By Finbarr Flynn Bloomberg Tues., Feb. 19, 2019 Payless Inc. and its North American subsidiaries filed for bankruptcy protection, with the discount shoe retailer saying it plans to close its 2,500 stores in North America by the end of May. The company, which is taking its second trip to bankruptcy court in two years, said retail operations outside North America, including company-owned stores in Latin America, aren’t included in the Chapter 11 filing and will continue business as usual. The company, which sought relief in the U.S. Bankruptcy Court for the Eastern District of Missouri, said last week it would begin liquidation sales and shut down its online operations. “The challenges facing retailers today are well documented, and unfortunately Payless emerged from its prior reorganization ill-equipped to survive in today’s retail environment,” Stephen Marotta, appointed in January to serve as chief restructuring officer, said in a statement … [Read more...] about Payless files for bankruptcy, winding down 2,500 North America stores
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Business Ford Motor Co on Wednesday said it was recalling about 1.48 million F-150 pickup trucks in North America due to a transmission issue that could increase the risk of a crash. 13 Feb 2019 10:36PM (Updated: 13 Feb 2019 10:55PM) Bookmark WASHINGTON: Ford Motor Co said on Wednesday it was recalling about 1.48 million F-150 pickup trucks in North America due to a potential transmission downshift issue that could increase the risk of a crash.Ford said select 2011-2013 model year trucks with six-speed automatic transmission could experience an unintended downshift into first gear without warning, which could result in the loss of vehicle control. Ford is aware of five accidents, including one report of whiplash potentially related to the issue.The recall covers 1.26 million trucks in the United States and 221,000 in Canada. Dealers will update the powertrain control software.Ford also said it is issuing two other recalls. One covers 28,200 2017-19 Lincoln Continental … [Read more...] about Ford recalls 1.48 million F-150 pickups in North America over transmissions
BRUSSELS: Leaders of North America's bid for the 2026 World Cup urged FIFA voters to ignore the "politics of the moment" on Tuesday (May 8) as they promised to deliver a record-breaking multi-billion-dollar profit for the global football showpiece.In an address to the International Sports Press Association (AIPS) in Brussels, United States Soccer Federation president Carlos Cordeiro said the 48-team tournament would hand world governing body FIFA a record US$11 billion profit."I can announce today that, working with FIFA, we expect that a 2026 World Cup in North America would generate a new record: more than $14 billion in revenue for FIFA," said Cordeiro, one of the three co-chairs of the bid."This includes profits for FIFA of nearly US$11 billion. In other words, the most successful and profitable FIFA World Cup ever," Cordeiro added in prepared remarks to AIPS delegates.The US-Canada-Mexico joint bid is battling against a rival bid from Morocco for the right to stage the 2026 … [Read more...] about North America 2026 World Cup bid vows record profit
By Neil Davidson The Canadian Press Mon., March 19, 2018 The group hoping to bring the 2026 World Cup to North America has defended its decision for a 60-10-10 split in games. The plan calls for the U.S. to stage 60 games, including all games from the quarter-finals. Canada and Mexico will each stage 10 matches. Carlos Cordeiro, president of the U.S. Soccer Federation, called it “the most optimal mix of cities and matches.” And he said the bid is not anticipating that the world governing body of soccer will make any changes to its proposal, assuming it wins. “The split of matches that we have proposed to FIFA frankly reflect the resources of the three countries,” Cordeiro told a media conference call Monday. “We in the United States are blessed with some very substantial resources in terms of stadium infrastructure, cities and so on. And that reflects the 60 matches we have on the table. “But at the end of the day there is a reason … [Read more...] about Group behind unified North America bid for 2026 World Cup defends plan to stage most games in U.S.
Under Armour Inc. has renewed faith that it can bounce back from the worst slump in its history as robust international growth cushions weakness on the home front.The athletic-wear company reported fourth-quarter revenue that topped projections, led by a 47 per cent increase in sales outside North America. That helped drive the stock up as much as 18 per cent on Tuesday, the most in more than two years. The results provide optimism that Baltimore-based Under Armour can restore its cachet as a trailblazing athletic brand. They also may help dispel broader concerns about a slowdown in the sportswear industry. Nike Inc., the market leader, has seen sales slump in recent quarters, especially in North America.“The dynamic landscape of 2017 was a catalyst for us to begin strategically transforming Under Armour,” chief executive officer Kevin Plank said in a statement. “The tough decisions we’re making are generating the stability necessary” for long-term … [Read more...] about Under Armour’s revenue tops projections with help from sales outside North America