Gander Mountain will close 10 Texas stores
Gander Mountain filed for bankruptcy Friday and said it expects to attract a buyer as the company lowers its operating costs as part of its restructuring.
The company expects to close 10 of its 22 stores in Texas, including three in the Houston area. A store in Spring is expected to remain open. In all, the St. Paul, Minn.-based chain of 162 stores in 26 states is closing 32 stores in the next several weeks.
SEC turns down Winkelvoss plan on bitcoin trade
The Securities and Exchange Commission has rejected an application to create an exchange-traded fund tied to the price of bitcoin.
In just a few minutes after the announcement Friday, the price of a single bitcoin tumbled more than 15 percent, to around $1,060.
The decision is a significant setback for Tyler and Cameron Winklevoss, who began working on the bitcoin exchangetraded fund four years ago. An exchange-traded fund tracks an index or a basket of assets but trades like a stock.
The commission said it was rejecting the Winklevoss Bitcoin Trust because the markets where bitcoin are traded are largely unregulated, raising concerns of possible fraud.
Trump selects ex-FDA official to head agency
WASHINGTON — President Donald Trump announced Friday that has chosen a conservative doctor-turned-pundit with deep ties to Wall Street and the pharmaceutical industry to lead the powerful Food and Drug Administration.
Dr. Scott Gottlieb would be tasked with Trump’s goal of cutting red tape at the FDA, which regulates everything from pharmaceuticals to seafood to electronic cigarettes.
Gottlieb, 44, is no stranger to the FDA — he served as a deputy commissioner under President George W. Bush.
While he has frequently criticized the FDA for unnecessary regulations and urged changes to get safe and effective drugs onto the market faster, he generally has supported its overall mission.
A Senate vote is required before Gottlieb can take over as head of the agency.
Caterpillar denies breaking federal tax laws
WASHINGTON — Caterpillar, a week after its headquarters and other facilities were raided by a number of federal agencies including the Internal Revenue Service, denied that it had broken any federal tax laws.
“The IRS has challenged Caterpillar’s taxes for years 2007-2012,” the company said Friday. “We disagree with the IRS’ position, have cooperated for requests for information, and believe that we are compliant with tax laws and stand by our financial reporting.”
Italian cafe will become Greek taverna
When life hands you lemons, make avgolemono.
That’s the sentiment behind the decision by the owners of Arthur Ave Italian American to shutter the Heights restaurant and rebrand it as a classic Greek taverna.
The Greek route makes sense to the team — after all, Arthur Ave is owned by the same owner/operators of the successful Helen Greek Food and Wine in Rice Village.
So after closing Arthur Ave on March 19, the team will quickly remake the space at 1111 Studewood as Helen in the Heights.
Venezuela wins ruling against Exxon Mobil
WASHINGTON — A World Bank arbitration panel has determined that Venezuela will not have to pay $1.4 billion to Exxon Mobil Corp. for confiscating company assets during a wave of nationalizations.
The Washingtonbased panel issued a ruling Friday that annulled most of the $1.6 billion judgment against Venezuela. The decision was celebrated in Caracas, where the socialist government of President Nicolas Maduro is facing a cash shortfall triggered by collapsing oil production.
A lawyer for Venezuela said Friday’s decision was “correct and courageous.”
Exxon Mobil did not immediately respond to a request for comment.