Archives 2018

Thursday, September 21, 2017

On Monday night, New Jersey, US-based toy retail giant Toys R Us filed for bankruptcy in the US as well as in Canada. The retailer filed it from Richmond, Virginia for Chapter 11 bankruptcy code in the US, and a judge allowed a loan of over US$2 billion.

According to the filing, the retail chain owns US$6.6 billion in assets, but has a debt of US$7.9 billion. They were under a roughly US$5 billion debt since the company underwent a three-way acquisition in 2005. Kohlberg Kravis Roberts, Bain Capital, and Vornado Realty Trust acquired Toys R Us for around US$7 to US$7.5 billion. After the US judge approved a loan, Toys R Us received about US$3 billion from the lenders to continue the business and survive a competitive market, and restructure their business model. E-commerce giant Amazon.com, Walmart and Target are some of the competitors for the conventional ‘brick and mortar’ toy shop, with lower priced-merchandise and fast, cheap delivery. In a conference call in June, CEO Dave Brandon said “very, very aggressive pricing online” was causing problems. He also said the company was experiencing “significant weakness in demand for their products globally”. Toys R Us are to clear a debt of US$400 million by May 2018.

Toys R Us said they would continue to operate for the holiday season. Bankruptcy lawyer Jeff Gleit said Toys R Us “need to do both a financial restructuring as well as an operational restructuring” and “needs to modernize with the times”. Last holiday season, Toys R Us made sales around US$4.5 billion. Overall, the company reported a US$29 million loss in 2016. CEO Brandon said, “Our objective is to work with our debt holders and other creditors to restructure the US$5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business”.

Toys R Us employs more than 60 thousand people in 38 countries around the world in more than 1600 stores. The company’s stocks fell by six percent after filing for Chapter 11 protection. US bankruptcy code Chapter 11 allows the company to restructure under a plan approved by the court. The company would also be shielded from creditors’ claims during the process. For the stores located in Canada, Toys R Us filed bankruptcy in Ontario and are to undergo reorganisation. However, 259 stores located outside the US or Canada will not undergo reorganisation, the company said.

Over 300 US-based retailers have filed for bankruptcy this year, and hundreds of stores closed.

Monday, June 21, 2010

Sweden’s first royal wedding since 1976 took place Saturday when Crown Princess Victoria, 32, married her long-time boyfriend and former personal trainer, Daniel Westling, 36. The ceremony took place at Stockholm Cathedral.

Over 1,200 guests, including many rulers, politicians, royals and other dignitaries from across the world, attended the wedding, which cost an estimated 20 million Swedish kronor. Victoria wore a wedding dress with five-metre long train designed by Pär Engsheden. She wore the same crown that her mother, Queen Silvia, wore on her wedding day 34 years previously, also on June 19. Victoria’s father, King Carl XVI Gustaf, walked Victoria down the aisle, which was deemed untraditional by many. In Sweden, the bride and groom usually walk down the aisle together, emphasising the country’s views on equality. Victoria met with Daniel half-way to the altar, where they exchanged brief kisses, and, to the sounds of the wedding march, made their way to the the silver altar. She was followed by ten bridesmaids. The couple both had tears in their eyes as they said their vows, and apart from fumbling when they exchanged rings, the ceremony went smoothly.

Following the ceremony, the couple headed a fast-paced procession through central Stockholm on a horse-drawn carriage, flanked by police and security. Up to 500,000 people are thought to have lined the streets. They then boarded the Vasaorden, the same royal barge Victoria’s parents used in their wedding, and traveled through Stockholm’s waters, accompanied by flyover of 18 fighter jets near the end of the procession. A wedding banquet followed in the in the Hall of State of the Royal Palace.

