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(Bloomberg) -- The owner of Sears and Kmart is closing another 96 stores, renewing doubts about the department store chains’ long-term future.Transform Holdco LLC said in an emailed statement that it “has faced a difficult retail environment and other challenges” and is “pruning operations that have struggled due to increased competition and other factors.”The move will bring the number of Sears and Kmart locations down to 182. The company also announced $250 million of new capital from its owners, led by Eddie Lampert’s hedge fund ESL Investments Inc., along with a third-party investor.Details of the announcement were first reported by Reuters.The announcement shows that Sears, which struggled for years under the control of Lampert, is still withering as consumers move on from the chain. After purchasing Sears’s assets out of bankruptcy earlier this year, Lampert’s hedge fund and other owners have been shuttering stores by the dozens. They’ve also been embroiled...
Disney’s better-than-expected fiscal fourth quarter financial results and Gap’s c-suite shakeup will take the spotlight Friday....
GREAT NECK, N.Y. (AP) _ One Liberty Properties Inc. (OLP) on Thursday reported a key measure of profitability in its third quarter. The Great Neck, New York-based real estate investment trust said it had funds from operations of $9.4 million, or 47 cents per share, in the period. Funds from operations is a closely watched measure in the REIT industry....
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FleetPride has opened a new 150,000 -square-foot distribution center in Elgin, Illinois, replacing its existing facility in nearby Bolingbrook. ...
Continental's technology division unveiled three new advanced vehicle control and interface systems at the NACV Show in Atlanta. ...
The issues involve the 737 MAX rudder cable and lightning protection for fuel tanks on the 787 Dreamliner. Representative Peter DeFazio, who chairs the House of Representatives Transportation and Infrastructure Committee, and Representative Rick Larsen, who chairs the aviation subcommittee, said in a letter to FAA Administrator Steve Dickson that FAA management ultimately overruled the technical specialists after Boeing objected....
