Sears takes another hit. CIT Group Inc. says it will stop factoring accounts payable for it – cutting off a source of ready cash flow for Sears. The latest word from Sears is that it sits on $4.2 billion in liquidity at the end of December including $900 million in cash.
Ford Escape SUV’s have a risk of fire for years 2001 and 2002, and Freestar and Mercury Monterey minivans years 2004 and 2005 have the risk of losing power. As a result, Ford will reportedly recall more than 244,000 Ford Escape SUVs, plus nearly 206,000 Freestar and Mercury Monterey minivans.
Don’t Miss: December Sales Figures Somewhat Disappointing, But Not A Predictor.
Wolverine Worldwide CFO Don Grimes says the company’s full-year profit forecast will come in at the low end of its prior $2.46-$2.52 earnings per share range. The fourth quarter results were hurt by because of United States conservatism as well as a “softening retail impact” in both Europe and the United States.
Coca-Cola places blame on some growers in Brazil for a fungicide that was found in some of its orange juice brands. Trading in orange juice has been volatile over the last week due to the developments. This has prompted ICE Futures of Europe, formerly called The International Petroleum Exchange of London to boost the required cash position for traders by 95%.
Starbucks debuts a “blond roast”. If you’re not a hardcore coffee drinker, this may be for you. It is marketed to those who prefer a milder taste to the firm’s flagship drinks. Though SBUX baristas may turn up their nose at the new blend, executives have their eye on luring customers away from McDonald’s Corporation and Dunkin’ Brands Group Inc. market.
Urban Outfitters CFO Eric Artz spins some damage control at the ICR XChange conference in Miami – telling his audience that future CEO Richard Hayne has been an active participant in the firm’s strategy.
Don’t Miss: Target Copies Best Buy Model With Apple Boutiques.
To contact the reporter on this story: Tanya Harding at staff.writers@wallstcheatsheet.com
To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com
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