Controversy has surrounded the engagement and wedding between the Crown Princess and Westling, a “commoner”. Victoria met Westling as she was recovering from bulemia in 2002. He owned a chain of gymnasiums and was brought in to help bring Victoria back to full health. Westling was raised in a middle-class family in Ockelbo, in central Sweden. His father managed a social services centre, and his mother worked in a post office. When the relationship was made public, Westling was mocked as an outsider and the king was reportedly horrified at the thought of his daughter marrying a “commoner”, even though he did so when he married Silvia. Last year, Westling underwent transplant surgery for a congenital kidney disorder. The Swedish public have been assured that he will be able to have children and that his illness will not be passed on to his offspring.

Westling underwent years of training to prepare for his new role in the royal family, including lessons in etiquette, elocution, and multi-lingual small talk; and a makeover that saw his hair being cropped short, and his plain-looking glasses and clothes being replaced by designer-wear.

Upon marrying the Crown Princess, Westling took his wife’s ducal title and is granted the style “His Royal Highness”. He is now known as HRH Prince Daniel, Duke of Västergötland. He also has his own coat-of-arms and monogram. When Victoria assumes the throne and becomes Queen, Daniel will not become King, but assume a supportive role, similar to that of Prince Phillip, the husband of the United Kingdom’s Queen Elizabeth II.

Tuesday, September 6, 2005

Actor Bob Denver, best known for his roles as “Gilligan” on Gilligan’s Island (1964-1967) and “Maynard G. Krebs” on The Many Loves of Dobie Gillis (1959-1963), died Friday at the age of 70.

Denver gained popularity on Dobie Gillis, playing the title character’s best friend, a beatnik. The show, which ran for four years, was Denver’s first major acting role. It is said that the popular cartoon Scooby-Doo, Where Are You! was based on the show, and Denver’s role of Krebs was the inspiration for the character “Shaggy”.

Denver’s real fame, however, came with the role of “Gilligan”, a kind but naive and incompetent bumbler stuck on an island with six other castaways. Nearly every episode involved a plot to get off the island; however, Gilligan always ended up causing the plot to fail, in one way or another. The show, which ran for three years, gained popularity through perpetual reruns. “It was the mid-’70s when I realized it wasn’t going off the air,” Denver said in 2001.

After the cancellation of Gilligan’s Island, Bob Denver starred in Dusty’s Trail, a clone of Gilligan’s Island, set in a wagon train in the old American West. It was also created by Sherwood Schwartz, the creator of Gilligan’s Island and other sitcoms like The Brady Bunch. Dusty’s Trail featured a one-to-one match with Gilligan’s Island characters (Gilligan became Dusty, while the actress, Ginger, became the dance hall girl, and the farm girl, Maryanne, became the school marm, and the rich Howells became a rich rail baron and wife, etc.). Bob Denver was the only actor in common. The show never caught on and was quickly canceled.

In May, Denver underwent quadruple bypass surgery, and was subsequently diagnosed with cancer. He died of complications from his cancer treatment at Wake Forest University Baptist Hospital in North Carolina.

Denver is survived by his wife and four children.

Sunday, June 26, 2005

The median house price in the United States plunged 6.5% in May to $217,000. In February of 2005, the median price of a home was $237,300.

The Economist newspaper said in its June 16th issue; “In other words, it looks like the biggest bubble in history.” by way of reference to what is happening with housing prices in the USA and much of Europe.

Japan provides an example of how a boom can turn to bust. Property prices have dropped for 14 years in a row (40% from their peak in 1991); and yet, the rise in prices in Japan during the decade before 1991 was less than the increase over the past ten years in most of today’s “housing boom” countries.

The total value of residential property rose by more than $30 trillion over the past five years in developed economies, an increase equivalent to 100% of the combined GDPs of those countries. This increase dwarfs all previous house-price booms and is greater than the global stockmarket bubble in the late 1990s. Much of the recent housing activity is being driven by speculative demand. The National Association of Realtors (NAR) reported that 23% of all American houses bought in 2004 were for investment, not for owners to live in. Another 13% were bought as second homes. NAR also found that 42% of all first-time buyers made no down-payment on their home purchase last year.

Many investors are buying solely because they think prices will keep rising, which is a warning sign of a financial bubble. In Miami, Florida, as many as half of the original buyers resell new apartments even before they are built, and properties can change hands two or three times before somebody finally moves in.

