Tag Archives: New York Post

J.C. Penney: CIT Cash Advances Still Flowing to Suppliers

By The Associated Press

SAN BRUNO, CA - FEBRUARY 28:  A customer leaves a JCPenney store on February 28, 2013 in San Bruno, California.  J.C. Penney Co. reported a 31.7 percent drop in fourth quarter earnings with a net loss of $552 million, or $2.51 per share compared with a loss of $87 million, or $0.41 one year ago. (Photo by Justin Sullivan/Getty Images)

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Justin Sullivan/Getty Images

PLANO, Texas — J.C. Penney says that CIT, the largest lender in the clothing industry, is still supporting deliveries from its suppliers. The department store operator also says it has ample liquidity to run its business.

Shares rose more than 7 percent in premarket trading Thursday.

On Wednesday, a New York Post report said that CIT Group Inc. (CIT) had stopped providing financial support to small and large suppliers selling to J.C. Penney stores — for now. The report said CIT made the decision after meeting with J.C. Penney officials to examine the company’s books.

J.C. Penney Co. (JCP) said Thursday that CIT assured it that the newspaper report is untrue.

CIT is what the industry calls a “factor,” which makes cash advances to suppliers based on the goods they sell to the merchant. If vendors and factors become wary of a store’s creditworthiness, the retailer may have to pay suppliers cash upfront for goods, which could be a huge drain on liquidity. If suppliers stop shipping goods, it can be a death knell for a retailer.

Plano, Texas-based J.C. Penney said that merchandise from CIT-supported suppliers currently makes up less than 4 percent of its overall inventory for the year.

J.C. Penney said that it still has the support of all of its key vendors, which are continuing shipments to the company. The retailer, which has 1,100 stores, anticipates closing the second quarter with about $1.5 billion in cash on its balance sheet.

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Shares climbed $1.09, or 7.5 percent, to $15.69 in premarket trading about two hours before the market open Thursday.

J.C. Penney is trying to reverse its fortunes after disastrous results under a failed transformation plan implemented by its former CEO Ron Johnson. Johnson was ousted in April after 17 months on the job. The board brought back former CEO Mike Ullman, who has reintroduced frequent sales and is bringing back key merchandise under store names like St. John’s Bay.

Analyst Deborah Weinswig of Citi Investment Research says J.C. Penney won’t see a recovery in its business until 2014. The analyst said in a client note that she’s been surprised that “quick fixes,” like bringing back coupons, hasn’t led to stronger sales and doesn’t think this will change in the near term. The analyst lowered the chain’s rating to “Sell” from “Neutral” and cut its price target to $11 from $20.

J.C. Penney doesn’t comment on analyst reports.


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Source: FULL ARTICLE at DailyFinance

The Racetrack Beat Writer: A Vanishing Breed

By Teresa Genaro, Contributor On Friday, June 7, the biggest news in the Belmont Park press box had nothing to do with the Belmont Stakes, taking place the next day. The buzz wasn’t about which horse might win, or what effect that day’s drenching rains might have on the track. The biggest news came when word spread that the New York Post had laid off its racing writer and two handicappers. …read more

Source: FULL ARTICLE at Forbes Latest

‘Ray Donovan’ Executive Producer, Bryan Zuriff, Pleads Guilty In Gambling Case Connected To Russian Mob

By The Huffington Post News Editors

Though that headline may read like it was ripped from the script of a premium cable drama about the entertainment industry’s seedy underbelly, Bryan Zuriff, an executive producer on Showtime’s Hollywood fixer drama “Ray Donovan,” really did plead guilty to running an illegal gambling ring with connections to the Russian mob.

On Friday at the Manhattan Federal Court, Zuriff admitted to running an illegal online gambling ring’s LA sportsbook and having some involvement in the outfit’s New York operations, the New York Post reports.

U.S. attorney Preet Bharara said in a statement that Zuriff is facing up to five years in prison and has agreed to turn over $500,000 as part of a plea deal. “Bryan Zuriff spanned the coasts with his crimes, by operating his own illegal gambling enterprise in Los Angeles, and helping to operate a vast illegal gambling enterprise in New York,” Bharara said. “With his plea, he becomes the first defendant, but not the last, to be convicted in this sprawling script of criminal conduct.”

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Source: FULL ARTICLE at Huffington Post

John Legend Wedding Location Revealed: Report

By The Huffington Post News Editors

It looks like John Legend’s wedding plans are coming together!

The New York Post is reporting that the R&B singer and Chrissy Teigen — his Sports Illustrated model fiancée — are planning to tie the knot in Lake Como, Italy.

