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Wiki Wiki Summary
Passeig de Lluís Companys, Barcelona Passeig de Lluís Companys (Catalan pronunciation: [pəˈsɛdʒ də ʎuˈis kumˈpaɲs]) is a promenade in the Ciutat Vella and Eixample districts of Barcelona, Catalonia, Spain, and can be seen as an extension of Passeig de Sant Joan. It was named after President Lluís Companys, who was executed in 1940.
Company A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals.
Conxita Julià Conxita Julià i Farrés (Catalan pronunciation: [kuɲˈʃitə ʒuliˈa j fəˈres]; 11 June 1920 – 9 January 2019), also known as Conxita de Carrasco, was a Catalan woman noted for her dealings with Lluís Companys, President of Catalonia, in the 1930s, and for her poetry. Julià died in January 2019 at the age of 98.
Amazon (company) Amazon.com, Inc. ( AM-ə-zon) is an American multinational technology company which focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence.
Financial ratio A financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization.
Trustmark (bank) Trustmark is a commercial bank and financial services company headquartered in Jackson, Mississippi, United States, with subsidiaries Trustmark National Bank, Trustmark Investment Advisors, and Fisher Brown Bottrell Insurance. The bank's initial predecessor, The Jackson Bank, was chartered by the State of Mississippi in 1889.
Federal takeover of Fannie Mae and Freddie Mac In September 2008 the Federal Housing Finance Agency (FHFA) announced that it would take over the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Both government-sponsored enterprises, which finance home mortgages in the United States by issuing bonds, had become illiquid as the market for those bonds collapsed in the subprime mortgage crisis.
Special Activities Center The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Operations management Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Life Insurance Corporation Life Insurance Corporation of India (LIC) is an Indian statutory insurance and investment corporation headquartered in the city of Mumbai, India. It is under the ownership of Government of India.
Defence mechanism In psychoanalytic theory, a defence mechanism (American English: defense mechanism), is an unconscious psychological operation that functions to protect a person from anxiety-producing thoughts and feelings related to internal conflicts and outer stressors.Defence mechanisms may result in healthy or unhealthy consequences depending on the circumstances and frequency with which the mechanism is used. Defence mechanisms (German: Abwehrmechanismen) are psychological strategies brought into play by the unconscious mind to manipulate, deny, or distort reality in order to defend against feelings of anxiety and unacceptable impulses and to maintain one's self-schema or other schemas.
Merchandising Merchandising is any practice which contributes to the sale of products to a retail consumer. At a retail in-store level, merchandising refers to displaying products that are for sale in a creative way that entices customers to purchase more items or products.
Subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that belong to the same parent company are called sister companies.
Marketing Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer.
Gross merchandise volume Gross merchandise volume (alternatively gross merchandise value or GMV) is a term used in online retailing to indicate a total sales monetary-value (e.g. in U.S. dollars or Euros) for merchandise sold through a particular marketplace over a certain time frame.
Additionality Additionality is the property of an activity being additional by adding something new to the context. It is a determination of whether an intervention has an effect when compared to a baseline.
Additional director general of police Additional Director General of Police (ADGP) is an Indian Police Service rank. Though having the maximum possible 3-star police rank just like Director General of Police, ADGP's are considered same to DGP's.
Additional secretary to the Government of India Additional Secretary (often abbreviated as AS, GoI or Union Additional Secretary or Additional Secretary to Government of India) is a post and a rank under the Central Staffing Scheme of the Government of India. The authority for creation of this post solely rests with Cabinet of India.Additional secretary is mostly a career civil servant, generally from the Indian Administrative Service, and is a government official of high seniority.
Floating market A floating market is a market where goods are sold from boats. Originating in times and places where water transport played an important role in daily life, most floating markets operating today mainly serve as tourist attractions, and are chiefly found in Myanmar, Thailand, Indonesia, Vietnam, Sri Lanka, Bangladesh, and India.
Tourist trap A tourist trap is an establishment (or group of establishments) that has been created or re-purposed with the aim of attracting tourists and their money. Tourist traps will typically provide overpriced services, entertainment, food, souvenirs and other products for tourists to purchase.
Amish doll Amish dolls are a type of rag doll and a popular form of American folk art, which originated as children's toys among the Old Order Amish people. While some Amish dolls have faces, the best-known ones do not, to emphasize the fact that all are alike in the eyes of God.
