U.S. Durable Goods Orders Jump 7.3% in June

New orders for U.S. durable goods rose for a second straight month in June but hopes of a sustained recovery in manufacturing appear slim due to the resurgence of the coronavirus pandemic.The Commerce Department reported that orders for goods that are meant to last three years or more climbed 7.3...

By Matthew Heller • July 28, 2020

Nike to Cut Jobs As Part of Digital Sales Push

Nike announced a management reshuffle and job cuts on Wednesday as part of its shift toward digital sales amid the coronavirus pandemic.The footwear giant said the leadership changes and “strategic alignment” of its operating model will “create even greater focus and agility” as it implements the...

By Matthew Heller • July 22, 2020

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Tax policy shifts: What CFOs need to know to stay ahead

Discover how evolving tax policies are creating new opportunities and challenges for CFOs.

By CFO.com staff

EU Agrees to $857B Economic Recovery Plan

Overcoming deep divisions over some of its terms, European leaders agreed Tuesday to a historic deal to rebuild EU economies ravaged by the coronavirus crisis.Under the agreement, which was reached after a contentious five-day summit in Brussels, the EU will borrow 750 billion euros ($857.33 bill...

By Matthew Heller • July 21, 2020

Briggs & Stratton Files Chapter 11 to Effect Sale

Gas engine maker Briggs & Stratton filed for bankruptcy on Monday to effectuate a sale of the company as it faces losses, pending debt payments and the coronavirus crisis.As part of the Chapter 11 filing, private equity firm KPS Capital has made a $550 million “stalking horse” offer to buy al...

By Matthew Heller • July 20, 2020

Housing Starts Rebound With 17.3% Increase

Construction of U.S. homes rose in June by the most in nearly four years though hopes of a sustained recovery in the housing market may be fading due to the resurgence in COVID-19 cases.The Commerce Department reported Friday that housing starts increased 17.3% to a seasonally adjusted annual rat...

By Matthew Heller • July 17, 2020

HPE Buys Silver Peak in SD-WAN Push

Hewlett Packard Enterprise has agreed to acquire Silver Peak for about $925 million to accelerate its push into the growing software-defined wide-area networking (SD-WAN) market.As Reuters reports, demand for SD-WAN services “is increasing with many workers doing jobs remotely due to the COVID-19...

By Matthew Heller • July 14, 2020

Analog Devices Buys Rival Chipmaker Maxim

Semiconductor maker Analog Devices said Monday it would acquire rival Maxim Integrated Products for about $21 billion in a move to add automotive and data center solutions to its portfolio.The all-stock deal would create a chipmaking giant with a combined enterprise value of $68 billion and combi...

By Matthew Heller • July 13, 2020

Muji Files Chapter 11, Plans Online Focus

The U.S. arm of Japanese home-goods retailer Muji has filed for bankruptcy after struggling to generate enough business to overcome its high rent costs.The Chapter 11 filing came 13 years after Muji opened its first U.S. store in the SoHo neighborhood of New York City. While Muji U.S.A. has expan...

By Matthew Heller • July 13, 2020

IEA Raises Oil Demand Forecast for 2020

The International Energy Agency raised its forecast for world oil demand in 2020 but warned that the recent surge in COVID-19 cases could threaten the recovery from the sharp decline in the first half of the year.In its latest monthly report, the IEA said it is now projecting demand will fall by ...

By Matthew Heller • July 10, 2020

Sur La Table Files Chapter 11 With Sale Plan

High-end kitchenware retailer Sur La Table has filed for bankruptcy with a plan to close nearly half of its stores and consummate a sale to private-equity firm Fortress Investment Group.The Chapter 11 filing came two weeks after Sur La Table, which also offers cooking classes at many of its store...

By Matthew Heller • July 9, 2020

Sunrun to Buy Vivint in $3.2B Solar Mega-Deal

Sunrun has agreed to acquire Vivint Solar for $3.2 billion in a major residential solar industry consolidation aimed at creating economies of scale to lower customer acquisition costs.The all-stock merger of two of the top three residential solar companies solidifies Sunrun’s leadership of the ma...

By Matthew Heller • July 8, 2020

Nielsen to Exit Businesses, Cut 3,500 Jobs

Media ratings firm Nielsen said Tuesday it will exit several smaller, underperforming markets and non-core businesses in the second half of this year to cut costs and improve operational efficiency.Nielsen has been restructuring as it moves toward splitting into two independent, publicly-traded c...

