David’s Bridal, the bankrupt wedding gown retailer, has received court approval to sell its business to asset manager Cion Investment Corp. in a no-cash transaction. This deal will allow 195 stores to remain open and avoid a complete shutdown. US Bankruptcy Judge Christine Gravelle stated that the employees, landlords, and creditors would be better off …
Federal Trade Commission Chair Lina Khan, who recently faced a setback in her attempt to block Microsoft’s acquisition of Activision, is now facing a grilling on Capitol Hill. Members of the House Oversight Committee, namely Jim Jordan and Nancy Mace, are leading a panel that will question Khan on a range of issues, including alleged …
In a significant ruling, a US judge has given Microsoft the green light to proceed with its $69 billion acquisition of Activision Blizzard, dismissively rejecting the request from antitrust enforcers for a preliminary injunction to temporarily halt the deal. The court has extended its temporary restraining order until Friday at 11:59 pm to allow the …
The exclusive Sun Valley ski resort in Idaho is preparing to welcome high-profile individuals from the tech, media, and business industries for Allen & Co.’s annual “summer camp for billionaires.” Private jets will line the runway of the nearby Hailey, Idaho airport, as media moguls like Disney’s Bob Iger and Meta’s Mark Zuckerberg arrive in …
JetBlue has announced that it will terminate its partnership with American Airlines in the Northeast following a court battle over the agreement. Instead, JetBlue will focus on salvaging its proposed acquisition of Spirit Airlines. The decision comes after a federal judge ruled against the JetBlue-American deal and urged the Justice Department to reconsider its opposition …
President Biden has recently nominated Andrew Ferguson, Virginia Solicitor General, and Melissa Holyoak, Utah Solicitor General, for Republican positions at the Federal Trade Commission (FTC). This nomination, if confirmed by the Senate, will not alter the existing balance of power at the FTC. The commission currently consists of a Democratic chair, Lina Khan, and two …
Goldman Sachs is facing the possibility of a significant writedown due to its acquisition of fintech lender GreenSky. According to CNBC, sources familiar with the sale process have revealed that bids for GreenSky’s loan origination platform, which facilitates home improvement loans, are falling short of Goldman’s expectations. While one bidder valued the platform at around …
Neiman Marcus, the Dallas-based luxury chain, is considering selling its prestigious Bergdorf Goodman stores in New York City, and possibly even the entire company, due to concerns over its weakening finances. Top executives are scheduled to meet with potential buyers for Bergdorf in New York City this week. Additionally, Neiman is contemplating an auction of …
Workers at Frank, the startup led by Charlie Javice, raised concerns about the company’s financials prior to its acquisition by JPMorgan Chase for $175 million in 2021. Internal Slack messages between Frank employees, revealed in a court document filed in Delaware, showed skepticism regarding Javice’s directive to change the company’s public-facing numbers to claim 4.25 …
Subway is pressuring some franchisees to spend up to $100,000 on remodeling their stores and is threatening to terminate their contracts if they fail to do so, according to sources. The move comes as the struggling fast-food giant attempts to sell itself, facing difficulties in attracting larger franchisees and buyers who are wary of bearing …