The company, operator of Sears department stores and the Kmart discount chain, has been selling or spinning off assets and closing stores for the past few years to try to turn around its business. Sales have been dropping since Lampert combined Sears and Kmart in an $11 billion deal in 2005..» Read More
Aug 7- Ralph Lauren Corp on Wednesday reported disappointing quarterly sales at its own stores, raising concerns that it is expanding too quickly, and the fashion company reiterated its forecast for modest growth this fiscal year. Shares of Ralph Lauren fell 6.1 percent to $177.89 in midday trading.
Aug 7- Trucking company YRC Worldwide Inc said it was looking at recapitalization options and reported a larger-than-expected quarterly loss due to delays in a cost-cutting program at its freight business.
Aug 7- Trucking company YRC Worldwide Inc said it was looking at recapitalization options, as it reported a larger-than-expected quarterly loss. YRC Worldwide shares were set to open nearly 16 percent down on the Nasdaq on Wednesday, after the company reported its ninth loss in the past 10 quarters. YRC Worldwide shares closed at $28.58 on Tuesday.
BIRMINGHAM, Ala., Aug 6- A U.S. judge on Tuesday cleared the way for Wall Street banks and others owed $4.2 billion to vote on a plan to end the second-largest U.S. municipal bankruptcy.
Aug 6- Spirit AeroSystems Holdings, a supplier of parts to Boeing Co and Airbus, on Tuesday said it plans to divest its Oklahoma operations, including sites in Tulsa and McAlester, in a bid to improve operations and drive down costs.
Aug 6- Spirit AeroSystems Holdings, a supplier of parts to Boeing Co and Airbus, on Tuesday said it plans to divest Oklahoma operations, including sites in Tulsa and McAlester, as part of a strategic review it began in May.
Aug 5- The Washington Post Co has agreed to sell its newspaper assets, including its flagship daily, to Amazon Inc founder Jeff Bezos for $250 million. Washington Post Chairman and Chief Executive Donald E. Graham, whose family owns the paper, said it would be better served with another owner.
Aug 5- Unsecured creditors of drybulk shipper Excel Maritime Carriers Ltd have asked a bankruptcy court to terminate the exclusivity period for the company's reorganization plan, saying the package benefited only secured lenders and controlling shareholders.
Aug 2- The U.S. Department of Justice is taking its third shot at nixing a proposed $19.9 million severance package for American Airlines Chief Executive Tom Horton, who will step down after American's bankrupt parent, AMR Corp, merges with US Airways. In court papers filed on Friday in U.S. Bankruptcy Court in Manhattan, the U.S.
DETROIT, Aug 2- Detroit aims to file a restructuring plan by the end of 2013, earlier than a date previously proposed by a federal bankruptcy judge, but the judge's appointment of a creditors' committee made up of retired workers- over objections from city unions and pension funds at a Friday hearing- was an early sign of controversy in the historic case.
Aug 2- U.S. insurer American International Group Inc said it was still in talks with a Chinese consortium regarding the sale of its ILFC aircraft leasing unit for about $4.8 billion. AIG Chief Executive Bob Benmosche said on a post-earnings conference call that the company was also open to an initial public offering of the unit if a deal does not go through.
Activist investor Carl Icahn is suing Dell to prevent it from changing crucial details of a buyout offer from founder Michael Dell that Icahn stridently opposes.
The hearing in U.S. Bankruptcy Court is a key step toward Detroit Emergency Manager Kevyn Orr's effort to see the city emerge from the largest U.S. municipal bankruptcy filing in history by September 2014. But Detroit must first prove it qualifies to file for bankruptcy and then file a reorganization plan.
NEW YORK, Aug 1- The number of planned layoffs at U.S. firms fell modestly in July, though the healthcare and defense sectors saw the biggest job cuts, a report on Thursday showed. Employers announced 37,701 layoffs last month, down 4.2 percent from 39,372 in June, according to the report from consultants Challenger, Gray& Christmas, Inc..
Aug 1- Chesapeake Energy Corp, the second-largest U.S producer of natural gas, on Thursday reported a lower quarterly profit, as year-ago results were boosted by a gain from the sale of its gas gathering and processing business.
July 31- Credit Suisse Group AG is in advanced talks to sell a private equity business to Grosvenor Capital Management LP as the bank adapts to stricter rules for managing capital and risk, a person familiar with the matter said on Wednesday.
PARIS, July 31- EADS will take the name of its flagship brand Airbus and target higher profits by combining defence and space units, Europe's top aerospace group confirmed on Wednesday, in a move that could involve job cuts.
*Profit per share of $1.57 tops Wall Street view of $1.32. July 31- Energizer Holdings Inc said on Wednesday that two U.S. retailers planned to stop selling its batteries, adding pressure to its sagging sales, while faster savings from its restructuring allowed it to maintain its profit forecast.
JOHANNESBURG/ HONG KONG, July 31- South Africa's Standard Bank is in talks to sell its markets business in London to its biggest shareholder Industrial and Commercial Bank of China for more than $500 million, two people familiar with the matter said on Wednesday.
NEW YORK, July 30- Oil slipped on Tuesday and the spread between WTI crude and Brent widened as traders bet that the fund-fuelled rapid run-up in U.S. prices had gone too far, while some held tight ahead of a Federal Reserve meeting.