September 10, 2013

Briefcase

Two cruise ships bring thousands for the day

Carnival's Glory will dock at the Portland Ocean Terminal from 8 a.m. to 6 p.m. Tuesday, with 2,974 passengers.

Royal Caribbean's Explorer of the Seas will dock at Pier 2, Berth 2 from 8 a.m. to 5 p.m. Tuesday, with 3,114 passengers on board.

Brunswick clothing store to close doors in November

A landmark Brunswick business will close in November after 124 years in business.

The owners of Pennell's Clothing Store say they sold their Maine Street building on Sept. 3 and now have two months to liquidate their inventory.

Pennell's opened in 1889 and has been owned for the last four-plus decades by David Girardin and John Simonson. They did not say who bought the building, other than that the buyer was from in-state. They did not know how the buyer plans to use the property.

The owners told The Times Record the business has come under increasing pressure from national chains and online retailers.

Neiman Marcus stores to be sold for $6 billion

Luxury merchant Neiman Marcus is getting new owners. Ares Management and Canadian Pension Plan Investment Board announced Monday they are buying the chain for $6 billion.

"We plan on investing meaningful capital into the business to ensure Neiman's long-term position as the unparalleled leader in luxury retail," said David Kaplan, co-head of the private equity group of Ares.

The deal would end control of the retailer by private equity firms TPG Capital and Warburg Pincus, who bought the company for $5.1 billion in 2005.

Consumer borrowing rises, but credit card use falls

Americans cut back on using their credit cards in July for the second straight month, while taking on more debt to buy cars and attend school. The decline in credit card use suggests consumers remain cautious, a trend that could hold back economic growth.

Consumers increased their borrowing $10.4 billion in July from June to a record high of $2.85 trillion, the Federal Reserve said Monday. That followed a gain of $11.9 billion in June.

But consumers' credit card debt fell $1.8 billion to roughly $850 billion.

-- From staff and news reports

 

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