Latest news with #Greenwich
Yahoo
13 hours ago
- Business
- Yahoo
NEW glass floor cabin opens at London cable car costing twice a regular ticket
Thrill-seekers can now book a glass floor cabin at London's cable car between Greenwich and the Royal Docks. Transport for London (TfL) has said that from today (June 20), it is possible to book the 'unique' glass floor experience at IFS Cloud Cable Car. Initially opened in 2012, the cable car has attracted a steady stream of visitors, hitting a record 1.5 million passengers last year. This is despite the fact it has failed to entice commuters to use the route. READ MORE - Earlier this year, TfL pushed back its opening hours, claiming only 20 customers a day used the cable car in its first hour of operation. Two of the 34 cabins have been fitted with the glass floor, offering enhanced views of the River Thames and landmarks such as the O2 arena. The cable car offers views of the O2 arena in Greenwich (Image: TfL) Josh Crompton, TfL's head of the IFS Cloud Cable Car, said: 'The cable car has been one of London's leading attractions for more than a decade and is a much-loved landmark in the city's skyline. 'We're excited to offer this new experience to customers, extending the incredible views from the cabin even further thanks to the panoramic glass floor.' TfL has recommended that, 'to avoid disappointment', passengers should book in advance if they want to ride in the glass floor cabin. It will still be possible to buy a ticket at one of the two terminals, depending on availability. Ticket prices are substantially more than the £13 for a trip in a regular cabin. READ MORE - Off-peak tickets cost £25 for an adult, increasing to £35 at peak times, which covers weekends and school holidays. All glass floor cabin tickets come with 'fast track' perks. For those booking online for trips between June 23 and August 31, the code 'GFE20' will provide 20 per cent off the ticket price. In the financial year 2023/24, TfL's revenue from the cable car hit £10 million, which was £1 million higher than the previous 12 months. Freedom of Information (FoI) data suggests that the cable car had an operating surplus of £2.6 million over the same time period.
Yahoo
19 hours ago
- Business
- Yahoo
Beyond Yoga Puts Lululemon and Athleta on Notice With Bigger Store Format
Beyond Yoga is stepping out, cutting the ribbon on a bigger store concept in Greenwich, Conn., on Friday and preparing an assortment that really lives up to its name. It's Beyond Yoga's first brick-and-mortar store on the East Coast and a big moment for the brand, which Levi Strauss & Co. bought in 2021 and which is now being prepped for a growth spurt that would put it into direct competition with Lululemon and Athleta at scale. More from WWD Revenue Rises at Lululemon in Q1, CEO Calvin McDonald Bullish Despite Cautious U.S. Consumer Why TikTok Can't Stop Talking About Lululemon's 2-in-1 Dress and Its Styling Frenzy With Shoes: The $148 Debate, Explained Authentic Brands Group Is Buying Dockers for $311 Million Leading the way is Nancy Green, who oversaw Athleta as it grew from 39 to 175 stores and has been putting that experience to work since becoming Beyond Yoga's chief executive officer last year. Green has been using her own particular blend of art and science to set the brand up for its next step. The arrival in Greenwich, for instance, is no accident. The company knows from its e-commerce business that the greater New York area is its largest market and used that data to guide it to the wealthy enclave. 'There's a big intuitive piece to this too,' Green told WWD. 'There's the data on where the bulk of our customer fans are currently, and then there's intuition. Does that make sense? Does that feel right? Because you can go into a market and there's multiple places you could open. We're opening in Boston [this year] and we can see where that customer bubble is in the Boston area. And there's multiple choices where we could go. We're going to Seaport because we stand there, we watch, we see our customer walking the streets. 'The other piece that's important is, Does the space feel right? That's also intuitive,' she said. 'Maybe it's not the right location or you need to wait for the right location. We're not going to go in just because the data shows us that that's probably where we should be.' Both sides of Green's brain aligned on the Greenwich store, a 2,760-foot-space that also has room to hold events and tap into that 'wellness-forward lifestyle' customer the brand targets. 'It's gorgeous,' Green said. 