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Business Events Business Failures

  • Sept 15- Women's shoe chain Aerosoles Group filed for Chapter 11 bankruptcy protection on Friday with a plan to close most of its stores and focus on its wholesale, e-commerce and international businesses, becoming the latest casualty in the struggling U.S. retail sector. Edison, New Jersey- based Aerosoles said it would close 95 percent of its 78 stores while...

  • MUMBAI, Sept 15- In late June, one of India's top wind power equipment makers, Inox Wind Ltd, was dragged into insolvency courts by a logistics handler over unpaid dues of $88,000. The case illustrates how small creditors and vendors, previously at the mercy of large debtors, are now using India's new bankruptcy code as a pressure ploy to secure payment of dues that...

  • A federal bankruptcy judge has approved the sale of Alaska's largest newspaper for $1 million, saving the paper from folding this week. Judge Gary Spraker made his decision Monday after hearing hours of testimony over the financial liabilities of the Alaska Dispatch News. Former publisher Alice Rogoff bought the Anchorage Daily News for $34 million from The...

  • ANCHORAGE, Alaska— A federal bankruptcy judge on Monday approved the sale of Alaska's largest newspaper for $1 million, saving the paper from folding,. Judge Gary Spraker made his decision after hearing hours of testimony over the financial liabilities of the Alaska Dispatch News. The new owner of the Anchorage newspaper is the Binkley Co., a family owned firm in...

  • FRANKFURT, Aug 25- The European Central Bank needs fresh powers to freeze payments temporarily at banks heading towards failure, halting a potentially fatal outflow of liquidity, Daniele Nouy, the ECB's top supervisor said on Friday. Countries like Greece or Germany allow for such freezes but not Spain, and ECB wants uniform rules across the euro zone.

  • NEW YORK, Aug 11- Three former executives at Transmar Commodity Group Ltd on Friday pleaded not guilty to defrauding banks to win a $400 million credit line for the now-bankrupt New Jersey- based cocoa trading company. Peter G. Johnson, who was Transmar's chief executive; his son Peter B. Johnson, who oversaw Transmar's Euromar Commodities affiliate; and Thomas...

  • Penney's net loss widened to $62 million, or 20 cents per share, in the second quarter ended July 29, from $56 million, or 18 cents per share, a year earlier. Excluding items, the company reported a loss of 9 cents per share, worse than the average analyst estimate of 5 cents loss, according to Thomson Reuters I/B/E/S. However, net sales rose 1.5 percent to $2.96 billion,...

  • Aug 11- Department store operator J.C. The company's net loss widened to $62 million, or 20 cents per share, in the second quarter ended July 29, from $56 million, or 18 cents per share, a year earlier. Net sales rose 1.5 percent to $2.96 billion.

  • NEW YORK, Aug 8- Three former executives at Transmar Commodity Group Ltd have been charged with defrauding banks to win a $400 million credit line for their now bankrupt New Jersey- based cocoa trading company, federal prosecutors said on Tuesday. Peter G. Johnson, who was Transmar's chief executive; his son Peter B. Johnson, who oversaw Transmar's Euromar...

  • NEW YORK, Aug 8- Three former executives at Transmar Commodity Group Ltd have been charged with defrauding banks to win a $400 million credit line for their now bankrupt, New Jersey- based cocoa trading company, federal prosecutors said on Tuesday. Peter G. Johnson, who was Transmar's chief executive; his son Peter B. Johnson, who oversaw Transmar's Euromar...

  • TORONTO, July 27- Hudson's Bay Co is planning to open its first namesake department store in Canada in at least five years, the company confirmed on Thursday, even as other competitors are shuttering stores in a brutal retail market. HBC's planned opening in Montreal comes as it faces pressure from activist shareholder Jonathan Litt, who is pushing for the...

  • NEW YORK, July 20- Elias Sanchez, Governor Ricardo Rossellós liaison to Puerto Ricos financial oversight board who has been criticized over his financial disclosures, resigned on Thursday. Puerto Rico is in a historic economic crisis, with $72 billion in debt it cannot repay, a 45 percent poverty rate, and insolvent public pensions. Espacios Abiertos, a Puerto...

  • SAN FRANCISCO, July 10- Consumer electronics company Jawbone had more than enough money to take on Fitbit and other health-tracking devices in the "wearables" market. Top-tier venture capital firms Sequoia, Andreessen Horowitz, Khosla Ventures and Kleiner Perkins Caufield& Byers, and then a sovereign wealth fund, invested hundreds of millions of dollars in...

  • SAN FRANCISCO, July 10- Consumer electronics company Jawbone had more than enough money to take on Fitbit and other health-tracking devices in the "wearables" market. Top-tier venture capital firms Sequoia, Andreessen Horowitz, Khosla Ventures and Kleiner Perkins Caufield& Byers, and then a sovereign wealth fund, invested hundreds of millions of dollars in...

  • District Judge Dora Irizarry in Brooklyn accepted the resignation of Bart Schwartz, chairman of professional monitoring firm Guidepost Solutions LLC. However, Irizarry stopped short of approving changes the SEC proposed to the court order describing the receiver's duties, saying she would rule on that later. Some Platinum investors have criticized the...

  • Nonetheless, the blog's authors concluded that liquidity remained resilient after examining the effects of the 2013 "taper tantrum" in the Treasury market, the Oct. 15, 2014 "flash rally" in the Treasury market and the liquidation of the Third Avenue's high-yield bond fund in December 2015. "We find that dealer balance sheets have continued to stagnate and that...

  • TORONTO, June 22- Sears Canada Inc said on Thursday it plans to cut jobs and close about a quarter of its stores as it restructures its operations after a steady decline in sales due to competition from big-box retailers and online merchants. "It's just been baby steps toward the ultimate end," said Sally Seston, managing director at Retail Category Consultants...

  • TORONTO, June 22- Sears Canada Inc said on Thursday it plans to cut jobs and close about a quarter of its stores as it restructures its operations after a steady decline in its sales due to competition from big-box retailers and online merchants. "It's just been baby steps toward the ultimate end," said Sally Seston, managing director at Retail Category Consultants...

  • MUMBAI, June 16- India's central bank has asked lenders to initiate bankruptcy proceedings against a dozen companies, including Essar Steel, Bhushan Steel Ltd, Monnet Ispat and Energy Ltd, sources with direct knowledge of the matter said. This follows a change enacted in laws last month that gives the Reserve Bank of India greater power to address the $150...

  • LUXEMBOURG, June 16- European Union finance ministers agreed on Friday on rules setting the order in which bank creditors would be hit in case of wind-downs, in a bid to accelerate the build-up of banks' capital buffers to reduce the chances of public-funded bailouts. The deal, reached at a regular meeting of EU finance ministers in Luxembourg, defines a common EU...