Tourism in Cuba Tourism in Cuba is an industry that generates over 4.7 million arrivals as of 2018, and is one of the main sources of revenue for the island. With its favorable climate, beaches, colonial architecture and distinct cultural history, Cuba has long been an attractive destination for tourists.
Victory Contents Victory Contents (Korean: 빅토리콘텐츠; RR: bigtoli kontencheu) is a Korean drama production company based in Seoul.\n\n\n== History ==\nsource: \n\nApril 4, 2003 - Music Encyclopedia was established.
The Longaberger Company The Longaberger Company is an American manufacturer and distributor of handcrafted maple wood baskets and other home and lifestyle products. The company opened in 1973, was acquired in 2013 by CVSL, Inc., and closed in 2018.
Wireless transaction protocol Wireless transaction protocol (WTP) is a standard used in mobile telephony. It is a layer of the Wireless Application Protocol (WAP) that is intended to bring Internet access to mobile phones.
Transaction document Transaction documents refers to legally relevant documents that are either printed, inserted and mailed, or electronically presented. They consist of a mixture of fixed and variable data.
Transaction-Safe FAT File System Transaction-Safe FAT File System (TFAT) and Transaction-Safe Extended FAT File System (TexFAT) refer to two file systems used in Microsoft products to provide transaction-safety for data stored on a disk. The goal is to reduce the risk of data loss in cases of power loss or unexpected removal of the drive.
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Philosophical Investigations Philosophical Investigations (German: Philosophische Untersuchungen) is a work by the philosopher Ludwig Wittgenstein, published posthumously in 1953. \nPhilosophical Investigations is divided into two parts, consisting of what Wittgenstein calls, in the preface, Bemerkungen, translated by Anscombe as "remarks".A survey among American university and college teachers ranked the Investigations as the most important book of 20th-century philosophy.
Risk Factors
SAKS INC Item 1A Risk Factors The following are certain risk factors that affect the Company’s business, financial condition, results of operations and cash flows, some of which are beyond the Company’s control
These risk factors should be considered in connection with evaluating the forward-looking statements contained in this Annual Report on Form 10-K The risks and uncertainties described below are not the only ones facing the Company
If any of the events described below actually occur, the Company’s business, financial condition, results of operations or cash flows could be adversely affected and differ materially from expected and historical results
Poor economic conditions affect consumer spending and may significantly harm the Company’s business
The retail industry is continuously subject to domestic and international economic trends
The success of the Company’s business depends to a significant extent upon the level of consumer spending
A number of factors affect the level of consumer spending on merchandise that the Company offers, including, among other things: • General economic, industry and weather conditions; • High crude oil prices, that affect gasoline and heating oil prices; • The level of consumer debt; • Interest rates; • Tax rates and policies; • War, terrorism and other hostilities; and • Consumer confidence in future economic conditions
Changes in consumer confidence and fluctuations in financial markets can influence cyclical trends, particularly in the luxury sector, and can also cause secular trends in certain traditional department store trade areas
The merchandise the Company sells generally consists of discretionary items
Reduced consumer confidence and spending may result in reduced demand for discretionary items and may force the Company to take significant inventory markdowns
Reduced demand also may require increased selling and promotional expenses
Additionally, a number of the Company’s stores are in tourist markets, including the flagship Saks Fifth Avenue New York store
A downturn in economic conditions or other events such as terrorist activity could impact travel and thus negatively affect the results of operations for stores located within these tourist markets
Increases in transportation and fuel costs, the financial condition of the airline industry and its impact on air travel and sustained recessionary periods in the US and internationally could also unfavorably impact future results of the stores located within these tourist markets
The Company’s business and results of operations are subject to a broad range of uncertainties arising out of world events
The Company’s business and results of operations are subject to uncertainties arising out of world events, especially as these events may affect US tourism
These uncertainties may include a global economy slowdown, changes in consumer spending or travel, the increase in gasoline and natural prices, epidemics (such as SARS and bird flu) and the economic consequences of natural disasters, military action or terrorist activity (including threats of terrorist activity)
Any future events arising as a result of terrorist activity, natural disasters or other world events may have a material impact on the Company’s business, its ability to source products, results of operations and financial condition in the future
7 ______________________________________________________________________ [55]Table of Contents [56]Index to Financial Statements The Company’s business and results of operations may be adversely affected by weather conditions and natural disasters
The Company’s business is adversely affected by unseasonable weather conditions
Periods of unseasonably warm weather in the fall or winter or unseasonably cold or wet weather in the spring or summer affect consumer apparel purchases and could have a material adverse effect on the Company’s results of operations and financial condition
