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Totes Isotoner Nears Debt Deal | PG&E Posts a Big Loss | Sears's New Owner to Close More Stores
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Good morning. Totes Isotoner Corp., one of the world’s largest suppliers of umbrellas, is nearing a deal to restructure its balance sheet and avert bankruptcy, write WSJ Pro’s Alex Gladstone and Soma Biswas. PG&E, a year after its equipment sparked the deadly Camp Fire, posted a quarterly loss of $1.6 billion. And Sears said it will shut 96 more Sears or Kmart locations by February.
Now for today's news...
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Totes Isotoner Nears Deal to Restructure Out of Court
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Totes Isotoner Corp., one of the world’s largest suppliers of umbrellas, is nearing an out-of-court deal to restructure its debt after the business suffered from the growing consumer preference for e-commerce. Read More.
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PG&E Reports $1.6 Billion Loss as Fires, Blackouts Raise Costs
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A year after the Camp Fire, PG&E Corp. reported a $1.6 billion third-quarter loss as the costs of wildfires, bankruptcy and blackouts weighed on the beleaguered California utility. Read More.
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Sears Owner Says It Will Close an Additional 96 Stores
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The owner of Sears said Thursday it will shut 96 more Sears or Kmart locations by February, as the country’s once dominant department store chain disappears from most American malls. Read More.
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Johnson Publishing Sells Fashion Fair Cosmetics Business
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The bankrupt former publisher of Ebony and Jet magazines is selling its iconic Fashion Fair beauty line for women of color to two of its former executives and a hedge-fund founder for $1.85 million. Read More.
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Bankrupt Sheridan Gets $328 Million Offer for Oil-and-Gas Assets
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After initially planning to hand itself over to creditors, bankrupt oil-and-gas producer Sheridan Holding Company II LLC now wants to sell most of its assets to private investors for $328 million. Read More.
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Teva Pharmaceutical Is in Recovery
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For Teva Pharmaceutical Industries, a little improvement goes quite a long way. The beleaguered generic drugmaker’s third-quarter earnings, while mixed, gave investors some reason for optimism. Read More.
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Pensions Venture Into Risky Corners of the Market
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Some pension-fund managers are venturing further into unusual investment territory as this year’s plunge in bond yields makes it even harder to find decent long-term returns. Read More.
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Former Barneys Owner Unloading Palm Beach Home
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Richard Perry, the majority owner of the upscale retailer Barneys New York until it was sold through bankruptcy proceedings, is offloading a residential property in Palm Beach, Fla., for $10.9 million. Read More.
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182
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The number of remaining Sears stores.
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Gap Chief Executive Art Peck is stepping down. (WSJ)
A federal bankruptcy judge on Wednesday agreed to keep nearly 2,700 lawsuits against OxyContin maker Purdue Pharma and hundreds more against the family members who own the company on hold until at least April so the sides can keep working toward a settlement. (AP)
McDermott International Inc.’s $1.7 billion super-senior credit facility could give an indication of terms if the struggling engineering and construction firm were to convert the debt into a bankruptcy loan. (Bloomberg)
Despite bankruptcy and illness, Bob Murray remains a loud voice for coal. (NPR)
The former head of the L.A.-based anti-poverty nonprofit Youth Policy Institute improperly used the organization’s funds to pay the property taxes on his house, buy furniture for his home office and make national political donations, the group alleged in court documents filed this week. (LAT)
Mallinckrodt PLC plans to pay more than $4.2 million in bonuses to retain top executives, as the drugmaker looks to avoid bankruptcy and settle more than 2,500 state and local government lawsuits over its handling of opioid painkillers. (Bloomberg)
Mothercare’s 79 remaining U.K. stores will be closed after PwC were appointed administrators to the U.K. business. (FT)
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