Sears confirms Lampert victory in bankruptcy auction

Sears Holdings chairman Eddie Lampert won a bankruptcy auction to buy the iconic retailer after presenting an improved offer of $5.2 billion, Sears confirmed Thursday, allowing it to keep its more than 400 stores running. As The Post previously reported, Sears picked Lampert’s hedge fund ESL Investments as the winner at a bankruptcy court-supervised auction after his latest bid topped […]

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Clothing retailer Gymboree files for bankruptcy for second time

Children’s clothing retailer Gymboree Group filed for Chapter 11 bankruptcy protection, the second time in almost two years, and said on Wednesday it will close more than 800 Gymboree and Crazy 8 stores. The San Francisco-based company said it will also sell its high-end line, Janie and Jack, as well as its intellectual property and online platform. The company’s Canadian […]

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Morgan Stanley profit disappoints on bond-trading slump

That was embarrassing. Morgan Stanley shares tumbled 6 percent after it posted a surprisingly weak quarterly profit on Thursday, as solid fees from arranging megamergers were offset by a steep plunge in bond trading. The cringeworthy results came just three months after Chief Executive James Gorman had complained that the bank’s stock price wasn’t high enough. Wall Street’s smallest major […]

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Americans Drank Less Alcohol in 2018 for the Third Straight Year

Americans are drinking less alcohol. Total cases of beer, wine and spirits consumed in the U.S. dropped 0.8 percent to nearly 3.35 billion in 2018, the third consecutive year of declining volumes, according to a report from IWSR, which studies the beverage market. The main culprit is the beer slump, with consumption down 1.5 percent last year as more drinkers […]

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Checks on both sides of Irish border ‘mandatory under no-deal Brexit’

European Union and World Trade Organization checks would be mandatory on both sides of the Irish border in the event of no-deal Brexit, one of the world’s leading experts on customs has said. Michael Lux, a former head of customs legislation and procedures at the European commission, said the UK would have to impose customs checks and tariffs on the […]

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Companies cry out for Brexit clarity, warn on no-deal

LONDON (Reuters) – Furious companies facing weeks more uncertainty over an ever closer Brexit lashed out at politicians on Wednesday, and warned of chaos at ports and catastrophic job losses if Britain failed to secure a withdrawal deal with the European Union. British lawmakers rejected on Tuesday a Brexit agreement that would have secured tariff-free trade and safeguarded the just-in-time […]

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Paperchase considers closing stores amid high street struggles

Cards and stationery retailer Paperchase is considering closing stores via an insolvency procedure, as administrators HMV struggle to line up buyers. Paperchase, which has 130 sites in the UK, has appointed KPMG to advise on restructuring options as shoppers have veered away from the high street over Christmas and cut back on non-essentials. One likely option would be a company […]

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