Category: 3. Business

  • River Island allowed to shut shops to stave off collapse

    River Island allowed to shut shops to stave off collapse

    Rachel Clun

    Business reporter, BBC News

    Getty Images A River Island shop front, with red "50% off sale" signs in the windows.Getty Images

    River Island has been given the green light to close 33 stores across the UK after the High Court approved the fashion retailer’s restructuring plans.

    The High Street brand said a customer shift towards online shopping and higher operating costs had contributed to multi-million pound losses.

    It had warned its creditors that it could run short of cash by the end of August if its turnaround proposal was not approved.

    As well as closing shops, rents will be reduced at a further 71 branches as part of the plan which, River Island’s chief executive Ben Lewis, said “will enable us to align our store estate to our customers’ needs”.

    Negotiations are due to begin with those landlords shortly.

    As well as the store closures and rent reductions, about 110 of roughly 950 roles at River Island’s head office will be made redundant, saving an estimated £8.1m.

    River Island has 223 stores across the UK and Ireland. None of the Irish shops face closure.

    The retailer has already closed seven loss-making shops this year, River Island’s barrister Matthew Weaver KC told the High Court.

    He said that unless the restructure was approved, the alternative was insolvency.

    Mr Lewis said the company has a “clear transformation strategy” to ensure the business has a future, “and this decision gives us a strong platform to deliver this”.

    Charles Allen, an intelligence analyst at Bloomberg, said River Island had failed to keep up with customer tastes which, he said “can be a bit fickle” but the retailer had found itself without “anything striking”.

    River Island had also been suffering from issues felt by many UK retailers, such as the shift to online shopping.

    “There’s just less business going in shops,” Mr Allen told BBC’s Today programme. He added that rising costs have also been exacerbated by the increase in employer National Insurance Contributions.

    ‘Shrinking into greatness’

    The company employs around 5,500 people and was founded in 1948 under the Lewis and Chelsea Girl brand.

    It was rebranded in 1988 as River Island and grew steadily, but in recent years has experienced declining sales, Mr Weaver said.

    The company’s most recent accounts revealed a £33.2m full-year loss after sales fell 19%.

    Mr Weaver also said that River Island was forecast to be unable to pay its debts from late August or early September, with a projected shortfall of more than £43m.

    The company is seeking £54m in funding. Mr Weaver told Friday’s hearing that the company “simply has not been able to reverse” a trend of financial difficulty.

    Nick Sherrard, managing director at consultancy Label Sessions, said that while the company has been saved from collapse for now, marketing and creative teams need to get to work to get consumers to care about its products.

    “People keep repeating the line that River Island is a much-loved brand. It really isn’t anymore.

    “River Island is a much-recognised brand and, while that’s important, it’s not the same thing at all,” he said. “Does someone have a vision for what to do after the cost cutting?

    “There are very few examples of companies shrinking into greatness.”

    The restructuring will involve closing 33 stores from January 2026, and negotiating with the landlords of a further 71 stores to reduce rents in some cases to zero.

    Mr Weaver acknowledge that in some cases, landlords may prefer to regain shop space before the end of leases.

    With the restructure, the company is forecasting 1% annual growth for the next five years.

    River Island store closures

    River Island will close:

    • Aylesbury
    • Bangor Bloomfield
    • Barnstaple
    • Beckton
    • Brighton
    • Burton-Upon-Trent
    • Cumbernauld
    • Didcot
    • Edinburgh Princes Street
    • Falkirk
    • Gloucester
    • Great Yarmouth
    • Grimsby
    • Hanley
    • Hartlepool
    • Hereford
    • Kilmarnock
    • Kirkcaldy
    • Leeds Birstall Park
    • Lisburn
    • Northwich
    • Norwich
    • Oxford
    • Perth
    • Poole
    • Rochdale
    • St Helens
    • Stockton On Tees
    • Surrey Quays
    • Sutton Coldfield
    • Taunton
    • Workington
    • Wrexham

    Continue Reading

  • Under Armour expects sales to fall more as US tariffs could hit demand – Reuters

    1. Under Armour expects sales to fall more as US tariffs could hit demand  Reuters
    2. Under Armour C earnings missed, revenue fell short of estimates  Investing.com
    3. Under Armour Stock Plunges as Retailer Projects 50% Hit to Full-Year Profits  Investopedia
    4. Under Armour shows improvement in operating results  FashionUnited
    5. Under Armour (UAA) Reports Q1 Earnings: What Key Metrics Have to Say  Yahoo Finance

    Continue Reading

  • Why The Trade Desk Stock Tumbled Nearly 40% Friday

    Why The Trade Desk Stock Tumbled Nearly 40% Friday

    Cheng Xin / Getty Images

    The Trade Desk stock has lost more than half its value since the year started.

