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Recent Paperclips Industry News
17Aug 18
Nordstrom Reports Second Quarter 2018 Earnings
SECOND QUARTER SUMMARY: • Second quarter net earnings were $162 million compared with $110 million during the same period in fiscal 2017. The increase was driven primarily by higher sales volume, a lower effective tax rate and the impact of the new revenue recognition standard as it relates to the timing of the Anniversary Sale. • In Full-Price, comparable sales increased 4.1 percent. The top-ranking merchandise categories were Kids' Apparel and Beauty. • In Off-Price, comparable sales increased 4.0 percent. • Sales from Nordstrom Rewards customers represented 58 percent of second quarter sales, compared with 56 percent a year ago. • Gross profit, as a percentage of net sales, of 35.0 percent increased 91 basis points compared with the same period in fiscal 2017. Click Read More below for additional information.
17Aug 18
Wickliffe paper mill to reopen with $150M investment, employing 500 in Ballard County
Gov. Matt Bevin today announced Global Win Wickliffe LLC, a Chinese-owned paper products manufacturer, will reopen the former Verso Corp. mill in west Kentucky’s Ballard County with a $150 million investment expected to create 500 full-time jobs. Executives of Global Win Wickliffe signed a purchase agreement today with representatives of Verso to buy the facility for approximately $16 million. The sale is expected to close around the beginning of the third quarter of this year. The new owners plan to refurbish the mill with new equipment and updated technology. Global Win Wickliffe executives anticipate reopening the mill by the end of 2018, with the facility producing pulp and brown paper packaging. The paper mill will be the buyer’s first US facility. Click Read More below for additional information.
17Aug 18
Court Confirms Cenveo’s Plan of Reorganization
Cenveo, Inc. announced that the United States Bankruptcy Court for the Southern District of New York has confirmed its plan of reorganization, paving the way for the Company to emerge from Chapter 11 in the coming weeks. The terms of the Plan will enable the Company to exit Chapter 11 with a substantially deleveraged balance sheet and increased liquidity, allowing the Company to focus on its operations and grow its businesses. Prior to filing for Chapter 11, the Company's liabilities included approximately $1.1 billion in funded debt. Upon emergence, the Company's funded debt will be reduced by over $800 million to approximately $325 million. Click Read More below for additional information.