By Matthew Heller • July 7, 2020

Uber Buys Postmates in Food Delivery Bet

Uber said Monday it had agreed to buy Postmates for $2.65 billion, making a major move to expand its ride-sharing business amid declining demand for ride-sharing.The announcement of the deal comes a month after Uber failed in its bid to buy rival GrubHub, which was instead sold to European delive...

By Matthew Heller • July 6, 2020

Largest Pizza Hut Franchisee Files Chapter 11

NPC International, the largest franchisee of Pizza Hut restaurants, filed for Chapter 11 bankruptcy on Wednesday as the decline of the Pizza Hut brand continues to eat into its profits.The company has $903 million in debt and has pre-negotiated a restructuring agreement with about 90% of its firs...

By Matthew Heller • July 1, 2020

Lululemon Sees Fitness Future in Mirror

Athletic wear retailer Lululemon is acquiring startup Mirror for $500 million in a move to capitalize on the boom in home workout solutions.Mirror sells an interactive screen — which costs nearly $1,500 before tax and installation fees, plus ongoing subscription fees of $39 per month — through wh...

By Matthew Heller • June 30, 2020

Watchdog Warns of ‘Significant’ PPP Fraud Risk

The streamlining of the approval process for Paycheck Protection Program loans to small businesses has created a “significant” risk of fraud, according to the federal government’s internal watchdog.The Government Accountability Office said in a report that the Small Business Administration requir...

By Matthew Heller • June 26, 2020

Ally Financial’s Takeover of CardWorks Called Off

Ally Financial will not be completing its $2.7 billion acquisition of CardWorks, dealing a blow to its plans to diversify beyond auto loans.The two companies said Wednesday they had agreed to terminate the merger agreement they had announced in February, citing the impact of the COVID-19 pandemic...

By Matthew Heller • June 25, 2020

D&B Seeks to Raise up to $1.38B in IPO

Dun & Bradstreet is expecting to raise up to $1.38 billion in an initial public offering that would value the business data and analytics firm at as much as $8.4 billion.D&B said Wednesday in a regulatory filing that it will offer 65.75 million shares at a price range of between $19 and $...

By Matthew Heller • June 24, 2020

Bill Ackman Files for Largest-Ever SPAC Offering

Billionaire investor Bill Ackman’s hedge fund is planning to raise $3 billion from the public in a bet on the boom in blank check mergers.The initial public offering for Pershing Square Tontine Holdings would be the largest-ever for a so-called special purpose acquisition company. Ackman’s Pershi...

By Matthew Heller • June 24, 2020

Tech Industry Blasts Trump Halt on H-1B Visas

President Donald Trump has temporarily halted the H-1B visa program, cutting off a critical source of high-skilled foreign labor for tech companies.An executive order signed by the president on Monday also restricts H-2B visas for seasonal employees, L-1 visas for corporate executives, and J-1 vi...

By Matthew Heller • June 23, 2020

ServiceNow Buys Data Management Startup

ServiceNow, a provider of digital workflow management solutions, is buying Belgian startup Sweagle to help customers keep their software up and running.Sweagle is a pioneer in IT configuration management automation, using machine learning to identify and help prevent potentially costly software c...

By Matthew Heller • June 22, 2020

New Bill Offers Second Loans to PPP Borrowers

Small business owners may get a second bite at the coronavirus relief apple under proposed legislation that would extend the Paycheck Protection Program.The Prioritized Paycheck Protection Program (P4) Act would allow businesses with fewer than 100 employees to apply for a second loan if they hav...

By Matthew Heller • June 19, 2020

Cinema Chain Merger Heads for Court Fight

U.K-based Cineworld has called off a $2.1 billion deal to acquire Canada’s Cineplex, setting the stage for a legal battle between the two giant movie theater operators.In terminating the $34-per-share deal before a June 30 deadline, Cineworld, the owner of the Regal theater chain, said it had “be...

By Matthew Heller • June 15, 2020

Amazon, Goldman to Offer SMB Credit Lines

Amazon is teaming up with Goldman Sachs in a marriage of tech and Wall Street aimed at expanding  Amazon’s lending platform for small businesses.CNBC reported that small business owners who sell items on Amazon will soon be receiving targeted invitations from Goldman’s Marcus consumer banking bra...

By Matthew Heller • June 11, 2020

Small Businesses See Recession as ‘Short-Lived’

Small business optimism over the economy rebounded in May after reeling from the coronavirus outbreak and owners believe a recession will be “short-lived,” according to a closely-watched survey.The National Federation of Independent Business said its Small Business Optimism Index increased 3.5 po...

By Matthew Heller • June 9, 2020