Here's what we are reading this morning:
Bank-backed blockchain consortium we.trade files for insolvency: We.trade, one of the earliest blockchain coalitions for trade finance is entering insolvency after its banking shareholders pulled the plug.
Major banks start winding up Irish blockchain venture - Independent.ie: We.trade, the Dublin-based blockchain company co-owned by several major banks, has called in a liquidator.
Why Franchise Group wants to buy Kohl's and what could happen next: As Franchise Group inches closer to acquiring Kohl's, experts point to the holding company's recent acquisitions for a better sense of what could happen next.
Another Manhattan Hotel Trades for Bargain-Basement Price | GlobeSt: Apollo Global Management and investor Newbond Holdings this week announced a deal to buy the Hilton Times Square for $85M, roughly 35% of the $243M California-based REIT Sunstone Hotel Investors paid to acquire the 478-room hotel in 2006
US weekly jobless claims: Claims hit 229,000, the highest level since January: First-time filings for the week ended June 4 totaled 229,000, well ahead of the 210,000 Dow Jones estimate.
Stitch Fix is laying off 15% of its salaried employees, internal memo says: Stitch Fix is laying off 15% of salaried positions within its workforce, mostly in corporate roles and styling leadership positions.
Rawle & Henderson to relocate Philadelphia headquarters, cut office space in half - Philadelphia Business Journal: Rawle & Henderson will cut its office space in half when it relocates its Philadelphia headquarters from the Widener Building to 1500 Market St. next year.
As Gas Prices Near $5 a Gallon, Record Fuel Costs Upend Businesses, U.S. Economy - WSJ: As gasoline prices approach a record average of $5 a gallon, fuel costs are rippling through almost every corner of business and beginning to alter consumer behavior.
EV SPAC Faraday Future now has the attention of the DOJ | TechCrunch: Amid an investigation by the Securities and Exchange Commission into inaccurate statements to investors, Faraday Future has received a preliminary request for information from the U.S. Department of Justice.
Crédito Real Fires Advisers, Scraps Plans to File for Bankruptcy in the U.S.: Mexican shadow bank Crédito Real, which specializes in payroll loans to low- and lower-middle income borrowers in Latin America, has scrapped plans to file for U.S. bankruptcy protection and fired legal and financial advisers who were preparing a chapter 11 filing for the business, according to people familiar with the matter.
Garuda Indonesia plans to raise $800m in bonds to skirt bankruptcy - Nikkei Asia: Flag carrier's proposal will be voted on by creditors next week