Unburdening itself from its somewhat risky liquified natural gas venture, Toshiba Corp. completed the sale of Toshiba LNG Corp to oil and gas powerhouse Total SA of France for $15 million. The sale is part of the Japanese firm’s restructuring process.
The sale was announced in June when Toshiba realized it would have a hard time profiting from US-produced LNG for Japanese utilities due to the fall of the price of LNG. As it is, the sale to Total SA will still result in a loss for Toshiba of about $847 million for the fiscal year ending in March. Toshiba plans to pay Total about $815 million to take the contracts Toshiba is already committed.
Toshiba’s deal with the US firm to have the rights to process U.S.-produced gas into 2.2 million tons of LNG each year for 20 years beginning in 2019 was brokered back in 2013. Toshiba’s restructuring comes in the wake of a fraud scandal that came to light in 2015, and after Westinghouse Electric Company, a nuclear power subsidiary, went bankrupt in 2017.
Former global chief of merchandising and present CEO of Tru Kids Brands, Richard Barry, says he would like to open at least two Toys R Us Stores in the United States in 2019, according to someone who is aware of Barry’s plans.
Last October Tru Kids Brands won the rights to the Toys R Us brand after the company went bankrupt last year. Tru Kids also owns the rights to the company’s other assets such as Babies R Us and Imaginarium.
“We’re definitely coming back in 2019. At minimum two stores. There’s more planned for 2020,” the unnamed person said.
That person added that the new stores will be smaller than the old ones and will be more “experiential.”
“We have significant interest about how to bring the brand back to the US,” Barry explained to CNN Business earlier this year. “We’re working 24 hours a day, 7 days a week to bring it to life.”
Two banks in Massachusetts—North
Easton Savings Bank and Mutual Bank—have recently announced that they will be
merging in early 2019.
The two banks both maintain 9
locations in different Massachusetts communities. This merger will allow the
banks to combine their resources and expand their services. The banks have
announced their commitment towards maintaining a culture of growth and success
and have dedicated a website, www.meetyourbetterbank.com, to support clients.
Bank mergers can be complicated and
often affect thousands of clients as well as employees.
This was the case when another two
Massachusetts banks—Westborough Bank and Hudson Savings Bank—merged in 2007. When
their merger was announced in November 2006, the deal seemed straightforward. Hudson
parent company Assabet Valley Bancorp would pay $35 per share for Westborough
Financial Services Inc. (the mutual holding company for The Westborough Bank),
for a total of $20.6 million. The deal eventually went through, and the two
banks merged to become Avidia Bank.
But, surprisingly, this deal involved
intense negotiations, and did not go to the highest bidder. An offer of $38.50
per share from an unidentified individual was rejected by the bank’s
shareholders. Another offer, of $40 per share by Marc Bistricer’s Murchinson, was also turned down.
As these Massachusetts banks
demonstrate, bank mergers are complex deals that carry implications for bank
personnel, investors, and customers.
James Brett, an experienced executive who has been the CEO of J. Crew Group since summer 2017, is leaving the retail clothing company.
The decision for Brett to leave was mutual and pointed to the fact that the parties were “unable to bridge (their) beliefs on how to continue to evolve all aspects of the company.”
The Departure comes in the wake of a brand relaunch which has already proven to show some improvement in the company’s bottom line.
Representatives of J.Crew said four senior internal executives will take over Brett’s responsibilities, including Michael Nicholson, the company’s current president and chief operating officer.
Brett replaced Mickey Drexler in 2017 when he left the company after a long tenure there. Previous to his stint at J.Crew Brett was the head of the furniture chain West Elm.
In a statement the company declared that Brett had boosted the energy level at J.Crew and “enhanced (their) ability to relate to a broad range of consumers.”
In the statement that Brett released he said, “Returning J.Crew to its iconic status required reinventing the brand to reflect the America of today with a more expansive, more inclusive fashion concept.”
Clean transportation provides a solution to the challenges of air pollution and unhealthy vehicular emissions. It’s a cause that many car companies are making a priority. David Michery, CEO of Mullen Technologies, a company that manufactures and distributes eco-friendly cars, is a leader in the field of clean transportation.
“The congestion and pollution we have been experiencing have been issues across the globe, it is not our problem only,” says David Michery. “We have therefore prioritized studying innovation overseas in order to develop high quality and efficient solutions.” Cutting-edge, holistic solutions to the clean air crisis include manufacturing electric vehicles that use state of the art battery and energy technologies.
Although many consumers feel strongly about clean transportation, they find themselves bound by their budgets: many electric vehicles cost an upwards of 100,000 dollars. Electric vehicles tend to be luxury cars; driving an electric car is often viewed as a status symbol, reserved for the wealthy.
David Michery recognizes this reality and is pioneering a novel concept: affordable, clean transportation. “We are uniquely focusing on clean tech at an affordable price,” says Michery. “Clean transportation is good for everyone and should not become a luxury.”
David Michery, with his strong background of success, is uniquely poised to champion the cause of clean transportation. After working in the music industry for 27 years and producing more than a dozen gold or platinum records, Michery now channels his energies into the cause of clean transportation.
As the affordability of electric vehicles increases, clean transportation can become a reality.