Additionally, natural disasters such as hurricanes, tornadoes, earthquakes, etc may adversely affect the Company’s results of operations and financial condition
The Company’s business is intensely competitive and increased or new competition could have a material adverse effect on the Company
The retail industry is intensely competitive
As a retailer offering a broad selection of upper-moderate to luxury fashion apparel, shoes, accessories, jewelry, cosmetics and decorative home and gift items, the Company currently competes against a diverse group of retailers, including e-commerce retailers, which sell, among other products, products similar to those of the Company
The Company also competes in particular markets with a substantial number of retailers that specialize in one or more types of products that the Company sells
Due to the sale of Proffitt’s and NDSG and the potential strategic alternatives for Parisian, the Company has become increasingly less diversified and is now predominantly reliant on its luxury retail sector
The volatility of SFAE and the Company’s ability to restore and maintain profitability at SFAE, make the Company even more susceptible to material adverse effects resulting from the highly competitive industry
A number of different competitive factors could have a material adverse effect on the Company’s business, results of operations and financial condition including: • Increased operational efficiencies of competitors; • Competitive pricing strategies, including deep discount pricing by a broad range of retailers during periods of poor consumer confidence or economic instability; • Expansion by existing competitors; • Entry by new competitors into markets in which the Company currently operates; and • Adoption by existing competitors of innovative retail sales methods, including e-commerce and gift cards
The Company may not be able to continue to compete successfully with its existing or new competitors, or be assured that prolonged periods of deep discount pricing by its competitors will not have a material adverse effect on the Company’s business
The Company faces risks associated with consumer preferences and fashion trends
Changes in consumer preferences or consumer interest could have a material adverse effect on the Company’s business
In addition, fashion trends could materially impact sales
Success in the retail business depends, in part, on the Company’s ability to anticipate consumer preferences
Early order commitments often are made far in advance of consumer acceptance
If the Company fails to anticipate accurately and respond to consumer preferences, it could experience lower sales, excess inventories and lower profit margins, any of which could have a material adverse effect on the Company’s results of operations and financial condition
Any failure by the Company to manage divestitures and other significant transactions successfully could harm the Company’s financial results, business and prospects
As part of the Company’s strategy to continually increase shareholder value, the Company recently sold its Proffitt’s and NDSG businesses
Additionally, the Company is currently evaluating potential strategic alternatives for Parisian, which could possibly include its sale
In order to complete the strategic alternatives 8 ______________________________________________________________________ [57]Table of Contents [58]Index to Financial Statements process successfully, the Company must find a purchaser that is willing to pay an acceptable price for the business
The Company must also manage post-closing issues, such as fulfilling all responsibilities entered into in both signed and contemplated purchase agreements, including Transition Services Agreements (“TSA”)
Both Bon-Ton and Belk entered into TSA’s whereby the Company will continue to provide, for varying transition periods, certain back office services related to the sold operations
If the Company fails to complete successfully a transaction that furthers its strategic objectives, the Company may be required to expend resources above and beyond what is anticipated, the Company may be at a competitive disadvantage or the Company may be adversely affected by negative market perceptions, any of which may have a material adverse effect on the Company’s revenue, gross margin and profitability
In addition, the pricing and other terms of the Company’s TSA contracts may require management to make estimates and assumptions at the time the Company enters into these contracts, and management may fail to identify all of the factors necessary to estimate its costs accurately
Any increased or unexpected costs, unanticipated delays or failure to achieve contractual obligations could have an adverse financial impact
Managing a transaction requires varying levels of management resources, which may divert management’s attention from other business operations
The transaction could result in significant costs and expenses and charges to earnings, including those related to severance pay, employee benefit costs, asset impairment charges and other liabilities, legal, accounting and financial advisory fees, and required payments to executive officers and key employees under retention plans
In addition, the Company’s effective tax rate on an ongoing basis is uncertain, and a transaction could impact the effective tax rate
The Company also may experience risks relating to the challenges and costs of closing a transaction and the risk that an announced transaction may not close
As a result, any completed, pending or future transactions may contribute to financial results that differ from the investment community’s expectations
The Company faces a number of risks in opening new stores
