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16 сентября, 21:13

Facing Imminent Bankruptcy, Toys "R" Us Enters Death Spiral

Last week's news that Toys “R” Us has hired bankruptcy lawyers Kirkland & Ellis to help restructure its heavy debt load, came as a shock to the company's creditors, who promptly sent its bond crashing from nearly par at the start of the month to 43 cents on the dollar as of Friday. As Bloomberg first reported, K&E is focused on the $400MM in bond due 2081, while Toys “R” Us has also retained Lazard to help with debt refinancing. They will have their hands full: in addition to shrinking sales and heightened competition, Toys ‘R’ Us has been burdened with debt from an LBO12 years ago as a result of which Toys “R” Us’s private equity owners, Bain Capital, KKR and Vornado Realty Trust, loaded up the company with $7.5 billion in debt. Last year, the retailer extended maturities on some of borrowings, giving it more time to execute a turnaround plan by Chief Executive Officer Dave Brandon. As part of his comeback bid, he was looking to spruce up stores with more toy demonstrations and other experiences - seeking an edge on online sites such as Amazon. However, last week's realization that the company is considering a debt-for-equity exchange, confirmed many worst fears that not only was the turnaround faltering but that underlying business was far weaker than expected. The imminent restructuring, which judging by the shocking bond crash was completely unexpected, would help Toys “R” Us get its house in order ahead of the all-important holiday season, when the company has its biggest sales surge. Alas, now that the iconic toy retailer appears likely to cramdown at least one if not more creditor classes in some form of pre-pack Chapter 11, said sales surge may not happen at all if the company's suppliers suddenly get cold feet and refuse to stock up the company with much needed inventory. Which is precisely what is happening. Making matters worse, according to the WSJ, Toys ‘R’ Us could file for bankruptcy as soon as next week, while Bloomberg adds that nervous suppliers have scaled back shipments and tightened terms to the retailer ahead of the crucial holiday selling season, on worries they may not got repaid and their payables would be lumped alongside other unsecured pre-petition claims.  The vendors are balking as Toys “R” Us continues talks with lenders over a new loan that would allow the company to stay open while it works out a recovery plan through bankruptcy proceedings, said the people, who asked not to be identified because discussions are private. The loan is being marketed by Lazard Ltd. to banks and existing creditors, said one of the people.  Just like in the case of Sears discussed here at the end of August, suppliers have pulled back in part because the cost to insure their shipments to cash-strapped Toys “R” Us has become too expensive, according to Bloomberg sources. Since vendors traditionally rank among other unsecured creditors under a bankruptcy waterfall schedule, their decision on whether to continue shipping goods can play a large role in determining a retailer’s fate. Unfortunately for Toys “R” Us, now that it has entered the self-reinforcing death spiral of collapsing liquidity and panicked vendors, it needs to find a financial solution immediately and resume shipments because the cash-strapped chain makes about 40% of its sales during the fourth-quarter holiday season. Much of its strategy revolves around getting exclusive products from key vendors, along with support for advertising and marketing. For now, the toy merchant has been seeking to refinance $400 million of debt that comes due next year, although media reports suggest that the process has stalled. As a result, the company is now openly flirting with bankruptcy as an option although no decision about seeking court protection has been made. Still, as Bloomberg calculates, Toys “R” Us has remained oddly profitable, generating $790 million in EBITDA, the most since 2012, yet even that is not enough to appease vendors many of whom now demand payment upfront. Not everyone thought: Hasbro is among toymakers that hasn’t curtailed shipments, spokeswoman Julie Duffy wrote in an email. “We continue to partner and ship, conducting business as usual, while managing our risk across all retailers to the appropriate levels,” Duffy wrote. Hasbro may regret this decision very soon as according to the the company's 5 Year CDS, which in recent days have soared to 46 points upfront... ... the probability of default in the next five years is now 93%, and 60% over the next 12 months. A Toys ‘R’ Us restructuring would add to a list of 25 retailers, including Rue21, Gymboree and Payless Shoe Source, that have filed for bankruptcy since the beginning of 2017. Another big box chain, Staples Inc., recently agreed to be taken private in a leveraged buyout. Source: @ReorgFirstDay While industrywide, toy sales have been strong in recent years, much of the growth is shifting to online sellers like Amazon.com Inc. and discounters like Wal-Mart Stores Inc. Amazon’s toy sales were up 24% last year, compared with 5% for the overall market and five years of declines for Toys “R” Us, according to analytics firm One Click Retail. The company is not alone as it finds it is woefully behind in its competition with Amazon: some large toy brands, such as Lego and Star Wars, have also struggled recently, while the collectible Shopkins toys, which Toys ‘R’ Us helped launch, is on the downswing. Earlier this month, Lego AS reported its first decline in sales in 13 years and said it would cut 8% of its workforce. Another toy maker, Mattel Inc., replaced its chief executive earlier this year after a slide in holiday sales. Ultimately, whatever the fate of Toys 'R' Us may be, it will inevitably go through bankruptcy court: according to the WSJ, in recent weeks Toys ‘R’ Us’s advisers have been hunting for a DIP loan to fund operations under chapter 11, effectively guaranteeing that a bankruptcy filing is now just a matter of days.

