New York: This week’s top headlines in the world of business and design include a high-stakes tariff threat from President Donald Trump, a major collaboration between Target and interior designer Jeremiah Brent, and significant developments in real estate, retail, and art.
Business Highlights
- Trump Threatens European Tariffs Over Greenland
On Saturday, President Donald Trump announced via social media that the U.S. might impose new tariffs on eight European countries—Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden, and the U.K.—if they do not facilitate the U.S. acquisition of Greenland. Starting February 1, a 10% tariff on all goods from these nations would be implemented, rising to 25% by June 1. The move has sparked concern across Europe, with the EU convening an emergency meeting to address the threat, which comes amid diplomatic tensions and protests in Greenland and Denmark. - Saks Global Files for Bankruptcy
Luxury department store giant Saks Fifth Avenue and Neiman Marcus’s parent company, Saks Global, filed for Chapter 11 bankruptcy protection last week. The restructuring will be supported by $1 billion in debtor-in-possession financing from a bondholder group including Pentwater Capital and Bracebridge Capital, along with additional equity and credit lines. While the future store count remains uncertain, reductions in store numbers are expected as part of the process. - Snohetta Faces Employee Unionization Lawsuit
Architectural firm Snohetta is under legal scrutiny after allegations of retaliatory firing. A complaint filed by the National Labor Relations Board accuses the firm of illegally dismissing eight employees—who voted in favor of unionizing with the International Association of Machinists and Aerospace Workers—following a failed union campaign. The case is now headed to litigation unless settled. - SouthWorth Capital Acquires American Furniture Manufacturing
In a significant buyout, SouthWorth Capital Management has acquired Mississippi-based American Furniture Manufacturing (AFM), which owns brands like Peak Living and Delta Furniture. The deal includes AFM’s manufacturing facilities and approximately 650 employees, expanding SouthWorth’s portfolio of home-related businesses. - New York Considers Loosening Environmental Regulations
Governor Kathy Hochul proposed reforms to streamline housing development in New York by exempting most projects from the State Environmental Quality Review Act, a law that has historically slowed new construction. The move aims to address the state’s housing shortage, which is estimated at around 800,000 homes. - Charles Cohen Seeks Extension on Debt Repayment
Real estate mogul Charles Cohen is requesting more time to settle a $187 million debt owed to Fortress Investment Group. Despite efforts to reduce his liabilities through property sales, Fortress has sought court intervention, proposing receivership of Cohen’s assets, including the iconic Pacific Design Center, to ensure repayment. - Memphis-Based Furniture Retailer Closes After 37 Years
Sensational Sofas & Interiors, a local high-end furniture and interior design retailer founded in 1989, announced its closure after nearly four decades. Owners Roger and Sandy Phillips are retiring, and a going-out-of-business sale is underway.
Design, Launches, and Collaborations
- Target & Jeremiah Brent Launch Bedding Collection
Target has teamed up with interior designer and TV personality Jeremiah Brent for a new bedding line. The collection features over 80 items, emphasizing neutral tones, clean lines, and natural textures. - Palazzo Introduces AI-Driven Visualization Tool
Venus Williams-backed AI platform Palazzo has launched Palazzo Studio, enabling merchandising and marketing teams to transform product photos into realistic lifestyle imagery with styling accessories, enhancing online presentation and e-commerce.
Upcoming Showhouses & Showrooms
- The Living by Design Virtual Showhouse Returns
Set for this spring, the third edition of the Virtual Showhouse will feature 11 designers creating conceptual spaces based on the theme of the dream home. The project is set in a virtual Dallas residence, utilizing advanced 3D rendering technology. - Cassina Expands in Los Angeles
Italian furniture brand Cassina has signed an exclusive distribution deal with Brand Modul for the Los Angeles market, taking over from its previous distributor. The collection will be available at a new West Hollywood showroom housed in a historic building designed by Charles and Ray Eames.
Recommended Reading & Industry Insights
- An in-depth look by The New York Times explores how immigrant labor has shaped the U.S. construction industry and examines the potential impact of immigration policies on housing shortages.
- Dwell defends the “man cave” as a personal sanctuary for men to explore aesthetics or relax, challenging traditional notions of domestic spaces.
- Elle Decor reflects on the nostalgic resurgence of 2016’s aesthetic trends, including maximalism and 1970s influences, and what they mean for contemporary interior design.
Recognition & Awards
The Expert’s 2026 Top 40 list has been unveiled, honoring standout performers in the industry. Notable winners include Galerie Solis as #1 Expert Brand, Molly Kidd as Rising Star, Heidi Caillier in the West Coast category, and Zoë Feldman on the East Coast.
