Gap settles Midtown rent dispute with Axel Stawski


first_imgThe lawsuit between Gap and Alex Stawski was settled on February 2. (Google Maps, Getty) Following a battle over unpaid rent at its Midtown Manhattan location, Gap has reached a settlement with the landlord.The apparel brand had withheld $530,334 in charges — including water and snow removal fees — incurred by its 1212 Sixth Avenue store, according to a complaint filed in the Southern District of New York by the landlord, an LLC registered to under-the-radar real estate mogul Axel Stawski of Manhattan-based Stawski Partners.Read morePayment Gap: Landlord sues retail giant for withholding rent at Midtown locationLandlords increasingly turn to lawsuits against nonpaying retailersInside the hardball legal tactics retail landlords are using against tenants In its response to the lawsuit, Gap used the “frustration of purpose” defense, saying the pandemic had made the lease untenable and forced it to lay off employees at the location.As a result, Gap argued that it should receive a refund and that the lease be terminated or modified.Instead, the case was settled Feb. 2, according to newly available court records. Terms were not released.Neither attorneys for Gap nor the landlord responded to requests for comment.Stawski was described by a 2016 Bloomberg News story as a billionaire developer who owns six Manhattan buildings, including the 30-story 565 Fifth Avenue. Stawski, a 70-year-old son of Holocaust survivors, is known for boutique, aesthetics-oriented commercial and residential buildings, according to the story.Gap has also been involved in lawsuits with some of its other landlords, including Simon Property Group and Brookfield Property Partners.The pandemic has triggered thousands of rent disputes between retailers and their landlords. Stores, many of which have been shut down for periods of time, typically argue that their leases are void.However, few cases have been decided, leaving landlords and retailers to determine what to do in the meantime.Contact Sasha Jones Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Email Address* Share via Shortlink Message* Full Name* gapReal Estate LawsuitsRetaillast_img read more

Observation and parameterization of ablation at the base of Ronne Ice Shelf, Antarctica


first_imgParameterizations of turbulent transfer through the oceanic boundary layer beneath an ice shelf are tested using direct measurements of basal ablation. Observations were made in the southwestern part of Ronne Ice Shelf, about 500 km from open water. The mean basal ablation rate was measured over a month-long and a year-long period using phase-sensitive radar to record the thinning of the ice shelf. Ocean temperatures were observed within about 25 m of the ice shelf base over the period of the radar observations, while the tidally dominated ocean currents were estimated from tidal analysis of collocated current observations from an earlier period. Ablation rates derived using these ocean data and a number of bulk parameterizations of turbulent transfer within the boundary layer are compared with the direct measurements. The ablation rates derived using a parameterization that explicitly includes the impact of ocean currents on the turbulent transfer of heat and salt match the observations to within 40%; with suitable tuning of the drag coefficient, the mismatch can be reduced below the level of the observational errors. Equally good agreement can be obtained with two slightly simpler, current-dependent parameterizations that use constant turbulent transfer coefficients, and the optimal values for the coefficients at this particular location on Ronne Ice Shelf are given.last_img read more

HMAS Success makes last overseas visit before retiring


first_img Share this article Photo: HMAS Success conducts a replenishment at sea approach exercise with KRI Gusti Ngurah Rai after a port visit to Makassar in Indonesia. Photo: Australian Navy View post tag: HMAS Success View post tag: RAN Royal Australian Navy oiler HMAS Success conducted its last foreign port visit before retiring after 33 years of service.Success visited Makassar in South Sulawesi, Indonesia, in what was also the final port visit by the Indo-Pacific 2019 (IPE19) joint task group, which included HMA Ships Canberra and Newcastle.The ship’s commanding officer, Captain Darren Grogan, said the visit was important.“Indonesia is a vital partner for us; we are close friends and neighbors and share the world’s longest maritime boundary,” Captain Grogan said.“Our defense relationship is a longstanding one focused on a wide variety of security-related matters like counter terrorism, maritime security, humanitarian assistance and disaster relief and peacekeeping.“This was a successful port visit for us and the IPE19 Joint Task Force, but this is the last time this hardworking, proud and professional Navy ship will get to see foreign shores.”Success will stop in Cairns and Brisbane on the way to Sydney for her decommissioning at the end of next month.last_img read more

