The following is a roundup of the latest business headlines and breaking news.
Sears to close more stores, including in Southaven, Mississippi
Sears is closing more stores, including in Southaven, Mississippi.
Sears has already closed hundreds of stores this year and still has several hundred open. The company has been struggling with bankruptcy and store closures for years as it competes against online retailers like Amazon.
The Southaven store is one of four Kmart locations set to close on November 9th; another four Sears locations will shut down on December 31st if they’re not sold before then
Facebook faces a record $5 billion fine, but it’s not all bad news
Facebook is facing a record $5 billion fine from the European Union, but it’s not all bad news.
The social media company has been hit with a penalty related to its involvement with Cambridge Analytica and its handling of user data. The fine comes after Facebook was fined 50 million pounds ($64 million) by British authorities last year over its role in the scandal; this new penalty would be four times larger than that amount if it sticks–and it might not stick at all.
Facebook has already set aside $3 billion for the fine, though it remains unclear whether or not regulators will accept this figure as payment in full or continue pursuing additional penalties against other companies involved with Cambridge Analytica’s misuse of private info like Google and Amazon (whose cloud services were also used).
Nordstrom shares plunge after reporting quarterly results
Nordstrom shares fell 16% on Thursday after the retailer reported a drop in sales and earnings.
The company’s quarterly profit fell to $0.15 per share from $0.21 per share a year ago, missing analysts’ expectations for $0.17 in earnings. Sales also missed estimates: Nordstrom said revenue was up 1% at $3 billion versus estimates of 2% growth, according to Zacks Investment Research data provided by FactSet Research Systems Inc., which tracks analyst forecasts for stocks and mutual funds (https://www3-us-west-2.amazonaws.com/finance/).
Glenn Close apologizes for her comments about sexual harassment in Hollywood
In a statement to The Hollywood Reporter, Close apologized for her comments and hoped that they wouldn’t discourage victims from speaking out:
“I am so sorry if my words have caused pain. That was never my intention. But I want to thank you all for your support,” she said in an email to the publication. “I am not going anywhere. And neither is this conversation.”
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