Latest news with #BergdorfGoodman
New York Post
2 days ago
- Business
- New York Post
Development black hole remains on West 57th Street
If West 57th Street between Sixth and Seventh avenues exemplifies Manhattan's regenerative energy, the block east between Fifth and Sixth avenues remains a black hole of development ambition. The 900-foot-long block — longer than three and a half midtown north-south blocks — looks gloomier every year as landowners hold out for magic-bullet combos of tenant commitments and construction financing. West of Bergdorf Goodman and the Crown Building stretches a procession of vacant lots, empty storefronts and scaffolding. At least four enormous sites await activity. Developers including Vornado, Lefrak, Soloviev, and at least one unknown outfit have kept their sites barren for years. There is a string of vacant lots, empty storefronts and scaffolding on West 57th Street west of Bergdorf Goodman and the Crown Building. New York Post At least four enormous sites await activity. New York Post The latest blows to the block were the closings of Brasserie 8 and a Half at Soloviev's 9 West and Rue 57 at the western corner. The opening soon of a small Abel Richard handbags boutique at 7 West is more than offset by large retail vacancies on either side of Nobu at 40 W. 57th and at the former locations of Mangia and other shops and cafes. Manhattan-based developer Sedesco, meanwhile, is demolishing a building to enlarge a site it's been assembling for more than 10 years between 37-47 W. 57th St. The supertall, mixed-use project is to be designed by 'starchitect' Rem Koolhaas' OMA studio. It will likely re-energize its surroundings. But no construction plans have yet been filed with the Department of Buildings.
Entrepreneur
6 days ago
- Business
- Entrepreneur
Barbara Corcoran: If You Want to Be Rich, Follow These Rules
Real estate pioneer Barbara Corcoran says the most successful people she knows all have one thing in common. Barbara Corcoran famously sold the real estate company she founded for $66 million in 2001. Since then, she became an original investor on ABC's "Shark Tank," which is now filming its 17th season, and now makes about $4.5 million a year from her investments. On Tuesday, Corcoran posted on Instagram that, despite accumulating millions, there are some "rules to being rich" that she wishes she had known sooner. Related: Barbara Corcoran Did 'Crazy Things' to Retain Employees, From Hot Air Balloon Rides to a Free Bentley: 'We Had No Turnover' "If you want to be rich, follow these rules," the post begins. Then she lists 11 "rules" that she lives by when building her businesses. Some rules, Corcoran has talked about before, such as not hiring "fancy degrees" and opting for hustle and attitude, instead. Corcoran famously "doesn't look at resumes." Others are new, like what Corcoran says is the "most important part of your budget," what she calls "mad money," or the money "you spend on yourself to feel like a million bucks." Corcoran recommends setting money aside to look the part — in 2023, she told viewers that she spent her first-ever commission check on a $320 peacoat at luxury retailer Bergdorf Goodman, despite not being able to afford it. She said it was the best purchase she ever made. Here are some other rules to being rich, according to Corcoran. Spend less than you make. "You can't grow wealth if you're always playing catch-up." Learn to love rejection. "The most successful people I know all have one thing in common: They spend little time feeling sorry for themselves, and they get right back up. Keep swinging!" Related: Barbara Corcoran Needed to Make Job Cuts. Here's Why She Fired Her Mom First. Start before you're ready. "The best time to move on an idea is the moment you think of it. You don't have to get it right, just get it going." Have a vision of where you want to go. "I saw myself as the queen of New York real estate, clear as day, and that's what I became. If you can imagine it, you can build it." Join top CEOs, founders and operators at the Level Up conference to unlock strategies for scaling your business, boosting revenue and building sustainable success.