    • The Trade Desk shares cratered Friday after the firm that helps businesses run ad campaigns warned tariffs are limiting big ad spending.

    • CEO Jeff Green said large companies are feeling pressure from tariffs, and that affects its business.

    • The Trade Desk also named a new CFO.

    The Trade Desk (TTD) shares plunged Friday after the provider of software to help businesses run ad campaigns warned that new U.S. tariffs are putting a crimp on advertising spending. The company also announced a CFO change.

    The stock was down nearly 40% around $54 per share in recent trading, erasing all of its recent gains on its addition to the S&P 500 last month. It’s lost more than half its value since the year started.

    CEO Jeff Green said in a call with analysts that some of the large companies that use its services are facing pressure from tariffs. “The impact of tariffs and related policies on these businesses are very real,” he said, according to a transcript provided by AlphaSense, adding “we see the effects that are directly impacting them.”

    The company reported mixed second-quarter results. Revenue rose 18.7% year-over-year to $694 million, above the average estimate of analysts surveyed by Visible Alpha. However, adjusted earnings per share of $0.41 came in just short of forecasts.

    The Trade Desk also announced that current board member Alex Kayyal would become the new CFO, replacing Laura Schenkein, who will remain with the firm through the end of the year to help with the transition. She held the position for two years.

    TradingView

    TradingView

    Read the original article on Investopedia

    Continue Reading

  • New Weapons in Gastrointestinal Cancer Therapy

    New Weapons in Gastrointestinal Cancer Therapy

    Gastrointestinal (GI) cancers remain among the most common and deadly malignancies worldwide, accounting for nearly 1 in 4 cancer-related deaths globally.¹ Despite improvements in screening and diagnostics, many patients are diagnosed at an advanced stage, where treatment options have historically been limited and outcomes suboptimal.

    Now, a review published ahead of print in Clinical Advances in Hematology & Oncology highlights several recent advances in GI oncology, particularly for colorectal and pancreatic cancers, offering new hope and new challenges for prescribers and pharmacists alike.2

    The New Front Line

    Gastrointestinal cancers are among the most common | Image credit: Crystal light | stock.adobe.com

    A team of researchers summarized key regulatory approvals, clinical trials, and novel mechanisms of action that are shaping today’s GI oncology treatment landscape. The review highlights several new therapies and expanded indications, including oral tyrosine kinase inhibitors and HER2-targeted therapeutic options.2

    Major developments include fruquintinib (Fruzaqla; Takeda), which was FDA-approved in 2023 for refractory metastatic colorectal cancer. This oral VEGFR inhibitor helps block tumor angiogenesis and may offer a new option for patients who have had multiple failed treatments.2

    Additionally, the combination of tucatinib (Tukysa; Pfizer) and trastuzumab (Enhertu; Daiichi-Sankyo, AstraZeneca), already used for HER2-positive breast cancer, is now approved for HER2-positive metastatic colorectal cancer (CRC0. This combination offers an alternative to cycotoxic regimens in select patients.2

    Finally, trifluridine-tipiracil (Lonsurf; Taiho Oncology) continues to be a cornerstone of late-line CRC management. New data further support its use in combination strategies for prolonged benefit.2

    The Pharmacist Battle Strategy: What You Should Know

    Oral agents such as fruquintinib and trifluridine-tipiracil require clear counseling on adherence, common toxicities (including hypertension and hand-foot syndrome), and cycle-based dosing schedules. Pharmacists should also be aware that tucatinib is a CYP3A4 substrate, necessitating caution when it is coadministered with common outpatient drugs. Frequent laboratory monitoring for neutropenia, liver enzymes, and blood pressure is essential—particularly in older patients who may have diminished organ function or face increased polypharmacy risks.

