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Supported by Business Day H&M, a Fashion Giant, Has a Problem: $4.3 Billion in Unsold Clothes Photo The fashion retailer H&M reported poor earnings on Tuesday, and is sitting on a huge pile of unsold clothes. Credit Horacio Villalobos/Corbis, via Getty Images In the world of fashion retailing, where shopping is fast moving online and stores try to keep inventories closely matched to sales, even a small stack of unsold clothes can be a bad sign.
What about a $4.3 billion pile of shirts, dresses and accessories? That is the problem facing H&M, the Swedish fashion retailer, which is struggling with a mounting stack of unsold inventory.
H&M outlined the buildup in its latest quarterly report on Tuesday, prompting questions of whether the company is able to adapt to the fierce competition and changing consumer demands reshaping the global apparel market.
Signs of its expanding unsold inventory began emerging last year, when it reported an unexpected quarterly drop in sales. The decline..
Supported by Media Nickelodeon Parts Ways With Its Biggest Hitmaker Photo Dan Schneider, center, a former child actor, produced hit shows including “iCarly,” “Kenan & Kel” and “Henry Danger” for Nickelodeon. Credit Jeff Kravitz/FilmMagic Dan Schneider, the prolific producer who has been Nickelodeon’s most reliable hitmaker for the last two decades, is parting ways with the cable channel.
Mr. Schneider, a former child actor who appeared in the TV series “Head of the Class” and the comedy film “Better Off Dead,” produced hit shows like “iCarly,” “Drake & Josh,” and “Kenan & Kel” for Nickelodeon.
Once described as the “Norman Lear of children’s television” by The New York Times, Mr. Schneider and his production company Schneider’s Bakery are also responsible for the network’s current biggest hit, “Henry Danger.” However, one of Mr. Schneider’s shows, “Game Shakers,” was recently canceled.
“Following many conversations together about next directions and future opportunities, Nickelode..
North and South Korean Officials Meet at Border to Discuss Summit Meeting Photo Cho Myoung-gyon, South Korea’s unification minister, crossed the demarcation line into North Korea at Panmunjom to meet with negotiators from Pyongyang on Thursday. Credit Pool photo/EPA, via Shutterstock SEOUL, South Korea — Senior negotiators from North and South Korea met on their countries’ border on Thursday to prepare for the summit meeting planned for late April between Kim Jong-un, the North’s leader, and President Moon Jae-in of the South.
The negotiators at Panmunjom, the so-called truce village that straddles the border, were expected to decide on a date for the meeting, and to discuss the agenda and various details.
Mr. Kim accepted Mr. Moon’s offer of a meeting early this month, part of a flurry of diplomacy around Pyongyang’s nuclear program that began with the North’s participation last month in the Winter Olympics in Pyeongchang, South Korea.
Mr. Kim also offered to meet directly with Presid..
A woman arrested for phoning in a bomb threat against seven public schools in Oklahoma claimed she was “testing the police response.”
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A Ukrainian prankster has been arrested in absentia for allegedly spreading fake reports about a highly exaggerated death toll in the Kemerovo mall fire.
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Trump Administration Retreats on Tip-Sharing Plan in Compromise Photo Under a compromise plan, employers would be able to redistribute workers’ tips only under limited circumstances, and would not be able to keep a share for themselves. Credit Leslye Davis/The New York Times The Trump administration has backed away from a proposed regulation that would have allowed restaurant owners and managers to pocket the tips of their workers.
The change was negotiated by Senator Patty Murray, Democrat of Washington, and Labor Secretary R. Alexander Acosta after the proposal encountered months of opposition. Labor advocacy groups argued that the regulation would transfer billions of dollars from workers to employers.
The restaurant industry had backed the proposal, saying it would allow the tips given to waiters and waitresses to be shared with so-called back-of-house workers, like cooks and dishwashers.
Under the compromise, inserted into the congressional spending bill that won final approval ea..
To Invade Homes, Tech Is Trying to Get in Your Kitchen Photo Credit Chris Philpot SAN FRANCISCO — On a recent Saturday night, German Salazar made chicken tacos for his friends while they chatted with him in his kitchen. Occasionally, he interrupted the conversation to talk to another friend: Google.
Mr. Salazar was speaking to Google Home, the artificially intelligent speaker living on his kitchen counter. “Hey Google, set a timer for 20 minutes,” he said, to activate a countdown for when the chicken would be cooked and ready for shredding.
At first, Mr. Salazar’s friends snickered when he talked to the speaker. But after a few bottles of wine, everyone began grilling Google Home with questions and requests: “How much did Jamie Lee Curtis make in ‘True Lies’?” and “Tell me a joke.”
For many people, the kitchen is the center of the home and a locus for interactions that go beyond preparing and eating food. Now tech companies and appliance makers, aiming to deepen their relationships wit..
Apple Goes to Hollywood. Will Its Story Have a Happy Ending? Photo Credit Getty Images (Spielberg, Spencer, Chazelle, Witherspoon); Jessica Kourkounis for The New York Times (Shyamalan) Known for its bold designs and its big marketing campaigns, Apple relishes its status as a dominant force in the corporate world. So it was noteworthy when one of its executives, Eddy Cue, struck a note of humility during a discussion this month at the South by Southwest conference in Austin, Tex.
“We don’t know anything about making television,” said Mr. Cue, a senior vice president who oversees the team in charge of the company’s original programming initiative. “So what skills does Apple bring to that? And the viewpoint is: very little. There’s other things we bring. We know how to create apps, we know how to do distribution, we know how to market. But we don’t really know how to create shows.”
As Mr. Cue’s words suggested, Apple’s new venture has taken the company far from its Silicon Valley comfort..
Wreck of the Juneau Is Found, 76 Years After 5 Brothers Perished Photo A remotely controlled vehicle captured footage of guns aboard the sunken Juneau, more than two miles beneath the water’s surface in the South Pacific. Credit Paul Allen At the Battle of Guadalcanal during World War II, hundreds of sailors — including five from the same family — lost their lives while serving on the same ship for the United States Navy.
The ship, the cruiser Juneau, was blasted apart by a Japanese torpedo on Nov. 13, 1942. For decades it was lost, resting in pieces somewhere in the South Pacific.
It was found on Saturday when a team aboard the Petrel, a research vessel funded by the Microsoft co-founder and philanthropist Paul G. Allen, identified the wreckage about 2.6 miles underwater off the coast of the Solomon Islands.
Among the hundreds aboard the Juneau when it sank were five brothers from Waterloo, Iowa. Because they were all serving together, the sons of Thomas and Alleta Sullivan were well ..