MasterCraft Boat Holdings fell more than 15% Thursday. The New York-based company's shares fell about 10% within minutes of the decision, but recouped those losses. Revlon filed for Chapter 11 protection from creditors on June 15, and Thursday's decision could result in the asset managers being involved in restructuring talks. Industry groups warned a ruling against Citigroup could subject banks to excessive liability risks and destabilize the approximately $1.2 trillion U.S. They also noted that Perelman had bailed out Revlon before.
They said Citigroup paid exactly what was owed, and they had no reason to believe a sophisticated bank would err so badly. Some creditors returned what they received, but 10 asset managers including Brigade Capital Management, HPS Investment Partners and Symphony Asset Management, whose clients included the Revlon lenders, did not. Circuit Court of Appeals in Manhattan said it was improper to give the lenders a "huge windfall" by letting them keep Citigroup's money, and that they had been on notice the wiring was a mistake.Ĭitigroup, acting as Revlon's loan agent, had in August 2020 intended to make a $7.8 million interest payment on a loan for billionaire Ronald Perelman's now-bankrupt cosmetics company, but instead paid off the $894 million loan though it was not due until 2023. Reversing a lower court ruling, the 2nd U.S. (REUTERS/Mike Segar//File Photo)Ĭitigroup Inc is entitled to recoup about $500 million of its own money that it accidentally wired Revlon Inc lenders three years early, a U.S. appeals court said on Thursday. The department store chain is also discounting heavily to spur demand for discretionary products such as casual apparel, which has fallen out of fashion due to soaring inflation.īest Buy Chief Executive Corie Barry said in August she expected shoppers to return to the usual late pre-pandemic holiday shopping pattern this year as they wait for the best deals on products at its stores.Įxterior of the Citibank corporate headquarters in New York, New York, May 20, 2015. "We believe that holiday again this year will start early," Macy's Chief Financial Officer Adrian Mitchell said at the Goldman Sachs Global Retailing Conference on Thursday. Pandemic-induced disruptions to supply chains prompted consumers to start their holiday shopping as early as October in the last two years on fears that in-demand products would disappear from shelves by the traditional period around Thanksgiving in late November.Įven with supply-chain problems showing signs of easing and shelves at stores adequately stocked, Macy's does not expect the trend to change this year. retailers in forecasting inflation-driven shopping behavior. Macy's Inc expects another early start to holiday season shopping this year, a contrast to a prediction from Best Buy Co Inc that highlights the uncertainty among U.S. Shoppers outside Macy's in the Manhattan, New York City, New York, Mar. Sturm, Ruger's stock has fallen about 20% since its report.įor its July fiscal quarter, Smith & Wesson reported GAAP net income of $3.3 million, dropping from $76.9 million in the year-ago period. Smith & Wesson's report echoed quarterly results from rival Sturm, Ruger & Company on Aug. "As expected, our first quarter results reflected a return to a normal demand pattern at the retail counter for firearms combined with temporary headwinds from inventory corrections within the channel," Smith & Wesson Chief Executive Mark Smith said in a press release. consumers surged in 20 amid the coronavirus pandemic and worries about civil unrest related to the presidential election and police killings of unarmed Black people. The Springfield, Massachusetts, company said its profit tumbled from a year earlier in what it described as a "challenging" July fiscal quarter. Shares of Smith & Wesson slumped about 5% in extended trade on Thursday after the gunmaker posted quarterly results that underscored a drop in consumer demand following a surge two years ago.
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