Hampton Roads and nation [Virginian - Pilot]
(Virginian - Pilot Via Acquire Media NewsEdge) sears plans to shed lands' end clothing
Sears Holdings Corp. said Friday that it will spin off its Lands' End clothing business as a separate company by distributing stock to the retailer's shareholders.
It's the latest move by the struggling retailer to turn around its results as it faces wider losses and increasingly displeased investors.
Belus Capital Advisors analyst Brian Sozzi said the move shows Sears was unable to get a buyer at the right price for Lands' End and may raise questions about how much other well-known brand names Sears owns, like Craftsman, are worth. "It makes you question the value of what Sears is sitting on," he said.
Sears has spun off other businesses, including its Hometown and Sears Outlet stores, to raise cash.
consumers spend more, borrow more
U.S. consumers increased their spending in October even though their wages and salaries barely increased.
At the same time, Americans boosted their borrowing in October, led by another big increase in auto and student loans and the biggest rise in credit card debt in five months.
Consumers increased their borrowing by $18.2 billion in October to a seasonally adjusted $3.08 trillion, the Federal Reserve reported.
Consumer spending increased 0.3 percent in October compared with September, the Commerce Department reported. Wages and salaries rose a slight 0.1 percent after a much stronger 1 percent rise in September.
Overall income actually fell 0.1 percent following a 0.5 percent rise in September.
barnes & Noble faces sec scrutiny
Shares of Barnes & Noble fell on Friday after the bookseller said it was cooperating in a Securities and Exchange Commission investigation into its accounting.
The struggling retailer has been trying to make a turnaround in the face of tough competition and book readers who are increasingly turning to digital media for content.
The SEC told the bookseller Oct. 16 that it was investigating the company's restatement of earnings announced in July as well as an employee allegation that it improperly allocated some information- technology expenses between its Nook and retail segments.
The news came in its quarterly report filed after the market closed Thursday.
apple wants $22M in fees from samsung
SAN JOSE, Calif. | Putting another hefty price tag on the smartphone wars, Apple Inc. on Friday asked a federal judge to order rival Samsung Electronics Co. to pay about $22 million in legal fees and costs for fighting their patent feud over iPhone and iPad technology.
Apple is seeking nearly $16 million in legal fees, which it says amounted to less than one-third of the $60 million it spent on lawyers in the current legal battle.
Apple is also demanding Samsung pick up $6.2 million in costs for a variety of expenses, much of it for reproducing materials for the case.
A federal jury in August 2012 found Samsung violated Apple's patent rights and trademark protections by copying iPhone and iPad technology in its older products.
Atlantic Diving Supply Inc. of Virginia Beach has been awarded an $84 million, three-year contract from the Defense Logistics Agency for various commercial fasteners.
Gilead Sciences Inc. says the federal government has approved its highly anticipated hepatitis C drug.
Bowing to the Food and Drug Administration, genetic testing service 23andMe said it would stop providing consumers with health information while its test undergoes regulatory review.
The Los Angeles city attorney sued Wells Fargo and Citigroup, alleging mortgage discrimination that led to a wave of foreclosures in minority communities.
- From Pilot and wire reports
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