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Claires, the fashion and accessories retailer that has been a staple of American malls for decades, has filed for Chapter 11 bankruptcy protection for a second time. The retail chain, aimed at the teen and tween market, has been struggling with the same headwinds faced by many brick-and-mortar businesses, including the broader shift to online shopping, increased competition, rising prices, and an unsustainable debt load. In a press release on Wednesday, parent company Claire’s Holdings LLC said it will use the Chapter 11 process to “maximize the value” of its business. That includes exploring a potential sale. “We remain in active discussions with potential strategic and financial partners and are committed to completing our review of strategic alternatives,” Claire’s CEO Chris Cramer said in a statement. Which Claire’s stores are closing? While Claire’s said its North American stores will remain open as part of the Chapter 11 process, it’s likely that many will not survive as the company reviews its physical footprint and assesses which locations may be underperforming. In fact, in a bankruptcy court filing, Claire’s says it has already reviewed its lease portfolio and decided that some stores “should be exited.” The filing identifies 18 locations across numerous states that will almost certainly begin store closing sales soon, if they haven’t already: Market Street at Lynnfield Claire’s Lynnfield Massachusetts Woodinville Plaza Claire’s Woodinville Washington Galleria at Tyler-ICG Icing Riverside California Provo Town Center Claire’s Provo Utah Newpark Mall Claire’s Newark California Shops at Highland Village Claire’s Highland Village Texas Mall of Abilene (ICG) Icing Abilene Texas 8456 Greece Ridge (ICG) Icing Rochester New York Pinnacle at Turkey Creek Claire’s Knoxville Tennessee Union Town Mall Claire’s UnionTown Pennsylvania Ford City Mall Claire’s Chicago Illinois Northtown Mall Claire’s Blaine Minnesota Bay City Town Center Claire’s Bay City Michigan Eastdale Mall Claire’s Montgomery Alabama Junction Commons Claire’s Park City Utah University Orem (ICG) Icing Orem Utah Woodland Mall (ICG) Icing Grand Rapids Michigan Livingston Mall Claire’s Livingston New Jersey Closing sales were expected to begin as early as July 25 and conclude no later than September 7. Claire’s says it has retained Hilco Merchant Resources to act as its liquidation agent to facilitate the store closings. The filing also identifies additional stores that are expected to be added to the closing list as part of Claire’s agreement. The list includes 1,326 locations that could be closed by October 31 unless Claire’s is unable to find a buyer. Reached for comment, a spokesperson for Claire’s referred Fast Company to Wednesday’s press release but did not comment on a more specific timeline for store closures or whether additional stores will be added to the list. This story is developing…
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E-Commerce
In China, wait times for U.S. visa interviews are so long that some students have given up. Universities in Hong Kong are fielding transfer inquiries from foreign students in the U.S., and international applications for British undergraduate programs have surged.President Donald Trump’s administration has been pressuring U.S. colleges to reduce their dependence on international enrollment while adding new layers of scrutiny for foreign students as part of its crackdown on immigration.The U.S. government has sought to deport foreign students for participating in pro-Palestinian activism. In the spring, it abruptly revoked the legal status of thousands of international students, including some whose only brush with law enforcement was a traffic ticket. After reversing course, the government paused new appointments for student visas while rolling out a process for screening applicants’ social media accounts.The U.S. remains the first choice for many international students, but institutions elsewhere are recognizing opportunity in the upheaval, and applicants are considering destinations they might have otherwise overlooked. The impact on U.S. universities and the nation’s economy may be significant.New international enrollment in the U.S. could drop by 30% to 40% this fall, according to an analysis of visa and enrollment data by NAFSA, an agency that promotes international education.That would deprive the U.S. economy of $7 billion in spending, according to the analysis. Many international students pay full price, so their absence would also hurt college budgets. Britain stands to gain as the US takes ‘a massive hit’ As the second most popular destination for international students, Britain is positioned to benefit.The country’s new Labour government has vowed to cut migration, and officials have imposed time limits on post-study visas allowing graduates to stay and work. But admissions consultants say the United Kingdom is still seen as the most welcoming of the