'Light oak floors, very natural elements and a lot of wood, a lot of very organic shapes, curves. The main reason for the larger format is that the line is expanding quite a bit. We needed a larger space to showcase the breadth of the assortment and to really just show the best expression of the brand. We're also [planning to use] these new spaces as community hubs, whether it's fitness events that we do in the store, community events, whatever is right for that store. We create very strong local partnerships with various studios.' The store comes with a new logo and is at the vanguard of a bigger rollout — both in retail and in terms of Beyond Yoga's assortment, which all includes or ties back to its signature Spacedye fabric. While the 20-year-old business has long had workout-ready gear and dresses, the collection has been growing rapidly lately. Puffer jackets were added last year. In August, the assortment reaches out more with wide-leg bottoms, vegan leather, sweaters, cashmere wool blends, varsity-inspired prep looks, styles for the trail and more. Beyond Yoga is done tiptoeing and is going even further beyond yoga with more looks that work from the studio to work to the street to the airport and everywhere else. 'First and foremost, we are a lifestyle brand that serves an active woman and man's lifestyle,' Green said. 'So we think about what are the things that they do? What do they need? Well, it starts with the activities that they do.' With the Greenwich opening, Beyond Yoga has eight doors and is expanding to 14 by the end of the year. Earlier this year Green said the brand could have 'at least 200 stores' over time. 'This is our 2.0 in stores,' Green said of the Greenwich location. 'This is a new concept. We are going to test it and we are going to nail it. We have to iterate and tweak some things as we learn and then we nail it and then we scale it. So test, iterate, nail it and scale it.' Best of WWD Macy's Is Closing 66 Stores in 2025 — Here's the List, Live Updates Inside the Demise of Lord & Taylor COVID-19 Spikes Elevate Retail Concerns Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
QXO Proposes to Acquire GMS for $95.20 Per Share in Cash
GREENWICH, Conn., June 18, 2025--(BUSINESS WIRE)--QXO, Inc. (NYSE: QXO) today sent a proposal to the President and CEO of GMS Inc. (NYSE: GMS) to acquire all outstanding shares of GMS for $95.20 per share in cash. The proposal implies a total transaction value of approximately $5 billion and reflects a 27% premium over GMS's 60-day volume-weighted average price of $74.82. "Our all-cash proposal to acquire GMS for $95.20 per share delivers immediate and certain value to GMS shareholders at a meaningful premium," said Brad Jacobs, Chairman and Chief Executive Officer of QXO. "We believe this is a compelling opportunity for GMS investors to realize the full value of their shares in a single, decisive transaction." Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are acting as financial advisors to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel. QXO sent the following letter to GMS's President and CEO today outlining the terms and rationale of the proposal: GMS, Inc.100 Crescent Parkway, Suite 800Tucker, GA 30084 Attention: John Turner, President and Chief Executive Officer June 18, 2025 Dear JT, Thank you for taking the time to meet with me in New York last month. I enjoyed our conversation and learning more about GMS, Inc. ("GMS" or the "Company"). As you know, we at QXO, Inc. ("QXO") have been studying GMS for over a year and have developed conviction around our interest in the Company. We are prepared to acquire 100% of GMS in a $95.20 per share all-cash transaction (the "Transaction"). This letter contains the summary terms of our acquisition proposal (the "Offer"). Our Offer will deliver immediate cash to GMS shareholders at a compelling valuation. We have no doubt that our Offer will receive widespread support from GMS's shareholders. 1. Investment Thesis and GMS Underperformance Our conviction in acquiring GMS is supported by its attractive positions in wallboard, ceiling tile and steel framing, extensive distribution network and broad exposure to both residential and commercial end markets. Despite the opportunity available to GMS, the Company's financial performance has been underwhelming. The Company's disappointing results have been reflected in your share price performance and public market valuation: GMS's EBITDA declined at a 4.0% annual clip over the last three years, much worse than its peers,1 which achieved a median annual increase of 4.6% over the same period; GMS's EBITDA margin declined 315 basis points from FY2022-FY2025, to 9.1% from 12.2%, a 26% drop. This compares unfavorably to peers, which reported a median 89 basis points decline in EBITDA margin during this same period; GMS has missed EBITDA, EBIT and EPS estimates for four of the last five quarters, on average missing EBITDA by 7%, EBIT by 25% and EPS by 9% in this period; GMS has underperformed the S&P 500 by nearly 1,900 basis points over the last 12 months; and Sell-side analysts have lost confidence in GMS – the median analyst 12-month price target has been reduced to $80 per share2 from $105 per share only a year ago. This underperformance has been frustrating for your shareholders. 