Jun 14, 2017

Neiman Marcus shuts down sale process

Gary Malerba/AP

Neiman Marcus, a luxury retailer owned by Ares Management and Canada Pension Plan Investment Board, said that it is no longer exploring either a full or partial sale of the company. A strategic review had been launched three months ago, in large part to help Neiman Marcus deal with $4.8 billion debt load.

Key number: 4, which is the current streak of consecutive quarterly losses for Neiman Marcus.

Retail blues: There was a pretty widespread belief that Neiman Marcus and its serial suitor, Hudson's Bay Co., would work something out this time around. But Hudson's Bay is also struggling and has left Neiman Marcus just crossing its fingers that offering more exclusives and personalized options can turn the tide -- based on arguments that commoditization is what's killing many other physical retailers. If Neiman Marcus cannot rebound, however, it could be devastating to already-struggling shopping malls where it is an anchor tenant.

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Japan to close schools through late March to control coronavirus outbreak

A couple takes photos in front of the Olympic rings in Tokyo. Photo: Tomohiro Ohsumi/Getty Images

Japanese Prime Minister Shinzo Abe announced Thursday that the government will ask elementary, middle and high schools around the country to close until late March as an attempt to contain its novel coronavirus outbreak, AP reports.

Why it matters: The government's decision — impacting 12.8 million students across 34,847 schools — comes as concerns mount about the spread of the virus in Japan, which has 189 confirmed cases and hundreds more abroad the quarantined Diamond Princess cruise ship.

Go deeper: The latest coronavirus updates

What the coronavirus means for Trump's presidency

Photo Illustration: Eniola Odetunde/Axios. Photo: Chris Graythen/Getty Images

A poor response to the coronavirus could be politically devastating for President Trump, and so far his administration has given the strong impression that it’s still scrambling as the risk of a pandemic mounts.

Why it matters: There’s only so much any president can do to stop a virus from spreading, and for now the coronavirus is still very much under control within the U.S. But if the disease get worse in the months ahead, and if the administration seems to be caught off guard, that spells trouble for public confidence in Trump.

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Coronavirus updates: New global case numbers surpass China's

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus is now affecting every continent but Antarctica and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

The big picture: COVID-19 has killed more than 2,800 people and infected over 82,000 others in some 50 countries and territories. As Denmark and Estonia reported their first cases Thursday, Scott Morrison, prime minister of Australia — which has 23 confirmed infections — told a news conference, "The risk of a global pandemic is very much upon us."

Go deeperArrowUpdated 4 hours ago - Health