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Onemi said one bridge in the area was impassable and some roads were closed as crews worked to restore electricity to some 21,000 homes left without power. Officials had issued a tsunami warning earlier for areas within 1,000 km (621 miles) of the epicenter, just 39 km (24.5 miles) southwest of Quellon, off the coast. But the warning was downgraded to a tsunami watch. Eight mostly small ports in the area were closed, Chile's Navy said. "It's great news that as of now, we don't have to mourn any deaths as a result of the earthquake in the south," Chilean President Michelle Bachelet said on Twitter. "Our goal is to reestablish normalcy in the affected communities." The quake was felt on the other side of the Andes mountains in Argentina, in the southwestern city of Bariloche, but structural damage in areas close to the epicenter was limited, witnesses said. The quake was relatively shallow, at a depth of about 34.6 km (21.5 miles), according to the U.S. Geological Survey (USGS). "There was a lot, a lot of movement here, but besides that nothing of note, there weren't houses falling," said Alamiro Vera, owner of the Cabanas Hotel in Quellon. "It was just scary, and some things inside fell." Alvarado, 46, said she was preparing to travel to the countryside to celebrate Christmas with friends when she felt the quake and ran out of her home.
22, 2016 /PRNewswire/ --Warburg Pincus, a global private equity firm focused on growth investing, today announced that funds affiliated with the firm have agreed to acquire Gabriel Brothers, Inc. ("Gabe's" or the "Company"), an off-price fashion and home retailer. As part of the transaction, Alvarez & Marsal Capital, the Company's current majority owner, will exit its stake in the Company. Terms of the transaction were not disclosed. Gabe's, formerly known as Gabriel Brother's, operates 106 stores under the Gabe's and Rugged Wearhouse banners across 11 states in the Mid-Atlantic and Southeast. The Company sells leading apparel, footwear, accessories, and home brands at up to 70% off department and specialty store prices. The Company was founded in 1961 by the Gabriel family and is headquartered in Morgantown, West Virginia. "Gabe's is a leading retailer with a strong and growing customer base. As consumer preference continues to shift from traditional department stores to off-price retailers, we see a compelling market opportunity to grow the business through new store openings and expansion into new regions," said Annette Rodriguez, Managing Director, Warburg Pincus. "Alvarez & Marsal Capital has enjoyed a successful partnership with the Gabriel family, current senior management and all of the Gabe's employees in leveraging the Company's strong brand and store concept to drive significant growth throughout the period of our investment. We believe that the Company's attractive value proposition, strong team and significant customer loyalty will serve as a strong basis for continued growth as Gabe's transitions to new ownership," said Kurt Kaull, Managing Director, Alvarez & Marsal Capital. UBS Investment Bank and Wells Fargo Securities acted as financial advisors to Warburg Pincus. Jefferies LLC acted as financial advisor to Alvarez & Marsal Capital. About Gabe's Gabe's, founded in 1961, is a privately-held, extreme value off-price retailer headquartered in Morgantown, West Virginia. The company operates 61 Gabe's stores across 11 states, as well as 45 stores operating as Rugged Wearhouse. The company sells designer brands and fashions for up to 70% off department and specialty store prices. Their stores carry designer brand name ladies, juniors, lingerie, men's and children's apparel, along with footwear, accessories, handbags, bath and beauty products, home decor, soft home, and housewares. About Warburg Pincus Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $40 billion in private equity assets under management. The firm's active portfolio of more than 130 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 16 private equity funds, which have invested more than $58 billion in over 760 companies in more than 40 countries. Warburg Pincus has invested more than $12.5 billion in over 200 healthcare and consumer companies. Current and former investments in the retail and consumer goods sectors include Glansaol, Neiman Marcus, Poundland, REISS, Wanse, Biba Apparels, Kalyan Jewellers, Kidswant, and Intime Department Store Group, among others.
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