Uber reveals massive losses ahead of market debut

Uber has lost nearly $ 8bn (£6.1bn) during its 10 years of existence, according to documents released ahead of its debut on the stock market.
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DXL Posts Higher Losses in Q4, Will Close Rochester Stores

The losses at Destination XL Group continued to mount in the fourth quarter, despite higher comparable-store sales. But a new wholesale strategy and a new chief executive officer are expected to help the company improve its fortunes in 2019.
At the same time, the company revealed that it will close the remaining five Rochester Clothing stores — a more-upscale brand that it acquired in 2004 — by the end of the fiscal year.
In an earnings call Friday morning, David Levin, acting chief executive officer, said: “The growth in our DXL brand has slowly eroded the sales volume and profitability in our remaining Rochester, N.Y., stores, which are located in high rent metro areas.
“Much of our Rochester assortment will continue to be available on DXL.com and many Rochester brands can be found in DXL stores. With the exception of London, all of our Rochester stores are located in markets within close proximity to one or more DXL stores. In the U.S. we’re working on a customer transfer strategy to encourage our Rochester customers to migrate to nearby DXL stores, and we’re confident that once our Rochester customers discover the DXL experience they will become DXL loyalists.”
On Friday morning, the Canton, Mass.-based men’s

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Carlos Ghosn Re-Arrested on Suspicion of Shifting Personal Losses to Nissan

Nissan’s former Chairman Carlos Ghosn was re-arrested on suspicion of shifting personal losses to Nissan, derailing his plans for bail.
WSJ.com: US Business

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Destination XL Cuts Losses in Quarter as CEO Search Continues

The corporate restructuring instituted earlier this year is starting to pay off for Destination XL Group.
In the third quarter, the men’s big & tall retailer cut its losses and improved its comparable-store sales, prompting it to update its earnings guidance for the fiscal year. But its search for a new chief executive officer continues as the countdown to the departure of current chief David Levin approaches on Dec. 31. In the case that the retailer can’t find a replacement by year-end, Levin will transition to acting ceo from Jan. 1-April 30 for $ 200,000 a month.
The retailer said that it terminated its deal with Heidrick & Struggles International Inc. to lead the search process on Oct. 1 and is now working with Russell Reynolds Associates to lead the process and expects a successor to be named by the end of the first quarter of fiscal 2019.
As reported, Levin is expected to resign as an officer and director of the company on Jan. 1. The company expects to incur an aggregate charge of approximately $ 2.1 million for ceo transition costs in fiscal 2018 and an additional $ 1.6 million in fiscal 2019 and fiscal 2020.
Turning to the third quarter, the retailer cut its

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Destination XL Narrows Losses in Second Quarter

Destination XL Group cut its losses in the second quarter as comparable-store sales rose and a spring advertising campaign paid dividends.
In the period ended Aug. 4, the Canton, Mass.-based big and tall men’s retailer said losses fell to $ 1.2 million, or 2 cents a diluted share, from $ 3.7 million, or 8 cents a share, in the same quarter last year. Comparable-store sales rose 3.3 percent in the period while total sales rose 0.9 percent to $ 122.1 million, up from $ 121.1 million last year.
On a non-GAAP basis, adjusted net income for the second quarter was 1 cent a diluted share, as compared to adjusted net loss of 3 cents a diluted share for the prior-year second quarter. Adjusted earnings before interest, taxes, depreciation and amortization for the second quarter was $ 8.8 million compared to $ 6.7 million in the prior-year quarter.
David Levin, president and chief executive officer, noted that this was the third consecutive quarter of comparable-store sales growth for the 343-unit chain. “The performance was broad-based across channels and all regions of the country and was achieved with 8.4 percent less inventory than we had a year ago. This was another quarter of successful execution against our strategic initiatives and we are well positioned for continued progress

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Uber Racks Up Rides, Losses Amid Setbacks

Uber’s scandal-plagued year apparently hasn’t deterred ridership, though the ride-hailing company is still reporting heavy financial losses.
WSJ.com: US Business

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Cowboys suffer losses to open free agency, but hope isn’t lost yet

Cowboys suffer losses to open free agency, but hope isn’t lost yet
www.espn.com – NFL

Snapchat owner worth up to $25bn despite making losses

The firm behind the Snapchat messaging app is set for one of the biggest tech share sales in years.
BBC News – Technology

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Johnny Depp sues ex-managers alleging millions in losses

FILE - In this May 23, 2016 file photo, Johnny Depp arrives at the premiere of "Alice Through the Looking Glass" at the El Capitan Theatre, in Los Angeles. Johnny Depp is suing his former business managers alleging they mismanaged his earnings throughout his career, although the company says the actor’s spending is to blame. Depp’s lawsuit filed Friday, Jan. 13, 2017 in Los Angeles Superior Court against The Management Group seeks more than $  25 million, alleging its owners failed to properly pay his taxes, made unauthorized loans and overpaid for security and other services, but the company’s attorney says the managers tried for years to control Depp’s spending. (Photo by Richard Shotwell/Invision/AP, File)LOS ANGELES (AP) — Johnny Depp sued his former business managers on Friday alleging they mismanaged his earnings throughout a lucrative period of his career, although the company says the actor's spending is to blame.



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Amar’e on losses: ‘It’s beyond imagination’

Amar’e Stoudemire has the same reaction as many other New York Knicks fans when he looks at his team’s record. “It’s beyond my imagination at this point.”
ESPN.com – NBA