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Newsweek
06-08-2025
- Business
- Newsweek
Claire's Faces Stores Closing Across US As Retailer Files for Bankruptcy
Produced [by our journalists] with financial support from an organization or individual that did not approve or review the work. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Jewelry retailer Claire's has filed for its second bankruptcy in seven years, amid mounting financial difficulties. On Wednesday, the company filed for Chapter 11 bankruptcy with the U.S. bankruptcy court in Delaware. This follows its first bankruptcy filing in March 2018, which it emerged from in October of that year. Why It Matters Claire's operates around 2,750 stores across 17 countries worldwide, but the filing could result in the closure of many locations as the company attempts to restructure and manage its substantial debt burden. The struggles of the Chicago-headquartered company, long a fixture in malls across the U.S., underscores the difficulties facing American retailers this year. In addition to long-term declines in foot traffic and an increasingly competitive e-commerce environment, many businesses are grappling with strained consumer budgets as well as the potential operational and financial impacts of steep tariffs. A Claire's store sign in London, England. A Claire's store sign in London, To Know According to a court filing, Claire's has estimated assets and liabilities both ranging between $1 billion and $10 billion. Claire's also reported having between 25,000 and 50,000 creditors. The retailer is now primarily owned by Elliott Management Corp. and Monarch Alternative Capital, creditors who assumed control following its first bankruptcy in 2018. The company was able to emerge from Chapter 11 in 2018 after a restructuring plan eliminated around $1.9 billion in debt. According to Fashion Network UK, Claire's operated over 3,300 stores in early 2018 before filing for Chapter 11. Earlier this year, reports emerged that Claire's was considering a sale amid struggling sales, difficulties paying down loans, and tariff pressures. Bloomberg reported in May that the company had been consulting leading global investment bank Houlihan Lokey to advise it on how to shore up its finances and navigate the challenging environment. Meanwhile, British newspaper The Telegraph reported in July that the company had recruited a number of advisers to help find a buyer for its nearly 300 U.K. locations. According to trade data platform Claire's primarily imports its products from overseas manufacturers—particularly in China—leaving it especially vulnerable to the steep import duties that have been announced by President Donald Trump during his second term. What People Are Saying CEO Chris Cramer, in June 2024, said in a statement that his focus would be to "build on the Company's recent momentum, strengthen our relationships with our customers, partners, and employees, and further realize our growth potential." What Happens Next? Newsweek has contacted Claire's via email for comment on the bankruptcy filing, and how it intends to emerge from the Chapter 11 process.
Yahoo
13-06-2025
- Business
- Yahoo
Washington Bridge contractors say RIDOT issued flawed RFP in countersuit against state
Traffic flows in both directions on Interstate 195 on the eastbound side of the Washington Bridge on Friday, June 13, 2025, at 3:50 p.m. Demolition work that has removed much of the westbound side of the Washington Bridge is expected to be completed in December. (Rhode Island Department of Transportation Traffic Camera) Two of the 13 firms being sued by the state for allegedly doing negligent work on the westbound Washington Bridge have filed a counterclaim, alleging the Rhode Island Department of Transportation (RIDOT) failed to tell them about a key inspection report. The counterclaim filed by Barletta Heavy Division Inc. and Aetna Bridge Company in Providence County Superior Court Thursday argues they should have been alerted to the findings of a January 1992 report by Lichtenstein & Associates, at the time they bid for the state's $78 million contract to rehabilitate the Washington Bridge in 2021. The 1992 report was cited by the state in its lawsuit against the firms, claiming they all should have known about deterioration in the concrete drop-in beams and signs of distress in the grout and cantilever beams that were eventually deemed a risk to the bridge's structural integrity. The westbound span on Interstate 195 was closed in December 2023 when engineers determined the bridge was at risk of collapsing. 'RIDOT knew or should have known, or ought to have known, that the Washington Bridge incorporated a unique design that limited the ability to determine its condition from visual inspections alone,' the counterclaim states. The westbound bridge is expected to be rebuilt by November 2028 and cost up to $427 million. Chicago-headquartered Walsh Construction Company was awarded the state's contract on June 6 after two attempts by Gov. Dan McKee's administration to secure a bridge builder. Work is scheduled to begin in July, which overlaps with the ongoing demolition of the existing bridge by Aetna, which is among the 13 firms being sued by the state. The Warwick-based contractor is expected to complete its work by the end of 2025. Barletta and Aetna claim the state concealed the true condition of the bridge and neglected to conduct the appropriate testing ahead of issuing a request for proposals in 2021. Instead, the companies allege that they received a project scope which did not identify any structural deficiencies with the post-tensioning system. The 1992 report called for RIDOT to perform additional radiographic and other evaluation of the Washington Bridge before any future attempts to rehabilitate the span over the Seekonk River. 