Here's what we are reading this morning:
Burlington's sourcing costs are up 78% over 2 years due to pandemic supply chain disruptions | Retail Dive: Product sourcing costs, "which include the cost of processing goods to our supply chain and buying costs" were $82 million at a comparable time before the pandemic, in Q2 2019, Crimmins said. In Q2 2021, they were $146 million, a surge due to increased wage costs and limited transport capacity.
Meet the St. Louis bankruptcy chief who aims for pragmatism | Reuters: Surratt-States would eventually become the first Black bankruptcy judge in the judicial districts that comprise the 8th U.S. Circuit. At the time, she was only the eighth Black bankruptcy judge in the country, out of a total of about 350. There are now 17. While she believes the bankruptcy bar is headed in the right direction in terms of diversifying its makeup, there’s still a ways to go, she says.
Climate Change Is Bankrupting America’s Small Towns - The New York Times: Repeated shocks from hurricanes, fires and floods are pushing some rural communities, already struggling economically, to the brink of financial collapse.
GTT Communications to File for Bankruptcy After Sale of Infrastructure Unit: Cloud-networking provider plans to file a pre-packaged bankruptcy after it closes the sale of its infrastructure division in the coming weeks.
U.S. Labor Has a Fight Ahead to Lock In Pandemic Gains - Bloomberg: Union leaders and labor economists caution that the big battles have yet to be won -– but they can see conditions in place for workers to claw back some of the ground lost during the U.S. economy’s long slide into inequality. Since the 1980s, wages have lagged as corporate profits and stock markets soared.
Unemployment Benefits to Millions Are About to End - The New York Times: The abrupt loss of pandemic unemployment benefits on a broad scale could have long-term effects not only for the recipients but also for the economy.
Elizabeth Holmes’s Jury Is Selected After Days of Questioning - WSJ: Five women and seven men will serve in the monthslong trial in which the Theranos founder is accused of criminal fraud.
States Vow to Keep Fighting Purdue Pharma Settlement with Sackler Family: Some attorneys general are vowing to keep fighting the chapter 11 reorganization plan of Purdue Pharma LP and a $4.5 billion settlement with the family that owns the maker of OxyContin, which could force an influential federal appeals court to consider the scope of bankruptcy judges’ power to end lawsuits over defective or dangerous products.
Current Reports (Form 8-K) Filed With the Securities & Exchange Commission (SEC) Regarding Material Impairments (Item 2.06) for the Week Ended Thursday Sep 2, 2021: