Barneys accused of leaving staff in the dark during liquidation
Barneys’ bankruptcy has left longtime staffers in the dark about their pensions, among other concerns, according to a Monday court filing.
“The company running the liquidation has refused to give us any answers,” wrote Anthony Stropoli, a sales associate with Barneys who said he was speaking on behalf of sales associates and non-selling associates employed by the company for 20 years and longer.
Among the grievances is that Barneys has not informed them of their last day of work or assured them that they will receive severance or their pensions, the filing said.
The employees’ union was supposed to receive answers to these questions by Dec. 15, Stropoli writes. “We believe it is totally unreasonable that we have not been given any idea of what we are getting paid on closing. The executives took care of their own payouts without consideration for the employees who were to remain.”
A spokesperson for B. Riley Financial, which is handling the liquidation sale for the remaining Barneys stores, said B. Riley is not responsible for the administration of employee severance, pensions or benefits.
Flybe: government considers air passenger duty cut to save airline
Emergency talks will take place on Tuesday between the chancellor, Sajid Javid, and the business and transport departments, amid attempts to ensure the survival of Flybe, Europe’s largest regional carrier.
The government is considering whether to cut air passenger duty on all domestic flights, allowing the Exeter-based airline to defer a tax bill of about £100m for three years. The rescue proposal would give Flybe time to implement a turnaround plan, and would also avoid a breach of EU state aid rules.
Flybe operates almost two in five British domestic flights, and 2,000 jobs are at risk if the company fails, just a year after it was rescued by a consortium led by Virgin Atlantic.
Flybe flights were operating as normal on Tuesday morning.
More follows …
Hong Kong leader Carrie Lam pledges S$1.7 billion in new relief measures to prop up weakened economy
HONG KONG (REUTERS) – Hong Kong’s embattled leader Carrie Lam on Tuesday pledged HK$10 billion (S$1.73 billion) in new relief measures to prop up an economy as it grapples with months of anti-government protests that have hurt business confidence in the city.
The proposed new spending brings the global financial hub’s total stimulus to HK$35 billion since this summer, when protests escalated and have since taken a heavy economic toll, especially in the tourism and retail sectors.
This is a developing story.
Boohoo Group lifts FY 2020 guidance, boosted by strong revenue
Boohoo Group PLC on Tuesday raised its guidance for fiscal 2020 and said that revenue for the four months ended Dec. 31, 2019 rose 44% thanks to the “excellent operational performance” of its warehouses.
The online fashion retailer BOO, +4.84% said that it expects the adjusted earnings before interest, taxes, depreciation and amortization margin–which strips out exceptional and other one-off items–for the year ending Feb. 29 to grow 10.0% to 10.2%.
Revenue for the year is expected to rise 40% to 42%, compared with the company’s prior guidance of 33% to 38%.
Boohoo said that it made revenue of 473.7 million pounds ($618.3 million) for the four months ended Dec. 31, compared with GBP328.2 million during the same period in fiscal 2019.
The company also said that it has appointed Brian Small as deputy chairman with immediate effect. Small steps up from his previous roles as nonexecutive director and chairman of the audit committee, and will retain the latter until a new chairman is appointed.
U.K. gambling companies drop on credit-card ban
Shares of U.K. gambling companies including 888 Holdings 888, -1.57%, William Hill WMH, -1.08% and Flutter Entertainment FLTR, -0.02% lost ground Tuesday as the U.K. Gambling Commission announced it would ban them from accepting payments on credit cards. The commission cited data showing 800,000 U.K. customers use credit cards to gamble and 22% of online gamblers who use credit cards to gamble are classed as problem gamblers. The ban is due to go into effect on April 14.
New York Times Editorial Board Debunks Donald Trump’s ‘Transparent President’ Boast
The New York Times editorial board tore apart Donald Trump’s baseless old boast about being one of the most transparent U.S. presidents of all time in an op-ed published Monday.
The newspaper’s board wrote in the editorial ― titled “You Call That Transparency, Mr. President?” — that “this is true only if you measure transparency by the president’s tweets, which are too often characterized by incoherence and dishonesty.”
“By every other metric, Mr. Trump is a master of muddiness,” it said in the article centered on the costs his family has landed on the U.S. taxpayer.
The board noted how Trump has battled to keep his personal finances out of the public eye and directed his administration to stonewall the impeachment inquiry over the Ukraine scandal.
The last formal White House press briefing was held in March 2019.
“The president clearly believes that he should not have to answer to anyone for anything, be it his stiff-arming of Congress, his ‘discussions’ with Ukraine or the cost of his golf habit,” the board concluded the op-ed. “He is wrong.”
“As with so many of Mr. Trump’s evasions, Americans deserve to know how much they are paying for his family’s highflying lifestyle,” it said. “And they deserve to know before they cast their votes in November.”
Read The New York Times editorial board’s full op-ed here.