Sources tell the New York Post that the pair, who got engaged in December 2011, will head abroad to say “I do” in early September 2013.

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Source: FULL ARTICLE at Huffington Post

HUFFPOST HILL – World Learns ‘Royal Baby’ Isn’t A Line Of Velour Tracksuits

By The Huffington Post News Editors

People everywhere congratulated the Duke and Duchess of Cambridge on the birth of their son, while Republicans vowed to rescue the child from Britain’s socialist health care system. The media’s coverage was a bit breathless, but thankfully the New York Post didn’t report the baby’s name as “Dick Gephardt.” And Mitch McConnell greeted his likely primary challenger by calling him “an East Coast con man” but stopped short of demanding he take his stagecoach full of elixirs back home. This is HUFFPOST HILL for Monday, July 22nd, 2013:

GOP ESTABLISHMENT RALLYING AROUND ENZI – Beleaguered folk hero Mike Enzi is getting some help from the little guy: Koch Industries. Politico: “Sen. Mike Enzi’s fundraising efforts have gotten off to a sluggish start this year, but he’s received support from Republican establishment and heavyweight political action committees ahead of his primary fight against Liz Cheney. The Wyoming Republican received $7,500 from Koch Industries PAC, the committee affiliated with the company owned by megadonors Charles and David Koch, according to a POLITICO review of Enzi’s second quarter campaign finance reports filed with the Federal Election Commission. Other PACs affiliated with major politically active companies and trade associations who gave to Enzi between April and June include: Boeing, Lockheed Martin, Time Warner Cable, Pfizer and National Retail Federation. The three-term incumbent also received support from the leadership PACs of establishment Republicans such as Minority Leader Mitch McConnell of Kentucky and Sens. Jim Inhofe of Oklahoma and Lindsey Graham of South Carolina.” [Politico]

CELEBS PROMOTING OBAMACARE – Oprah’s boldly going where the NFL wouldn’t dare. Sarah Kliff: “What do Oprah, Funny or Die and the Grammys have in common? All three, it turns out, have volunteered to promote Obamacare. Senior advisor Valerie Jarrett hosted a meeting Monday with a star-studded group of actors, musicians, writers and producers who have ‘expressed a personal interest in educating young people about the Affordable Care Act,’ according to a White House official.” [WashPost]

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Source: FULL ARTICLE at Huffington Post

Wiig Only Bright Spot in Girl Most Likely

By Matt Cantor

Kristen Wiig’s first starring role since Bridesmaids is, well, no Bridesmaids . She has her moments, but the rest of Girl Most Likely is pretty much recycled indie comedy, critics say: “This lazy comedy plays like a round of Quirky Indie Mad Libs,” Sara Stewart writes in the New York Post… …read more

Source: FULL ARTICLE at Newser – Home

'Schindler's List' reportedly to be auctioned on eBay

“Schindler’s List” is being auctioned off on eBay.

No, not a DVD of the Oscar-winning Steven Spielberg film, but one of the original Schindler’s lists — the only one ever to go on the open market — will be publicly auctioned tonight on the popular shopping Web site.

The reserve price is an eye-popping $3 million.

But its sellers, California collectors Gary Zimet and Eric Gazin, are hoping it will go for as high as $5 million.

“Enter US $3,000,000.00 or more” the listing will instruct bidders when it goes live at 9 p.m. EDT, according to an advance copy obtained by The Post.

“Free Local Pickup” the listing will advise. “Item location: Israel.”

“We decided to sell the list on eBay because it has over 100 million worldwide members, and this is a global story,” Gazin told The Post.

“There are billionaires using the site, wealthy celebrities,” said Gazin, who is the president of AuctionCause.com. “We like the platform.”

The “list” was named for Oskar Schindler, a businessman from Germany who is credited with saving more than 1,000 Jewish refugees from the Nazis by deeming them essential workers for his enamel-works factories.

Of the seven original versions of the list, only four are known to still exist — including two in Yad Vashem, the Israeli Holocaust Memorial Museum, and one in the US Holocaust Museum in Washington.

The one being offered for sale on eBay tonight is 14 onion-skin pages long.

The date April 18, 1945, is written in pencil on the first page. It lists 801 male names.

“It is extremely rare that a document of this historical significance is put on the market,” Zimet said.

“Many of the survivors on this list and their descendants moved to the United States, and there are names on this list which will sound very familiar to New Yorkers.”

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Source: FULL ARTICLE at Fox World News

Victim speaks out after bat and knife attack by NYC cab driver

A killer cabby didn’t utter a word as he viciously beat a would-be passenger with a baseball bat and then fatally stabbed the man’s pal on a Queens street, the survivor of the horrific attack told The Post yesterday.