2. Business Deterioration Since we first met with you in June 2024, GMS's outlook has deteriorated materially. Sell-side analysts expected GMS to deliver EBITDA of $624 million for the 12-month period ending April 2025. Instead, you delivered just $501 million and today sell-side analysts expect you to deliver NTM EBITDA of $496 million. Furthermore, GMS has experienced a sharp decline in performance since then: A 7% reduction in its NTM revenue as a result of soft end-market demand; A 20% reduction in NTM EBITDA as gross margins have contracted across all major product lines; and A 32% reduction in NTM EPS as the overall performance of the business has deteriorated. 3. Compelling Financial Terms of Our Offer Today, we propose to acquire GMS for $95.20 per share in cash. This is a full and compelling offer at the high end of our valuation range. It represents a substantial premium to your intrinsic value. Our Offer is a: 29% premium to the Company's stock price of $73.74 per share as of market close on May 22, 2025, the day you and I met in New York; 27% premium to the Company's 60-day VWAP of $74.82 per share (as of market close on June 18, 2025); 19% premium to the median 12-month sell-side analyst price target of $80.00 per share as of June 18, 2025; and 2.9x premium to GMS's three-year historical average next-twelve-months enterprise value to EBITDA multiple of 7.0x. Notably, we have observed meaningful changes in the volume and trading levels of GMS shares since our announcement to acquire Beacon Roofing Supply, Inc. ("Beacon"), which, in conjunction with what we have heard from public equity investors, indicate to us that GMS's current share price reflects demonstrable takeover speculation. Specifically, GMS's trading volume since the Beacon announcement was more than 50% higher than the average daily trading volume over the twelve months prior. With respect to the takeover speculation in the stock, we also note the steep rise in your share price following our meeting on May 22, 2025, in New York, as well as a research report by Raymond James, which resulted from a non-deal roadshow with you and your CFO, stating that GMS was a likely acquisition target and GMS's management was willing to entertain a sale. Most recently, we have heard from industry participants that J.P. Morgan and Jefferies have been aggressively marketing the Company for sale. Your FQ4 2025 Earnings Release earlier today included an organic revenue decline of 10%, an EBITDA decline of 25% and an EBITDA margin decrease of 220 basis points each compared to the same period last year. GMS also expects FQ1 2026 flat per day volume in single family housing, 25% to 30% declines in multifamily per day volumes and low teen declines in commercial per day volumes. Despite these poor results and macro outlook, you conveniently painted a positive picture that materially moved your stock price, while at the same time you have bankers actively marketing your company. As a result, GMS stock experienced an 11% increase today, its largest single-day dollar increase ever. Even with this rise in the stock price, our Offer represents a 18% premium to today's closing price. 4. High Certainty of Completion Our Offer and our definitive agreement will not have any financing condition or contingency. We have received strong assurances from Goldman Sachs and Morgan Stanley regarding their ability to deliver fully committed financing for the Transaction. We will provide financing commitments in due course. We do not anticipate the Transaction will give rise to any antitrust or other regulatory issues. We believe the Transaction should close in August 2025. 5. Ready to Move Quickly We are prepared to move quickly with two weeks of confirmatory due diligence, including management meetings, while we negotiate definitive transaction documentation. We are prepared to enter into a customary confidentiality agreement so long as it does not contain any standstill provision or "backdoor" standstill provision that would prevent us from taking the Offer directly to your shareholders, including as a result of us receiving material non-public information. We have retained Goldman Sachs and Morgan Stanley as our financial advisors and Paul, Weiss as our legal counsel. 6. QXO Following the acquisition of Beacon, QXO is now the largest publicly traded distributor of roofing, waterproofing and complementary building products in the United States. We plan to become the leader in the $800 billion building products distribution industry and generate outsized value for shareholders. We are executing a strategy toward a target of $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth. We have the full support of our Board of Directors to pursue the Transaction. Our leadership team is highly experienced and has a proven track record of building businesses, accelerating growth through investment in technology and building scale through accretive M&A and organic growth. We also have the institutional knowledge and transaction experience to consummate the Transaction expeditiously. 