M&S records increase in food sales


first_imgMarks & Spencer’s (M&S’) food offering has performed well, with total UK sales up 3.9% against a fall in sales of general merchandise, for the half year to 1 October 2011.Like-for-like sales in its food division rose 2.1% for the period, while M&S’ group sales (excluding VAT) were up 2.4% to £4.7bn.Among its operational highlights were that it had introduced 900 new food lines in its stores, delivering more choice through innovation.In September this year Marc Bolland, chief executive of the retailer, revealed that 16 stores were to benefit from new-style in-store bakeries as part of a £600m plan to revamp its outlets, as it aims to “catch up” with its competition.Bolland commmented: “Marks & Spencer performed well in the first half. Sales were ahead of last year, despite tough comparatives and a challenging economic environment. Our food business, in particular, performed strongly. We maintained our share of the clothing and food markets.”>>M&S tries out new ISB conceptlast_img read more

Underdogs to top dogs


first_imgWhen time expired at Founders Field in Pittsburgh on May 1, the USA Rugby 2011 Women’s Division II College Championship belonged to the Radcliffe Rugby Football Club (RRFC). Players flooded onto the pitch in the raw weather to celebrate their upset victory over Notre Dame. Many wept as they formed a scrum of joy and embraced their teammates three or four at a time.“We ran together shouting, crying, hugging,” says Evan Hoese ’11, most valuable player of the championship tournament. “There was so much emotion on the field. We just wanted to be together.”Most observers probably wouldn’t have predicted such amazing success for a team whose future seemed uncertain only a few years ago. As a Harvard club sport, RRFC faced the perennial challenge of fundraising, made more difficult because of the recession. The team was also responsible for its own logistics and transportation to places as far flung as Kissimmee, Fla., and Randall’s Island, N.Y. Coach Bryan Hamlin says that recruitment was a concern when he came on board, but the players’ toughness and perseverance allowed them overcome the obstacles and build a thriving program.“When I first began coaching this team, the numbers were very bad and there was a chance the club would fold,” says Hamlin. “We worked hard and soon participation picked up. Now we have a strong program and we are heading into the Division I Ivy League conference, ready to face the challenges that will be presented to us.”As things stabilized, the team started winning. RRFC qualified for the 2011 national championship tournament on April 3 after beating a tough Boston University squad to which it had lost earlier in the season. Even then, the program got little respect from tournament organizers. Radcliffe drew a low seed and, thus, an early round match with one of the best teams in the country: the Norwich University Cadets, who had beaten the Harvard women earlier in the year. Oddly enough, it was this loss that convinced Hamlin his team could contend for a national title, he said.“At that time, Norwich was the No. 1 team in the country,” he says. “Although we lost the game, we had the more skilled team; we just didn’t have the fitness. It was a close game but Norwich ran away with it in the final 15 minutes. From that moment I knew we had the potential to win a national championship.”The team was in top condition for its tournament match with Norwich in mid-April. Trailing at halftime, Radcliffe rallied and pulled away for a 22-7 win. Next up was a semifinal game in Pittsburgh with Western Washington, another top-ranked school. Again, the fitness and stifling defense of the Harvard women were the difference as they trounced their opponent, 32-14.“Western Washington proved to be a very worthy adversary,” says Megan Verlage ’13. “They stayed neck and neck with us the majority of the game, but broke because we kept them under constant pressure until the very end.”The final test came against Notre Dame, a physically imposing team ranked No. 3 in the country. The Radcliffe ruggers were relaxed and confident. Hoese says that she visualized the team’s success for days before the match with Notre Dame and couldn’t wait to get on the field.“All I could think about was the championship,” she says. “I imagined breaking through the line, knocking the other team back, big hits, and a wall of defense. I was so excited and also proud of the upcoming game and how far we’d come. I felt calm. I knew we could win.”At first, Radcliffe had trouble shutting the Irish down and the game stayed close. The Cliffies kept the pressure on, moving Notre Dame around the field. In the final 20 minutes, the Radcliffe women upped the intensity on their exhausted opponents, whose defense could not hold. After a final scrum, RRFC claimed a 22-10 win and its first national championship since it won the Division I title in 1998.“We play our best rugby in the last 20 minutes of a match,” says Hamlin. “At no point did I think we were going to lose that game. The team executed our plan perfectly.”Nicole Poteat ’11 says that the championship showed her that she could accomplish anything with the help of teammates who share a common goal and a commitment to one another.“The momentum we had this year made us an unstoppable force,” she says. “Every time I thought that force might be meeting an immovable object — like in the Norwich game, or when we played Notre Dame in the finals — I quickly remembered that for us, there was no such thing. This came from how cohesive we were as a unit on and off the field. We know the lengths we would go to for each other and that has made us fearless.”last_img read more

