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By ANNE D’INNOCENZIO and ELAINE KURTENBACH, Associated Press

The owner of Saks Fifth Avenue is seeking bankruptcy protection, buffeted by rising competition and the massive debt it took on to buy its rival in the luxury sector, Neiman Marcus, just over a year ago.

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Saks Global has secured roughly $1.75 billion in financing, the New York company said as filed for Chapter 11 bankruptcy Wednesday in the Southern District of Texas.

The private company said that stores will remain open as it restructures company debt, meaning that it will honor the programs it has for customers. Suppliers and employees will be paid, Saks said. read more

By ANNE D’INNOCENZIO, Associated Press Retail Writer

NEW YORK (AP) — Shoppers increased their spending in November from October as holiday shopping kicked into full gear.

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Retail sales rose a better-than-expected 0.6% in November, following a revised 0.1% decline October, according to the Commerce Department. The report on Wednesday was delayed more than a month because of the 43-day government shutdown.

Retail sales rose 0.1% increase in September, but jumped 0.6% in July and August and 1% in June.

The federal government is gradually catching up on economic reports that were postponed by the shutdown. read more

In what appears to be its biggest management shakeup in years, the parent of Brightline, the South Florida-based high-speed passenger railroad, has reached across the Atlantic to hire a past CEO of the iconic Eurostar rail line to spearhead the company’s expansion and quest for profitability.

Nicolas Petrovic, 56, has been retained as CEO of Brightline Holdings LLC and will be based in Miami, according to an announcement released by Brightline Trains early Wednesday morning.

Petrovic will succeed Michael Reininger, who led Brightline’s development from 2012-2018 and again since 2021. Reininger will now focus on the buildout of the company’s Brightline West high-speed rail project linking Nevada and Southern California.

“In his new role, Petrovic will focus on driving long-term value and sustained growth for Brightline’s Florida operations while maintaining the operational excellence that has distinguished the brand,” the company said in the announcement. “Reininger will continue with the company in the new capacity of managing director and member of the board of Brightline West, where he will oversee the development of America’s first high speed passenger system.” read more

The Department of Business and Professional Regulation shut down 10 Central Florida dining venues for health code violations during the week from Jan. 4-10.

Orange

Kome at 2407 S. Hiawassee Road in Orlando shut down on Jan. 6. Inspectors found 19 violations, four of which were high priorities. Those violations included spiders on the ceiling of a restroom, roaches and a spray hose at the disk sink being lower than the flood rim of the sink. A second inspection occurred on Jan. 8. There were eight violations, but none was a high priority. The restaurant met inspection standards.

Cayjo at 6601 Old Winter Garden Road in Orlando shut down on Jan. 7. Inspectors found 26 violations, five of which were high priorities. Those violations included an employee changing between tasks without washing their hands, roach activity and pesticides stored near food contact surfaces. A second inspection occurred on Jan. 9. Inspectors found nine violations, but none was a high priority. The restaurant requires a follow-up inspection, but poses no immediate threat to the public. read more

By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — U.S. stock indexes are edging back from their records on Tuesday following a mixed start to the latest profit reporting season for big U.S. companies. An update on inflation is meanwhile giving Wall Street little momentum, either upward or downward, after coming in close to expectations.

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The S&P 500 slipped 0.3% after drifting earlier between small gains and losses. The Dow Jones Industrial Average was down 343 points, or 0.7%, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 0.2% lower. Both the S&P 500 and Dow are coming off all-time highs. read more