11 сентября, 18:52

‘Guardians of the Galaxy’ Director James Gunn Teases Rocket Origin in ‘Coming Sagas’

'Guardians of the Galaxy' director James Gunn says that Rocket will have his origin story told in "upcoming sagas" of the Marvel Cinematic Universe.

29 июня, 15:27

Value Investing Is Not Dead, But It Is Harder

For quite some time, traditional value investing has not seemed to work. Even Goldman Sachs, the bluest of blue blood firms, recently wrote that “value investing is dead”. There are

29 июня, 13:23

Эвакуируемые с Украины психи или бросающиеся камнями арабы)

/на всякий случай: ничего не имею против спиннеров/Британский изобретатель Тони Фишер (Tony Fisher) изготовил гигантский спиннер.Диаметр игрушки составляет 3,3 метра, а вес — 20 килограммов.В остальном она ничем не отличается от спиннеров обычного размера.Изобретатель опубликовал на YouTube видео, в котором он поднимает и раскручивает это приспособление над головой.По мнению Фишера, он сделал самый большой спиннер в мире.Он признает, что есть и другие претенденты на этот титул, но не считает их конкурентами.«У некоторых просто раскрашенные картонки, — пишет он. — Если это приемлемо, почему не назвать спиннером ветряную мельницу?»Изобретатель надеется на официальное признание рекорда.Откуда есть пошла Земля Русская пошел спиннерСоздание спиннера приписывалось Кэтрин Хеттингер, инженеру-химику по образованию.В одном интервью она сказала, что идея для игрушки пришла ей после того, как она увидела в Израиле арабских мальчишек, бросающих камни в полицейских.В ответ на это ей захотелось создать успокаивающую игрушку, которая смогла бы помочь детям высвободить накопившуюся энергию и «способствовать достижению мира».В другом изложила версию, о том, что игрушку создала для своей дочери, когда страдала от миастении Эрба-Гольдфлама (аутоимунное заболевание, которое вызывает синдром патологической мышечной утомляемости).Кэтрин не могла играть с дочкой (?), поэтому своими руками сделала для неё игрушку из газеты и липкой ленты.Игрушка затем приобрела некоторую известность, и Кэтрин начала её изготавливать на дому и продавать на художественных ярмарках во Флориде.28 мая 1993 года Хеттингер подала патент на «крутящуюся игрушку», устройство круглой формы из мягкого пластика, с расширением (англ. dome) в центре для удержания пальцами и с ободом (англ. skirt).Она разослала прототип производителям игрушек, однако не имела успеха; так, например, компания Hasbro после анализа рынка отказалась от сделки.В конце концов срок действия на патент Хеттингер истёк в 2005 году, а в случае продления он бы истёк ещё в 2014.В статье издания Bloomberg News оспаривается авторство Хеттингер, они приводят заключение двух патентных юристов, которые нашли мало сходства между нынешними фиджет-спиннерами и игрушкой, запатентованной Хеттингер.Сама Хеттингер это признаёт и не пытается доказать свое авторство.Кроме Хеттингер, подобную игрушку создал Скотт МакКоскери.В интервью NPR 4 мая 2017 года он рассказал, что в 2014 году изобрёл вращающееся устройство из металла, которое помогало бы ему справляться с волнением на встречах и телефонных конференциях по информационным технологиям.Затем от онлайн-сообщества к нему начали поступать заказы на изготовление устройства, которое он назвал Torqbar, и он начал продавать его.Вскоре после этого другие люди тоже начали создавать и продавать свои версии устройства. В 2016 году он со своим другом подал совместную заявку на его патент.В настоящее время патентный статус спиннеров неясенВадим Андреев (Вконтакт):В армии, я как-то лежал в госпитале и в этом уфимском учреждении для солдатиков, работал дворником спившийся врач.Помню, что звали его Эдград.Он был в возрасте, курил трубку и обладал просто энциклопедическими знаниями практически во всех областях.И, главное, это был великолепный рассказчик замечательных историй, коих у него было неимоверное количество.Однажды, мы перетаскивали на улице небольшие ящички - в госпитале все выздоравливающие и легко больные работали.И из одного ящика, через щель, полученную при небрежной разгрузке, посыпались подшипники.Эдгард взял один из них, надел на палец и покрутил.И последовала история, как его преподаватель московского мединститута, фронтовой врач с огромным стажем, участвовал в эвакуации психиатрической лечебницы в начале войны откуда-то с Украины на Восток.Понятно, война.Все кругом грохочет, немцы уже рядом и самолеты утюжат отступающих чуть ли ни через каждые пять минут.Психи боятся, цепляются за все и вытащить их невозможно.И тогда врач-преподаватель увидел впопыхах оставленный кем-то ящик.В котором находились подшипники.И вот он быстро раздал подшипники психбольным, одел им на пальцы и показал как их надо крутить.Умственно больные люди просто были заворожены действом и легко позволяли себя вести и усаживать в машины.Эдгард говорил, что его преподаватель - тот самый врач, впоследствии описал в научной работе этот эксперимент, показывая, что идиотам необходимо в некоторых случаях замыкать, зацикливать сознание, дабы голова не рожала другие мысли, приводящие к неожиданным действиям.И вот хожу я сейчас по улицам и вижу эти самые "завораживатели" - спиннеры в руках почти всех деток.Вспоминаю ту историю с отвлечением идиотов. И как-то мне не по себе...

