The Limited closes Hamilton Place store
More grim news for malls came Friday as apparel retailer The Limited said it will close all its brick-and-mortar stores at the end of this weekend.
The company said it will operate online only after the Jan. 8 closures. The Limited closed its store at Hamilton Place Mall in Chattanooga on Dec. 22.
A spokesman said the New Albany, Ohio-based chain operated about 250 retail stores in 2016 and that about 4,000 jobs, including seasonal and temporary ones, would be lost.
The announcement came on the heels of Macy's and Sears announcing store closures and job cuts earlier this week.
Aldi hiring fair set for Saturday
Known for offering wages and benefits that are higher than the national average for the retail industry, Aldi will host a hiring event for its Chattanooga stores from 8 am. to 2 p.m. next Saturday, Jan. 14, at Hilton Garden Inn, 2343 Shallowford Village Drive.
Opportunities within Aldi include store associate, shift manager and manager trainee positions. Aldi said it pays $11.50 per hour for store associates and $16 per hour for store managers, Store managers have a chance to earn up to $85,000 a year.
Applicants must be 18 years or older, have at a high school degree and be available to work anytime between 6 a.m. and 11 p.m., Monday-Sunday. Retail experience preferred.
Indian Point plant to close in 4 years
The aging Indian Point nuclear power plant just north of New York City will close within four years under a deal with Gov. Andrew Cuomo, who has long argued it should be shuttered to protect the millions of people living nearby.
Under the arrangement plant owner Entergy Corp. will shut both reactors at the Westchester County facility by April 2021. A person familiar with the agreement, but not authorized to speak publicly, confirmed the agreement on the condition of anonymity to The Associated Press on Friday.
It remains to be seen how the state would make up for the loss of electrical generation once the plant, which supplies a quarter of the power used in New York City and Westchester County, closes. The facility's reactor units began commercial operation in 1974 and 1976.
More than 17 million people live within 50 miles of the facility, which sits alongside the lower Hudson River about 30 miles north of New York City, the nation's biggest city. Cuomo, a Democrat, has long argued that operating a nuclear plant so close to a major population center poses a potential safety hazard.
Fiat Chrysler recalls 100,000 trucks, SUVs
Fiat Chrysler is recalling more than 100,000 older trucks and SUVs worldwide to replace potentially dangerous Takata air bag inflators.
The recall includes mainly passenger, but some driver, air bags in certain 2009 Chrysler Aspen and Dodge Durango SUVs, some 2010 Ram 3500 chassis cabs, and certain 2005-2009 Ram 2500 pickups.
Takata uses the chemical ammonium nitrate to cause a small explosion designed to inflate the air bags in a crash. But Takata inflators can explode with too much force when exposed to prolonged heat and humidity and hurl shrapnel into vehicles. As many as 16 people have been killed worldwide and about 180 have been injured. Fiat Chrysler said it knows of no injuries involving this group of recalled vehicles.
Dealers will replace the inflators with parts made by another company. Fiat Chrysler said the parts are now available. Owners will get letters starting Jan. 12.
iPhone sales drop cuts pay for Apple CEO Tim Cook
Apple penalized CEO Tim Cook for the iPhone maker's first sales slump in 15 years with a 15 percent pay cut.
Cook still made out well with a compensation package valued at $8.7 million for Apple's fiscal year that ended last September. But the amount was down from nearly $10.3 million in the prior year.
The Cupertino, Calif., company cited in regulatory documents filed Friday downturns in Apple's revenue and operating profit as the main reason for reducing the pay of Cook and other top executives.
Apple's revenue dropped 8 percent to $216 billion while its operating profit declined 16 percent to $60 billion, largely because it sold fewer iPhones for the first time since the device came out in 2007.
The company expected sales to rebound during the holiday season.
Wal-Mart names Furner as Sam's Club next CEO
Wal-Mart says it named John Furner as CEO of its Sam's Club stores to replace Rosalind Brewer, who is retiring next month.
Furner, who is 42, will head the membership-only warehouse chain next month. Furner has been Sam's Club's chief merchandising officer since October 2015. Wal-Mart said he first joined the company as an hourly store associate in 1993.
Brewer will leave her position Feb. 1. The 54-year-old has been CEO of Sam's Club for five years and has had a variety of executive roles since joining the company about 11 years ago.
Starbucks stops selling alcohol at 400 stores
Starbucks will stop selling beer and wine at hundreds of U.S. stores next week as it ends its "evenings" program.
The coffee chain said the "Starbucks Evenings" program in 439 company-owned stores in the U.S. will end Jan. 10. It said the programs may continue in some of the nine licensed stores where it is offered, or overseas. The program, first tested in 2010, was later expanded as a way to drive sales beyond the morning rush.
Trade deficit climbs to $45.2 billion
The U.S. trade deficit in November rose to the highest level in nine months as imports of oil and other foreign goods increased, while American exports fell for a second month.
The trade deficit jumped 6.8 percent to $45.2 billion, the largest imbalance since February, the Commerce Department reported Friday. Exports edged down 0.2 percent to $122.4 billion, reflecting lower overseas sales of American-made airplanes, autos and farm products. Imports rose 1.1 percent to $231.1 billion, led by a 7.6 percent jump in oil.
Factory orders drop but investment rises
Orders to U.S. factories fell for the first time in five months in November, but much of the weakness reflected a swing in the volatile category of commercial aircraft. A key category that tracks business investment spending posted an increase.
Factory orders dropped 2.4 percent after a 2.8 percent rise in October, the Commerce Department reported Friday. It was the first decline since June, but the weakness was led by a 73.8 percent plunge in demand for commercial aircraft following a 94.5 percent surge in October.