'The Rhode Island Department of Transportation may have averted a costly and disastrous emergency closure of the Washington Bridge last December if it had followed recommendations in a detailed 1992 inspection report,' Barletta spokesperson Sallie Hofmeister said in an emailed statement. Because of the state's alleged failure to investigate the bridge, Barletta and Aetna claim they were deprived of incentives available after successful completion of the initial rehabilitation project. The two firms have asked the court to issue a judgment against the state for all of its damages plus interest. The state's initial August 2024 complaint seeks to recover damages based on alleged economic losses and physical damages, along with breaches of contracts. RIDOT spokesperson Charles St. Martin deferred comment to Rhode Island Attorney General Peter Neronha's office, which is handling the state's case. 'Counterclaims are to be expected in a case like this,' Timothy Rondeau, a spokesperson for the AG's office, said in an emailed statement.'The state stands by the allegations in its complaint. As this is part of ongoing litigation, we have no further comment.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
New York Post
13-06-2025
- Business
- New York Post
JPMorgan's Matthew Demko quits Jamie Dimon-led bank
'Hurricane Jamie' lost one of his rainmakers. JPMorgan managing director Matthew Demko quit the Jamie Dimon-led bank to join Ryan Specialty Group, an insurance broker and underwriter founded by billionaire Patrick G. Ryan, The Post has learned. The investment banker's last day of employment with the US financial giant was Monday, according to his broker profile posted on the website of US regulator FINRA, but it is yet to updated with his new job. 3 Jamie Demko, 42, has been with JPMorgan for his entire career in investment banking. LinkedIn / Matthew Demko 3 Demko is set to join Ryan Specialty Group, the insurance firm founded by billionaire businessman Patrick Ryan (above) in 2010. Sportsfile via Getty Images The 42-year-old Demko, who joined the firm in 2011, worked in the bank's leveraged finance unit that helps provide credit to non-investment grade companies. He was promoted to managing director two years ago, becoming one of 37 JPMorgan bankers to gain the elite title at the US financial giant after a five-month assessment process. Ryan Specialty Group was set up by the 88-year-old former AON CEO and chairman in 2010. The Chicago-headquartered company went public in July 2021 and Ryan has a current net worth of nearly $12 billion, according to Bloomberg. The Post has approached Ryan's Specialty Group for comment. A JPMorgan spokeswoman declined to comment. 3 Demko joined the Jamie Dimon-led financial giant in 2011 after his MBA and only made the rank of managing director two years ago. POOL/AFP via Getty Images Demko had spent his entire investment banking career with JPMorgan after graduating from the University of Michigan with an MBA, according to his LinkedIn profile. Before that, Demko did a five-year stint with the British accounting consultancy Deloitte. In 2022, Dimon warned the US economy was poised to be hit by a 'hurricane' as factors such as the Russian invasion of Ukraine and the Federal Reserve's move to tighten monetary policy due to decades-high inflation could stoke chaotic conditions in the market.
Yahoo
05-06-2025
- Entertainment
- Yahoo
McDonald's goes behind the scenes to hype fan-favorite Snack Wrap return
This story was originally published on Marketing Dive. To receive daily news and insights, subscribe to our free daily Marketing Dive newsletter. McDonald's is hyping up the July 10 return of the fan-favorite Snack Wrap to menus with a multichannel campaign, per details shared with Marketing Dive. The fast-food giant will release a TV commercial that spotlights consumers' social postings about the menu item, which was phased out nationally in 2016. The campaign also includes social posts, out-of-home ads and a Snapchat activation. To further build excitement, the brand launched a throwback web portal that features never-before-seen and behind-the-scenes content about the Snack Wrap and its return. Chicago-headquartered McDonald's announced the return of the Snack Wrap with a brief press release reminiscent of fellow Chicago icon Michael Jordan's famous fax about his return to basketball. In 1995, Jordan wrote 'I'm back;' in 2025, President of McDonald's USA Joe Erlinger wrote about the menu item, 'It's back.' The playful, culture-minded approach appears to inform the rest of the marketing around the Snack Wrap. A microsite resembles an old-school desktop screen, complete with Snack Wrap wallpaper and several folders, including 'The Fandom' (fan emails begging for the return of the item) and BTS (behind-the-scene images from a TV ad shoot). Additional folders (Promo Codes, Playlist, Merch Concepts, et cetera) are still under wraps. The campaign includes a fan-focused TV commercial that will roll out on July 10 and social posts and high-impact OOH placements boasting the return date. In addition, a Snapchat activation includes