Business

Claire’s Becomes Latest Retailer To Declare Bankruptcy

Bloomberg reports: Claire’s Stores Inc., known for tween jewelry and ear piercing, has become the latest victim of the retail apocalypse. The company filed for bankruptcy Monday and said it reached an agreement with creditors including its private-equity backer, Apollo Global Management LLC, to restructure around $1.9 billion in debt. Its plan to survive rests on its reputation for trendy ...

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Kroger To Stop Selling Print Magazines About Guns

USA Today reports: Kroger said it will stop selling magazines that feature assault rifles as part of a tightening of its policies in the wake of the Parkland mass shooting and growing national anger over gun violence. The Cincinnati-based supermarket retailer said the new policy is being phased in now across its national chain. Kroger didn’t name specific titles, but ...

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Nation’s Largest Radio Chain Declares Bankruptcy

NPR reports: The “substantial doubt” that iHeartMedia’s corporate leaders expressed around the company’s likelihood of surviving another year, mentioned in its quarterly financial report last November, has been put to rest. iHeartMedia, the country’s largest radio broadcaster with around 850 stations and a leading outdoor advertising company, is filing for bankruptcy after spending years trying to manage its $20 billion ...

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How Mitt Romney Helped Kill Toys R Us

Yesterday it was reported that Toy R Us will close down all their stores in the US and Britain, prompting several of you to write with a reminder. From the New York Post last fall: Bain Capital has a knack for throwing big toy retailers into bankruptcy. The buyout firm founded by Mitt Romney — which got slammed this week ...

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Toys R Us To Close All 900 UK And USA Stores

The Washington Post reports: Toy store chain Toys R Us is planning to sell or close all 800 of its U.S. stores, affecting as many as 33,000 jobs as the company winds down its operations after six decades, according to a source familiar with the matter. The news comes six months after the retailer filed for bankruptcy. The company has ...

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Toys R Us Preps To Liquidate US Operations

Bloomberg reports: Toys “R” Us Inc. is making preparations for a liquidation of its bankrupt U.S. operations after so far failing to find a buyer or reach a debt restructuring deal with lenders, according to people familiar with the matter. While the situation is still fluid, a shutdown of the U.S. division has become increasingly likely in recent days, said ...

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FLORIDA: Republicans Target Former NRA Partners As Punishment For Engaging In “Political Speech”

Politico reports: Gun-rights Republicans in the Florida House are starting to punish Enterprise Rent-A-Car and Delta Airlines after the corporations severed ties with the National Rifle Association. Over the past 24 hours, Florida lawmakers, borrowing from counterparts in Georgia, have targeted an aviation fuel tax reduction benefiting Delta and proposed late night budget language to rebid a state rental car ...

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TENNESSEE: Sweden’s Electrolux Puts Major Expansion On Hold After Trump Unveils Stiff Tariff On Steel

CNBC reports: Sweden’s Electrolux, Europe’s largest home appliance maker, said on Friday it would delay a planned $250 million investment in Tennessee, after U.S. President Donald Trump announced tariffs on imported aluminum and steel. On Thursday, Trump said the duties — 25 percent on steel imports and 10 percent on aluminum — would be formally announced next week, although White ...

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Trump To Impose Stiff Tariffs On Steel And Aluminum

The New York Times reports: President Trump said on Thursday that he will impose stiff and sweeping tariffs on imports of steel and aluminum as he moved to fulfill a key campaign promise to get tough on foreign competitors. Mr. Trump said he would formally sign the trade measures next week and promised they would be in effect “for a ...

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Dick’s Sporting Goods Ends Sales Of All Assault-Style Rifles, Won’t Sell Any Gun To Those Under 21 Years Old

The New York Times report: One of the nation’s largest sports retailers, Dick’s Sporting Goods, said Wednesday morning it was immediately ending sales of all assault-style rifles in its stores. The retailer also said that it would no longer sell high-capacity magazines and that it would not sell any gun to anyone under 21 years of age, regardless of local ...