26 июня, 12:30

Outline of Deutsche CROCI Equity Dividend S Fund (KDHSX)

Deutsche CROCI Equity Dividend S Fund (KDHSX) seeks high level of return

25 июня, 22:35

'Transformers 5' Endures Franchise Low As Indies Perform Well At The Box Office

function onPlayerReadyVidible(e){'undefined'!=typeof HPTrack&&HPTrack.Vid.Vidible_track(e)}!function(e,i){if(e.vdb_Player){if('object'==typeof commercial_video){var a='',o='m.fwsitesection='+commercial_video.site_and_category;if(a+=o,commercial_video['package']){var c='&m.fwkeyvalues=sponsorship%3D'+commercial_video['package'];a+=c}e.setAttribute('vdb_params',a)}i(e.vdb_Player)}else{var t=arguments.callee;setTimeout(function(){t(e,i)},0)}}(document.getElementById('vidible_1'),onPlayerReadyVidible); LOS ANGELES (Variety.com) - It seems the “Transformers” franchise is rusty. As of Sunday morning, “Transformers: The Last Knight,” the fifth installment directed by Michael Bay, looks to bring in $69.1 million from 4,069 domestic locations during its five-day opening weekend. That’s a franchise low for the sequel from Paramount and Hasbro, behind the first in the modern series, which earned $70.5 million in 2007. “The Last Knight” carries an estimated $217 million production budget. This makes “Transformers: The Last Knight” the latest summer blockbuster to bank on overseas ticket sales to have a shot at turning a profit. In China, the big-budget action sequel made $41 million in its opening day alone. The projected international come through Sunday is $196.2 million, powered by $123.4 million in China. “The Last Knight” comes at a time when Paramount could have used an all-around hit, following recent misses “Baywatch” and “Ghost in the Shell.” While the latest “Transformers” movie has been advertised as “the final chapter” and Bay’s last go-around, the franchise will continue ― Paramount has at least two more movies slated, including a spinoff that could star Hailee Steinfeld. The franchise has historically been massively profitable and seen solid multiples for the studio. Together, the first four earned over $1.3 billion domestically and well over $3.5 billion worldwide. The latest take on the series centers on an alliance between Bumblebee, Cade Yeager ― who Mark Wahlberg also played in 2014′s “Age of Extinction” ― and roles played by franchise newcomers Anthony Hopkins and Laura Haddock. Together, the team works together to save the world. Audiences have earned the film a B+ CinemaScore, while critics have mostly dismissed it ― it currently holds a 15% fresh rating on Rotten Tomatoes. “The Last Knight” was uncontested at the box office this weekend, but a few indie releases showed traction. Sofia Coppola’s “The Beguiled” remake from Focus Features played at four theaters this weekend, and should gross $240,545 with a strong per screen average before it expands to over 500 locations next weekend. “We’re thrilled by this opening,” said Lisa Bunnell, Focus Features’ distribution president. “This is Focus’ third collaboration with Sofia and she’s created an entertaining, atmospheric thriller featuring strong female representation in front of and behind the camera.” And Kumail Nanjiani’s critically adored romantic comedy “The Big Sick” should earn $435,000 during its opening weekend in five locations ― that would give the Lionsgate and Amazon Studios release the highest per screen average of any film that has opened this year so far. “Kumail and Emily’s