US toy retail giant Toys ‘R’ Us files for liquidation in United States

Thursday, March 15, 2018

This morning, United States-based toy retail giant Toys “R” Us filed for liquidation with United States bankruptcy court. The company had about 735 stores in the country which may be closed as a result of the liquidation.

The motion came after the US holidays, after which the company said its revenue fell short of expectations. Toys “R” Us was seeking cooperation with its Canadian business to leave 200 stores open, the court papers said. The company said it would be unable to realize an earlier goal to leave as many as 400 stores open.

The papers filed in the court indicated that the United States holiday sales produced revenue US$250 million short of the expectations. In the report to the court, Toys “R” Us blamed in part its weakened e-commerce business. It wrote, “The stark reality is that the debtors are projected to run out of cash in the U.S. in May 2018.”

Toys “R” Us chief executive officer Dave Brandon said, “This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years.”

Toys “R” Us said it was preparing to sell its businesses in Asia and Central Europe, including Germany, Austria, and Switzerland.

In September 2017, Toys “R” Us filed for bankruptcy in the US and Canada, and a judge allowed a US$2 billion loan.

Kohlberg Kravis Roberts, Bain Capital Partners, and Vornado Realty Trust purchased Toys “R” Us for US$6.6 billion in 2005. According to CNBC, the company had US$4.9 billion in debt at that time, which made it difficult for the company to adapt to the changing market.

Monday, November 28, 2005

SpaceX called off the much-delayed inaugural launch of their new Falcon 1 rocket on Saturday from Kwajalein’s Omelek Island launch site. The intent was to launch the U.S. Air Force Academy’s FalconSat 2 satellite, which will monitor plasma interactions with the Earth’s upper atmosphere and magnetosphere.

The launch was delayed, then finally cancelled after an oxygen boil-off vent had accidentally been left open. The oxygen was unable to cool the helium pressurant, which then proceeded to evaporate faster than it could be replenished. A main computer issue, probably serious enough to cause a scrub on its own, was also discovered.

This long-anticipated flight was originally expected to be launched in January 2005, however a series of setbacks forced a series of delays, with the flight most recently scheduled to be in early 2006. It was intended to be launched from the Kwajalein atoll in the middle of the Pacific Ocean.

The maiden voyage was originally intended to launch from Vandenberg Air Force Base in California with a Naval Research Laboratory satellite and a Space Services Incorporated space burial payload.

Tuesday, January 9, 2007

Prince Laurent of Belgium, the youngest son of King Albert II of Belgium, has been questioned last night by the federal police and is attending today’s court session in Hasselt in a marine fraud case that has gripped Belgian media since last December. He arrived in a Smart car and was accompanied by his lawyer and former politician Fred Erdman. The case turns around funds of the Belgian Navy that have been used to beautify the Prince’s villa in Tervuren. The Prince is expected to testify this afternoon.

In total, € 2.2 million was supposedly diverted from the marine’s purchasing services using false invoices. Roughly € 185 000 was allegedly used to paint the Prince’s villa, install lights in the garden, for the purchase of carpet and furniture, and for his secretariat and for animal clinics the Prince supports via his Foundation. Twelve marine officers and contractors are being accused of document fraud, collusion, bribery, embezzlement of government money etc. and could face 10 years in prison. The money was part of the budget that wasn’t spent at the end of the year, and which would flow back to the government if the army didn’t spend it.

The Prince, who is also an officer in the navy, is being treated only as a witness in this case, there have been no charges against him. The Attorney General in Hasselt Marc Rubens has said that there are no elements in the investigation that point to the fact that Laurent was aware of the affair, however several accused have contested this in the press. Technically, the villa is not the property of the Prince himself, but of the Royal Gift, which manages the real property of the Royal Family.

During his interview by the police last night, Prince Laurent stated that he needed funds to renovate his villa, and that Noël Vaessen, his adviser, told him the Navy could help him. The Prince stated that he thought it was legal, and that he had no reason to doubt his adviser.

Ex-Colonel Noël Vaessen was an adviser of the Prince between 1993 and 1999. Vaessen has declared in the media during the last month that the Prince actively participated in the fraud, and that he fears a cover-up. He said that the Prince was a demanding party in the operation, and that “he knew that we were arranging things to make his life and his work as comfortable as possible.” According to Vaessen, the Prince was in need of money to support a royal lifestyle, and “didn’t even have enough money to buy food.”

In 2001, Vaessen was discharged with honour from the army “for medical reasons”, but Defence Minister André Flahaut is investigating if there was no agreement to give him his pension in exchange for the fact that he wouldn’t incriminate the Prince. Vaessen also accused the Prince of other things, such as racing against the high-speed train TGV on a French highway. He has also incriminated Admiral Herteleer. Captain Johan Claeys, one of the accused, studied with the Prince and worked at the facturation services of the Navy in 1998 and 1999. One of the accused contractors, Marc Luypaerts, has told the press that the judge responsible for the investigation in Hasselt had forbidden him to speak about Prince Laurent.

