Report: Sbarro files for bankruptcy
Melville, N.Y. – Sbarro LLC has reportedly filed for Chapter 11 bankruptcy protection for the second time since 2011. According to Reuters, Sbarro wants to reduce its debt by 80% via a pre-packaged reorganization that would allow it to exit bankruptcy before May 7, 2014.
Most of Sbarro’s creditors reportedly support the plan, which it said is necessitated by declining mall traffic and an unsustainable balance sheet. The plan requires court approval and Sbarro will reportedly also seek better offers from potential buyers.
J.C. Penney execs left without severance
Plano, Texas – Two major J.C. Penney Co. Inc. executives who left the company in April 2013 did so without receiving severance pay. According to a regulatory filing from Penney, neither former CEO Ron Johnson nor former chief talent officer Daniel Walker were paid any severance when they left the retailer.
Johnson was fired and Walker resigned. Former COO Michael Kramer received a reduced termination fee of about $2 million when he resigned in April 2013. Johnson, who hired both Walker and Kramer, came on board at Penney in November 2011 and saw the company’s sales drop 25% during 2012.
Report: Amazon seeks to pilot 3-D goods sales
Seattle – Amazon.com is reportedly planning to pilot the sale of goods created by 3-D printers. According to the Cincinnati Business Journal, Amazon is partnering with Cincinnati area-based startup 3DLT and four other companies to launch a pilot where Amazon would directly sell 3-D printed products through its website.
3DLT has already sold 3-D printed products to consumers via third-party online marketplaces on EBay and Amazon, which reportedly drew Amazon’s attention. The startup currently sells about 50 products including iPhone cases and statues via Amazon Marketplace. The Amazon pilot will reportedly focus on the categories of toys, home accessories and decor items, jewelry and fashion/tech accessories.