    Pharmacists play a key role in patient education by helping individuals distinguish between manageable adverse effects and those that require medical intervention, such as febrile neutropenia or severe diarrhea. Consultant pharmacists should closely assess cumulative toxicity and renal dosing, especially in long-term care or assisted living settings where geriatric patients are more vulnerable. In emergency settings, pharmacists must be prepared to recognize complications such as hypertensive crisis or chemotherapy-induced dehydration, ensuring timely intervention and continuity of care.

    Clinical Impact

    The researchers conclude that staying up to date with these evolving regimens is critical as treatment paradigms continue to shift away from 1-size-fits-all chemotherapy.2 Pharmacists across all settings have significant responsibilities in monitoring, managing adverse effects, and improving outcomes through patient education and interdisciplinary collaboration.

    As medication experts, pharmacists must remain continuously updated in rapidly evolving fields like hematology and oncology. Staying informed on emerging therapies, expanded indications, and clinical guidelines is essential to delivering safe, effective, and personalized care across all practice settings.

    REFERENCES
    1. Arnold M, Abnet CC, Neale RE, et al. Global burden of 5 major types of gastrointestinal cancer. Gastroenterology. 2020;159(1):335-349.e15. doi:10.1053/j.gastro.2020.02.068
    2. Chong X, Madeti Y, Cai J, et al. Recent developments in immunotherapy for gastrointestinal tract cancers. J Hematol Oncol. 2024;17:65. doi:10.1186/s13045-024-01578-x

    Continue Reading

  • Does Your Board Really Understand AI? – Harvard Business Review

    Does Your Board Really Understand AI? – Harvard Business Review

    1. Does Your Board Really Understand AI?  Harvard Business Review
    2. The Better Boards Podcast Series: 10x Your Impact How the Smartest Directors are Using AI  The European Business Review
    3. Boards grapple with AI as governance team struggle to define oversight  | Governance Intelligence
    4. How board members are thinking about AI  Fast Company
    5. The Better Boards Podcast Series: Beyond Minutes – Reimagining the Board Secretary in the Age of AI  The European Business Review

    Continue Reading

  • River Island gets green light for rescue that saves more than 4,000 jobs | Retail industry

    River Island gets green light for rescue that saves more than 4,000 jobs | Retail industry

    River Island has got the green light for a rescue restructure that saves more than 4,000 jobs but will shut 33 of the clothing chain’s 230 stores as people shift to buying online.

    The plan to reduce costs, which still puts more than 1,000 jobs and a further 70 sites at risk, won approval of a high court judge on Friday after a majority of creditors gave their backing earlier in the week.

    There had been fears the family-owned company could collapse after it told creditors in June that if a restructure was not approved it could run short of cash by the end of August and would be “unable to pay its debts as they fall due”.

    Ben Lewis, the retailer’s chief executive, said the approved plan, which involves a sharp reduction in rent payments, would enable the company to “align our store estate to our customers’ needs. He said: “We are pleased that River Island’s restructuring plan has been approved by the high court.

    “We have a clear transformation strategy to ensure the long-term viability of the business, and this decision gives us a strong platform to deliver this. Recent improvements in our fashion offer and shopping experience are starting to show results, and the restructuring plan will enable us to align our store estate to our customers’ needs.”

    There had been a question over whether the court would approve the deal as fewer than 75% of landlords, one class of creditors, did not back the plan in the online vote this week.

    The decision protects the future of a high street fashion stalwart that has outlived rivals from Topshop to Oasis, Ted Baker and Warehouse, all of which trade solely online in the UK.

    Fashion retailers are facing heavy competition from cheap, fast-growing online players including Shein and Temu, which benefit from a tax break on imported goods sent straight to shoppers.

    River Island, formerly known as Chelsea Girl, began selling clothing under the name Lewis’s in the 1940s.

    skip past newsletter promotion

    In a plan first announced in June, the retailer said it needed £10m in funds by the second week of September. It warned that that figure could rise to £50m by the end of the year.

    River Island said it would not be able to continue trading as a going concern and would be subject to administration or other insolvency proceedings if it could not agree a deal to slash rents and close some stores.

