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Miami Herald
12 hours ago
- Business
- Miami Herald
Popular lifestyle retail chain files for Chapter 11 bankruptcy
The high-end fashion retail sector has faced economic challenges since the Covid-19 pandemic temporarily shut down the industry in 2020, and it hasn't fully recovered from the retail downturn. Financial distress forced luxury department stores, high-end fashion retailers, luxury brands, and retail chains to file for bankruptcy. Don't miss the move: Subscribe to TheStreet's free daily newsletter Luxury department store Lord & Taylor, high-end retailer Neiman Marcus, luxury apparel chain Brooks Brothers, and designer brand manufacturer Centric Brands all filed for Chapter 11 protection in 2020. Related: Popular restaurant chain franchisee files Chapter 11 bankruptcy When the pandemic subsided, rising labor and product costs driven by inflation, higher interest rates on debt, and consumers' changing attitudes toward spending based on financial uncertainties put new pressure on revenue Luxury retailers continued filing for bankruptcy, as last year, Anne Fontaine USA, the U.S. affiliate of the Paris-based boutique chain, in January 2024 filed for Chapter 11 Subchapter V bankruptcy protection to reorganize in the U.S. Bankruptcy Court for the Southern District of New York, asserting that the company has not been able to recover from financial distress caused by the Covid-19 pandemic. Luxury apparel chain Ted Baker Canada, which operated 31 Ted Baker stores in the U.S., nine in Canada, eight Brooks Brothers Canada shops, and seven Lucky Brand Canada stores, filed for restructuring under Canada's Companies' Creditors Arrangement Act and for Chapter 15 bankruptcy in the U.S. on April 24, 2024, to liquidate and close all 56 of the North American stores. The retailer's owner Authentic Brands Group in August 2024 reached an agreement with United Legwear & Apparel Co. to relaunch e-commerce retail operations for Ted Baker in the U.S., Canada, the U.K., and Europe. Fashion retail brand Sash Group Inc., which markets and sells The Sash Bag crossbody handbags and accessories, on March 25, 2025, filed for Chapter 11 protection to reorganize its business, facing significant tax obligations and unsecured creditor debt. Finally, the parent company of high-end specialty retail chain Karma and Luck filed for Chapter 11 bankruptcy to restructure its debt. Related: Major nationwide trucking company files for Chapter 11 bankruptcy The Las Vegas-based company Zama & Zama Inc., whose retail chain sells spiritual and good fortune-themed merchandise for men and women, filed its petition in the U.S. Bankruptcy Court for the District of Nevada, listing $1 million to $10 million in assets and liabilities. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy Its largest creditors include $2.56 million owed to Settle Inc., $498,000 owed to American Express, over $231,000 owed to landlord IMI Miracle Mile, over $83,000 owed to landlord New WTC Retail Owner and other mall operators. The debtor, founded in 2015 by Vladi Bergman, operates 12 brick-and-mortar high-end retail locations in Las Vegas, Los Angeles, Houston, Florida, and New York. The retailer operates in several high-profile buildings, including at the World Trade Center and Grand Central Terminal in New York, Houston Galleria, Fashion Show Mall in Las Vegas, and the Mall at Miami International. Karma and Luck's merchandise includes women's bracelets, necklaces, rings, earrings, charms, anklets, lifestyle items like pillow and blanket sets; men's bracelets, necklaces, and charms; and home decor. The company's merchandise is also available through major department store retailers, such as Macy's and Nordstrom, and it offers e-commerce transactions on its website. Related: Popular smoothie chain franchisee files for Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Mint
19 hours ago
- Business
- Mint
Oswal Pumps Share Price Live: Stock makes a lukewarm debut, opens with 3.26% premium at ₹634 on NSE