traditional “big four” English-speaking destinations in higher education the U.S., U.K., Canada and Australia.After declining last year, the number of international applications for undergraduate study in the U.K. this fall grew by 2.2%, official figures show. A record number of applications came from China, up 10% compared with the previous year. Applications from the U.S. also reached nearly 8,000 students an increase of 14% and a 20-year high.Acceptances of international students for graduate programs in the U.K. grew an estimated 10% from last year, driven by demand for business and management courses in particular, according to data from UniQuest, which works with many British universities on admissions.Data showing the extent of any impact will not be available until fall, said Mike Henniger, CEO of Illume Student Advisory Services, a consultancy that works with colleges in the U.S., Canada and Europe. “But the American brand has taken a massive hit, and the U.K. is the one that is benefiting,” he said. Staying in Asia is becoming more popular Demand from Chinese students has risen rapidly for universities places in Hong Kong, Singapore and Malaysia, said Will Kwong, managing director of AAS Education, a consultancy in Hong Kong. Many Western universities have offshore campuses there that are more affordable than going to the U.S. or U.K.“Opting for study in Asia has been a trend since the easing of COVID-19,” Kwong said. “But obviously it’s been exacerbated by the change of administration in the U.S.”Some Asian families have told him the U.S. is no longer their clear first choice because of political turbulence and visa difficulties, many are still waiting for U.S. visa interviews and will likely miss the start of the fall term, Kwong said.Chinese college student Alisa, who is studying data science, plans to attend an exchange program this fall at the University of California, Berkeley. She hopes to pursue a master’s degree in the U.S.But she is also looking into other options “just so I could still go to school if the extreme scenario occurs,” said Alisa, who spoke on condition of partial anonymity out of fear of being targeted.Hong Kong will welcome any students who are denied entry to the U.S., the city’s leader John Lee has said. Last year, the Chinese territory decided to allow international students to work part-time.Hong Kong University said it has received over 500 inquiries from students in the U.S. and is processing around 200 applications for transfer. At another school, the Hong Kong University of Science and Technology, international undergraduate applications have surged by 40% from last year, said Alison Lloyd, associate provost on institutional data and research. Upheaval could be a boon for countries with satellite campuses Countries including the United Arab Emirates have invested heavily in attracting international students by partnering with universities elsewhere to host branch campuses. These arrangements could appeal to students who fear being denied access to the U.S.Dubai, which has designs on becoming a global education hub, hosts dozens of international institutions’ satellite campuses. It saw international student numbers grow by a third in 2024-2025.Lisa Johnson, principal of Dubai’s private American Academy for Girls, said her mostly Emirati student body is increasingly looking away from the U.S. for college.“Every student wants and dreams to go to Harvard,” she said. “But as college options increase in the United Arab Emirates, more and more students are staying.”Kazakhstan has similar ambitions, said Daniel Palm, who has helped U.S. universities set up campuses abroad. Illinois Tech and the University of Arizona are among colleges offering degree programs in the Central Asian country, drawing students mostly from China and Russia.“All of a sudden U.S. colleges are asking how to provide diversity, provide access,” Palm said, “because you have students who want to come to the U.S. and can’t.” Associated Press writers Kanis Leung in Hong Kong; Albee Zhang in Washington, D.C.; and Gabe Levin in Dubai contributed. Sylvia Hui, Associated Press
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E-Commerce
Vision boards are now getting the AI treatment. From Lucky Girl Syndrome to the whisper method, the idea of manifesting your dream life into existence has been trending on social media for some time. Now, with the rise of generative AI tools, people are creating personalized life trailers with the help of platforms like Freepik, Runway, and ChatGPT in order to bring those dreams to life in entirely new ways. For one 24-year-old The New York Times recently interviewed, her digital vision boardcreated using Freepikincluded flying on a private plane, giving a keynote address to a packed room, and getting a notification on her computer that she reached 100,000 subscribers on YouTube, the newspaper reported. Instead of writing down her wishes in a journal or cutting out aspirational images from magazines and