“He didn’t say anything. He just got out of the car and started fighting,” victim Carlos Perez said from his bed at Elmhurst Hospital in Queens, where he is recovering from a broken arm and stab wounds received in the predawn Saturday ambush in Woodside.

Cops yesterday were still hunting the driver who killed Perez’s longtime pal, deejay Isaac Martinez, 26, before speeding off, leaving the men bleeding on Roosevelt Avenue.

Perez and Martinez were both boozed up and had just left their local bar, El Perlita, bought more beer at a bodega and were making their way home around 5 a.m. when the bloody scene unfolded, according to law-enforcement sources and witnesses.

“I said, ‘Let’s go to my house.’ My friend wanted to get beer at the store. I told him I would get a cab,” Perez, 33, recounted.

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Source: FULL ARTICLE at Fox US News

NYC cab driver on the loose after killing drunk man, police and witnesses say

A New York City cab driver is on the loose after he stabbed and killed an intoxicated man who was looking for a late night ride home, police and witnesses say.

Sources told the New York Post that two men, ages 33 and 26, were drinking at a bar near 68th street in Queens before they went into a bodega to buy a few six-packs.

They hailed the cab driver around 5 a.m. local time Saturday, but he refused to give them a ride because he noticed both men were drunk.

An argument ensued, and then the driver got out of his car and smashed its rear window with a baseball bat before going after the passengers, who defended themselves with beer bottles, police sources told the New York Post.

The cab driver stabbed the 33-year-old in the torso, police said, and the 26-year-old in the chest when he tried to help out his friend. Both were left bleeding in the street as the cabbie sped away.

The 26-year-old was later pronounced dead at a local hospital, while the 33-year-old is in stable condition.

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Source: FULL ARTICLE at Fox US News

Hundreds of cars unclaimed in Sandy to be auctioned in New York

More than 500 BMWs, Cadillacs, Toyotas and other vehicles damaged and towed during Superstorm Sandy remain unclaimed and will be auctioned off next month, city officials said Saturday.

The city is working with auction house David R. Maltz in Central Islip, on Long Island, to make the sales. Company vice president Richard Maltz said the vehicles are advertised on the company’s website as flood-damaged but may be salvageable.

Buyers need 25 percent deposits in cash or bank checks, and proceeds will go to the city’s coffers, except for a 10 percent premium for the auction house.

More than 3,300 vehicles were towed from emergency routes used for debris removal and street cleaning in the days following the late October storm, which swamped lower Manhattan and devastated beachfront neighborhoods including the Rockaways in Queens. Some cars drifted blocks away from where they were parked, landing on sidewalks, under giant tree limbs and inside homes.

The city created a hotline for residents to track down their vehicles and started notifying owners. As of January, 696 vehicles were unclaimed, the city said. The city contracted with the auction house to store the remaining vehicles, continue to issue notifications to their owners and eventually auction them off. As of Saturday, 535 cars were unclaimed.

Under state law, unclaimed cars can be sold after 10 days.

But city officials said they will continue to work with owners if they realize their cars are at the auction house.

Two auctions will be held, on May 2 and 7. The auction was first reported in the New York Post.

From: http://feeds.foxnews.com/~r/foxnews/national/~3/TO8wUMdKmTs/

Jon Hamm Is A Fan Of ‘Veronica Mars’

Death toll at 3 in Boston Marathon bombing seen by White House as terrorism

The deadly bombing at the Boston Marathon that killed at least three and injured more than 130 is believed to be an act of terrorism, senior White House officials told Fox News.

Two explosions tore through the finish line of the world-famous race just before 3 p.m., going off simultaneously as throngs of onlookers watched runners complete the 26.2-mile trek. The timing of the blasts immediately sparked suspicions of a deliberate act.

“When multiple devices go off, that’s an act of terrorism,” a senior administration official told Fox News, just moments after President Obama delivered a statement to the nation and did not use the word “terror.”

The official stressed that it was unclear whether a foreign entity like Al Qaeda was behind it or whether it was home-grown terrorism, prompting the president’s caution in characterizing the bombing.

A first responder source confirms to Fox News that five total explosive devices were found in the Boston area, including the two that exploded. Authorities spent the next several hours sweeping the area for additional devices.

The Associated Press reported early Tuesday police are searching an apartment in the nearby Boston suburb of Revere as part of the investigation into the explosions. Massachusetts State Police confirmed that a search warrant was served Monday night but provided no further details.

Authorities are guarding a person of interest at a local hospital, according to a New York Post report confirmed by Fox News.