Oswal Pumps Share Price Live: Oswal Pumps share price made a tepid debut on the bourses today. On NSE, Oswal Pumps share price opened at ₹ 634 per share, 3.26% higher than the issue price of ₹ 614. On BSE, Oswal Pumps share price today opened at ₹ 632 apiece, up 2.93% than the issue price. The initial public offering for shares began on June 13 and ended on June 17. Oswal Pumps IPO allotment was finalised on Wednesday, June 18. A notice on the BSE indicated the equity shares of Oswal Pumps Limited are available for trading on the Exchange as part of the 'B' Group of Securities. Oswal Pumps IPO price band was fixed in the range of ₹ 584 to ₹ 614 per equity share of the face value of Re 1. Oswal Pumps IPO lot size was 24 equity shares and in multiples of 24 equity shares thereafter. Oswal Pumps IPO subscription status was 34.42 times by the end of the bidding period. The allocation for Qualified Institutional Buyers (QIBs) saw a subscription rate of 88.08 times, while the non-institutional investors' category was subscribed 36.70 times. Retail Individual Investors (RIIs) experienced a subscription rate of 3.60 times. Half of the total issue size has been allocated for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional buyers. Oswal Pumps started its journey in 2003, initially producing low-speed monoblock pumps, and has since broadened its scope to include the production of grid-connected submersible pumps and electric motors. The company produces both solar-powered and grid-connected submersible and monoblock pumps, as well as electric motors, which include induction and submersible varieties, in addition to solar modules, all marketed under the 'Oswal' brand. Mahesh M. Ojha, AVP of Research and Business Development at Hensex Securities Pvt Ltd, recommends that investors adopt a medium to long-term holding strategy. Short-term investors who have entered solely for listing gains might think about partially realizing profits if the stock opens at or above ₹ 675; however, maintaining some exposure could be wise due to potential re-rating as clarity improves after the listing. Long-term investors may want to continue holding, especially considering the company's size, market share, and its alignment with India's renewable energy and agricultural infrastructure objectives. The solar pump sector presents consistent growth opportunities, and Oswal is strategically well-placed. Oswal Pumps secured ₹ 416.2 crore from anchor investors just one day prior to the commencement of its initial public offering for public subscription. Among the anchor investors are ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Aditya Birla Sun Life Mutual Fund, Quant Mutual Fund, Societe Generale, Edelweiss Life Insurance, BNP Paribas, the Paris-based asset management firm Amundi, and the financial services company Capital Group, as stated in a circular published on the BSE's website. According to the circular, Oswal Pumps allocated 67,78,533 equity shares to these anchor investors at a price of ₹ 614 per equity share, which corresponds to the upper limit of the pricing range. The lower limit of the IPO has been set at ₹ 584 per share. Oswal Pumps share price made a tepid debut on the bourses today. On NSE, Oswal Pumps share price opened at ₹ 634 per share, 3.26% higher than the issue price of ₹ 614. On BSE, Oswal Pumps share price today opened at ₹ 632 apiece, up 2.93% than the issue price. According to Mahesh AVP Research and Business development, Hensex Securities Pvt Ltd, the Oswal Pumps IPO has garnered strong investor interest across segments This is a clear indicator of positive market sentiment, bolstered by -a solid anchor book and credible domestic and global institutional participation. The listing is expected to be between 8-12% premium over the upper band of ₹ 614. Prashanth Tapse suggests that due to robust subscription demand and current market trends, Tapse expects Oswal Pumps to list with a gain of around 10–15%. The IPO was heavily oversubscribed, indicating strong confidence in the company's fundamentals and valuation. 'We consider Oswal Pumps to be an attractive long-term investment option, particularly in line with the government's ongoing focus on rural electrification and the advancement of solar-powered irrigation systems,' said Tapse. Oswal Pumps IPO GMP today is +41. This indicates Oswal Pumps share price was trading at a premium of ₹ 41 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Oswal Pumps share price is indicated at ₹ 655 apiece, which is 6.68% higher than the IPO price of ₹ 614. 'Grey market premium' indicates investors' readiness to pay more than the issue price. The initial public offering (IPO) consists of a new issue of shares valued at ₹ 890 crore, along with an offer-for-sale (OFS) of 81 lakh shares worth ₹ 497.34 crore, at the highest end of the price range, by promoter Vivek Gupta. This brings the total size of the issue to ₹ 1,387.34 crore. Funds obtained from the new share issue will be allocated to several capital expenditures, investments in the wholly owned subsidiary Oswal Solar in the form of either debt or equity, the establishment of new manufacturing units in Karnal, Haryana, debt repayment, and other general corporate needs.