a first-to-market Reminder Ad that lets app users opt-in to receive both in-app and push notifications timed to the return of the Snack Wrap. Plus, an augmented reality experience will turn Snaps into branded news broadcasts about the return. The social media-heavy play connects with consumers where they have been requesting the return of the Snack Wrap. Other restaurant chains including Taco Bell and Chipotle have acknowledged and encouraged fan interaction on social media when returning items to menus. The Snack Wrap will return to participating restaurants nationwide as a permanent item in both spicy and ranch varieties. McDonald's longtime AOR Wieden+Kennedy New York spearheaded the effort, with creative by Golin, Agency 123, Alma, Boden, IW Group and Translation; digital marketing by Publicis Groupe; paid media by Admerasia, Publicis Groupe and Navigation Blvd; and support by additional agencies. McDonald's saw U.S. same-store sales drop 3.6% in Q1 2025 but has worked to overcome macroeconomic headwinds through culturally minded campaigns and a balance of value offerings and loyalty deals. The Snack Wrap campaign's multichannel approach resembles that of McDonald's efforts from recent years, including its celebration of Grimace's birthday and recent tie-ups with Minecraft and Pokémon. The chain has previously marketed limited-edition fan favorites like the McRib. Recommended Reading How restaurant chains are updating their marketing menus in tough economy Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
Yahoo
04-06-2025
- Business
- Yahoo
Prosperity Partners Completes Acquisition of Danaher Attig & Plante
Addition of Tax & Accounting Firm Bolsters Prosperity's Services and Establishes Presence in Vermont CHICAGO, June 04, 2025--(BUSINESS WIRE)--Prosperity Partners ("Prosperity"), a Chicago-headquartered tax and accounting business backed by Unity Partners LP ("Unity Partners"), today announced that it has completed the acquisition of South Burlington, Vermont-based tax and accounting firm Danaher Attig & Plante ("DAP"). Terms of the private transaction were not disclosed. Founded in 2005 and led by Cathy Attig and Matt Johnson, DAP provides sophisticated tax advisory and compliance services to individuals, businesses, trusts, estates and other organizations. The current partners of DAP will remain actively involved in the combined business. "We couldn't be more excited to add the DAP team to Prosperity," said Jeremy Dubow, CEO and co-founder of Prosperity. "Cathy and Matt have earned a stellar reputation in their market, built on two decades of DAP delivering the highest quality tax services to their clients. They have a great team and a complementary service offering that will benefit the Prosperity platform." Consistent with Prosperity's people-first focus, all DAP employees will become part of Prosperity's Employee Purpose Plan, a broad employee ownership program. As an essential aspect of each Unity Partners' investment, the employee ownership plan allows qualifying employees to benefit from the company's success. "Prosperity Partners impressed us with their history of growth, dedication to building an integrated firm with scalable systems, and focus on employee and client success," said Attig. "Prosperity is the right cultural and strategic fit for DAP and its employees; and our clients will benefit from being part of this organization as we continue to provide tax and advisory services to them at the high level of service they are accustomed to." "We're thrilled to have DAP join the Prosperity platform," said Peter Cozzi, Team Lead at Unity Partners. "With strong alignment on Prosperity's mission and ambitions of providing the best client service, we're excited for the opportunities that will come from this partnership." About Prosperity Partners Prosperity Partners is a best-in-class, tax and accounting firm serving dynamic businesses, high net-worth individuals, and family offices throughout the United States. With offices in Chicago, Houston, Kansas City, Santa Barbara, Detroit, Washington D.C., and South Burlington, and a growing team of talented professionals, Prosperity provides tax advisory, tax consulting, tax preparation, valuation, outsourced back-office accounting, fractional CFO, litigation support and start-up business services. For more information, visit About Unity Partners Unity Partners is a principles-based private equity firm that partners investors and operators to build better together, measured by the economic surplus we create and share with all stakeholders. Our principles provide a foundation to build great people-based services and technology organizations that impact thousands of lives. We deploy our Partner & Propel strategy to identify opportunities to Partner with ambitious leaders to accelerate growth, unlock the benefits of platform scale through mergers and acquisitions and Propel value acceleration through investments in people, processes, and operational levers. For more information, visit About Danaher Attig & Plante Danaher Attig & Plante, headquartered in South Burlington, VT, is an accounting firm and trusted advisor to privately held businesses, high net worth individuals, trusts, estates, private foundations and family offices. As tax experts, the firm has become a trusted advisor to clients in Vermont and across the country. Learn more at View source version on Contacts Media Trevor Blaisdell646-502-3532TBlaisdell@ Sign in to access your portfolio
