Gap said it will close a quarter of its North American stores, part of an effort to boost profitability as the retailer struggles to connect with shoppers.
Gun manufacturer Colt, facing declining sales and more competition for defense contracts, said it filed for bankruptcy protection to stay afloat.
Discover Financial Services said it will close its home lending business and will eliminate 460 jobs, or about 3 percent of its workforce. A bird flu outbreak in the Midwest that has boosted prices for eggs and roasting turkeys has resulted in cheaper chicken in the United States, as many countries restrict imports of poultry products, the Agriculture Department said.
United Airlines will stop flying to John F. Kennedy International Airport in October and shift premium cross-country flights there to its nearby hub in Newark.
Fitbit priced its initial public offering at $20 per share, valuing the maker of wearable fitness-tracking devices at about $4.1 billion. The IPO raised $731.5 million.
An Uber driver was an employee, not a contractor, California’s Labor Commission ruled in a potentially costly precedent for the ride-hailing company.
Lyft agreed to a $300,000 settlement with New York’s attorney general and top insurance regulator for allegedly violating laws that require drivers to carry state-authorized insurance.
Europe’s Airbus glided past Boeing to take top honors in their annual competition to sell commercial jets at the Paris Air Show. Airbus racked up $57 billion in business for 421 aircraft, while Chicago-based Boeing tallied orders and commitments for 331 planes worth $50.2 billion.
Several area investors, including Graham Holdings President Timothy O’Shaughnessy, New Enterprise Associates and the Steve Case-backed Revolution Ventures, are putting money into Framebridge, a low-cost picture-framing company.
CVS Health agreed to buy Target’s pharmacy business for $1.9 billion. The deal calls for CVS Health to rebrand and operate the 1,660 pharmacies housed in Target’s bigbox stores. CVS would take over Target’s 80 in-store health clinics.
FedEx’s latest quarterly results missed Wall Street expectations as lower fuel surcharges and the strong dollar cut into revenue. The package delivery giant also announced an increase in the mandatory retirement age for directors, from 72 to 75. That would let Fred Smith, chairman and chief executive, stay on the board longer — he will turn 71 in August.
The euro zone’s 19 leaders will attend an emergency summit Monday after talks about Greece’s bailout ended in acrimony, intensifying fears that the country was heading for bankruptcy and an exit from the euro. Athens must pay about $1.8 billion to the International Monetary Fund on June 30.
The Federal Reserve exceeded its powers in temporarily nationalizing insurance giant American International Group during the 2008 financial crisis, a federal court ruled — but it awarded no damages. The Federal Communications
Commission slapped AT&T with a $100 million fine, accusing the cellular carrier of drastically slowing down Internet speeds for customers who signed up for “unlimited” data plans.
The Treasury Department announced that a woman will be featured on the $10 bill in 2020.
Federal Reserve officials signaled that an increase in the benchmark federal funds rate is likely before the end of the year. The Office of the Comptroller of the Currency hit JPMorgan Chase and Wells Fargo with new restrictions on their mortgage businesses for failing to clean up their foreclosure practices.
Treasury Secretary Jack Lew appointed compensation expert Kenneth Feinberg to review applications from troubled multiemployer pension plans seeking to slash retirees’ benefits to avoid insolvency.
Kirk Kerkorian, a multibillionaire Las Vegas casino tycoon who was the largest shareholder in MGM Resorts International and also owned Hollywood studios and airlines, died at age 98.
Jimmy Lee, one of JPMorgan Chase’s most senior investment bankers, died at age 62. Lee, a vice chairman in his group, advised some of the world’s biggest companies on deals, including the merger of United Airlines and Continental Airlines, the takeover of Wall Street Journal publisher Dow Jones by News Corp. and the initial public offering of the Chinese e-commerce company Alibaba Group Holding.
Rohit Chopra, the student-loan watchdog at the Consumer Financial Protection Bureau and a key player in the agency’s effort to expose abuses in the student-loan market, is stepping down. Microsoft chief executive Satya Nadella is shuffling his top management team, announcing the departure of former Nokia boss Stephen Elop and three other top executives.
News Corp., owner of the Wall Street Journal, is carrying out a major reorganization at its Dow Jones news publishing unit that will involve job cuts and shifting resources to digital media.