Tag Archives: business

Rite Aid Declares Bankruptcy Amid Opioid Lawsuits

Reuters reports: Rite Aid filed for Chapter 11 bankruptcy on Sunday, a move that would halt lawsuits the drugstore chain is facing over its alleged role in the U.S. opioid crisis and named a new CEO. Rite Aid said it has received a commitment for $3.45 billion in new financing from some of its lenders, which will provide enough liquidity …

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FTC And 17 States File Antitrust Suit Against Amazon

The Washington Post reports: The Federal Trade Commission and 17 state attorneys general filed a sweeping antitrust lawsuit against Amazon Tuesday, a long-awaited move that seeks to bar the company from allegedly abusing its powers to raise prices for shoppers and levy high fees against businesses that sell on its platform. The FTC alleges that Amazon engages in illegal behavior …

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Gasoline Prices Fuel Uptick In US Inflation Rate

Reuters reports: U.S. consumer prices increased by the most in more than a year in August amid a surge in the cost of gasoline, but a moderate rise in underlying inflation could encourage the Federal Reserve to keep interest rates on hold next Wednesday. The consumer price index increased by 0.6% last month, the largest gain since June 2022, the …

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Spirit Airlines To Pay $8.25M Over “Surprise” Bag Fees

NBC News reports: Spirit Airlines has agreed to pay up to $8.25 million to settle a class action lawsuit by passengers who said the low-cost carrier blindsided them with surprise carry-on bag fees on tickets bought through third-party travel services. Lawyers for the passengers disclosed the deal in a motion late Wednesday in federal court in Brooklyn and asked a …

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Cinemas Nationwide To Sell $4 Tickets On Sunday

The Associated Press reports: Still haven’t seen “Barbie” or “Oppenheimer”? This Sunday, you’ll be able to catch up for $4 a ticket in movie theaters nationwide. Theater owners announced Monday that the second annual National Cinema Day will be held Sunday, Aug. 27. For one day, all movies — in all formats and at all showtimes — will be $4 …

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NYC Begins Crackdown On Unlicensed Weed Shops

The Real Deal reports: A City law that demands landlords squash illegal weed shops went into effect on Monday. The enacted bill, from Queens Council member Lynn Schulman, will slap fines up to $10,000 on landlords who knowingly lease commercial space to unlicensed marijuana sellers, according to a press release. Weed sellers themselves get off a lot easier. They face …

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Trucking Giant Bankrupt After $700 Million Bailout

The New York Times reports: Three years after receiving a $700 million pandemic-era lifeline from the federal government, the struggling freight trucking company Yellow is filing for bankruptcy. After monthslong negotiations between Yellow’s management and the Teamsters union broke down, the company shut its operations late last month, and said on Sunday that it was seeking bankruptcy protection so it …

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Apple Is First Company With $3 Trillion Market Cap

The Associated Press reports: Apple became the first publicly traded company to close a trading day with a $3 trillion market value, marking another milestone for a technology juggernaut that has reshaped society with a line-up of products that churn out eye-popping profits. Apple shares closed up 2.3% at $193.97 Friday, bringing its market value to $3.04 trillion. Apple is …

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FTC Proposes $50,000 Fines For Fake Online Reviews

The Washington Post reports: Fake reviews are ruining the web. But there’s some new hope to fight them. The Federal Trade Commission on Friday proposed new rules to take aim at businesses that buy, sell and manipulate online reviews. If the rules are approved, they’ll carry a big stick: a fine of up to $50,000 for each fake review, for …

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Twitter Now Requiring An Account To View Tweets

The Verge reports: If you currently try to access Twitter without logging in to your user account, you may find you’re unable to see any of the content that was previously available to the wider public. Instead, you’ll likely be met with the Twitter window that asks you to either sign in to the platform or create a new account, …

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Overstock.com To Rebrand As Bed Bath & Beyond

Reuters reports: Overstock.com intends to sunset its company name and rebrand as Bed Bath & Beyond after purchasing that company’s intellectual property assets in bankruptcy, Overstock CEO Jonathan Johnson said on Thursday. Overstock, which chose not to bid on any of Bed Bath & Beyond’s retail locations or inventory, will remain an online-only home goods retailer, combining Overstock’s strengths with …

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Bed Bath & Beyond To Continue Online In Name Only

NBC News reports: Bed Bath & Beyond will live on in name only after Overstock.com won an auction for the failed home goods retailer’s intellectual property and digital assets, according to court records filed early Thursday. The e-commerce discounter, which was selected as the stalking horse bidder for Bed Bath’s bankruptcy-run auction, will buy the chain’s brand name, business data …

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POLL: 70% Back Corporate Support For LGBTQ People

The Hill reports: An overwhelming majority of Americans who do not identify as LGBTQ believe companies should publicly support the community, according to a survey from the LGBTQ media watchdog GLAAD. In a report released Thursday, the official start of LGBTQ Pride Month, roughly 70 percent of more than 2,500 adult respondents who are not LGBTQ said companies should support …

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Musk Loses Federal Appeal About His Tesla Tweets

Courthouse News reports: Tesla CEO Elon Musk failed to overturn corporate monitoring of some of his tweets imposed by the SEC. In a 7-page ruling made public Monday, a three-judge panel for the Second Circuit found no reason to terminate oversight to which Musk had voluntarily agreed. The Securities and Exchange Commission mandated oversight of Musk’s social media posts concerning …

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Vice Media Files For Chapter 11 Bankruptcy Protection

Reuters reports: Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures. Vice said that the lender consortium, which includes Fortress Investment Group, Soros Fund Management and Monroe Capital, will provide about $225 million in the …

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Amazon Offers $10 If You Come Pick Up Your Package

Reuters reports: Amazon.com is offering customers $10 to pick up a purchase rather than have it shipped to a home address, as the e-commerce giant joins other retailers in racing to slash costs for home delivery and returns amid slack consumer demand. Amazon over the last few days has emailed an unknown number of Prime subscribers offering them $10 to …

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Bed Bath & Beyond’s Famous Coupons Have Expired

Axios reports: Bed Bath & Beyond coupons that never expire finally expired. Tuesday was the last day to use the iconic blue coupons — which households across the country have stowed away for years — before they are worthless. The company’s gift cards won’t have value for much longer, either. But consumers may still be able to snag deals during …

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Retailers Worldwide To Transition To “2D Barcodes”

Axios reports: In a worldwide push called “Sunrise 2027,” the retail industry is transitioning from the standard 12-digit barcode — that square of vertical lines that’s printed on a package and makes it go “beep” at the checkout scanner — to a two-dimensional web-enabled version. The effort is being orchestrated by GS1 US, the nonprofit standards organization that oversees the …

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Tupperware Warns It May Soon Go Out Of Business

The New York Daily News reports: Food-storage company Tupperware’s stock tumbled on Monday after warning it could be on the brink of going out of business after nearly 80 years. The 45% slide came after the company announced it had hired financial advisers to help keep the company solvent amid “substantial doubt about the company’s ability to continue as a …

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Bed Bath & Beyond Closes 87 Stores In Last Ditch Move

ABC News reports: Bed Bath & Beyond told Nexstar Monday that it will be closing 87 additional stores, an announcement that comes days after the beleaguered home goods chain said it had defaulted on its loans. Bed Bath & Beyond said the closures are being done to increase efficiency as the company works with advisors to “consider multiple paths” as …

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