Management remains confident regarding the future prospects for SFAE SFAE has a highly recognized brand name in luxury retailing, a top quality real estate portfolio led by the New York flagship store, and strong vendor relationships
Management plans to capitalize on the growth prospects and competitive dynamics of the luxury sector
As part of its growth strategy, SFAE could potentially increase the total number of stores, which may include opening new stores in both new and existing markets
SFAE may not be able to operate any new stores profitably
Further, new stores may not achieve similar operating results to those of its existing stores
The success of any future store openings will depend upon numerous factors, many of which are beyond SFAE’s control, including the following: • The ability of management to adequately analyze and identify suitable markets and individual store sites within those markets; • The ability to attract appropriate vendors; • The competition for suitable store sites; • The ability to negotiate favorable lease terms with landlords; • The availability of employees to staff new stores and SFAE’s ability to hire, train, motivate and retain store personnel; and • The ability to attract customers and generate sales sufficient to operate new stores profitably
SFAE may enter into additional markets in 2006 and beyond
These markets may have different competitive conditions, consumer trends and discretionary spending patterns than its existing markets, which may cause new stores in these markets to be less successful than stores in existing markets
9 ______________________________________________________________________ [59]Table of Contents [60]Index to Financial Statements The loss of, or disruption in, the Company’s centralized distribution centers would have a material adverse effect on the Company’s business and operations
The Company depends on the orderly operation of the receiving and distribution process, which depends, in turn, on adherence to shipping schedules and effective management of distribution centers
Although the Company believes that its receiving and distribution process is efficient, unforeseen disruptions in operations due to fire, hurricanes or other catastrophic events, labor disagreements or shipping problems, may result in delays in the delivery of merchandise to the Company’s stores
Additionally, freight cost is impacted by changes in fuel prices through surcharges
Fuel prices and surcharges affect freight cost both on inbound freight from vendors to the distribution centers and outbound freight from the distribution centers to the Company’s stores
Although the Company maintains business interruption and property insurance, management cannot be assured that the Company’s insurance coverage will be sufficient, or that insurance proceeds will be timely paid to the Company, if any of the distribution centers are shut down for any reason
The Company is dependent on external funding sources, which may not make available sufficient funds when the Company needs them
The Company, like other retailers, relies on external funding sources to finance a portion of its operations and growth
Management currently believes that the Company’s cash flow from operations and funds available under its revolving credit facility will satisfy its capital requirements for the next 12 months
The Company’s ability to obtain additional financing is dependent upon its future operating performance, general economic and competitive conditions and financial, business and other factors, many of which the Company cannot control
The Company believes that its previously disclosed internal investigations, and related inquiries by the SEC and the Office of the United States Attorney for the Southern District of New York, adversely affected the Company’s results of operations for its 2005 fiscal year, which adverse effect could continue
The Company understands that the inquiries by the SEC and the Office of the United States Attorney for the Southern District of New York are continuing
The Company understands that these inquiries were initiated as a result of previously disclosed internal investigations by the Company
The Company believes that the publicly disclosed findings of the internal investigations, and the restatement by the Company of previously published financial information as reflected in its Annual Report on Form 10-K for 2004, adversely affected the Company’s ability, at least temporarily, to collect vender allowances from some SFAE merchandise vendors and may have damaged, at least temporarily, SFAE’s reputation among SFAE’s merchandise vendors and the investment community generally
These adverse effects could continue to negatively impact the future results of SFAE’s operations, which as of March 4, 2006 comprised the Company’s principal business, and the market price of the Company’s common stock
The Company’s internal investigations also resulted in disciplinary actions being taken against a number of SFAE associates
These disciplinary actions eliminated the employment positions of several experienced merchandising associates and adversely affected associate morale and focus on SFAE’s business
These adverse effects could continue
The inquiries by the SEC and the Office of the United States Attorney for the Southern District of New York could result in enforcement action or actions being taken against the Company, including the imposition of fines and penalties that could adversely affect the Company’s financial condition and results of operations
During 2005 and continuing into the first quarter of 2006, the Company incurred significantly larger legal and related fees, compared to prior periods, as a result of the investigations
The Company expects that it will continue to incur significant legal fees with respect to the investigations, the end and outcome of which the Company cannot predict
10 ______________________________________________________________________ [61]Table of Contents [62]Index to Financial Statements