Sports Authority confirms store shutdown
NEW YORK >> Sports Authority, which filed for bankruptcy protection three months ago, is shuttering all 460 of its stores after it was unable to adapt to consumers’ move online.
The sports retailer had originally planned to close only about 140 stores, but in a court document this week, it outlined plans to shutter all of them. The Englewood, Colo.-based company said it will start discounting sneakers, clothing and other goods next week until the end of August.
Sports Authority’s decline came as shoppers are increasingly more likely now to head online than to their local mall.
Congress, Puerto Rico reach deal on debt
SAN JUAN, Puerto Rico >> After months of pleading from Puerto Rico’s government, the Congress has agreed to help the territory restructure its massive public debt. But it comes at a steep cost: a degree of lost sovereignty with the imposition of a fiscal control board as well as a potential lower minimum wage for young workers on the island.
The deal met mixed reviews in Puerto Rico, where some resent the uneven relationship with the U.S. mainland and others feel it could help rebuild the economy, while providing sorely needed control over their government.
Fire hobbles California solar-thermal plant
PRIMM, Nev. >> A small fire shut down a generating tower at the world’s largest solar-thermal power plant, leaving the sprawling facility on the California-Nevada border operating at only a third of its capacity.
The Ivanpah Solar Electric Generating System in California uses mirrors to focus sunlight on boilers at the top of three 459-foot towers, creating steam that drive turbines to produce electricity. But fire officials said that some misaligned mirrors instead focused sunbeams on a different level of one unit, causing electrical cables to catch fire.
Upcoming Xerox split to unseat current CEO
NEW YORK >> Xerox says Ursula Burns, the first black woman to run a Fortune 500 company, won’t be CEO after the company splits in two later this year.
Burns, 57, was named CEO of Xerox in 2009. She has spent her entire career at the company, working her way up from an internship to the top job.
Xerox said Friday that after the split, Burns will become chairwoman of a newly formed document technology company. The second company will focus on business process outsourcing, providing payment processing and other services.
Xerox said it is searching for CEOs for both companies.
GM offers compensation in mileage case
DETROIT >> People who bought or leased 2016 General Motors SUVs with overstated gas mileage on the window sticker will be getting compensated, the automaker said Friday.
Those who purchased their SUV will get to choose a debit card or an extended warranty, while lessees will receive the debit card.
For most people the compensation will be worth $450 to $900, but owners of some all-wheel-drive SUVs could get as much as $1,500. The payments will vary with lease terms and mileage differences among models.
On the Move
DTRIC Insurance has promoted Martha Nobriga to vice president from director of agency relations. She joined DTRIC in February 2012 and has worked 35 years in various positions within the insurance industry, including serving as vice president/account executive at John H. Connors Insurance.
Commercial Roofing and WaterProofing Hawaii has hired Steven Kalani as the company’s safety officer. He was previously a safety representative for DCK Worldwide as well as a risk control consultant at Lawson & Associates and a safety representative at Swinerton Builders.
