Briefs: Aubrey Mcclendon’s crash; Abercrombie looks natty
●●Aubrey Mcclendon, former CEO of
Chesapeake Energy, died in a car accident a day after being indicted on charges of rigging the price rice of oil and gas wells in Oklahoma. He was considered a shale gas savant, building Chesapeake from a wildcat operation to a drilling empire with rights to 16 million acres in his home state. Before the accident, Mcclendon, 56, called the allegations “wrong and unprecedented.”
●● Sports Authority filed for bankruptcy and said it would close almost one-third of its 450 stores as it struggles to compete with Dick’s Sporting Goods, Walmart Stores, Target, and online retailers. Its biggest creditors include Nike and Under Armour. The company obtained $595 million in bankruptcy financing to get back in shape.
●● Monsanto cut its profit forecast for the year, citing several macroeconomic challenges, including a strong dollar and relatively low commodity prices. The seed and fertilizer giant is also facing a glut of generic glyphosate, a weed killer that long cultivated big profits for it.
●● Apple attorneys won a small battle in their war over privacy rights. A Brooklyn judge ruled that the company doesn’t have to help unlock a drug dealer’s iphone, validating months of court arguments from the tech giant. The ruling gives Apple a valuable win as it faces a similar legal fight with federal authorities.
●● After putting more clothes on its models, Abercrombie & Fitch posted its first same-store sales gain in more than three years for the quarter ended Jan. 30. Profit increased 33 percent in the period, to $58.9 million.
Star Wars mania contributed to a 25 percent increase in sales for Lego last year. It sold 72 billion bricks in 2015 and released 350 products, including a video game.
“For people under 35, their definition of health is looking good in their underwear.” ——Mark Bertolini, CEO, Aetna