The Hindu
2 days ago
- Business
- The Hindu
Why oil prices are increasing amidst Iran-Israel tensions
The story so far: Escalating tensions between West Asian nations Iran and Israel since last week sent prices of oil spiralling upwards with fears mounting about a potential disruption in oil supplies globally. The benchmark Brent crude futures had soared about 9% Friday (June 13) to $75.65 for a barrel after it hit an intraday high of $78.50/barrel – a near five-month high. The paradigm however sought to ease Monday when news reports suggested that Tehran has asked Qatar, Saudi Arabia and Oman to press U.S. President Donald Trump to help Israel agree for an immediate ceasefire. At the time of writing (about 8 p.m.), Brent crude futures were about 2.4% higher from Monday at $74.98/barrel. Why is the tension causing oil prices to rise? At the centre of the entire paradigm is Iran's recurrent threats to close down the Strait of Hormuz. It is the chokepoint that connects the Persian Gulf with the Gulf of Oman and Arabian Sea. For perspective, chokepoints are narrow channels along widely used global sea routes that are utilised for transporting oil through sea. The closure of a chokepoint, even if for a temporary period, can translate to potential delays in supply, reduction in traffic and rise in shipping and insurance costs. All of it culminating into increased price of energy fuel. Though alternatives exist for some chokepoints, but they could entail significant increase in transit times. In fact, from the larger perspective of trade, Pankaj Chadha, Chairman of the Engineering Exports Promotion Council of India explained The Hindu last week that the escalation of the conflict in the Middle East would bar access to the Suez Canal and the Red Sea. '(This) will have a huge cost and time escalation for Indian exports by ship,' Mr. Chadda held. U.S.' Energy Information Administration (EIA) in an analysis published Monday held that the Strait was 'deep and wide enough' to handle the world's largest crude oil tankers. It further observed that the Strait facilitated transportation of an average of 20 million barrels each day (md/d) in 2024. This is equivalent to approximately one-fifth of the global petroleum liquids consumption. Additionally, the Paris-based International Energy Association (IEA) attributed the Strait to have served as the exit route from the Gulf for approximately one-fourth of the global oil supply including from major oil-producing nations Saudi Arabia and United Arab Emirates alongside Kuwait, Qatar, Iraq and Iran itself. According to EIA's estimates, 84% of the crude oil and condensate alongside 83% of liquified natural gas transported via the Strait headed to Asian countries in 2024. Primarily, this includes China, India, Japan and South Korea. How is the world positioned to manage the uncertainty? IEA indicated in their June outlook published Tuesday that oil markets in 2025 'look well supplied' in the absence of a major disruption. This is premised around expectations of supply being able to surpass demand. IEA forecasts world oil demand to increase by 720 thousand barrels a day (kb/d) this year whilst supply is projected to rise 1.8 mb/d to 104.9 mb/d. Additionally, it observed from preliminary data that global observed oil inventories have risen by 1 mb/d on an average since February, and 93 million barrels in May alone. However, it cautioned, 'While the market looks comfortably supplied now, the recent events sharply highlight the significant geopolitical risk to oil supply security.' Furthermore, JM Financial observed in their recent sectoral report that there could be a 'huge upside risk' if Iran disrupts the supply from the Strait of Hormuz. However, it holds the scenario is 'extremely unlikely' as in the past, for 'U.S. and Western countries are likely to take strong measures against any such disruptions given the huge risk it can pose to global oil and gas prices and, hence, inflation.' Imperative to note though that Iran's own production capacity may not have a significant bearing in the paradigm. This is owing to U.S. sanctions on import of Iranian crude oil. Tehran's major export destination is China. Refineries in the Asian country have particularly benefited from discounted fuel from the West Asian counterpart. What does it mean back home? Aditi Nayar, Chief Economist at ratings agency ICRA, observed that while crude oil prices have risen quite sharply over the past few days, it has been from 'rather benign levels'. She holds that should the price persist at the current levels, it may not lead to a 'material revision' in ICRA's GDP forecast of 6.2% for the fiscal. 'However, a sustained increase from the current levels would weigh on India Inc's profitability and the extended uncertainty may further delay private capex expenditure,' Ms. Nayar told The Hindu. She summarised this could potentially translate to a downward revision in ICRA's GDP growth projections for the second half of the fiscal. Albeit in an unrelated context, Paras Jasrai, Associate Director at India Ratings and Research observed the conflict between Israel and Iran added 'fuel to the global economic uncertainty' marred by tariffs-led volatility. 'The crude oil prices are in the vicinity of $75/barrel. If the conflict escalates further, then that could spring up wholesale inflation and have broader economic ramifications,' he held. Mr. Jasrai adds that favourably though declining food prices have 'given a cushion in keeping wholesale inflation at tepid levels'. The primary concern with respect to India could potentially be about how things shape up at the Strait of Hormuz. This is because India does not import petroleum crude from Tehran. Amit Kumar, Partner and Energy and Renewable Industry Leader at Grant Thorton Bharat had told The Hindu last week, 'India imports more than 80% of its crude oil needs. Hence, even if direct imports from Iran are minimal, global price spikes due to conflict will raise crude oil import costs.' On the aspect of supply, imperative to note that Union Petroleum Minister Hardeep Singh Puri in a social media post on Monday has affirmed the India having diversified their import basket substantially are comfortably placed to meet their fuel supply needs. With inputs from TCA Sharad Raghavan
