The central bank is not normally in the business of easing into an economy that is showing few signs of a recession, generally holding fire until more pronounced signs of a...The Fedread more
His case for gold comes as central banks get more aggressive with policies that devalue currencies and are about to cause a "paradigm shift" in investing.Marketsread more
CSX said it expects revenue to fall as much as 2% in 2019, well below a previous forecast of an increase of 1% to 2%.Marketsread more
Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, cause a stunning drop in foreign demand for American homes.Real Estateread more
The growth in net interest income, a main engine of banking profit, looks to slow to a halt in the back half of this year, Bank of America CFO Paul Donofrio says.Banksread more
These are the stocks posting the largest moves midday.Market Insiderread more
Here's how Amazon sells ads, and why it has a natural edge over Google and Facebook in some areas.Technologyread more
Netflix, which reports earnings Wednesday afternoon, is losing licensed shows to rivals launching their own streaming services.Technologyread more
Federal Judge William Pauley wrote in a court filing made public Wednesday that materials related to Cohen's campaign-finance probe should be unsealed — and denied a request...Politicsread more
The "'Cadillac tax," set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class.Health and Scienceread more
Facebook's head of Calibra David Marcus is grilled during a House Financial Services Committee hearing over the company's digital currency plans.Technologyread more
Aeropostale has been negotiating a potential sale to private equity firm Versa Capital Management that would save thousands of jobs at the bankrupt U.S. teen retail chain and keep many of its stores open, according to a court filing.
Versa, which specializes in distressed investments, would pay an undisclosed amount of cash for Aeropostale's inventory and take on over 500 of the chain's leases, located mostly in malls across the United States, according to the filing made late on Thursday.
Versa's offer would be a potential stalking horse bid in a bankruptcy auction for the retailer scheduled for later this month, setting the minimum price for other potential buyers. Other bids are due Aug. 18.
Spokespeople for Aeropostale and Versa declined to comment.
Aeropostale is currently ensnared in a legal battle with one of its lenders, private equity firm Sycamore Partners, creating uncertainty in the auction process.
The retailer claims Sycamore pushed it into bankruptcy and has asked a U.S. bankruptcy court judge to bar the private equity firm from using the money it is owed to bid. Aeropostale is also asking that the judge reduce how much Sycamore would be repaid on its $150 million loan.
The matter is scheduled to go to trial later this month.
Because of the uncertainty, Versa will not advance negotiations unless Aeropostale reimburses the firm for the expenses it incurs in its work on the potential bid, according to the filing. The retailer is asking a U.S. bankruptcy judge for permission to pay Versa up to $500,000 of its expenses.
Because the deal would keep Aeropostale's U.S. operations up and running, it would help boost the value of the retailer's international business and intellectual property, the filing states.
Close to 10 teen apparel retailers including Aeropostale have filed for bankruptcy over the past two years amid fierce competition and stagnating sales.
Versa bought another mall-based teen retailer, The Wet Seal, out of bankruptcy last year.