Britain’s Royal Institution of Chartered Surveyors (RICS) reported prices have been falling for ten consecutive months. Forty nine percent of their surveyors reported falling prices in May. This was the weakest report since 1992 during Britain’s previous house-price bust.

Monday, May 21, 2012

Bruce, Canberra — This past week, an overstocked Australian Opals, the women’s national basketball team, prepared for the 2012 Olympic Games in London with a weeklong training camp at the Australian Institute of Sport (AIS) to be used to help narrow the nineteen member Opals squad down to the twelve that go to the Games, and provide players who rarely play together an extended period of time to play together in order to improve on court dynamics.

Camp started on Sunday, with players arriving from hometowns around Australia including Cairns, MacKay, Gladstone, Brisbane, Adelaide, and Melbourne.

The defending champions, the United States women’s national basketball team, are perceived as the Australian Opals’ main competitors. In the last three Olympic Games the Opals got silver medals. In each of these cases the United States got first place. Coach Carrie Graf said “thinking about the US too soon in inappropriate”, “Our focus is first and foremost, game by game winning our pool”. Amongst the Australian Opals’ competitors in the pool are Brazil, Russia, and Great Britain. Carrie Graf said Great Britain “will put up a fight on home turf” but there is a “world class [AIS] facility” and “world class medical support staff” supporting the team.

Australian Opal player Penny Taylor recently suffered injury from a torn anterior cruciate ligament, meaning she cannot play Olympics this year. In regards to the situation player Lauren Jackson, who is going into her fourth Olympics, said “you would never wish that upon anybody.” She says as a team they have to “move on, move through that” and “come together” to pick up their offence and defense. Despite the loss of one of their key players she says “we definitely have the talent there” and the team is all “on the same page.” She feels “pretty confident” and speaks of “very exciting” times ahead. Jenna O’Hea is going into her first Olympics with the team. She is still “pinching” herself and says she is taking it “day by day”.

A typical day at the camp might start with a 7.00am – 8.30am breakfast at the AIS Dining hall, before one and a half or two hours of court, gym, or swimming training. The middle of each day might consist of media meetings, medical checks, team meetings, and time to practise shooting. Around 12.00pm, the players meet to eat lunch and recover from the morning. The afternoon typically consists of more training, and some scrimmage games. Players usually finish around 7.00pm for dinner, and perhaps a massage.

The nineteen players in attendance this week at training camp were Suzy Batkovic, Abby Bishop, Elizabeth Cambage, Rohanee Cox, Cayla Francis, Kristi Harrower, Laura Hodges, Natalie Hurst, Lauren Jackson, Rachel Jarry, Kathleen MacLeod, Jenna O’Hea, Samantha Richards, Jennifer Screen, Belinda Snell, Marianna Tolo, Kristen Veal, Carly Wilson, and Hanna Zavecz. Basketball Australia has named fifteen players that are to attend the second phase of the camp: Suzy Batkovic, Abby Bishop, Elizabeth Cambage, Kristi Harrower, Laura Hodges, Lauren Jackson, Rachel Jarry, Kathleen MacLeod, Jenna O’Hea, Erin Phillips, Samantha Richards, Jennifer Screen, Belinda Snell, Marianna Tolo, and Hanna Zavecz.

Saturday, April 17, 2010

Journalist, counselor, painter, and US 2012 Presidential candidate Joe Schriner of Cleveland, Ohio took some time to discuss his campaign with Wikinews in an interview.

Schriner previously ran for president in 2000, 2004, and 2008, but failed to gain much traction in the races. He announced his candidacy for the 2012 race immediately following the 2008 election. Schriner refers to himself as the “Average Joe” candidate, and advocates a pro-life and pro-environmentalist platform. He has been the subject of numerous newspaper articles, and has published public policy papers exploring solutions to American issues.

Wikinews reporter William Saturn? talks with Schriner and discusses his campaign.

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