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Reports indicate that Toys R Us could be the next retailer to file for bankruptcy.The Wall Street Journal reports that the toy retailer could file for Chapter 11 bankruptcy in the next few weeks, just a few months out from the crucial holiday season.According to the Journal, the chain's suppliers are hesitant to ship new items before putting money down. The company is facing a debt of billion stemming from a leveraged buyout in 2005.Toys R Us has already received most of its holiday shipments, but could soon be prevented from receiving any additional toys before the shopping season begins.Toys R Us is just one of a number of retailers who have struggled as Americans have started doing more of their shopping online. Just this year, at least 18 major retailers have announced that they plan on closing a significant number of stores.Read the Wall Street Journal's report here.Alex Hider is a writer for the E.W. Scripps National Desk. Follow him on Twitter @alexhider. 1004
Protesters angry over the acquittal of ex-police officer Jason Stockley, a white cop on trial for murder in the shooting death of a black man, were back in the streets of downtown St. Louis early Monday after demonstrations the previous night turned violent.More than 80 people were arrested late Sunday as protesters attacked police, broke windows and flipped over trash cans, authorities said.On Monday, protesters were locking arms on Market Street, a few blocks from the site of the previous night's violence. 521
Reports show storm surge already rapidly rising at Holly Beach, LA and adjacent coastal areas. If you are under a mandatory evacuation, you should leave NOW! Once water levels rise in your area, it will be a sharp increase. By then it will be too late #txwx #lawx #hurricanelaura— NWS Lake Charles (@NWSLakeCharles) August 26, 2020 339
Prosecutors rested their case Monday afternoon in the trial against former Trump campaign chairman Paul Manafort.This comes after 10 days of testimony from 27 witnesses. The defense has not indicated if it will call any witnesses to the stand.Prior to the prosecution resting, a bank official testified that the Federal Savings Bank gave Manafort million in loans and knew that he lied about his financial situation before they were approved by the bank's chairman.James Brennan, a vice president of Federal Savings Bank, said he faced so much pressure from his bank's chairman about Manafort's ability to borrow the million that he lied on a form reviewed by federal regulators and the bank's directors about the stability of the loan."If I had my recommendation ... the loan would not be made," Brennan said in court Monday.Brennan, who wrote a memorandum about a second .5 million loan the bank extended to Manafort, said he had given the loan a rating of "4." But in court Monday, he said he shouldn't have done that.A very stable, high-quality loan would get a rating of "1," and any rating less than "4" wouldn't get approved and would draw regulators' attention because of its instability, he said.When asked by prosecutors why the loan received a 4 rating, Brennan said it was because of "Mr. Calk," referring to the bank's founder, Stephen Calk."It closed because Mr. Calk wanted it to close," Brennan said, referring to one of the loans.Last week, the jury heard testimony that Calk approved the loans as he sought Manafort's help in getting a high-ranking position in the Trump administration.Brennan also said he and his colleagues documented their concerns about Manafort's personal finances. Information about Manafort's company's income, his unpaid debts from his Yankees season ticket and undisclosed mortgages on his other properties in New York raised red flags internally at the bank, he added.Brennan was the 27th prosecution witness to testify against Manafort in the first major test in court for special counsel Robert Mueller, who is currently leading an investigation into Russian interference in the 2016 election.Manafort has been charged with 18 tax and banking crimes. He has pleaded not guilty to all charges.Prosecutors pulled up an email that Brennan sent to colleagues who sat on the bank's loan-approving committee in September 2016. The email detailed some of "the issues we were having" regarding one of Manafort's loan applications, Brennan said.Brennan also described how he asked Stephen Calk's brother, John Calk, another major Federal Savings Bank shareholder, to sign off on the loans to Manafort, but John Calk refused.In all, the bank lost .8 million on the loans it made to Manafort, Brennan said. 2763
Rep. Ilhan Omar, D-Minnesota, has responded to comments President Donald Trump made at a rally on Tuesday in which he implied that because Omar's is a Somali immigrant that it lessened her status as a lawmaker.Trump made the comments Thursday while attacking the Democratic party's progressive wing, a group that goes by "The Squad.""We're going to win the state of Minnesota because of (Omar), they say," Trump said during a rally in Pennsylvania on Tuesday. "She's telling us how to run our country. How did you do where you came from? How is your country doing?"Omar was born in Somalia, but her family fled the war-torn country when she was a child. She arrived in the United States in the 1990s and her family moved to Minneapolis in 1997. She is a naturalized American citizen.Omar is the first Somali-American representatives in Congress and the first woman of color to represent Minnesota.Omar responded to Trump's comments in a series of tweets on Tuesday night."Firstly, this is my country & I am a member of the House that impeached you. Secondly, I fled civil war when I was 8. An 8-year-old doesn't run a country even though you run our country like one," Omar said. 1191