Here's a quick look at a few of the headlines making news this afternoon.
Macy's readies big new shops for holidays
Macy's (NYSE: M ) is working on a four-year, $400 million renovation to its flagship Herald Square location that will include new luxury shops by Gucci, Burberryand Longchamp that are expected to open this holiday season. "Macy's is embarking upon what may be the largest and most extensive renovation of a single store in the history of retail," said CEO Terry J. Lundgren. "Our goal is for Macy's Herald Square to be not just the largest store, but the most exciting, most innovative, and most technologically advanced fashion destination in the world."
Some object to changing the iconic building. "Macy's has Apple fever," The Associated Press quoted Theodore Grunewald, a New York preservation activist, as saying. "Everyone is jealous of Apple, and thinks the secret to the company's success is this beautiful, elegant minimalist design vocabulary they have. But this is about protection of our heritage."
Swift Energy back on track after Isaac
Swift Energy (NYSE: SFY ) announced today that it has begun to restart production at Louisiana facilities that were shut starting Aug. 26 thanks to Hurricane Isaac. The company said it expects full-year production levels to be approximately 225,000 barrels of oil equivalent lower than previously forecast thanks to the shutdowns caused by Isaac.
Forbes announces rich list
The combined net worth of the 400 richest Americans is up 13% from a year ago to $1.7 trillion, Forbes announced today. Remaining in the top three spots are Bill Gates, Warren Buffett, and Larry Ellison. Check out the full list here. Tidbits include:
- Oracle's Ellison's $8 billion jump was the biggest dollar gain of anyone on the list this year.
- Facebook's Mark Zuckerberg was the biggest loser, dropping $8.1 billion.
- 70% of the 400 made their fortunes from scratch.
- Those dropping off the list included Groupon's Eric Lefkofsky, Zynga's Mark Pincus, and Facebook venture capitalist Jim Breyer.