USPS Tests New Local Delivery Service in Texas (multichannelmerchant.com)

FY24 first quarter service performance scores covering October 1 through November 17, included: *First-Class Mail: 87.7 percent of First-Class Mail delivered on time against the USPS service standard, a decrease of 3.3 percentage points from the fiscal fourth quarter. *Marketing Mail: 94.3 percent of Marketing Mail delivered on time against the USPS service standard, consistent with performance from the fiscal fourth quarter. *Periodicals: 84.5 percent of Periodicals delivered on time against the USPS service standard, a decrease of 1.5 percentage points from the fiscal fourth quarter.

J.Crew Group announced that it has successfully completed its financial restructuring process and emerged from Chapter 11 well positioned for long-term growth. As part of its financial restructuring, the Company has equitized more than $1.6 billion of secured indebtedness, and Anchorage Capital Group, L.L.C. has become the majority owner of the Company. To support ongoing operations and future growth initiatives, J.Crew Group is capitalized with a $400 million exit term loan due 2027 provided by Anchorage, as well as GSO Capital Partners LP and Davidson Kempner Capital Management LP, among others. In addition, the Company has access to a new $400 million ABL credit facility due 2025 agented by Bank of America, N.A.

The international media, services and education company Bertelsmann now owns a strategic three-quarters majority of Penguin Random House. The two shareholders of the world's biggest trade publishing group – Bertelsmann, and the British global education company Pearson – agreed on a new ownership structure in July: Now that the transaction has closed, Bertelsmann holds 75 percent of the book group; Pearson 25 percent. Penguin Random House’s enterprise value was set at $3.55 billion for the purposes of the share increase. Thomas Rabe, Chairman and CEO of Bertelsmann, said: "Bertelsmann has the widest range of creative products of any company worldwide – and the book business has served as a core part of our identity for more than 180 years. Accordingly, today marks a strategic milestone for us in several respects. First, the three-quarters majority in Penguin Random House will increase the profit share of Bertelsmann's shareholders by more than 60 million euros. Second, we now have the ideal prerequisites for developing Penguin Random House – already number one in the book world – with a view to the long term and in continuity. And third, we now own strategic majorities in all of Bertelsmann's corporate divisions: 75 percent of RTL Group and Penguin Random House; 100 percent of all other divisions.” Click Read More below for additional detail.