Discount home goods retailer Big Lots filed for bankruptcy protection on Monday after high interest rates and a sluggish housing market slowed demand for its low-priced furniture and decor. As part of its Chapter 11 filing, Big Lots agreed to sell its business to private equity firm Nexus Capital Management for about $760 million, consisting of $2.5 million in cash plus its remaining debt ...
The rock group The White Stripes have filed suit against GOP presidential nominee Donald Trump’s campaign for its use of the band’s megahit ‘Seven Nation Army’ in a since-deleted campaign video. Lead singer and guitarist Jack White posted the front cover of the suit, filed in New York District Court, to his Instagram page Tuesday, with the caption, ‘This machine ...
Chase Bank said it was reviewing incidents of individuals who may have participated in an online check fraud ‘glitch’ trend and referring them to law enforcement authorities. Last weekend, social media saw millions of users engaging with posts suggesting an error at the bank was causing ATM machines to give users unlimited cash. In fact, the meme was prompting users ...
U.S. passenger airlines have added nearly 194,000 jobs since 2021 as companies went on a hiring spree after spending months in a pandemic slump, according to the U.S. Department of Transportation. Now the industry is cooling its hiring. Airlines are close to their staffing needs but the slowdown is also coming in part because they’re facing a slew of challenges. ...
A month after losing a landmark antitrust case brought by the Department of Justice, Google is headed back to court to face off for a second time against federal prosecutors. In August, a judge ruled that Google has held a monopoly in internet search, marking the biggest antitrust ruling in the tech industry since the case against Microsoft more than 20 years ago. This time, Google is defending ...
WASHINGTON — President Joe Biden is preparing to announce that he will formally block Nippon Steel’s proposed $14.9 billion acquisition of U.S. Steel, two people familiar with the matter confirmed to NBC News. The storied American firm announced in December that it had agreed to be purchased by the Japanese-owned conglomerate, saying it was necessary for U.S. Steel’s evolution in ...
It’s been described as the most important company in the world at the moment. But new concerns surrounding Nvidia, the chipmaker powering the artificial intelligence revolution — and which this summer became America’s second-largest public company, behind Apple, when its valuation surpassed $3 trillion — have prompted a fresh global market sell-off. On Tuesday, Nvidia shares dropped 9.5%, erasing $278.9 ...
There is a $2 billion gulf growing in Los Angeles. The National Football League’s Los Angeles Rams, No. 2 on CNBC’s Official 2024 NFL Team Valuations list, are worth $8 billion, while the Los Angeles Chargers rank 26th at a value of $5.83 billion. While the Rams have a recent Super Bowl to their name and the Chargers don’t, the gap in value is about ...
In 2021, the National Football League signed an 11-year, $111 billion media rights deal. In July, the National Basketball Association signed an 11-year, $77 billion deal of its own. What’s next? Well, not much all that soon. While Ultimate Fighting Championship and Formula 1 have deals expiring in 2025, the vast majority of major college and professional sports have recently signed long-term ...
A bankruptcy court approved Red Lobster’s plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy. The company, known for its seafood offerings and cheddar biscuits, filed for bankruptcy protection in May. Red Lobster had struggled with increased competition, expensive leases, last year’s disastrous shrimp promotion and a broader pullback in consumer spending. As part of the restructuring plan, ...