U.K.’s National Theatre Will Revive Alan Ayckbourn’s A Small Family Business; More Plays Announced for Upcoming Season


first_img Also, Delaney’s iconic A Taste of Honey, directed by Bijan Sheibani, will open at the Lyttleton Theatre on February 18 and play in repertory until May 11. Written by Delaney when she was 19-years-old, A Taste of Honey is the story of a working-class, adolescent girl and her relationships with the black sailor who gets her pregnant, the homosexual art student who moves into her apartment, her fun-loving, saloon-frequenting mother and Peter, her mother’s new husband. View Comments In addition, The Shed will house Michaela Coel’s one-woman show Chewing Gum Dreams, directed by Nadia Fall, from March 17 through April 5, and the return of Fall’s acclaimed play Home from March 26 through April 30. O’Casey’s rarely performed The Silver Tassie, directed by Olivier Award winner Howard Davies, will begin previews on April 15 at the Lyttelton Theatre. Set in Ireland during World War One, the play centers on a dashing football player (Ronan Raftery) who swaps his kit for a soldier’s uniform and heads for the trenches. Months later, Harry Heegan returns, a cripple at the football club party. Everyone but the shattered war veterans dances and forgets. Opening night of The Silver Tassie is scheduled for April 23. Olivier Award nominee Nigel Lindsay will star in a revival of Alan Ayckbourn’s A Small Family Business, directed by Adam Penford, at London’s National Theatre. The National’s upcoming season will also include a revival of Sean O’Casey’s The Silver Tassie, A Taste of Honey by Shelagh Delaney and more. Playing in the Olivier Theatre, Lindsay will star as Jack McCracken in Ayckbourn’s exposure of entrepreneurial greed that first premiered at the venue in 1987. Written during the height of Thatcherism, A Small Family Business tells the story of Jack’s journey from a man of principle to rampant self-interest and corruption with the discovery his extended family is no more than a group of thieves and adulterers. The play is set to begin performances April 1, with an official opening night scheduled for April 8.last_img read more

AES: Battery storage revenue at Fluence joint venture will top $3 billion annually by 2025


first_imgAES: Battery storage revenue at Fluence joint venture will top $3 billion annually by 2025 FacebookTwitterLinkedInEmailPrint分享Platts:AES Corp. expects Fluence Energy LLC, its energy storage partnership with Siemens AG, to generate $500 million in revenue this year and $3 billion per year by 2025 as decarbonization efforts expand worldwide.In June, Fluence launched a sixth-generation “standardized technology stack” that AES said is easy to “rapidly and cost-effectively deploy.” It said the modular design enables scale from 1-MW to 1-GW systems and said in its second-quarter earnings presentation Aug. 6 that it has 800 MW of orders already lined up. Fluence had a 1.6-GW backlog of energy storage projects as of the end of the second quarter.AES President and CEO Andres Gluski said AES and Siemens are looking for a financial investor to take a roughly 10% stake in Fluence. “We would like to have a marker from a transaction” to help determine Fluence’s value ahead of a potential IPO in two to three years, Gluski said.Meanwhile, the coronavirus pandemic and its impact on second-quarter results did not turn out to be as “severe” as AES had initially feared, leaving the company room to pursue the decarbonization of its global assets.Gluski told analysts that AES is pursuing decarbonization of its asset base while it is anticipating using $550 million in asset sales as part of its 2020 parent capital allocation plan. Gluski noted that at the end of 2019, AES saw 45% of its megawatt-hours of generation come from coal-fired facilities, but that dropped to 34% by August 2020. It is expecting a further drop to 30% by the end of 2020 and a decline to 10% by year-end 2030.The company said it has a 6.2-GW backlog of renewables, 59% of which is secured under contracts. AES told analysts that 40% of the backlog is wind projects, 38% is solar, 13% is storage and 9% is hydroelectric.[Jeffrey Ryser]More: AES sees revenues from Fluence storage venture soaringlast_img read more

