Business

Sears To Shutter Dozens More Stores In November

Bloomberg reports: Sears Holdings Corp. continues to clean house, announcing plans to shutter an additional 46 unprofitable stores in November. The struggling chain informed workers at the impacted stores this week, and liquidation sales will begin as early as Aug. 30. The move is “part of our ongoing efforts to streamline Sears Holdings’ operations, strengthen our capital position and focus …

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China Retaliates As Billions In New US Tariffs Kick In

CNBC reports: A new round of U.S. tariffs on $16 billion worth of Chinese imports kicked in on Thursday, prompting Beijing to retaliate with its own levies on American goods worth the same amount. The latest trade escalation comes as officials from the world’s two largest economies meet for tariff negotiations in Washington. At 12.01 a.m. EDT on Thursday, the …

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PETA Prompts Animal Crackers Box Redesign [VIDEO]

The Associated Press reports: After more than a century behind bars, the beasts on boxes of animal crackers are roaming free. Mondelez International, the parent company of Nabisco, has redesigned the packaging of its Barnum’s Animals crackers in response to pressure from PETA, which has been protesting the use of animals in circuses for more than 30 years. Mondelez agreed …

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Lawyer For Pharma Douche Sentenced To 18 Months

Courthouse News reports: “I will regret every day of my life the day I met Martin Shkreli.” Evan Greebel, the former lawyer for “Pharma Bro” Shkreli, briefly addressed the court for the first time during his sentencing Friday for wire and securities fraud conspiracy. U.S. District Judge Kiyo Matsumoto sentenced Greebel to 18 months in prison and over $10 million …

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Grocery Chain Tests Driverless Deliveries [VIDEO]

The Associated Press reports: At a time when big-box retailers are trying to offer the same conveniences as their online competitors, the biggest U.S. grocery chain is testing the use of driverless cars to deliver groceries in a Phoenix suburb. Kroger’s pilot program launched Thursday morning with a robotic vehicle parked outside one of its own Fry’s supermarkets in Scottsdale. …

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Bikers To Boycott Harley-Davidson Because Trump

The New York Times reports: Gary Rathbun rumbled into South Dakota to attend the United States’ pre-eminent gathering of motorcycle enthusiasts atop his Harley-Davidson, a 2009 Ultra Classic that brought him 800 miles from Idaho. It is the 40th Harley he has owned. It will also likely be his last. Like many of Harley’s most loyal customers, Mr. Rathbun was …

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Trump To Dine Tonight With Apple CEO Tim Cook

The Hill reports: President Trump will dine with Apple CEO Tim Cook on Friday, praising the tech leader in a tweet for making investments in the U.S. Trump announced late Friday that he would meet with the CEO, a dinner conversation that will take place just days after the president met with a number of business leaders representing various industries …

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New York City Braces For 15-Month L Train Shutdown

The New York Post reports: It appears that the Williamsburg exodus has begun — with apartment inventory shooting up by 25 percent and rent slipping back down to 2015 prices — thanks to the L-train shutdown. Local hipsters are apparently heading for the hills as the final day of service fast approaches. “The shutdown is eight months away, which means …

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Tribune Breaks Off $3.9B Sinclair Merger, Sues Sinclair

CBS News reports: Tribune Media is withdrawing from its $3.9 billion buyout by Sinclair and it’s filing a lawsuit against it, citing breach of contract. Tribune Media would be on the hook for a $135 million breakup fee, according to the agreement reached last year. Sinclair Broadcast Group had offered to buy the Chicago company’s 42 TV stations and had …

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SOUTH CAROLINA: Tariffs To Shutter Television Plant

CNBC reports: A South Carolina television maker says it’s laying off 126 workers because of President Donald Trump’s tariffs on imports from China. Element TV Company said in a letter to state employment officials Monday that workers will be let go Oct. 5, leaving a skeleton crew of eight employees to watch the Fairfield County plant in hopes it can …

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CDC Report: Hundreds Ill From Parasite In McD Salads

USA Today reports: Some 395 people have become sick from eating tainted McDonald’s salads, according to an updated count Friday afternoon from the Centers for Disease Control and Prevention. The illnesses have been linked to salad mix contaminated with the Cyclospora parasite, which is spread through fecal matter. Sixteen individuals have been hospitalized, according to the CDC. Fifteen states have …

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Apple Becomes First Public Company Worth $1 Trillion

The New York Times reports: In 1997, Apple was on the ropes. The Silicon Valley pioneer was being decimated by Microsoft and its many partners in the personal-computer market. It had just cut a third of its work force, and it was about 90 days from going broke, Apple’s late co-founder, Steve Jobs, later said. On Thursday, Apple became worth …

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Brookstone To Shutter All 101 Of Its Mall Stores

The death of physical retail grinds on: Brookstone, the ubiquitous seller of cool but largely unneeded things, has filed for Chapter 11 bankruptcy protection again and will close the 101 of its stores that are located in malls. Malls have suffered for years due to far-reaching shifts in the way that Americans shop for just about everything, which has diminished …

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Papa John’s Founder: They Need Me Back Because My Persona Is The Company’s “Authentic, Genuine” Face

The Associated Press reports: The founder of Papa John’s says the pizza chain needs him back as its public face, and that it was a mistake for the company to scrub him from its marketing materials after he acknowledged using a racial slur last month. John Schnatter said in an interview with The Associated Press that he believes he can …

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REPORT: Cuba To Get 248-Room LGBT Resort

According to the Mexican news site ContraMuro.com and Forbes Mexico, a 248-room LGBT resort featuring five bars and three restaurants will open next year on or near (this is unclear) Cuba’s resort island Cayo Guillermo. The “luxurious five-star” hotel is reportedly the project of MGM Mutha Hotels, which currently operates about two dozen resorts in Europe and India, and already …

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CEOs Reap Millions From Trump’s New Tax Law

Politico reports: Some of the biggest winners from President Donald Trump’s new tax law are corporate executives who have reaped gains as their companies buy back a record amount of stock, a practice that rewards shareholders by boosting the value of existing shares. A POLITICO review of data disclosed in SEC filings shows the executives, who often receive most of …

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Cash-Strapped MoviePass May Be On Its Last Legs

Bay Area News Group reports: Is the end near for MoviePass, the popular subscription movie-going service with more than 3 million subscribers? MoviePass experienced “technical difficulties” that prevented many subscribers from using the service Thursday, with its Twitter account saying it was related to its “card-based check-in process.” But the real reason for the technical difficulties? MoviePass ran out of …

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New York Orders Spectrum Cable To Cease Operations

USA Today reports: New York’s utility regulators moved Friday to revoke Charter Communication’s ability to operate in the state, arguing that the state’s top cable provider hasn’t lived up to the terms of its 2016 merger with Time Warner Cable. The Public Service Commission gave Charter 60 days submit a plan to hand over its New York operations to a …

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New York City Seeks To Rein In Ride-Hailing Services

The New York Times reports: New York City officials are moving to cap the number of vehicles driving for Uber and other ride-hailing services as part of an aggressive move to address mounting concerns that their explosive growth has led to worsening congestion and low driver wages. The legislation being considered by the City Council would make New York the …

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Facebook Loses $120 Billion In Value, Largest One-Day Loss For Any Company In US Stock Market History

CBS News reports: Facebook lost about $120 billion of its value on Thursday, marking the biggest one-day loss in U.S. market history. The company’s shares plunged $41.24, or almost 19 percent, to $176.26 a day after the social media giant reported disappointing results. The slide is the largest decline market capitalization in history, exceeding Intel’s $91 billion single-day loss in …

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