Yahoo
13-07-2025
- Politics
- Yahoo
‘My mission is to make him so angry:' E Jean Carroll reveals plans for her $83m judgement against the president
E Jean Carroll, the woman who beat President Donald Trump in two separate court cases, has vowed to make him 'so mad' by spending her multimillion-dollar windfall on 'things that Trump hates.' In 2019, Carroll accused the commander-in-chief of raping her in the changing rooms of New York's Bergdorf Goodman department store in 1996, resulting in a civil case in 2023 in which he was found liable for sexual abuse and ordered to pay her $5m in compensation. She then sued him again for defamation after he repeatedly protested his innocence and denied knowing her, which resulted in a jury awarding her an astonishing $83.3 million payout in early 2024. A U.S. appeals court last week rejected Trump's attempt to overturn the first verdict. He is still appealing the second, claiming presidential immunity. Carroll, 81, is currently promoting a new book, "Not My Type," a title taken from the president's notorious slur against her. She told Newsweek that she's setting up a charitable foundation in her own name to manage the money and distribute donations to anti-Trump causes. 'My mission is to make him so angry and so mad by taking this $83.3 million and giving it to things that Trump hates. That's what I'm doing,' she explained. Carroll specifically said she would direct her capital to areas like 'women's reproductive rights, binding up the wounds that he's inflicting on democracy and shoring up voting rights.' The former columnist told Newsweek that she found it 'stunning' that Trump had won last November's presidential election after a year of blockbuster indictments and court hearings outlining his long track record of troubling behavior. She said the outcome left her with little choice but to conclude: 'People don't believe women when they're saying one thing and a very, very powerful man is saying something else.' Carroll said she retains 'complete, 100 percent faith' in the legal system as a corrective to executive overreach and corruption, but urged people, particularly women, to continue protesting against the administration in the streets. ' Women have the power. We just have to realize it. We hold, as they say, the purse strings,' she said. Shockingly, the writer also revealed that she is not taking any chances when it comes to her own safety, given the recent wave of political violence in America, and sleeps at night alongside a Mossberg shotgun she has nicknamed 'Aphrodite,' after the Greek goddess of love, and two guard dogs. Not My Type is about her experiences taking on Trump in Manhattan federal courtrooms, an experience she described as 'comedy gold' and which she said she was able to recollect thanks to the voice-accurate notes she recorded after each day's session as reminders, as well as the official court transcripts. Carroll described the transcripts as 'probably the most comedic script ever written since Jonathan Swift published Gulliver's Travels' and said she relished observing and describing Trump's defense lawyers, particularly the fashion-conscious Alina Habba and the hulking Joe Tacopina, noting the latter was 'built like Popeye' with 'glittering eyes.' 'The whole thing to me was like a high comedy,' she said.
UPI
11-07-2025
- Politics
- UPI
Court strikes down Trump's appeal in Carroll sexual abuse case
US President Donald Trump during a meeting with African leaders at the White House, Washington, DC, on Wednesday, July 9, 2025. On Thursday, an appeals court ruled against his challenge to a jury's unanimous decision that he sexually abused a writer in the 1990s. Photo by Will Oliver/UPI | License Photo July 11 (UPI) -- A federal appeals court has sided with the jury that found President Donald Trump liable of sexually abusing writer E. Jean Carroll in the 1990s and of lying about the assault. The three-judge Second Circuit Court of Appeals issued its mandate Thursday, affirming the May 2023 Manhattan jury's unanimous decision that Trump had sexually abused Carroll in a Bergdorf Goodman department stor in 1996 and awarded her $5 million in compensatory damages. "So long, Old Man!" Carroll celebrated on X. "The United States Court of Appeals, 2nd Circuit, bids thee farewell." Trump maintains he didn't sexually abuse her, and filed an appeal. He argued the Manhattan district court had erred when it allowed testimony from two other women who alleged Trump had sexually assaulted them in the past and a notorious 2005 recording in which the president is heard on a hot mic telling another man how he forcibly kissed and grabbed women by their genitals. In its ruling rejecting Trump's appeal, the court found the district court did not err by including both women's testimonies as well as the so-called Access Hollywood tape as evidence of the president's alleged history of committing such acts. "We conclude that Mr. Trump has not demonstrated that the district court erred in any of the challenged rulings," it said. "Further, he has not carried his burden to show that any claimed error or combination of claimed errors affected his substantial rights as required to warrant a new trial." In January 2024, another civil jury found Trump liable for defamatory statements and ordered him to pay the writer $83.3 million in damages. After Carroll went public with her accusations against Trump in 2019, Trump claimed to have never met her and accused her of making up the allegation to sell books.
Yahoo
07-07-2025
- Business
- Yahoo
Saks Is Ceding Ground to Luxury Rivals After Buying Neiman Marcus
(Bloomberg) -- The $2.7 billion acquisition of Neiman Marcus by Saks Fifth Avenue's owner last year was supposed to create a luxury powerhouse. Instead, both department stores are losing customers and sales to competitors including Bloomingdale's and Nordstrom. Are Tourists Ruining Europe? How Locals Are Pushing Back Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Massachusetts to Follow NYC in Making Landlords Pay Broker Fees In California, Pro-Housing 'Abundance' Fans Rewrite an Environmental Landmark Sales at Saks Fifth Avenue fell 16% during the quarter that ended in June from a year earlier, according to Bloomberg Second Measure, which tracks debit and credit purchases. During the same period, combined sales at Neiman Marcus and Bergdorf Goodman sank 10%. The slowdown accelerated over the three months, with June showing the biggest drop at the three retailers. Meanwhile, sales at Bloomingdale's, owned by Macy's Inc., and Nordstrom Inc. both rose more than 10% during the same quarter, according