintaining "fiscal responsibility." He also said he was planning to call leaders from the BRICS group of developing nations, starting with India and China, to discuss the possibility of a joint response to U.S. tariffs. Lula also described plans to create a new national policy for Brazil's strategic mineral resources, treating them as a matter of "national sovereignty" to break with a history of mining exports that added little value in Brazil. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
21 minutes ago
- Bloomberg
Inter Surges Most in Two Years After Profit Jump, BTG Upgrade
Inter & Co. shares jumped the most in two years after the Brazilian lender reported a profit jump and Banco BTG Pactual SA upgraded the stock. Second-quarter profit surged 49%, the company said Wednesday, topping analysts' estimates. The shares gained as much as 13%, the biggest intraday increase since July 2023.
