Lord & Taylor seeks bankruptcy amid retail rout
The Associated Press reports Lord & Taylor, America’s oldest retailer, and Tailored Brands owner of Men’s Wearhouse and Jos. A. Bank filed for Chapter 11 protections as pandemic closures accelerate store shut downs. Both seek buyers or restructuring while continuing operations. dozen of retailers have sought protection this year.
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Google-Tied ADT stake signals Nest home security push
Google pays 450 million dollars for about seven percent of ADT Inc, aligning Nest cameras and the Nest Home Hub with ADT security systems. The partnership boosts voice assistant integration and advances a home management product line dating to Google's 2014 Nest acquisition, with ADT serving 6.5 million customers.
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Stocks rally push S&P Near record as Big Tech leads
Global markets rose on Monday with the S&P 500 gaining 0.7 percent to 3,294.61, within 3 percent of its record as Big Tech leadership from Microsoft and Apple lifted the Nasdaq to a new high. Dow rose 236.08 to 26,664.40 amid stronger European and U.S. manufacturing data while concerns linger over relief talks and ongoing virus risks. Lord & Taylor and Men’s Wearhouse owner filed for bankruptcy.
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Sale of Speedway buys Marathon breathing room
Silver Spring Md The 21 billion sale of Speedway gas stations boosts Marathon Petroleum cash reserves amid the pandemic driven demand slump and refinery idlings in New Mexico and California The all cash deal to 7 Eleven was awaited by investors and is expected to close in Q1 2021 Marathon plans debt reduction and shareholder dividends while Wall Street focused on the sale.
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Clorox promotes Linda Rendle to CEO amid sales surge
Clorox reports a 22 percent rise in quarterly sales as disinfectant demand stays high. Linda Rendle, current president, is named CEO effective September 14, with the company posting 1.98 billion dollars in three months ending June 30 and earnings of 2.41 dollars per share.
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