LL Flooring, formerly Lumber Liquidators, has announced it will go out of business after 30 years, following a failed search for a buyer and a Chapter 11 bankruptcy filing. The Richmond, Virginia-based retailer, which operated 442 stores, will close all locations after negotiations with potential bidders did not succeed. The company began shutting 94 stores last month and will now wind down operations, with closing … Continue reading LL Flooring, formerly Lumber Liquidators, closing all of its stores

Seven & i Holdings has rejected Alimentation Couche-Tard’s takeover offer, stating it is not in the best interest of its shareholders. Couche-Tard proposed acquiring Seven & i for $14.86 per share, valuing the company at $38.55 billion. Seven & i’s special committee criticized the offer as undervaluing the company and opportunistic, particularly given the company’s ongoing restructuring plans and potential regulatory challenges in the U.S, … Continue reading 7-Eleven’s parent company rejects $38.6 billion takeover bid, says offer ‘grossly undervalues’ company

Federal Reserve Governor Christopher Waller on Friday supported an interest rate cut at the upcoming Fed meeting, citing progress on inflation and a moderating labor market. Waller indicated he is open to a substantial reduction if necessary and suggested that a series of cuts might follow. His comments came after a weaker-than-expected jobs report, which showed job growth of 142,000, below forecasts. Waller emphasized that … Continue reading Fed Governor Waller backs interest rate cut at September meeting, open to larger move

Volkswagen is facing a potential conflict with trade unions as it contemplates its first-ever factory closures in Germany after nearly 90 years. The company will outline its plans to 18,000 workers in Wolfsburg on Wednesday, with possible closures in Osnabrueck and Dresden. Volkswagen is also ending its 30-year employment protection agreement to address competitiveness challenges and adapt to a tougher economic environment and new market … Continue reading Volkswagen braces for showdown with unions after warning of possible German plant closures

Bitcoin’s price dropped 10% from $64,190 to $57,800 over 10 days ending September 3, despite the S&P 500 nearing its all-time high and gold approaching its peak. The decline is attributed to recession concerns and shifting focus to U.S. monetary policy. Bitcoin’s future bullish outlook depends on anticipated Federal Reserve rate cuts. In addition, the 2-year Treasury yield fell, indicating lower returns on safe assets … Continue reading Bitcoin dips to $57,000 level and crypto stocks tumble to begin September trading

The U.S. Justice Department has escalated its investigation into Nvidia Corp. by issuing subpoenas to the chipmaker and other companies, seeking evidence of potential antitrust violations. The DOJ is examining whether Nvidia’s practices, such as making it difficult to switch suppliers and penalizing non-exclusive buyers, breach antitrust laws. This move follows previous inquiries and signals a step closer to formal charges. Nvidia’s stock, which has … Continue reading Nvidia Gets DOJ Subpoena in Escalating Antitrust Probe