Legal
March 7, 2017 at 10:35 am
RadioShack’s owner is preparing to seek bankruptcy protection for the second time in two years, according to people familiar with the matter, as the 1,500-store chain looks to further shrink to survive. Parent company General Wireless Operations Inc. is in discussions with partner Sprint Corp. and potential strategic investors about reducing the chain’s footprint and could…
March 1, 2017 at 11:52 am
On Monday, Walmart Stores Inc. won the dismissal of a U.S. lawsuit accusing it of defrauding shareholders in its Wal-Mart de Mexico unit by concealing its suspected bribery of public officials in Mexico. Reports say Judge Katherine Polk Failla in Manhattan said holders of Wal-Mex's American depository shares can not pursue claims that Wal-Mex's former Chairman…
March 1, 2017 at 11:10 am
Women’s apparel retailer BCBG Max Azria Group LLC sought Chapter 11 protection Tuesday. The company said that its Chapter 11 case could take the form of a stand-alone restructuring, a sale or a merger. It hopes to complete the process in the next six months. In the meantime, stores will remain open — the retailer has lined…
February 28, 2017 at 12:14 pm
Sterling Jewelers Inc. is being accused by hundreds of former employees of fostering an atmosphere of “rampant sexual harassment and discrimination,” according to a bombshell Washington Post report. The class-action arbitration case includes 69,000 current and former female employees, and includes statements from more than 250 former employees alleging a culture of harassment over two decades…
February 23, 2017 at 12:09 pm
President Donald Trump's plan to repeal the Wall Street Reform and Consumer Protection Act of 2010, otherwise known as Dodd-Frank, is just about complete. While language in the Act has imposed a few regulations on bigger businesses that seem unnecessary, there was one key component that was created to help protect small to midsize retailers…
February 22, 2017 at 10:06 am
Sycamore Partners has won the auction for the e-commerce business and intellectual property of bankrupt retailer The Limited with a bid of $26.8 million. Sources close to the situation said Sycamore Partners outbid clothing firm Sunrise Brands LLC. The sale isn’t final yet — it must be approved by a U.S. bankruptcy court judge first.…
February 17, 2017 at 11:46 am
Walgreens’ $10 billion acquisition of Rite Aid is nearing approval by federal regulators, sources say. Reports say the $91 billion chain is optimistic about the new package of stores it's selling to regional pharmacy chain Fred's. The parties involved are hopeful the Federal Trade Commission will approve the deal in the next two weeks to…
February 17, 2017 at 11:26 am
Luxury jewelry retailer Tiffany & Co. is in hot water. A former employee says the jewelry maker pushed her out after she had her breasts and ovaries removed to avoid getting cancer, according to a Business of Fashion report. Lisa O'Rourke alleges in a federal lawsuit that Tiffany & Co. discriminated against her because she carries…
February 16, 2017 at 10:02 am
A group of executives from big-name retailers such as Target, Gap, Walgreens and Best Buy met with President Trump on Wednesday to make their case that a Republican plan for tax reform would be detrimental to their businesses and to the wider economy. The tax proposal, known as the border adjustment, would effectively create a…
February 15, 2017 at 11:42 am
Under Armour has had a rocky start to 2017. In addition to dwindling sales and current backlash from CEO Kevin Plank's comments about the Trump administration, a federal class-action lawsuit was filed Friday accusing Under Armour of intentionally misleading shareholders about the company's financial health. Reports say that the lawsuit, which was filed in U.S.…