Pinterest boards, she was able to place an avatar of herself directly into her ideal future using artificial intelligence technology. Shes not alone. I accidentally manifested a trip to Paris with AI, one TikTok creator claimed, showing AI-generated images of herself in front of the Eiffel Tower, followed by a text from her boyfriend with a booking confirmation. If you are not using AI to read you a play-by-play of your future, you are using it wrong, another user posted. I am literally giddy and kicking my feet right now. @sabi.manifests Was playing with an AI to visualise myself in Paris, didnt tell a soul about it – and my man sends me this.. HOW? #lawofattraction #manifestation #howtomanifest Jet2 Advert – A7-BBH | MAN Some TikTokers have shared prompts theyve used to clarify the life they want to manifest. Others suggest writing down those visions, turning them into a podcast using ChatGPT or Google AI, and listening to it on repeat throughout the day. @sophie.riichards Go manifest your dream life queens! Who says AI is bad now ey? #chatgpt #manifesting #manifestyourdreamlife #visionboard #goals #howtomanifest original sound – Sophie Richards As AI becomes more embedded in daily life, its no surprise that people are finding inventive ways to maximize these tools. Earlier this year, a Harvard Business Review study found organizing my life and finding purpose were the second- and third-most popular uses for generative AIjust behind therapy/companionship. At the same time, with much of the world feeling uncertain, manifestation content has seen a surge. After months of bleak headlines, rising unemployment, and ongoing economic instability, who wouldnt want to watch a personalized highlight reel of themselves landing their dream job or stepping into the life theyve always envisioned? Just dont get so caught up in replaying your life trailer that you forget to actually live it.
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E-Commerce
U.S. President Donald Trump raised the tariffs on Canadian goods to 35% last week, but a key exemption for Canada and Mexico shields the vast majority of goods from the punishing duties.Goods that comply with the 2020 United States-Mexico-Canada Agreement that Trump negotiated during his first term are excluded from the tariffs.Here’s a look at Trump’s tariffs on the two countries and their exemptions: Most Canadian exports reaching the US duty free Canada’s central bank says 100% of energy exports and 95% of other exports are compliant with the trade pact, known as USMCA. The Royal Bank estimated that almost 90% of Canadian exports appear to have accessed the U.S. market duty free in April.Canadian Prime Minister Mark Carney said the commitment of the U.S. to the core of USMCA, reaffirmed again last week, means the U.S. average tariff rate on Canadian goods remains one of its lowest, and over 85% of Canada-U.S. trade continues to be tariff free.“Canada is better off than any of the trading partners right now because the Americans appear to be relying as a default on USMCA,” said Flavio Volpe, president of the Automotive Parts Manufacturers’ Association. “That gives them the tough tariff headline but also allows them the access to the stuff they need from us. Because of that we’re in a relative better position.”Canadian and Mexican companies can claim preferential treatment under the USMCA based on where the products are made.“The headline news is 35% tariffs but it’s somewhat targeted,” said John Manley, Canada’s former industry minister, finance minister, foreign affairs minister and deputy prime minister.Manley said Canada is doing okay despite the economic uncertainty.“There is a lot of resilience I’d say. The Canadian economy has done relatively well, better than most of us expected, and remember that there is no tariffs on any of our energy exports,” he said. 25% tariffs on Mexican goods target a small slice of trade Trump said last week he would enter into a 90-day negotiating period with Mexico, also one of America’s largest trading partners. The current 25% tariff rates are staying in place, down from the 30% he had threatened earlier.But that 25% only applies to the fraction of Mexico’s trade with the U.S. that isn’t covered by the USMCA. Shortly after speaking with Trump on Thursday, President Claudia Sheinbaum said that within the “new commercial world order,” Mexico was still the best positioned nation because of the free trade agreement.“What’s within (USMCA) has no tariff, with the exception of what we already know: autos, steel and aluminum; and what is outside the treaty has 25%,” Sheinbaum said.But Economy Secretary Marcelo Ebrard pointed out that under the USMCA no tariffs were paid on more than 84% of Mexico’s trade with the United States.Most imports from Canada and Mexico are still protected by the USMCA, but the deal is up for review next year. U.S. Commerce Secretary Howard Lutnick said last month: “I think the president is absolutely going to renegotiate USMCA.”Preserving the free trade pact will be critical for Canada and Mexico.