Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
Jewelry store Claire's has pulled a number of its glittery items after allegations that they include asbestos, and is offering refunds.
Items include the bedazzled rainbow heart makeup set and metallic hot pink glitter makeup
A report last Friday from WJAR-TV in Rhode Island cited Kristi Warner, who mailed her daughter's glitter makeup kit to a lab, which said it contained tremolite asbestos, a toxic, cancer-causing material.
Claire's said Thursday that it is hiring an independent laboratory to test the cited products. On Friday it said the initial results of its lab found the cosmetics tested to be free of asbestos and continues to test out of an abundance of caution. It also said it confirmed that the talcum ingredient supply is from a certified asbestos free European vendor. It continues to honor returns for any customers remaining uncomfortable.
Warner works at the Deaton Law Firm, which focuses primarily on mass tort asbestos litigation. Warner sent the products to be tested, because her background made her aware of the potential danger of the makeup, which was a gift to her daughter, she told CNBC on Thursday.
John Deaton, who founded the East Providence, Rhode Island, law firm, told CNBC that the firm would consider litigation. Deaton said he would not pursue legal action if Claire's does the "right thing" by "admitting its products are contaminated," recalling them and ending its relationship with those vendors. He said the firm's involvement is not a publicity stunt or to generate business. He just wants knowledge of the alleged asbestos to be made public and for Claire's to address it.
Warner sent her products to the Scientific Analytical Institute, which also conducted tests on products sold by teen retailer Justice earlier this year, similarly finding asbestos. When Justice did its own tests, it said the results found them to be asbestos-free. Ascena Retail Group, which owns Justice, did not immediately respond to requests for comment.
Sean Fitzgerald, director of research and legal services at Scientific Analytical Institute, says it stands by the results of both tests.
Deaton said different labs have different strength microscopes.
The pulled products and refunds come at a perilous time for Claire's. The retailer, which was bought by private equity firm Apollo Global Management in 2007 in a roughly $3.1 billion deal is — like many of its peers — coping with a steep debt load while also adjusting to the changing retail landscape.
Claire's has been further hurt as the malls in which many of its stores are located have lost their luster as a hotbed of teen activity.
For retailers, the holiday season is the most crucial of the year. Last year, Claire's generated roughly 30 percent of its sales in its fiscal fourth quarter.
The company earlier this month reported sales of $315 million for the fiscal third quarter, a 0.8 percent increase from the same quarter a year earlier. Its adjusted earnings before interest, taxes, depreciation and amortization jumped more than 14 percent to $42.4 million.
As of Oct. 28, 2017, it had cash and cash equivalents of $25.8 million.