The financial news that actually matters
Saks Global Enterprises LLC is shutting down eight Saks Fifth Avenue stores and roughly 57 Off 5th outlet locations as it moves through Chapter 11 bankruptcy, a sweeping contraction that will reshape one of the best-known names in American luxury retail. The company is also closing one Neiman Marcus store. The Saks Fifth Avenue locations…
Taxpayers who owe the IRS but cannot pay right now face a penalty gap that can quietly multiply their bill. The failure-to-file addition to tax runs at 5% of the unpaid balance per month, while the failure-to-pay penalty is just 0.5% per month. That tenfold difference means filing a return on time, even without a…
Property owners across the country can challenge their tax assessments by filing a single standardized form with a local review board, a process that costs nothing upfront and can lead to a lower tax bill. From Texas to New York City, state and county agencies publish downloadable applications designed to let homeowners start a formal…
Millions of Amazon Prime subscribers who were charged without clear consent now face a deadline to claim their share of a $2.5 billion Federal Trade Commission settlement. The FTC began sending notices to eligible customers in January 2026, and claims must be submitted by July 27. The settlement splits into $1.5 billion earmarked for consumer…
GitLab’s board approved a restructuring plan on June 1, 2026, that will eliminate roughly 350 full-time positions, about 14% of the company’s global workforce as counted on January 31, 2026. The company also plans to pull out of 22 countries, shrinking its geographic presence by approximately 37%. Pre-tax charges tied to the restructuring are expected…
Nearly seven million people who trusted 23andMe with their genetic data could receive a share of $46.75 million after the company’s bankruptcy administrator recommended the payout to settle claims from a 2023 breach. California Attorney General Rob Bonta has separately sued the company, now operating as Chrome Holding Co., alleging it failed to protect user…
Federal prosecutors in Manhattan have charged the former CEO of Nate, Inc. with fraud for telling investors his company’s checkout technology was powered by artificial intelligence when, according to the government, the actual automation rate was effectively zero. The case centers on more than $40 million raised from investors between spring 2019 and December 2022,…
Adults 60 and older who lost more than $100,000 each to business and government impersonation scams now account for $445 million in combined reported losses per year, up from $55 million in 2020. That eightfold increase, documented by the Federal Trade Commission, sits inside a broader fraud environment where total reported losses across all age…
Lucid Group has told regulators it plans to cut about 18% of its United States workforce, shut down the second production shift at its AMP-1 factory in Arizona, and eliminate the chief operating officer position. The company framed the move, disclosed in a June 22, 2026 Form 8-K, as part of a restructuring aimed at…
Two FDIC-insured banks have shut down in 2026, and the combined toll on the federal Deposit Insurance Fund is already climbing past $116 million. The more recent closure, Community Bank and Trust of West Georgia in LaGrange, Georgia, is expected to cost the fund roughly $97 million. The first, Metropolitan Capital Bank and Trust in…