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Daily News – August 12, 2009

August 12, 2009

WWD is reporting today that retail stocks dipped 2%, showing a challenging back to school time for retailers. The New York Timesis reporting that Brioni is finally following in the footsteps of other luxury menswear brands in Italy and is going to be selling T-shirts shortly. The company, known for their very exclusive suits and formal wear, is already selling jeans and will now take an even greater step into the faster selling casual market. Hartmarx, now under new ownership, has announced the closure of three plants. MR has more information on the story here.

Reuters, through The Globe & Mail, has reported on CIT:

Shares of CIT Group Inc. (CIT-N1.340.1411.52%) sank 20 per cent Tuesday after the troubled lender delayed filing its second-quarter report with regulators and again warned it may have to file for bankruptcy.

CIT, which has been battling to restructure its debt, said in a filing with the U.S. Securities and Exchange Commission that management is focused on restructuring the company to avoid bankruptcy and it was unable to file its quarterly report by the deadline on Monday.

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