Yahoo
3 days ago
- Business
- Yahoo
Global oil demand to dip in 2030, first drop since Covid: IEA
Global oil demand will fall slightly in 2030, its first drop since the 2020 Covid pandemic, the International Energy Agency said Tuesday. In an annual outlook for the oil market, the Paris-based agency cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to produce power. Annual demand growth will slow from around 700,000 barrels per day (bpd) in 2025 and 2026 "to just a trickle over the next several years, with a small decline expected in 2030", the IEA said. Total demand is forecast to reach 105.5 million bpd in 2030 after peaking at 105.6 million bpd in 2029. Oil demand dropped dramatically in 2020, when countries locked down and shut their borders during the Covid pandemic, falling to 91.7 million bpd before steadily growing again in the following years. Demand in the world's top consumer, the United States, is expected to peak this year and start to decline in 2026 while consumption in China, the top importer of crude, will fall from 2028, according to the "Oil 2025" report. Demand in the Middle East will also peak in 2027 and decline the following year. Saudi Arabia will post the "single largest decline in oil demand for any country" in absolute terms through 2030 as the kingdom replaces crude with gas and renewable energy to produce power, the IEA said. - US and Saudis to lead output - The report comes as oil prices have surged since Israel launched air strikes against Iran last week, prompting Tehran to fire missiles back at its arch foe. The price increases "are not driven by the fundamentals", IEA executive director Fatih Birol said in a news conference. "We have a lot of supply oil in the market. Demand is much weaker than the supply." "We don't expect high oil prices to be with us for a very long time," Birol said, adding that the IEA stood ready to act if there are any supply disruptions. While the conflict "focuses attention on immediate energy security risks", the IEA said oil supply growth will "far outpace" the increase in demand in coming years. World oil production capacity is forecast to rise by 5.1 million bpd -- double the pace of demand -- to 114.7 million bpd by 2030, the report found. "Combined, Saudi Arabia and the United States will contribute 40 percent to total global oil capacity growth in the forecast period," it said. nal-lth/cw Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
3 days ago
- Business
- Time of India
Crude oil demand set to decline in 2030: IEA sees first drop since Covid, supply growth to be led by US and Saudi Arabia
Global oil demand will decline slightly in 2030 for the first time since the 2020 Covid shock, the International Energy Agency (IEA) said on Tuesday, as slower economic growth, electric vehicle adoption, and energy transition efforts reshape the market. In its annual Oil 2025 outlook, the Paris-based agency forecast that global oil consumption would peak at 105.6 million barrels per day (bpd) in 2029 before dipping to 105.5 million bpd the following year. The shift marks a dramatic change from the post-pandemic recovery, when demand surged after a 2020 collapse to 91.7 million bpd during lockdowns, AFP reported. 'Annual demand growth will slow from around 700,000 bpd in 2025 and 2026 to just a trickle over the next several years,' the report stated, adding that major oil-consuming economies will reach peak usage before the end of the decade. The United States, the world's largest oil consumer, is projected to see demand peak in 2025, followed by a decline starting in 2026. China, the top crude importer, is expected to follow suit with a decline beginning in 2028. Middle East demand will peak in 2027, then begin falling in 2028, with Saudi Arabia forecast to post the "single largest decline in oil demand for any country" in absolute terms. The drop comes as the kingdom accelerates efforts to replace oil-fired power generation with gas and renewables. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tired of Your 2BHK Looking the Same? HomeLane Get Quote Undo Meanwhile, the IEA noted that recent oil price spikes — triggered by conflict between Israel and Iran — are not backed by market fundamentals. 'We have a lot of supply in the market. Demand is much weaker than the supply,' IEA Executive Director Fatih Birol said, adding that the agency does not expect elevated prices to persist. The IEA, he said, is prepared to act if supply disruptions occur. Despite short-term risks, supply growth is expected to outpace demand through 2030. Global oil production capacity is projected to rise by 5.1 million bpd to 114.7 million bpd, nearly twice the growth rate of demand. Saudi Arabia and the United States together will account for 40% of that capacity increase, the agency said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