true story provided audiences of all ages a much-needed alternative to the summer blockbusters,” said Bob Berney, Amazon Studios’ distribution chief. Otherwise, “Wonder Woman” continues to post impressive numbers, and holds onto second place during its fourth weekend in theaters. This weekend, it should earn an additional $25.2 million, bringing its domestic total to $318.4 million. Earlier this week, the film became the highest-grossing live-action movie to be directed by a woman ― a major distinction for Patty Jenkins. Disney and Pixar’s “Cars 3” also looks to earn $25.2 million domestically during its second weekend. Some estimates have the film slightly lower, just below $25 million. The family film, which won last weekend’s box office, is expected to pass the $100 million mark in North America by Monday. “Transformers: The Last Knight’s” performance is a tough break for the summer box office’s bottom line domestically. For the past two years, this weekend has seen monster grosses for “Jurassic World” and “Finding Dory.” Now, attention is turned toward a trio of releases next weekend, as the box office hopes for a shot in the arm from “Despicable Me 3,” “Baby Driver,” and “The House.” -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

23 июня, 17:47

Activision Blizzard Hits 52-Week High: What's Driving it?

Shares of Activision Blizzard, Inc. (ATVI) crafted a fresh 52-week high of $61.58 on Jun 22.

23 июня, 16:30

Zacks.com featured highlights: East West Bancorp, Littelfuse, Hasbro and Pool

Zacks.com featured highlights: East West Bancorp, Littelfuse, Hasbro and Pool

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22 июня, 19:06

Hasbro has 'Monopoly' with toy fans as Mattel struggles

Read full story for latest details.

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22 июня, 19:00

Hasbro has 'Monopoly' with toy fans as Mattel struggles

Read full story for latest details.

22 июня, 16:08

4 GARP Stocks to Buy for Maximum Returns

The GARP approach prefers stocks that are priced below the market or any reasonable target determined by fundamental analysis.

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21 июня, 17:05

3DNews Daily: анонс OnePlus 5, программирование на Switch и «настолки» Hasbro по подписке

В этом выпуске: анонс OnePlus 5, программирование на Switch и «настолки» Hasbro по подписке

20 июня, 16:19

Hasbro Launches Subscription Service to Tap Board Game Fad

Hasbro, Inc. (HAS) has announced the launch of a gaming subscription service named Hasbro Gaming Crate to cash in on the latest craze for board games.

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19 июня, 15:45

JAKKS Pacific Banks on Alliances, New Products, Risks Stay

On Jun 19, we issued an updated research report on the multi-brand toy and consumer products company, JAKKS Pacific, Inc. (JAKK)

19 июня, 15:08

Beyond Earnings Growth: Focus on Beat with These 5 Stocks

Inside the top-ranked stocks that can beat earnings estimates in their next releases.

15 июня, 15:59

Will Mattel's (MAT) Strategic Growth Plan Aid a Turnaround?

Leading toy maker, Mattel, Inc. (MAT) outlined its strategic growth plan at its Investor Day event in New York City on Jun 14

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12 июня, 15:58

New Hasbro Games Extend Viral Video Inspired Family Fun

Hasbro's popular Pie Face game gets a follow-up along with four other games based on viral video trends.