Hensarling releases new ‘CHOICE Act’ draft, sets hearing


first_img 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NAFCU President and CEO Dan Berger welcomed yesterday’s release by House Financial Services Chairman Jeb Hensarling, R-Texas, of a discussion draft for his updated “Financial CHOICE Act” providing for Durbin interchange amendment repeal and other Dodd-Frank Act reforms, a number of which NAFCU has been seeking for credit unions.A hearing is slated April 26 at 10 a.m. Eastern.“NAFCU is gratified to see work getting underway on some much-needed regulatory relief for the nation’s credit unions,” said Berger. “Credit unions continue to strain under the regulatory compliance burdens of the Dodd-Frank Act, and we thank Chairman Hensarling for his recognition of this burden and his leadership in launching a discussion of important reforms.”The draft revised Financial CHOICE Act would repeal the Durbin interchange amendment and implement other reforms of the Dodd-Frank Act, a number of which NAFCU has been seeking for credit unions. The draft bill is expected to be introduced before month end.Hensarling, in Wednesday’s announcement, said the measure “grows the economy from Main Street up.” Key provisions in the bill impacting credit unions include: continue reading »last_img read more

Are you harnessing your brand power?


first_imgThere is no shortage of “good brands” out there. But when a brand graduates from good to great, that’s where the magic happens. A brand is the promise of an experience. Whether it’s the hope that comes with new opportunities or knowledge, or the sense of pride that an action instills, emotions tied to particular experiences guide human decision making and memory. In the end, it is the emotional resonance of those experiences that makes a brand memorable and elevates it from good to great. In working with financial brands across the country for many years, I’ve experienced firsthand what brands have done to hit home runs for their audience. Brands that successfully curate memorable experiences have two things in common: they understand and embrace their “why,” and they lean hard into data. This results in a deep understanding of who they are and who matters to them, which allows them to champion a consistent, effective brand identity across all channels.So how do you up the ante from good to memorable? Start by asking these three questions about your credit union.1. Does your brand experience align with your “why”?Over 10 years ago, author and leadership expert Simon Sinek grabbed the attention of business leaders around the world with the notion of starting with why. He posited that consumers don’t buy what you do, they buy why you do it. This idea challenged the belief that consumers are all rational creatures who buy solely based on price, rates or features. Instead, Sinek asserted, consumers make purchasing decisions in alignment with their value systems AND based on emotion. Simply put, the experience that your brand offers should match your market’s end goal; for credit unions, you should constantly be asking what are my members – both current and prospective – looking for and what do they need or want to feel. All of these elements make up your target audience’s “why.” Bypassing the why is one of the most common missteps I’ve seen clients make. Too often, brands focus on the products or services they bring to the table, rather than the innate reasons a person would want them in the first place. Members are real people with complex stories of their own that resonate with the same human truths that drive each of us to action. Think of it this way: people don’t want a loan for the sake of a loan. And they don’t even necessarily want a loan because they want a house. What people want is the life achievement that buying a home represents; that feeling of security, of being able to provide for their loved ones, accomplishment, validation and pride.Once you understand the why, you can make intentional connections throughout the member journey that reinforce the understanding of what you stand for and what promises your brand is making to the member if they engage with you. These connections can be scaled greatly, ranging from highly produced, experiential interactions at every touchpoint, to the well-timed share of a member testimonial that inspires someone to see themselves in your brand and your mission. 2. Does the market connect with your brand in the way you intend?Understanding the why doesn’t carry much weight if you misinterpret the how. How does your target audience see you? How do you want to be seen? How much space exists between these truths? That gap is typically what inhibits the positive growth brands strive for. Our brains are inundated with information. As a result, if we can’t make a personal connection, our brain moves on to process the next piece of information vying for our attention. I saw this play out recently while working with a credit union who sought help in battling stagnant membership growth. They were firmly established and positioned themselves as a luxury brand that took pride in their high-level, personalized service. Following suit, their ads painted the picture of an upscale lifestyle: big houses, expensive clothing and extravagant cars. When we dug into the data and individual testimonies beneath the assumptions, a large difference in perception versus reality was revealed. Ultimately, prospective members could not see themselves reflected in the brand. Instead of feeling empowered and catered to by what the brand was projecting, members of the credit union’s target audience felt inadequate and like they didn’t belong. Leadership was shocked by these findings, as their strong existing member relationships afforded them a misplaced sense of comfort.  How do you avoid this common pitfall? First, take stock of your current market perception. Test your assumptions regularly to ground your action in a data-based strategy. Make it an annual priority to take a pulse check of your brand and target market, and any changes in the gap between them. Understand your competitive environment. This includes not only your current members, but also those who went elsewhere. Staying in touch with and analyzing changes in consumer trends helps you proactively identify areas of disconnect and make appropriate changes to your brand experience. This is crucial to creating a brand that continues to resonate with prospective members over time. 3. Are you expressing your brand consistently?Seemingly simple, this one carries a lot of weight. With multiple touchpoints, members can experience your brand across many channels. While adaptations may be necessary for specific platforms or to accommodate unprecedented circumstances (a global pandemic, perhaps?), your brand should be communicating and reinforcing the same story everywhere. Why is this so important? Consistency is key to brand recognition and trust. It’s important to remember that not every consumer will interact with your brand everywhere, so making sure your brand maintains consistency across all channels is key to a strong and resonant brand experience.We often see clients create beautiful websites and other digital collateral, but the experience feels very different in other channels, creating a disconnect for users. With that gap comes the increased opportunity for customers to look elsewhere to a solution that makes more sense to them. While websites are perceived to offer more flexibility, if done well, the experience delivered in a branch or through other channels can be flexible and convey the same feeling of connection and belonging.What makes brands competitive today isn’t the product or service they sell, but the experience they offer. Consumers want an experience that is comfortable, user-friendly and dynamic; one that resonates with them on a personal level. From your physical branch to your digital channels, every interaction is an opportunity to build a relationship with your members. If you view every aspect of your brand through this experiential lens and ground your message in emotional, contextually relevant human truths, that is what will take you from good to memorable. 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Rachel Scott Rachel Scott is Brand Lead at La Macchia Group, where her more than five years of experience crafting brand identities for financial institutions has included several award-winning rebrands. Contact Rachel … Web: www.lamacchiagroup.com Detailslast_img read more

