ON Semiconductor Corp. Q4 adjusted earnings Beat Estimates

Toys ‘R’ Us Closes The Last 2 US Stores

Toy retailer Toys “R” Us has permanently closed its final two stores in the United States that were relaunched in the country following a liquidation sale, hurt by the coronavirus pandemic crisis.

Tru Kids Inc., which bought the toy, clothing, video game, and baby product retailer in 2018 in a liquidation sale, confirmed the closing of its two locations in New Jersey and Texas.

However, the company will continue to sell online, and its around 700 stores outside U.S. remain operational.

Tru Kids said, “As a result of Covid-19, we made the strategic decision to pivot our store strategy to new locations and platforms that have better traffic. Consumer demand in the toy category and for Toys “R” Us remains strong, and we will continue to invest in the channels where the customer wants to experience our brand.”

After filing for bankruptcy protection in 2017 following losing market share amid severe competition from online retailers like Amazon.com, the company had closed all of its 700 stores in the U.S. in June 2018. On January 20, 2019, the company emerged from bankruptcy as Tru Kids.

In late 2019, the retailer opened these two stores in Houston, Texas, and in Paramus, New Jersey, citing the value of its brand.

‘It’s A Sin’ Star Callum Scott Howells Signs With Anonymous Content

EXCLUSIVE: It’s A Sin actor Callum Scott Howells has signed with Duncan Millership at Anonymous Content.

The recent graduate of the Royal Welsh College of Music and Drama plays Colin in Russel T Davies’s lauded new Channel 4/HBO Max AIDS drama, which marks Howells’ first screen role.

The five-part drama follows the joy and heartbreak of four friends growing up in the 1980’s as the spread of AIDS tests their lives more than ever before. Also starring are Olly Alexander, Keeley Hawes, Neil Patrick Harris and Stephen Fry.

Howells was recently cast as Romeo in Gary Owen’s play Romeo and Julie, which was a co-production with the National Theatre and the Sherman Theatre, Cardiff. He has also toured with Cameron Mackintosh’s production of the hit musical Oliver!, Matthew Bourne’s dance production Lord Of The Flies, and as part of several National Music Youth Theatre shows.

Howells continues to be represented by Lou Coulson Associates in the UK.

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Yay or nay? Rate the Budget

Making the Narendra Modi government’s intentions clear on how it plans to revive the Indian economy in a post-Covid world, Finance Minister Nirmala Sitharaman presented a fiscally expansionary budget on February 1.

  • BUDGET 2021: Full coverage

Stating that fighting the Covid-19 pandemic remains the Centre’s biggest priority, Sitharaman also rolled out a Rs 2.46 lakh crore healthcare budget for FY22, with Rs 35,000 crore earmarked for the Covid-19 vaccine programme. There was also a big infra push.

While there were no big tax announcements, the finance minister announced a reprieve for pensioners who are 75-plus, who will no longer be required to file tax returns. The government also introduced a new agri cess.

Sitharaman said the Budget was prepared in circumstances like never before and that the government was fully prepared to back and facilitate a reset of the economy.

Does this Budget deserve cheers or boos? You decide

Greylock Files for Bankruptcy, Seeks to Terminate Lease in NYC

Greylock Capital Associates filed for bankruptcy proceedings in New York as it seeks to trim down costs amid fund withdrawals.

The Chapter 11 proceedings will allow Greylock to terminate its lease in Madison Avenue, Manhattan, which costs about $100,000 per month, according to a filing dated Jan. 31, signed by Chief Financial Officer David Steltzer.

Assets under management at the emerging markets hedge fund –which more than halved since 2017 to $450 million at the end of 2020– will drop by $100 million by the end of March after the firm recorded three years of losses, according to the filing. The firm currently employs nine people and is in talks with its remaining major investors, confident that the business can “successfully reorganize and continue as a going concern” after the bankruptcy.

Greylock, led by Chief Executive Officer Hans Humes, is known for taking bets on troubled sovereign debt, from Venezuela to Lebanon. It was one of the funds that negotiated the Greek government’s debt restructuring, according to itswebsite.

The case is Greylock Capital Associates LLC,21-22063, U.S. Bankruptcy Court, Southern District of New York.

— With assistance by Antonio Vanuzzo

ON Semiconductor Corp. Q4 adjusted earnings Beat Estimates

ON Semiconductor Corp. (ON) reported earnings for its fourth quarter that increased from the same period last year.

The company’s bottom line came in at $89.0 million, or $0.21 per share. This compares with $56.5 million, or $0.14 per share, in last year’s fourth quarter.

Excluding items, ON Semiconductor Corp. reported adjusted earnings of $147.1 million or $0.35 per share for the period.

Analysts had expected the company to earn $0.28 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 3.6% to $1.45 billion from $1.40 billion last year.

ON Semiconductor Corp. earnings at a glance:

-Earnings (Q4): $147.1 Mln. vs. $124.3 Mln. last year.
-EPS (Q4): $0.35 vs. $0.30 last year.
-Analysts Estimate: $0.28
-Revenue (Q4): $1.45 Bln vs. $1.40 Bln last year.

-Guidance:
Next quarter revenue guidance: $1,410 to $1,510 Mln