Tuesday, January 12, 2010

Tuesday News...

OAKLAND, CA - JANUARY 08:  The Wal-Mart logo i...Image by Getty Images via Daylife
Walmart and Chicago
Walmart-Chicago Deal Falls Apart: Chicago Tribune

Walmart Building Battle Drags On: Chicago Sun-Times

Walmart Stores in California has stopped giving out free bags at three stores in Northern California as a test. 

Walmart announced they will close 10 Sam's Club's in US.

AFL CIO Blog: Unions Battle Verizon-Frontier Deal and $600 Million Tax Break
There is an oddly named tax loophole—the Reverse Morris Trust—that is so big and lucrative Verizon is getting ready to pull $600 million through it if its sale of rural phone landlines in 14 states to Frontier Communications is approved.
Not only does Verizon stand to pocket the $600 million tax break, but a similar deal in New England shows consumers’ phone and Internet services are likely to deteriorate and workers’ jobs may be put in jeopardy.

Penn Traffic Sale Expected by Jan.25

Penn Traffic Co., parent company of Quality Markets in the Town of Lockport, is expected to be sold by Jan. 25 according to court documents from the company’s bankruptcy proceedings.

The top bidder remains Tops Markets, which on Friday put in an $85 million offer to purchase all of Penn Traffic’s assets including all 79 stores. The bid surpassed that of Price Chopper, which submitted a $54 million bid for 22 of Penn Traffic’s P&C Foods stores. Tops’ offer has been accepted by Penn Traffic but still needs court approval, which will be determined at a later hearing date. If Tops’ bid is not approved, then another bidder could step in, because according to court documents, bidders have until Jan. 19 to file offers.

Price Chopper on acquiring Penn Traffic stores: "It's pretty much over"

Harold Ford Jr. pleas his Senate case to New Yorkers in the NY Post.

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