Legal

Report: Amazon Paid No Federal Taxes on $11.2B in Profits Last Year
February 18, 2019 at 2:26 pm

Amazon.com, the e-commerce giant helmed by Jeff Bezos, the world’s richest man, paid no federal taxes on profit of $11.2 billion last year, according to an analysis of the company’s corporate filings by the Institute for Taxation and Economic Policy (ITEP), a progressive think tank. The news of the report was first publicly reported in The Washington Post,…

Amazon Pulls Out of Planned New York City Headquarters
February 14, 2019 at 2:51 pm

Amazon.com on Thursday canceled its plans to build an expansive corporate campus in New York City after facing an unexpectedly fierce backlash from some lawmakers and union leaders, who contended that a tech giant didn't deserve nearly $3 billion in government incentives. The retail giant, as part of its extensive search for a new headquarters, had…

Payless Prepares for Bankruptcy Filing, Store Closures
February 12, 2019 at 2:53 pm

Payless Inc. is preparing for its second trip to bankruptcy court with a plan that could drastically shrink the size of the discount shoe chain, according to people with knowledge of the matter. The retailer is seeking a loan to get through bankruptcy proceedings and discussing plans to shutter a significant portion, and potentially all, of…

Sears Gets a Lifeline: Bankruptcy Judge Approves Sale to Lampert
February 8, 2019 at 2:47 pm

Sears Holdings got a new lifeline yesterday as its sale to company chairman Eddie Lampert, through an affiliate of his hedge fund ESL Investments, was approved by a federal bankruptcy court judge, according to CNBC. ESL has said the $5.2 billion deal to buy Sears will save 425 stores and roughly 45,000 jobs. While an initial…

Things Remembered Prepares Bankruptcy Filing, Store Closures
January 28, 2019 at 11:56 am

Things Remembered, a retailer of engraved gifts and keepsakes, is preparing to file for bankruptcy protection and will shutter most of its roughly 400 stores, people familiar with the matter said last week. The preparations show how a debt restructuring that Things Remembered underwent in 2016 wasn't enough to spare it from the wave of bankruptcies…

Shopko Files for Bankruptcy Protection
January 17, 2019 at 3:15 pm

Shopko, the general merchandise retailer with stores located throughout the Central, Western and Pacific Northwest regions of the U.S., announced that it, along with its subsidiaries, has filed for Chapter 11 bankruptcy protection. In its filing, Shopko cited excess debt and ongoing competitive pressures as the reason for the measure. Shopko reported assets of less than $1…

Gymboree Seeks Bankruptcy Loan, May Close Most of its Stores
December 21, 2018 at 9:58 am

Gymboree is shopping for a bankruptcy loan as it prepares for a second chapter 11 filing in less than two years. The bankruptcy filing, which could come as early January, would allow the struggling children’s apparel retailer to close most of its stores, the people said. However, the company is seeking a bankruptcy loan that…

Sears to Pay $25.3 Million in Bonuses to Top Employees
December 17, 2018 at 12:34 pm

A U.S. Bankruptcy Court judge on Friday approved Sears Holding Company's request to pay up to $25.3 million in bonuses to top executives, even as the company reported losing nearly $1.9 billion in the first three quarters this year, according to the Chicago Tribune. Sears, which filed for bankruptcy protection in October, said the funds will…

Amazon Fires Workers in Seller Scam Crackdown
December 11, 2018 at 12:33 pm

Amazon.com reportedly fired workers in the U.S. and India for allegedly giving internal data to independent sellers linked to scams. Following an investigation into suspected bribes, the e-commerce giant took action against disreputable sellers by limiting access to data and deleting thousands of suspicious reviews, The Wall Street Journal reported Monday. Part of the probe is centered…

Sears Chairman Makes Bid to Buy 500 Stores, Save Brand
December 7, 2018 at 2:45 pm

In this episode of Retail Right Now, Total Retail's Caitlin Sullivan and Joe Keenan discuss the bid from Sears Chairman and former CEO Eddie Lampert's company ESL Investments to purchase 500 of the retail chain's stores for $4.6 billion. This offer comes as a last-ditch effort to save the brand from potential liquidation, but may not…