Legal
March 26, 2019 at 9:46 am
A lawsuit against Amazon.com-owned Zappos will continue after the U.S. Supreme Court rejected an appeal from the online shoe retailer in a seven-year-old data breach case. In the wake of a 2012 data breach that exposed the names, addresses, phone numbers and more of 24 million customers, Zappos faced several lawsuits from customers. Zappos argued unsuccessfully…
March 6, 2019 at 5:46 pm
Denim and accessory brand Diesel USA Inc. filed for Chapter 11 bankruptcy Tuesday, reports Reuters. The company's Italian parent brand Diesel SpA was not involved in the bankruptcy filing. Diesel USA claimed expensive leases, a sales plunge, and $1.2 million of losses from theft and cyber fraud as main contributors to the decline of profitability…
February 19, 2019 at 7:48 pm
Following a successful holiday season in 2018, the retail industry was immediately shaken by the longest-lasting government shutdown in U.S. history. Initially, some thought the impact would only affect the first financial quarter, however, as the shutdown lingered, the impact could be felt through the rest of 2019. The federal government shutdown cost the economy…
February 18, 2019 at 2:26 pm
Amazon.com, the e-commerce giant helmed by Jeff Bezos, the world’s richest man, paid no federal taxes on profit of $11.2 billion last year, according to an analysis of the company’s corporate filings by the Institute for Taxation and Economic Policy (ITEP), a progressive think tank. The news of the report was first publicly reported in The Washington Post,…
February 14, 2019 at 2:51 pm
Amazon.com on Thursday canceled its plans to build an expansive corporate campus in New York City after facing an unexpectedly fierce backlash from some lawmakers and union leaders, who contended that a tech giant didn't deserve nearly $3 billion in government incentives. The retail giant, as part of its extensive search for a new headquarters, had…
February 12, 2019 at 2:53 pm
Payless Inc. is preparing for its second trip to bankruptcy court with a plan that could drastically shrink the size of the discount shoe chain, according to people with knowledge of the matter. The retailer is seeking a loan to get through bankruptcy proceedings and discussing plans to shutter a significant portion, and potentially all, of…
February 8, 2019 at 2:47 pm
Sears Holdings got a new lifeline yesterday as its sale to company chairman Eddie Lampert, through an affiliate of his hedge fund ESL Investments, was approved by a federal bankruptcy court judge, according to CNBC. ESL has said the $5.2 billion deal to buy Sears will save 425 stores and roughly 45,000 jobs. While an initial…
January 28, 2019 at 11:56 am
Things Remembered, a retailer of engraved gifts and keepsakes, is preparing to file for bankruptcy protection and will shutter most of its roughly 400 stores, people familiar with the matter said last week. The preparations show how a debt restructuring that Things Remembered underwent in 2016 wasn't enough to spare it from the wave of bankruptcies…
January 17, 2019 at 3:15 pm
Shopko, the general merchandise retailer with stores located throughout the Central, Western and Pacific Northwest regions of the U.S., announced that it, along with its subsidiaries, has filed for Chapter 11 bankruptcy protection. In its filing, Shopko cited excess debt and ongoing competitive pressures as the reason for the measure. Shopko reported assets of less than $1…
December 21, 2018 at 9:58 am
Gymboree is shopping for a bankruptcy loan as it prepares for a second chapter 11 filing in less than two years. The bankruptcy filing, which could come as early January, would allow the struggling children’s apparel retailer to close most of its stores, the people said. However, the company is seeking a bankruptcy loan that…