The person, who sources said was 20 years old, had severe burns, but authorities had not determined whether the person was a victim or a perpetrator. Sources say the person of interest is reportedly a Saudi national in the United States on a student visa.

“There is no suspect,” said Boston Police Commissioner Edward Davis. “There are people we’re talking to.”

Davis said at an evening press conference the bombing killed “at least three,” and multiple reports said one of the dead was an eight-year-old child.

A first responder source tells Fox News all of the victims were either bystanders or marathon runners, and that two of the deceased were adults.

In addition to the deaths, more than 130 people were injured – including up to 10 with amputated limbs. Boston Police Commissioner Edward Davis said during a press conference that no suspect is in custody.The first two explosions occurred at 2:50 p.m. –nearly five hours after the marathon began – about 50 to 100 yards apart, according to Davis. A third explosion occurred near the John F. Kennedy Presidential Library and Museum in the Columbia Point section of Dorchester, several miles southeast of the marathon’s finish line, at around 4:15 p.m.Police could not say if it was related to the earlier explosions.

The horror unfolded as the city marked the 238th annual Patriot’s Day, commemorating the anniversary of theBattles of Lexington and Concord at the beginning of the Revolutionary War. Competitors and race organizers were crying as they fled the bloody chaos, while some witnesses reported seeing victims with lost limbs.

“Somebody’s leg flew by my head,” a spectator, who gave

From: http://feeds.foxnews.com/~r/foxnews/national/~3/tjEI_6NOKdI/

Man Shoots Himself at NRA's NASCAR Race

By Kevin Spak This probably wasn’t the kind of visibility the NRA was looking for when it decided to directly sponsor its first NASCAR event. A 42-year-old racing fan shot himself in the head at the NRA 500 Saturday night in Texas, the New York Post reports. Kirk Franklin was in a pickup…

From: http://www.newser.com/story/166255/man-shoots-himself-at-nras-nascar-race.html

New York Post Cover Tackles Tiger Woods’ Masters Controversy With ‘Balls’ Joke (PHOTO)

By The Huffington Post News Editors

They just couldn’t resist.

With Tiger Woods embroiled in controversy at the Masters on Saturday over the placement of his ball on a shot in the second round, the headline writers at the New York Post pounced. The Big Apple tabloid put Woods on the front page on Sunday with a ballsy choice of words that connected Woods’ professional gaffe with some of his personal miscues.

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From: http://www.huffingtonpost.com/2013/04/14/new-york-post-covers-tiger-woods-balls_n_3081421.html

9/11 Families Fume Over Visitor Fees at NYC Memorial

By Neal Colgrass Anyone planning a trip to the 9/11 Memorial in New York City will have to pay $2 per advance ticket—and victims’ families are none too happy about it, the New York Post reports. “I don’t want the American public to have to pay a dime to pay respects to…

From: http://www.newser.com/story/166208/911-families-fume-over-visitor-fees-at-nyc-memorial.html

Councilwoman wants to make it a crime to buy knockoff handbags in NYC

Drop the Gucci, and put your hands up!

Councilwoman Margaret Chin wants to make it a crime to buy sham Chanels, pirated Pradas and other counterfeit handbags in Chinatown.

The Manhattan Democrat’s bill would slap tourists and bargain hunters caught buying designer fakes with a maximum $1,000 fine and up to a year in prison.

Chin and lower-Manhattan residents are petitioning for a hearing on the measure, saying Canal Street peddlers are spilling into side streets to harass anyone passing by.

“People think it’s an adventure,” Chin told The New York Post. “If you want to get these name-brand knock-offs at a cheap price, you go to Chinatown.

“It’s always illegal for people to sell, but it’s not illegal for the people who buy this stuff,” she added. “Hopefully, this law will cut down on the demand.”

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Source: FULL ARTICLE at Fox US News

Target apologizes for 'manatee' label on plus-size dress

Shoppers at a Target store in Brooklyn say a label that listed the color of a plus-size dress as “manatee gray” was insulting.

The label for the same dress in smaller sizes described it as “dark heather gray.”

Target apologized for the label.

Michelle Ho, shopping at the store at Atlantic Terminal Mall, told the New York Post that Target was “putting down one set of people over another” with the different labels.

Spokeswoman Jessica Deede called the labeling of the Mossimo-brand “Women’s Plus-Size Kimono Maxi Dress” ”an unintentional oversight.”

She said although manatee gray was a seasonal color, Target was “fixing the discrepancy.” She said the item was removed from the company website.

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Source: FULL ARTICLE at Fox US News