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NFL And Papa John’s Announce “Mutual” Split

The New York Daily News reports: Papa John’s and the NFL are splitting up. In a joint statement released on Tuesday, the two announced the pizza franchise will no longer be the official pizza of the NFL. “The NFL and Papa John’s have made a mutual decision to shift from their official league sponsorship to a focus on partnerships with ...

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Democrats Woo Delta To Move Headquarters After Georgia Blocks Tax Break Over Yanked NRA Discounts

CNN reports: Georgia Republicans are threatening to withhold a hefty tax break for the airline because it ended a travel discount for the NRA. Lieutenant Governor Casey Cagle said corporations “cannot attack conservatives and expect us not to fight back.” Democrats in other states responded Tuesday by publicly wooing Delta. “Virginia is for lovers and airline hubs,” Virginia Governor Ralph ...

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United Airlines Ditches NRA Discount Program

The Hill reports: United Airlines announced Saturday that it would eliminate a discount program for the National Rifle Association, following in the footsteps of competitor Delta Airlines and a host of other companies that have cut ties with the gun group in recent days. In a statement posted to its Twitter account, United said it would no longer offer a ...

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Delta Airlines Joins Exodus From NRA Partnerships

Atlanta’s Fox affiliate reports: Delta has announced that it is ending a discount for NRA members that made it cheaper for them to fly to the group’s annual convention. In a tweet sent early Saturday morning, the airline said that it will be ending its contract that provided discounted rates for NRA members “through our group travel program.” Prior to ...

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Ad Revenue Soars 62% For MSNBC, 32% For CNN

The Hill reports: Advertising revenue on cable news grew a prodigious 25 percent year-over-year, with MSNBC seeing the biggest jump, according a Friday report from Adweek. New data from the Standard Media Index, which tracks 70 percent of national advertising spending “fresh from the invoicing source” according to its website, shows that MSNBC grew its revenue from from January 2017 ...

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Grocery Chain Winn-Dixie To File For Bankruptcy

Bloomberg reports: Bi-Lo LLC, the supermarket company that owns the Winn-Dixie chain, is preparing for a potential bankruptcy filing as soon as next month, according to people with knowledge of the matter. The retailer is planning to shut almost 200 stores as part of the move — either before or after the filing — said one of the people, who ...

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DISLOYALTY: Stock Market Plummets 1000+ Points

The Associated Press reports: Dow Jones industrials plunged over 1,000 points Thursday, bringing the index down 10 percent from the record it reached two weeks ago. Stocks started to fall in early trading and extended their losses throughout the morning. The market’s turmoil began last Friday and has continued this week as investors worried about early signs of inflation. Analysts ...

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Twitter Reports First-Ever Quarterly Profit

Reuters reports: Twitter shares surged 22 percent at the market open on Thursday after it reported its first quarterly profit and better-than-expected revenue, helped by ads that better targeted users and sales growth outside the United States. Investors shrugged off zero growth in Twitter’s users from a quarter earlier, which the company blamed in part on seasonal weakness and its ...

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Los Angeles Times Sold To Trump Ally Pharma Billionaire

CNBC reports: Tronc said Wednesday it has struck a deal to sell the Los Angeles Times, The San Diego Union-Tribune and other titles in the California News Group to billionaire biotech investor Patrick Soon-Shiong. The agreement with Soon-Shiong, a major shareholder in Tronc and chief executive of NantHealth, includes $500 million in cash plus the assumption of $90 million in ...

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$560 Million Lottery Winner Sues For Anonymity

Fortune reports: One very lucky New Hampshire woman is the winner of last month’s $560 million Powerball—but she wants to keep her identity a secret. Due to existing lottery rules, the winner is obligated to publicly claim the winnings, thereby indirectly letting friends and criminals alike know that she has come into millions. The winner fears that the inability to ...

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