“It would be an incredible disruption to lose it especially if you lost it to the levels of tariffs Trump is imposing, 30%, 25% or even 20%. You can absorb a single digit tariff level across the board but you can’t adjust that kind of increase,” Manley said.More than 75% of Canada’s exports go to the U.S. while more than 80% of Mexico’s exports go there.Manley said that depending on how the trade war plays out the risk to the USMCA is very high. “Uncertainty in business is the enemy of decision making,” he said. Charging for access Carney said in a series of recent agreements with other countries that America is, in effect, charging for access to its economy.Manley said the investment thesis for Canada is pretty straightforward as Canada is rich in natural resources, has a skilled labor force, is open to immigration and has unfettered access to the U.S. market, the largest economy in the world.“If that latter point is no longer the case, we’ve still got all the others, but we’ve got to really redevelop the investment thesis for attracting investment to Canada,” Manley said.Trump has some sector specific tariffs, known as 232 tariffs, that are having an impact. There is a 50% tariff on steel and aluminum imports and a 25% tariff on auto imports, though there is a carve-out for Canadian and Mexican made cars.“Despite our advantages, certain major Canadian industries are being severely impacted by U.S. trade actions. These strategic sectors include autos, steel, aluminum, copper, pharmaceuticals, semiconductors, and of course, softwood lumber,” Carney said on Tuesday as he announced an aid package for the lumber industry as the U.S, ratches up duties.“It is clear we cannot count or fully rely on what has been our most valued trading relationship for our prosperity,” he added. Associated Press writer Fabiola S�nchez in Mexico City contributed to this report. Rob Gillies, Associated Press
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E-Commerce
One of the worlds newest so-called meme stocks is having a very bad day today. Shares in Opendoor Technologies (Nasdaq: OPEN) are currently slumping more than 20% in premarket trading. Heres what you need to know. Opendoor reports its Q2 2025 results Yesterday, Opendoor announced second-quarter results for its fiscal 2025. Heres what Opendoor reported: Revenue of $1.6 billion Gross profit of $128 million Net loss of $29 million The company also revealed that it had an inventory balance of 4,538 homes with a total value of $1.5 billion. Additionally, it said that during the quarter, it purchased 1,757 homes, which was down 51% from the previous quarter and down 63% from the same quarter a year earlier. For its current Q3, Opendoor issued revenue guidance of $800 million to $875 million. But unfortunately for the companys shareholders, after Opendoor announced its results, the stock plummeted over 20%. When are OPEN shares down so much? There are a few reasons why OPEN shares have fallen so much since the company announced its results yesterday. The first is that the company reported a disappointing revenue guidance for the current Q3. It said it expects revenue of $800�million to $875�million. As noted by CNBC, that would represent a 36% decline from the same period a year ago. This revenue decline is partly expected due to the current challenging home-buying environment. High interest rates, which in turn make mortgage rates high, deter home buyers, resulting in decreased home sales. Another possible factor in Opendoors stock price slump today is that the company did not give much detailed information on its evolving business model, which it has dubbed Product to Platform. This new model will see Opendoor moving from a single product to a distributed platform with multiple offerings delivered through agents, according to comments from CEO Carrie A. Wheeler on the companys earnings call. When a company radically changes its business model, it introduces uncertaintyand uncertainty makes investors nervous. A third possible reason why OPEN stock is falling so much today is much simpler: It’s a meme stock, and meme stocks are highly volatile. Yesterday’s earnings announcement was the first since OPEN stock went stratospheric last month, and the lackluster results may be prompting some investors who got in at the right time to take profits. OPEN stocks wild summer Over the past month, Opendoors stock has been on a wild ride. Starting around mid-July, the stock surged in popularity within the meme stock community. Shares went from being worth around 75 cents each to surging to over $3.20 per share in little more than a week. As of yesterdays close, OPEN shares had surged more than 313% in the past month. However, as todays 20% share price drop shows, when it comes to meme stocks, what goes up rapidly can come down just as rapidly.
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E-Commerce
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