7. Conclusion As we've said before, we don't play games – we're straightforward and we move fast. In that spirit we have put forth a highly compelling offer at the high end of our valuation range. We have the financial capacity and deal expertise to close the Transaction swiftly and with a high level of certainty, and we're willing to commit extensive resources to complete due diligence and negotiate definitive agreements on an accelerated timeframe. Our team and our advisors are standing by. We strongly believe that our Offer is in GMS's and its shareholders' best interests, and we also believe that your employees, vendors and customers will benefit from the significant growth opportunity provided by QXO's platform. To that end we propose that we move forward quickly, and we respectfully request that you respond to the Offer by no later than June 24, 2025. If you choose not to engage with us, or choose to engage in an unconstructive manner, we are prepared to take our Offer directly to GMS's shareholders who we're confident will find the Offer attractive. On behalf of QXO, thank you for your consideration. Sincerely, Ihsan EssaidChief Financial cc: Brad Jacobs, CEO, QXO Gavin, Chairman, GMS, Inc. About QXO QXO is the largest publicly traded distributor of roofing, waterproofing and complementary building products in the United States. The company plans to become the tech-enabled leader in the $800 billion building products distribution industry and generate outsized value for shareholders. QXO is targeting $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth. Visit for more information. Cautionary Statement Regarding Forward-Looking Statements The information herein contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets and goals are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as "may," "will," "should," "expect," "opportunity," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "target," "goal," or "continue," or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not undertake any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law. 1 Peer group includes the following One-Step Building Products Distribution companies within the peer group used in GMS's annual proxy statement: Beacon, Core & Main, Pool Corporation, SiteOne Landscape Supply, TopBuild and Watsco. EBITDA and EBITDA margin metrics relate to last three years ending CQ1 2025 for peers2 As of June 18, 2025 as per Bloomberg View source version on Contacts Media: Joe 203-609-9650 Steve Lipin/Lauren OdellGladstone Place Partners212-230-5930 Investors: Mark 203-321-3889 Sign in to access your portfolio
New York Times
2 days ago
- Sport
- New York Times
Ex-Yankee Is Awarded About $500,000 in Damages for Moldy Greenwich Mansion
A Connecticut jury on Wednesday awarded the former New York Yankees third baseman Josh Donaldson damages that are expected to top $500,000 from the ex-landlord of his $55,000-a-month Greenwich, Conn., rental mansion, which he complained was plagued by mold and squirrels. Mr. Donaldson, 39, terminated the lease about six weeks after moving into the five-bedroom, 4,800-square-foot home in April 2022 with his now-wife, Briana, who was pregnant at the time, and their 17-month-old daughter. In a federal lawsuit filed in Connecticut in June 2022, the now-retired baseball player accused the home's owner, Bill Grous, of breach of contract and said that the rental in Greenwich's backcountry section was a money pit. The neighborhood, sought after for its sprawling estates and privacy, is a magnet for professional athletes, other celebrities and financiers. Mr. Donaldson, a former American League Most Valuable Player with the Toronto Blue Jays in 2015, moved into the mansion a few weeks after being traded to the Yankees from the Minnesota Twins. His two seasons in New York were rocky. Mr. Donaldson struggled to replicate his success and was suspended by Major League Baseball in May 2022 for one game for repeatedly calling Tim Anderson, who is Black and was a shortstop for the Chicago White Sox at the time, 'Jackie,' a reference to Jackie Robinson. In August 2023, Mr. Donaldson was released by the Yankees. Want all of The Times? Subscribe.
Entrepreneur
3 days ago
- Business
- Entrepreneur
Mom's Side Hustle Made $30k in 2 Months, Then $500k a Year
It's the era of the side hustle, and if you've ever considered starting one to earn some extra cash outside of your 9-5, you're in good company. These days, more than one-third of U.S. adults have side hustles, and their supplemental gigs make an average of $891 a month, according to recent research from Bankrate. Of course, the most successful side hustlers see much higher earnings, especially when they start a business that brings in nearly as much as — or significantly more than — their full-time sources of income. Katya Eckert, 41, of Greenwich, Connecticut, is one of them. Learn more about Eckert's innovative product and how she built her business here. Responses have been edited for length and clarity. Image Credit: Courtesy of A DOMANI. Katya Eckert.