to Second Measure. The declining revenue figures show the magnitude of the challenges facing Saks Global, as the combination of the department store chains is called. The closely held company is trying to reverse the sales decline and just took on more debt in part to pay vendors $275 million in overdue bills. Bloomberg Second Measure data may not fully capture the sales trends at these retailers because it analyzes more debit than credit card purchases. Shoppers at Neiman Marcus, Bergdorf Goodman and Saks customers often use credit cards more frequently than middle-income shoppers at other outlets. That means the sales slowdown in the Bloomberg Second Measure data could be sharper than it really is. And the sales increase could appear stronger at Bloomingdale's and Nordstrom, where more shoppers use debit cards. But the Bloomberg Second Measure data is still helpful to show the trajectory of revenue trends. In June, sales fell 28% at Saks and 26% at Neiman Marcus and Bergdorf Goodman. At Bloomingdale's, sales rose 13%. After Saks borrowed $2.2 billion in December to finance its acquisition of longtime rival Neiman Marcus, executives had planned to spend this year working to combine the two iconic chains, cutting costs and streamlining technology and supply-chain operations to position the new juggernaut to take an even greater share of luxury spending in the US. But the company has also been contending with some vendors who are slowing or holding back their shipments, worried about not getting paid. Investors, concerned about Saks' ability to pay its bills, have sent the price of its bonds plummeting in recent months. The challenges aren't all homegrown. The broader luxury sector is undergoing a slowdown, too. That's hit sales at LVMH Moët Hennessy Louis Vuitton SE and Gucci owner Kering SA — brands that sell large quantities of products at Saks Global. Saks Global has seen green shoots recently, including an uptick in vendor shipments after the company secured new financing. It expects 'this trend to continue as we execute on our plan to begin paying outstanding balances in July,' a Saks Global spokesperson said in a statement. 'As inventory flow approaches normalized levels, we are confident that we can deliver for our customers.' Also, Saks' recently launched storefront on is starting to show a positive response, the spokesperson said. Client Complaints Even if Saks repays overdue bills and persuades enough vendors to restart or increase their shipments of merchandise, the company still has another uphill battle: win back clients who have shifted their shopping to rivals in recent months or pulled back on spending altogether because of economic jitters. Complaints about receiving orders in damaged boxes, charging for returns and rejected or delayed refunds from Saks and Neiman Marcus have increased since the beginning of the year, said Bloomberg Intelligence analyst Mary Ross Gilbert, who has looked through online reviews. That points to how Saks' efforts to conserve cash and cut costs are starting to undermine what's supposed to be a high-end shopping experience, she said. 'Bankruptcy risk remains given what appears to be a multitude of execution problems impacting customer experience,' Ross Gilbert said. 'It's just so much easier to shop elsewhere.' Although online reviews about retailers in general skew negative, those raised about Bloomingdale's tend to focus on late package deliveries and are more benign than customers' frustration with Saks Global, Ross Gilbert said. The Saks spokesperson said the company's fulfillment centers have implemented new processes that 'reduce the time for processing returns within 7 to 10 days, while ensuring customers receive high-quality merchandise in future orders.' Saks Fifth Avenue has had steep revenue declines since early 2023, with sales falling an average of nearly 21% each quarter versus a year earlier, according to Bloomberg Second Measure. At Neiman Marcus and Bergdorf Goodman, revenue trends have been choppier. Sales were up in the final quarter of 2024 and again in the first quarter of 2025 versus a year earlier, but then turned negative in the most recent one. Meanwhile, Bloomingdale's and Nordstrom have increased year-over-year sales every quarter during the last year. Holiday Season The pressure on Saks is particularly acute now because it's filling its warehouses and stores with products to sell during the crucial holiday season from November through January. If vendors hold back on shipments to Saks now – because they don't want to risk not being paid or being paid late – that would leave the department stores without enough luxury goods on shelves during the holiday shopping season, which would likely accelerate shoppers' shift to Bloomingdale's and Nordstrom. Saks is using $600 million in fresh financing to start to make $275 million in overdue payments to brands this month and, separately, is starting to pay them for new products they've shipped since the beginning of the year. 'We're in the window where, I think, investors and brands are looking to see how the proposed game plan is actually going to play out in real life,' said Jeff Abrams, founder and chief executive officer of Los Angeles apparel company Rails, which sells its products at Saks. 'This next month or two will be very telling.' Rails has continued to ship merchandise to Saks despite being owed a couple million dollars because Abrams sees an opportunity to expand the availability of Rails products at the department store as other brands scale back, wary of not getting paid. But Abrams is also continuing to open up more Rails stores across the US in part to be less reliant on selling its products at third-party retailers. Rails has started to receive some recent payments from Saks, via its financial intermediary, called a factor, which guarantees orders from retailers. Vendors, particularly smaller ones that have less financial room to maneuver, are between a rock and a hard place with Saks. To ship or not to ship, that's the question they're asking themselves. They don't want to risk more unpaid bills but, at the same time, Rails and others want Saks – which needs more inventory – to succeed. 'If Saks can stabilize and thrive,' Abrams said, 'that benefits us and many other vendors as well.' --With assistance from Matt Townsend. (Updates with additional context starting in fifth paragraph.) SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too For Brazil's Criminals, Coffee Beans Are the Target Sperm Freezing Is a New Hot Market for Startups Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P.