Mandate roundup: Channel Islands, Border to Coast, IPE Discovery


first_imgThe auto-enrolment scheme, once established, would cover workers on the Channel Islands of Guernsey and Alderney, which have a combined population of roughly 65,000. While the UK introduced auto-enrolment laws in 2012, the Channel Islands are a British “crown dependency”, so are not governed directly by Westminster.The principles for the introduction of a second pillar auto-enrolment scheme have been approved by the government of Guernsey, subject to further research. Detailed proposals are expected to be presented to the government next year.The estimated contract start date is January 2020. Interested suppliers should register on www.channelislandtenders.com, the online tender portal for the States of Guernsey and States of Jersey, and respond by Friday, 29 September.LGPS pool launches service provider tender Border to Coast Pensions Partnership (BCPP), a £43bn (€48bn) asset pooling project of 12 UK local government pension schemes (LGPS), is looking to appoint a service provider to support “core capabilities” as it builds its infrastructure. According to a tender notice, BCPP Limited, the investment fund manager owned by the administering authorities of the 12 schemes, is looking for the provider to provide outsourced dealing, middle office, depository, and fund administration services.It has estimated the contract value at £65m, but said it could vary significantly as a result of the phased set-up of the pension pool and the rate at which assets are transferred to it.The LGPS pools have to be ready to start accepting assets from their members by April 2018. European insurer seeks fixed income manager via IPE Quest A European insurance company with a €600m investment portfolio is looking for a buy-and-maintain euro fixed income manager via IPE Quest’s Discovery service. According to search DS-2344, the company prefers an asset manager with Dutch origins or with a well-established Dutch representative office “as it believes that the portfolio benefits from pro-active communication and cooperation”.The insurance company said it was a long-term investor with limited risk appetite and that the mandate is for long-only fixed income denominated in euros.The company is looking for a tailor-made solution within a segregated mandate, and said a standard benchmark was therefore not an option.Investable debt should be rated no higher than A-/A3, with exclusions and limits on a number of sectors and titles. It does not want any “complex structures” and said it was aiming for low turnover.Interested parties should have a track record of at least five years.The insurance company is also in the process of deciding on an extra asset class and although this was not part of search DS-2344, it said it was an advantage if managers also had an “excellent” track record in buy-and-maintain equity portfolios – euro or global.The closing date for submissions to the Discovery search is Thursday, 31 August, at 5pm UK time.IPE Quest Discovery is a pre-RFP service allowing institutional asset owners to carry out a preliminary search for managers. The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email [email protected] The government of Guernsey has launched a tender for a pension provider as it seeks to establish a second-pillar auto-enrolment scheme for its workforce.In a tender notice, the Committee for Employment and Social Security said it was “seeking to establish the level of interest there might be for the delivery of the scheme administration and to further inform the Committee on how to refine the technical specification for the potential procurement”.Deputy Michelle Le Clerc, president of the committee, said this stage of the procurement process was about “early due diligence of potential providers to ensure that any potential supplier has the appropriate experience to provide the scheme on the scale expected”.If accepted, providers will be invited to tender for the provision of the services later this year, she added.last_img read more