The largest U.S. banks are scrutinizing members of the Federal Reserve for any insight into how the central bank will tinker interest rates.Banksread more
Facebook's cryptocurrency project has already been met with skepticism from policymakers around the world.Technologyread more
The U.S. and China restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all.Marketsread more
Stone, 66, a notorious Republican political operative who has described himself as a "dirty trickster," had previously been dressed down by the judge for his public remarks...Politicsread more
The Biden team's second-quarter Federal Election Commission filing shows that the campaign wrote a check of just over $5,300 on June 28 to Sheehan Associates for "strategic...2020 Electionsread more
See which stocks are posting big moves after the bell on July 16.Market Insiderread more
While the vote served as a show of solidarity for Democrats, it recommended no substantive penalty against Trump.Politicsread more
United Airlines' second-quarter profit tops estimates but questions about the 737 Max linger.Airlinesread more
Three civil rights groups filed a federal lawsuit on Tuesday challenging the Trump administration's new asylum rule, which bars asylum claims from most noncitizens who travel...Politicsread more
Google VP of policy Karan Bhatia started sweating early as hearing chair Ted Cruz brings out an internal presentation created within the company.Technologyread more
At a hearing with the House Judiciary subcommittee on antitrust, an Amazon representative disputed a key argument about how it users sellers' data.Technologyread more
Diesel USA, the denim and accessory brand known for its jeans, filed for bankruptcy on Tuesday, blaming mounting losses, a sales plunge, expensive leases and cyber fraud.
The New York-based unit of Italy's Diesel SpA filed for Chapter 11 protection from creditors with the U.S. bankruptcy court in Delaware. Its parent is not part of the filing.
Diesel USA said it has been the sole distributor of Diesel products in the United States since its 1995 launch.
But it said it has not been spared in the recent downturn in the retail sector, having lost money for six straight years as annual sales plunged 53 percent, to $104 million. Theft and cyber fraud cost $1.2 million over three years, it added.
In a court filing, Chief Restructuring Officer Mark Samson said Diesel USA has no plans to close, but intends to exit some of its 28 stores, where landlords' refusal to offer lease concessions has led to heavy losses.
He said the company's three-year business plan contemplates focusing on more profitable stores, improving its product lines and working with social media "influencers" to attract Millennials, "Generation Z" and other new customers.
A successful reorganization would enable Diesel USA to operate as an "iconic and profitable brand," Samson said.
Many other retailers have gone bankrupt in recent years as more consumers shop online.
Recent victims have included shoe chain Payless, which said last month it will close its roughly 2,500 stores.
The Diesel USA bankruptcy followed a Feb. 13 announcement by Levi Strauss & Co, which invented blue jeans in 1873, that it plans to return to the U.S. stock market after a 34-year hiatus, through an initial public offering.
Diesel USA said it has $50 million to $100 million of assets, and $10 million to $50 million of liabilities.
The case is In re Diesel USA Inc, U.S. Bankruptcy Court, District of Delaware, No. 19-10432.