Loehmann’s is closing its State Street store Saturday after operating for only three years.
The off-price women’s clothing chain opened the two-level, glass-encased showcase store in 2007, calling it one of its most upscale stores at the time. The store at 151 N. State St. anchors a prominent shopping corner in the Loop along with Macy’s Midwest flagship, Borders book store and the struggling Block 37 shopping mall. Get the full story »
Borders Group has received a commitment for a $550 million credit line from GE Capital, a lifeline that will help the struggling bookseller pay its vendors and stay afloat – but it indicated that bankruptcy protection might still be an option.
Its shares jumped 28 percent in after-hours trading on the news. Get the full story »
Tower Ticker | The same day Tribune Co. reported an uptick in its business during 2010, Forbes Magazine posted an interview with Chairman Sam Zell in which the entrepreneur once more made it clear he won’t be sorry to say farewell to the Chicago-based media concern.
Sara Lee Corp. will hold a webcast Friday morning to provide an update on “strategic initiatives.”
The Downers Grove-based company has been the subject of rampant sale and breakup rumors since the fall that have reached a fever pitch this week. Get the full story »
Infant formula maker Mead Johnson Nutrition Co. said Thursday that its profit climbed 56 percent in the fourth quarter as sales in Asia and Latin America continued to improve. But its forecast for 2011 was short of Wall Street estimates.
The maker of Enfamil said its net income rose to $99.6 million, or 48 cents per share, in the last three months of 2010 from $64 million, or 31 cents per share, a year earlier. Get the full story »
Bank of America Corp.’s Countrywide mortgage unit was hit with at least three new lawsuits accusing it of misleading investors about its finances and lending practices, and may face more by investors who chose not to join a recent class-action settlement.
Wednesday’s lawsuits by the states of Michigan and Oregon and by Fresno County in California were filed five days after Bank of America said it may incur an additional $6.1 billion of writedowns and legal costs tied primarily to Countrywide, which it bought in July 2008. Get the full story »
Part of Taco Bell's ad in major U.S. newspapers.
The beef about Taco Bell beef is heating up. The fast-food chain took out ads in several U.S. newspapers to lash out at a law firm that alleges Taco Bell doesn’t use much beef in its ground beef taco filling.
“The lawsuit is bogus and filled with completely inaccurate facts,” says a statement attributed to Greg Creed, president and chief concept officer of Taco Bell Corp. He said the beef is “just like the quality beef you would buy in a supermarket and prepare in your home.” Get the full story »
Microsoft Corp. reported a dip in quarterly profit Thursday as sales of personal computers lagged expectations and Apple Inc.’s iPad began to eat away at the fringes of its core market.
The world’s largest maker of software, which powers more than 90 percent of the world’s computers, reported fiscal second-quarter profit of $6.63 billion, or 77 cents per share. That compared with $6.66 billion, or 74 cents per share, a year earlier. The per share figure was higher due to a reduction in shares outstanding from last year. Get the full story »
The Illinois Housing Development Authority said it completed the allocation of $359.2 million in federal funds used to build and rehab almost 5,500 affordable rental homes for working families, seniors and people with disabilities.
The state housing agency received the funds as part of the federal American Recovery and Reinvestment Act.
Developments with Chicago accounted for more than $115 million of the disbursement.
Sears Holdings Corp. has hired Kohl’s executive Chris Capuano as senior vice president and president of home fashions.
She is taking over the top home goods post from Douglas Wurl, vice president and general merchandise manager of home fashions, who is leaving the company. Get the full story »
McDonald’s Corp. has named Kevin Newell executive vice president and global chief brand officer. He was previously senior vice president and restaurant support officer for McDonald’s USA, West Division. Get the full story »
The U.S. Postal Service plans to sell its downtown Naperville facility and lease a substantially smaller space in the 70-year-old building.
Naperville Bank & Trust, a subsidiary of Wintrust Financial Corp., signed a contract last week to purchase the building and the bank will take occupancy in the fall, according to Jones Lang LaSalle, which is representing the Postal Service. Get the full story »
Baxter International Inc.’s stock lost nearly 4 percent of its value today after the company said fourth-quarter profits fell 26 percent as the company works its way through a turnaround plan and escalating product quality issues.
The Deerfield-based medical product giant’s earnings were negatively impacted by $227 million in charges. The biggest cost was a $164 million charge for what it called a “business optimization” initiative, which included paying severances, shutting down certain product lines and executing an undisclosed number of job cuts. Get the full story »
