Sears Holdings, which has been posting losses since mid-2012, has been closing stores, cutting inventory and selling property and assets after nearly a decade of falling sales. Shareholders of Sears Holdings will have the right to buy one share of Sears Canada for each share held, at a price of C $10.60 per share. Sears Holdings shares rose 5 percent to $26.47 on the...» Read More
Oct 1- The New York Times Co said it planned to cut jobs to lower costs and invest the savings in its "digital future." "The reduction in positions will vary across the company," the New York Times said in a regulatory filing.
Oct 1- Brookfield Asset Management won the auction for Atlantic City's bankrupt Revel Casino Hotel with a $110 million bid, said two sources familiar with the situation. Revel Casino, which cost $2.4 billion to build, opened in 2012 and closed on Sept. 2 after filing for its second bankruptcy in June.
SACRAMENTO, Calif.— Employees of the bankrupt California city of Stockton could be forced to take a 60 percent pension cut if a federal judge rejects its reorganization plan, a lawyer for the city said Wednesday in a case that could clarify who gets paid first by financially strapped cities around the nation— retirement funds or creditors. The contention by...
BUFFALO, N.Y.— A Buffalo- based website designer and service provider says it will lay off about 70 employees, including 50 who work at the company's downtown headquarters. Synacor Inc. CEO Himesh Bhise said in a statement released Tuesday that about 20 percent of the company's workforce will be laid off in an effort to make the firm "leaner and more agile."
GOLDEN VALLEY, Minn.— General Mills Inc. plans to eliminate 700 to 800 jobs as part of its cost-cutting plan to fight declining sales. General Mills says the job cuts will primarily be in the U.S. The Star Tribune says the job cuts are expected to be completed by spring and will save $125 million to $150 million annually.
Oct 1- Brookfield Asset Management has won the auction for Atlantic City's bankrupt Revel Casino Hotel, said a source familiar with the situation. The company bid $110 million for the casino complex, topping a $90- million bid by Florida real estate developer Glenn Straub, who did not submit a superior bid by 5.00 a.m. ET, the source said.
NEW YORK— General Mills plans to cut approximately 700 to 800 jobs, the second time it's trimmed its work force in a month, as the food company adjusts for a shift by U.S. consumers away from boxed or frozen meals. General Mills Inc. anticipates the current restructuring to be completed by fiscal 2015' s end.
DAYTON, Ohio— Officials say no layoffs are planned at Ohio's largest military base, though every one of the 372 mostly vacant positions targeted at Wright-Patterson Air Force Base near Dayton will still be eliminated. Base spokesman Daryl Mayer tells the Dayton Daily News that 103 of those positions still have people working in them.
WILMINGTON, Del.— A Delaware bankruptcy judge will hold a hearing Thursday on a request by Trump Entertainment Resorts to be relieved of its pension obligations under a collective bargaining agreement with workers at the Taj Mahal casino.
Cutler said that LePage negotiated a bad deal with Portsmouth, New Hampshire- based Cate Street Capital, which manages the Great Northern Paper Co. mills in Millinocket and East Millinocket. The East Millinocket paper mill shut down in January, and last week the company declared bankruptcy.
NEW YORK— A company formerly known as USEC Inc., which provides uranium fuel to nuclear power plants, said Tuesday that it has emerged from Chapter 11 bankruptcy protection and has renamed itself Centrus Energy Corp.. USEC filed for bankruptcy protection in March.
ZURICH, Sept 30- Cement makers Holcim and Lafarge are stepping up plans to shed assets in order to win clearance from competition regulators for their planned mega-merger, including possibly spinning them off into a new company.
Sept 29- A U.S. judge held Argentina in contempt of court on Monday, saying the republic was trying to find ways to circumvent a prior order requiring it pay holdout bondholders at the same time as other creditors who restructured their debt in recent years.
EAST MILLINOCKET, Maine— Three Maine-based creditors want to move the Great Northern Paper Co. bankruptcy case from Delaware to Maine. The creditors contend Maine's attorney general, the towns of East Millinocket and Millinocket and the employees' unions all support moving the federal bankruptcy proceedings to Maine.
DUBAI, Sept 29- Dubai's Emaar Properties has priced the initial share sale of its malls business at the top end of the proposed range, marking another milestone in the return of investor confidence in the Gulf Arab state after the financial crisis.
DETROIT— Kevyn Orr's success in shepherding Detroit through its historic bankruptcy will leave him unemployed, at least temporarily, when and if his task in the Motor City is complete. Orr left the international law firm Jones Day to take the Detroit job in March 2013 for $275,000 per year. That July, he made Detroit the largest U.S. city to file for bankruptcy.
CARACAS, Venezuela— U.S.-based Clorox Co. warns that the Venezuelan government's decision to seize the company's shuttered facilities near Caracas may pose safety risks for workers and nearby residents.
Sept 26- Michigan officials on Friday signed off on four bond issues totaling $1.1 billion that would fund Detroit's exit from the biggest-ever municipal bankruptcy.
DETROIT, Sept 25- Kevyn Orr will end his 18- month term as Detroit's emergency manager this week, leaving a city still mired in operational and fiscal uncertainty and arguing in court for approval of its bankruptcy plan.
STOCKHOLM— Fashion retailer Hennes& Mauritz AB said Thursday it plans to expand its business over the coming year by increasing online sales and opening new stores, particularly in its largest markets, the U.S. and China. H&M opened new online markets this year in France, Italy and Spain and China, which received "a very good response from customers," Persson said.