Laurent’s status as a Prince has several judicial consequences for the trial. In Belgium, it’s against the law to incriminate the Royal Family during a trial. Also, the Prince is protected from judicial pursuit because he is also a Senator by law. Justice Minister Laurette Onkelinx has issued a Royal Decrete, which the King has signed while on holiday in Napels, which would make it possible for Princes to testify in a trial.

However, Public Prosecutor Erwin Steyls has chosen to have Laurent interrogated by the police last night in Hasselt. This was the first time during the last six years of the inquiry that the Prince was questioned. Today in the court, the Prosecutor defended the act of having him questioned outside the trial, saying that there were several procedural issues. First, the subpoena for the Prince wasn’t issued in time to be legal. Second, the details of the protocol to hear the Prince in court were not explained in the recent Royal Decrete, making it worthless -something Minister Onkelickx denied. Thirdly, nobody can be forced to testify against himself, and if the Prince were to make false statements under oath, he could only be sued for perjury. However, the court has decided to let him testify anyway this afternoon.

During the last month, the case has caused a several spin-off discussions in Belgium. One of the surprises during this period was the King’s Christmas Message, in which he referred to the case. The regional governments are now investigating and discussing their donations to the IRGT/KINT, an environmental organisation supported by Prince Laurent. But there is also an ongoing debate over the position of the Monarchy in Belgium. Some politicians are suggesting to limit the role of the Monarchy, and other think that only the King and Queen, the Crown Prince or Princess and the widow(er) of the King or Queen should receive state funding.

Monday, April 6, 2009

Over 1,600 volunteers registered to help build approximately 65,000 of the 500,000 sandbags to create dikes 20.5 feet (6.2 meters) high to protect the City of Winnipeg, Manitoba in the war against the Red River of the North flood.

700 volunteers answered at the rural municipality of St. Andrews alone. Once sandbags are filled for West St. Paul, St. Andrews, and Selkirk, then frozen culverts must be cleared.

The height of the river is expected to be Thursday, and predictions are that it will be less than Flood of the Century of 1997. There is no precipitation in the forecast, and snow in the province should be melted by the end of the week.

“The fear right now is we have to get that ice out of the river. The Amphibex [Excavators] are still working and breaking the ice apart, and everyday we buy with the warm weather and the current, it is thinning the ice down a bit, so when it does start to move, the better chance it’ll move right out into the lake,” said Paul Guyder, the emergency coordinator for the RMs of St. Andrews and St. Clements.

“I feel that we’ve done everything humanly possible to get ready,” said Gary Doer, Premier of Manitoba, “But … there are fallibilities with human behaviour. We can take every preventative measure as human beings possible and we can still get Mother Nature proving again she is superior.”

Communities with ring diking will partially or fully close their dikes at the beginning of the week. Provincial officials are considering opening the Red River Floodway gates around mid-week before ice is fully melted.

Ice jams could cause flooding within the city, however opening the gates could spare neighbourhood flooding when the river rises to the estimated 6.3 meters (20.7 feet) height. The province does have back up plans for dealing with ice jams within the city if they do occur. The unpredictability of ice jams and the ensuing water level rise may cause neighbourhood flooding. The city is raising dikes where the river has jammed with ice in the past such as on tight curves and past bridges. Likewise there are excavators and backhoes positioned at these points.

Vulnerable neighbourhoods on the river banks have been reinforced with sandbag dikes at vulnerable areas from the massive volunteer effort over the weekend. Guyader feels no more extra volunteers are needed, however volunteers are still being asked to leave their names and number in case of unpredicted need. Existing personnel will assess roads, and help with clean up.

Approximately 400 of the 800 people who evacuated the Roseau River Anishinabe First Nation have returned to their homes.

Former Premier, Dufferin Roblin, brought forward the floodway as a protection for Winnipeg residents and economy following the 1950 Red River Flood. The Red River floodway, “Duff’s Ditch” was finally finished in 1968, and its floodway gates have been opened 20 times saving Winnipeg from an estimated CA$10 billion in damages. The floodway expansion began in 2005 at a price of $665 million.

Polish and Chinese experts have come to survey the Red River Floodway, and Dennis Walaker, mayor of Fargo, North Dakota recognises the need for Red River flood defences down river. “Every town that you drive by from the Canadian line up to Winnipeg is either elevated or ring-diked,” said Walaker.

Friday, July 17, 2009Following similar threats by workers at New Fabris and Nortel, workers at JLG in Tonneins, France, threatened to blow up several platform cranes. The JLG factory announced in April 2009 that it will fire 53 of its 163 workers by the end of 2009, while the remaining 110 jobs will not be secure over the next 2 years.

