Jun 14, 2017

Neiman Marcus shuts down sale process

Dan Primack, author of Pro Rata

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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Axios
21 mins ago - Politics & Policy

In photos: Virginians line up for hours on first day of early voting

Photo: Andrew Caballero-Reynolds/AFP via Getty Images

In some parts of Virginia, people waited in line up to four hours to cast their ballots on the first day of early voting, according to the Washington Post.

The big picture: The COVID-19 pandemic seems to already have an impact on how people cast their votes this election season. As many as 80 million Americans are expected to vote early, by mail or in person, Tom Bonier, CEO of TargetSmart, a Democratic political data firm, told Axios in August.

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Axios
Updated 52 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 30,306,469 — Total deaths: 948,147— Total recoveries: 20,626,515 — Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 6,705,114 — Total deaths: 198,197 — Total recoveries: 2,540,334 — Total tests: 92,163,649 — Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off — The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course — 1 million mortgage-holders fall through safety net — How the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.
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Maria Arias
1 hour ago - Politics & Policy

Court battles shift mail-in voting deadlines in battleground states

Illustration: Sarah Grillo/Axios

Michigan joins Pennsylvania in extending mail-in ballot deadlines by several days after the election, due to the coronavirus pandemic and expected delays in U.S. Postal Service.

The latest: Michigan Court of Claims Judge Cynthia Stephens ruled that all ballots postmarked before Nov. 2 must be counted, so long as they arrive in the mail before election results are certified. Michigan will certify its general election results on Nov. 23.

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