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Nine West Holdings, which owns the Nine West and Anne Klein brands, has filed for bankruptcy.Friday's chapter 11 filing shows that the company owes more than billion.Nine West said in a statement that it plans to sell Nine West and its Bandolino line to Authentic Brands Group. ABG owns Juicy Couture and Aéropostale, among others.The company's eponymous brand and Bandolino both sell women's shoes, handbags and accessories.Ralph Schipani, the struggling retailer's CEO, said that the restructuring will help the company reduce debt and increase growth by allowing it to focus on its stronger brands, like Anne Klein and One Jeanswear Group."This is the right step," Schipani said. "We will retain our strong, profitable and growing apparel, jewelry, and jeanswear businesses." He added that the changes should help the company to "be well positioned for the future."Nine West said it expects to continue operating normally during the bankruptcy process.The company, which has been owned by Sycamore Partners Management since 2014, joins a growing list of retailers that have filed for bankruptcy this year. Claire's filed for bankruptcy last month, and Toys "R" Us in September. The toy seller said recently that it is closing or selling all of its US stores.Last year, more than 7,000 stores closed, which set a record.Retailers have been struggling to compete with online retailers like Amazon, and suffering from the death of the mall. Many have also struggled to survive under mountains of debt.The-CNN-Wire 1524
NEWBURGH, N.Y. (AP) — A private jet carrying rapper Post Malone blew two tires during takeoff at a small New Jersey airport on Tuesday but made a safe emergency landing hours later in upstate New York, prompting the rapper to thank fans who prayed for him and diss those who "wished death" on him while he was in the air.The face-tattooed singer/rapper, who had been headed to England, tweeted, "i landed guys." 419
NEW YORK (AP) — Wells Fargo CEO Charles Scharf is apologizing for comments he made about the difficulty of finding qualified Black executives. Scharf said in a memo released this week that “there is a very limited pool of black talent to recruit from” in corporate America. The comments and similar statements made in a Zoom meeting led to an intense backlash in Washington and from advocacy groups. Scharf on Wednesday said in a prepared statement that the comments he made reflect “my own unconscious bias.”“There is no question Wells Fargo has to make meaningful progress to increase diverse representation,” he wrote. 629
NEW YORK — The NYPD has suspended an officer without pay who was recorded using the bullhorn on his marked police vehicle on Saturday to shout "Trump 2020."The suspension is effective immediately without pay, the NYPD said Sunday.Brandon K Hines, who shared one of the videos on social media, said the incident occurred in the Flatbush neighborhood of Brooklyn."Trump 2020. Put it on YouTube. Put it on Facebook," the officer said as the vehicle sat at an intersection with its emergency lights on.The officer also encourages an unseen person to "take a picture" several times and called them a "tough guy." 615
New York City police officers shot and killed a black man Wednesday after he pointed what they believed was a gun at them, authorities said.After the shooting, officers discovered the man was holding "a pipe with some sort of knob on it," Chief of Department Terence A. Monahan said at a news conference.The incident started shortly before 5 p.m., when officers received 911 calls of a man aiming what callers described as a silver firearm at people in Brooklyn, Monahan said."Three different 911 callers described a man with a gun, pointing it at people on the streets," he said. 588
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