L Brands to close all Henri Ben­del stores

The Detroit News - - Trump Administration - Wire re­ports

The lux­ury re­tailer Henri Ben­del, which opened its doors in New York’s Green­wich Vil­lage at the end of the 19th cen­tury, is clos­ing. L Brands Inc., which ac­quired the brand in 1985, said that the 23 Ben­del stores — in­clud­ing the one at the Som­er­set Col­lec­tion in Troy — will turn out the lights in Jan­uary. The com­pany said it wants fo­cus on larger brands with more growth po­ten­tial.

Henry Ben­del was a women’s hat maker from Lafayette, Louisiana. He moved to New York in 1895 and be­gan cater­ing to the city’s elite, mak­ing the stores’ brown and white striped shop­ping and bags and hat boxes a cov­eted sta­tus sym­bol.

Tar­iff pinches lob­ster in­dus­try as prices lag

The Amer­i­can lob­ster in­dus­try is start­ing to feel the pinch of China’s tar­iff on U.S. seafood as ex­porters and deal­ers cope with sag­ging prices, new fi­nan­cial pres­sures and dif­fi­culty send­ing lob­sters over­seas. China is a ma­jor buyer of lob­sters, and it im­posed a heavy tar­iff on ex­ports from the U.S. in early July amid trade hos­til­i­ties be­tween the two su­per­pow­ers. Ex­porters in the U.S. said their business in China has dried up since then.

Whole­sale prices for live lob­sters have dipped a bit as deal­ers have lost mar­kets. Prices in July and Au­gust were slightly less than the same month in the pre­vi­ous year.

Stocks end a wob­bly day mostly higher

U.S. stocks posted a late rally to close mostly higher for a fifth con­sec­u­tive day, led by gains in the fi­nan­cial and en­ergy sec­tors. The dol­lar strength­ened af­ter U.S. 10-year note yields briefly climbed past 3 per­cent.

The S&P 500 and Dow fin­ished just in the green af­ter slump­ing mid­day, when Bloomberg News re­ported that Pres­i­dent Don­ald Trump in­structed aides to pro­ceed with tar­iffs on about $200 bil­lion more in Chi­nese prod­ucts.

Re­tail sales just barely up in Au­gust

U.S. re­tail sales barely rose in Au­gust as con­sumers slowed their spend­ing af­ter a ro­bust month of shop­ping in July. The Com­merce Depart­ment said the value of pur­chases ticked up just 0.1 per­cent last month, the small­est in­crease in six months.

But the slug­gish fig­ure may prove only a tem­po­rary blip. It partly re­flected fall­ing prices for items like clothing, and it fol­lowed a strong gain of 0.7 per­cent in July.

Con­sumer con­fi­dence soared to its high­est level in 18 years in Au­gust. That sug­gests that re­tail sales could re­bound in the com­ing months.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.