Here's what we are reading this morning:
Boxed acquired by MSG Distributors | Retail Dive: Boxed, which filed for Chapter 11 bankruptcy protection in April, focuses on selling bulk-sized pantry items at wholesale prices. MSG, a regional distributor of consumables and household products that also serves B2B accounts, stated it will work to continue serving Boxed customers, vendors and brands.
Sturgis faces bankruptcy, dissolution due to financial issues: The City of Sturgis is facing a tough decision amid financial strife as it considers filing for bankruptcy or dissolving the city.
Private equity firms hand over distressed companies to rivals | Financial Times: Transfers involving groups such as KKR and Bain show rising power of lending arms
Macy's sounds the alarm on credit card delinquencies | CNN Business: “The speed at which the increase occurred for us and the broader credit card industry…was faster than planned,” Adrian Mitchell, Macy’s chief operating officer and chief financial officer, told analysts during an earnings call on Tuesday, adding that this problem “accelerated” in June and July.
Mallinckrodt to file for chapter 11 bankruptcy again and cut about $1.9 billion in debt - MarketWatch: Mallinckrodt will file for bankruptcy for a second time as the drugmaker struggles with an opioid settlement.
Mallinckrodt to File for Second Bankruptcy Amid Opioid Payments - WSJ: Mallinckrodt said it plans to file for bankruptcy in the coming days after reaching a deal with most of its lenders to restructure its debt as the company struggles to make opioid-settlement payments.
An Economic Puzzle - OpenMarkets: Over the next several months, U.S. price and jobs data releases are likely to create both confusion and debate about the state of the U.S. economy. Here are four factors to consider, according to CME Group Chief Economist Blu Putnam.
Juul to Lay Off 30% of Staff as Vaping Pioneer Seeks More Cash - WSJ: The e-cigarette company has been on tenuous financial footing since U.S. regulators last year ordered its vaping products off the market, then suspended the ban pending the company’s appeal.
Creditors to Discount Retailer 99 Cents Engage Legal Counsel: Some bondholders to 99 Cents Only Stores LLC hired Weil Gotshal & Manges LLP to help engage with the discount retailer after recent financing maneuvers weakened the creditors’ collateral packages, according to people with knowledge of the situation.