JLG Tonneins was acquired in 2006 with its parent JLG Industries, a maker of aerial work platforms, by the U.S.-based Oshkosh Corporation. Despite being hugely profitable in the past, production has been much reduced since 2008 with the contraction of the construction industry and lower demand for its products. Despite excellent past results the new American management demanded sweeping cuts at the company.

In the view of locals, “the company’s actions are a disgrace given the expensive perks, such as official cars, for its corporate fat cats, compared to the sacrifice, silence, and dignity demanded by the company of those it has made redundant.”

The management offered severance pay of € 3,000 (US $4,200), however the workers demanded a severance package commensurate with “the wealth that their labor has generated.” Worker’s delegates requested a “supra-legal” payment of € 30,000, on Thursday 16 of July the management responded with a counter offer of € 16,000. On Thursday night the worker’s actions secured the € 30,000 settlement initially demanded.

Sunday, January 31, 2010

Muammar Gaddafi, leader of Libya, has not been able to win his bid to stay as chairman of the African Union, losing out to Malawian president Bingu wa Mutharika, who was backed by several eastern and southern states.

Gaddafi used his final speech to highlight the need for political unity between African states. Libya has been chairing the African Union for the last year, and the job of chair was due to go to a southern African representative. However, Gaddafi wished to retain the presidency, which was backed by Tunisia, and had allegedly won over other countries by paying their membership fees.

The African Union summit, held in Addis Ababa, Ethiopia, involved a speech to the African leaders by UN Secretary General Ban Ki-Moon, who called for the countries to strive for national union in Sudan, where the southern part of the country may secede from the north. In addition, the Secretary General highlighted the various achievements of the African Union. He said that they had “seen a sharp decrease in malaria and measles deaths across the continent, virtual gains in primary school enrolment [and] marked improvement in child health”, stating that “we must build on these successes and help spread them around the world”.

The three-day summit involves topics such as the state of affairs in Somalia, and a Senegalese proposal to resettle Haiti earthquake victims.

The time is 6:15 UTC and this an Audio Wikinews Brief for the weekend of Sunday, October 21, 2007.

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Sunday, April 13, 2008

The main library in Bristol, United Kingdom may be partially reopened on Monday after being closed for over a week due to a fire.

Most of the ground floor of the library will reopen, although the first floor will remain closed.

Bristol City Council reported last week that it was possible the library would reopen on Tuesday, although after the inspection on that day, it was decided it would remain closed.

The head of Library services at Bristol City Council commented on the fire last week. She said “we [the Library service] apologise to our customers for this inconvenience but it is not possible to open the library as there remains problem’s with power to parts of the building and there is a need to give contractors clear access to clean smoke damage in some public areas. We will review the situation again on Monday morning and issue further updates when further information is available.”

Saturday, August 7, 2010

Massive wildfires in western and central Russia have killed at least 52 people and blanketed Moscow in dense smoke and smog. According to BBC News, around 560 fires were still burning on Friday.

More than 800 wildfires have been reported this week in Russia, which is currently suffering from the worst heat since records began over 130 years ago. Since June, temperatures in the country have been rising, and Moscow was expected to reach over 100 degrees Fahrenheit (37.78 degrees Celsius) on Friday, about 25 degrees Fahrenheit (15 degrees Celsius) above the normal temperature for this time of the year.

The environmental protection agency of Russia’s capital has already stated that {w|carbon monoxide}} levels in the city’s air were five times as high as safe levels and that particulate pollution levels were three times as high as safe levels.

The dense smoke also caused chaos at Moscow airports. Visibility at Domodedovo Airport was reportedly around 400 yards (365.76 metres) on Friday, and many flights were either delayed or arrived late.

At Russia’s Alabinsk military base, located around 45 miles (72.42 kilometres) southwest of Moscow, artillery rockets were moved to a location where they would not be threatened by the fires, said Russia’s Ministry of Defence. The fires also burned close to a nuclear missile warning site near Moscow, but a spokesperson for the Russian Space Forces said that the warning center’s fire brigades had extinguished two fires in the area. Previously, materials from a nuclear research center in Sarov were moved out of the way of fires to avoid a possible explosion occurring.

Russian officials have received criticism over their handling of the blazes. Last week, Russia’s president, Dmitri Medvedev, dismissed five military officers for letting a fire burn hangars at an air base near Moscow. One of Medvedev’s aides said on Friday that mayors will be debriefed and that those who did not adequately respond to the wildfires “will be brought to justice.” Russian Prime Minister Vladimir Putin said last week that local officials not dealing with the fires should resign.

The spree of wildfires has left at least 3,000 people without homes. Seven regions are now under a state of emergency, and 28 more are under a state of emergency for farmers with crops failing in the heat.

Fire crews from other nations in both Europe and Asia were arriving to help fight the fires, and a shelter was set up in Kaliningrad to support 150 children from central Russia who were displaced by the crisis.