    Continue Reading

  • Fitch Affirms MasterBrand's 'BB+' IDR Following Merger with American Woodmark; Outlook Stable – Fitch Ratings

    1. Fitch Affirms MasterBrand’s ‘BB+’ IDR Following Merger with American Woodmark; Outlook Stable  Fitch Ratings
    2. Why Is American Woodmark (AMWD) Stock Rocketing Higher Today  TradingView
    3. MasterBrand and American Woodmark’s stocks surge on merger news  Woodworking Network
    4. $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of American Woodmark Corporation (NASDAQ: AMWD)  Morningstar
    5. MasterBrand announces $3.6 billion merger with American Woodmark  Inside INdiana Business

    Continue Reading

  • AI safety governance in Southeast Asia

    AI safety governance in Southeast Asia

    Conversations around have long been dominated by countries like the United States and China due to their primacy as compute, talent, and financial hubs. The discourse on AI safety, broadly defined as the management of risks associated with AI, has similarly centered on these regions, despite the global implications of AI technologies. Yet Southeast Asia—home to over 700 million people, many of whom are young and digitally connected—is rapidly emerging as a powerful force in the global digital economy. As the region becomes increasingly digitized, Southeast Asia must be actively included in the global AI safety circles to ensure equitable and responsible development and deployment.

    On August 28, join the Center for Technology Innovation at Brookings and AI Safety Asia (AISA) for an online discussion about a new report examining the role of Southeast Asia in global AI governance. Panelists will delve into how diverse and developing regions can draw from global best practices while tailoring solutions to their own realities.

    Viewers can submit questions for speakers by emailing [email protected] or via X at @BrookingsGov by using #AISafetyAsia.


    Continue Reading

  • Sam Altman says he doesn’t think about Elon Musk that much

    Sam Altman says he doesn’t think about Elon Musk that much

    Sam Altman, left, and Elon Musk.

    Muhammed Selim Korkutata | Anadolu | Getty Images

    Sam Altman has dismissed longtime rival Elon Musk’s warnings that OpenAI is set to dominate Microsoft, after the companies announced that OpenAI’s latest AI model will be incorporated into Microsoft products.

    On Thursday, Microsoft CEO Satya Nadella announced that OpenAI’s GPT-5 service would be launching across platforms including Microsoft 365 Copilot, Copilot, GitHub Copilot, and Azure AI Foundry — prompting a response from Musk that “OpenAI is going to eat Microsoft alive.”

    Nadella sought to downplay the issue. “People have been trying for 50 years and that’s the fun of it! Each day you learn something new, and innovate, partner, and compete,” he said on X, also expressing excitement for Musk’s own Grok 4 chatbot, which is available on Azure on a limited preview.

    OpenAI CEO Altman shared his own repartee on CNBC’s “Squawk Box” Friday, saying, when asked of Musk’s input, “You know, I don’t think about him that much.”

    He went on to question the meaning of Musk’s statements, also noting of the tech billionaire, “I thought he was just, like, tweeting all day [on X] about how much OpenAI sucks, and our model is bad, and, you know, [we’re] not gonna be a good company and all that.”

    CNBC has reached out to Musk-owned X for comment.

    Altman and Musk have frequently exchanged barbs as part of a long-storied feud that dates back to their disagreement over the ultimate mission of OpenAI, which they co-founded in 2015 as a nonprofit AI research lab.

    OpenAI has since been seeking to convert into a for-profit entity and capitalize on meteoric demand for its viral ChatGPT product, with Microsoft stepping in as a top backer. Musk previously filed — and has since dropped — a lawsuit against the company, citing breach of contract.

    Earlier this year, the Tesla boss also led a consortium that offered to acquire the nonprofit that controls OpenAI for $97.4 billion. Altman declined the proposal with a curt “no thank you but we will buy twitter for $9.74 billion if you want” on social media. He separately told CNBC at the time that he thought the takeover offer was an effort to “slow down a competitor.”

    Continue Reading

  • Instagram’s new map feature is raising security concerns among users. What to know and how to manage location sharing. – yahoo.com

    Instagram’s new map feature is raising security concerns among users. What to know and how to manage location sharing. – yahoo.com

    1. Instagram’s new map feature is raising security concerns among users. What to know and how to manage location sharing.  yahoo.com
    2. New Instagram Features to Help You Connect  Meta Store
    3. How to use Instagram Map and protect your privacy  TechCrunch
    4. Instagram just got weirder because your followers can now see reels you’ve liked  Images Dawn
    5. What is Instagram map? How to turn location feature on and off  USA Today

    Continue Reading