Sears Holdings Corp. has substantial doubt it can continue as a going concern, according to the annual report it filed with the Securities and Exchange Commission, despite the numerous steps it has taken to shore up its operations. Last year Sears posted a $2.2 billion loss and tapped its investments and financing to fund operations.
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US stock markets Tuesday had their worst day of trading since Oct. 11, with all the main indexes posting losses, including the Standard & Poor's 500 index and the Dow Jones industrial average. Financials and industrials were hit hardest, dropping 3% and 2% respectively.
Monmouth Real Estate Investment Corp. has been able to build up substantial cash flow through its acquisitions of fully occupied build-to-suit properties, said CEO Michael Landy. "We've been on a virtuous cycle and generating double-digit per-share earnings growth for the last several years," Landy said.
Starwood Capital Group has increased its offer to buy Milestone Apartments REIT after proxy advisory firm ISS recommended shareholders vote against the $1.3 billion deal that was proposed earlier this year. The new offer price represents a 2.1% premium.
Brookfield Asset Management and American Tower are competing for Idea Cellular's and Vodafone Group's wireless towers, which are expected to price at $1.5 billion, according to sources. The two Indian wireless companies announced their merger this week but are negotiating the sales separately -- although the final deal may be with one entity.
Alexandria Real Estate Equities and Uber have changed the terms of the joint venture they announced two years ago in which they would build a headquarters in San Francisco, according to a new regulatory filing. Alexandria has paid $90.1 million to Uber for its 49% stake in the joint venture, while Uber has signed a 75-year lease.
General Growth Properties is working to bring KidZania, a 60,000-square-foot indoor children's activity center, to the US after seeing its success at a major mall in Dubai. The operator will debut the concept at malls in Dallas and Chicago in the next two years, in a push to give families new reasons to visit suburban shopping centers.
US District Judge Barbara Lynn has denied a motion seeking an injunction to prohibit the Labor Department from enforcing its fiduciary rule while opponents appeal a ruling that upholds the legality of the rule. Lynn said plaintiffs had failed to satisfy any legal test to justify an injunction pending appeal.
Sen. Sherrod Brown, D-Ohio, the senior Democratic member of the Senate banking committee, said he is willing to revisit parts of the Dodd-Frank Act and looking forward to working with Sen. Mike Crapo, R-Idaho, the panel's chairman. Sherrod said he would not support abolishing the act because it is effective.
The proportion of workers who say they will need $1 million or more to retire has risen to 37%, compared with 19% a decade ago, according to the latest Retirement Confidence Survey from the Employee Benefit Research Institute. However, only one-fifth of workers say they have saved at least $250,000, and 3 in 10 workers say they are stressed about retirement preparation.