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NEW YORK (AP) — J.C. Penney says it is closing 154 stores nationwide in what it is calling the first phase of its efforts to shrink its footprint. According to USA Today, the retailer received bankruptcy court approval on Thursday to begin liquidation sales at stores that are permanently closing. The Plano, Texas-based retailer said it could take about 10 to 16 weeks to complete the closures. “While closing stores is always an extremely difficult decision, our store optimization strategy is vital to ensuring we emerge from both Chapter 11 and the COVID-19 pandemic as a stronger retailer with greater financial flexibility to allow us to continue serving our loyal customers for decades to come,” said Jill Soltau, chief executive officer of JCPenney in a press release. “I am incredibly grateful to our talented associates for their ongoing dedication and their passion for meeting and exceeding our customers’ expectations during this difficult and uncertain time. All impacted associates will be treated with the utmost consideration and respect.”Penney filed for bankruptcy protection last month, making it the biggest retailer to do since the coronavirus pandemic forced non-essential stores to be shut down temporarily. As part of its bankruptcy reorganization, Penney said it planned to permanently close nearly a third of its 846 stores in the next two years. That would leave it with just over 600 locations. 1431

Newly published emails indicate that Natalia Veselnitskaya, the Russian lawyer who met with Trump campaign associates in 2016, once worked with Russia's chief legal office in an effort to thwart the Justice Department, The New York Times reported on Friday.The newspaper notes that the disclosure suggests that the lawyer had closer ties to the Kremlin than she had previously suggested.The Times reported that, according to an NBC News interview to be broadcast Friday, Veselnitskaya disclosed that she was a "source of information" for Russian Prosecutor General Yuri Chaika. 585

NEW YORK (AP) — A stage production of Ta-Nehisi Coates’ “Between the World and Me,” his prize winning book about racism and police violence, is being adapted by HBO for a special this fall. HBO announced Thursday that the program will feature readings from Coates’ book and will be directed by Apollo Theater Executive Producer Kamila Forbes. She directed the stage production of “Between the World and Me″ in 2018 at the performance center in Harlem. Coates’ book, published in 2015, is structured as an open letter to his son about what to expect as a Black man living in the United States. 600

New video appears to show workers for Caltrans handing out campaign materials defending the state's recent gas tax increase while on the job. The video, shot Tuesday, was released by the Yes on 6 campaign, which is pushing to repeal the recent 12-cent-per-gallon hike on the November ballot. The video shows Yes on 6 campaign manager Matt Stockton in the drivers seat of a car. He is apparently stopped at a Caltrans contractor's site along the 78 near Ramona. The video shows a man in a hard hat approaching the window, handing Stockton what appears to be a No on 6 campaign flier defending the gas-tax increase.Stockton in the video asks the man if he is with Caltrans, and the man answers that yes, his crew is working with Caltrans. Other images released by the campaign appear to show the workers were with Pico Rivera-based Manhole Adjusting Inc., and that a Caltrans supervisor was on site. "The misuse, the abuse of taxpayer funds being used in a political campaign, it is shameful, it is outrageous, and it needs to stop right now," said Carl DeMaio, who is chair of the Yes on 6 campaign. Caltrans, a state agency, said in a statement that it is looking into the matter, and has contacted its contractors to say it does not condone political advocacy on project sites. The No on 6 campaign, fighting to keep the gas tax increase, says it was unaware of the incident and that it denounces any inappropriate use of public resources or venues for campaign purposes."The No on 6 campaign very carefully follows all rules prohibiting the use of public resources for campaigning and often reinforces those rules to anyone involved with the campaign," the campaign said in a statement. Calls to the on-site Caltrans supervisor and Manhole Adjusting Inc were not immediately returned."If this is happening on more than one occasion, it's egregious," said Seth Kaplowitz, a finance lecturer at San Diego State University. "It's egregious because they know they're not supposed to be doing it."Last year, Gov. Jerry Brown and the state legislature raised the gas tax by 12 cents-per-gallon with future increases planned. Already, the state says more than 0 million have poured into San Diego to fix county roads and highways. The measure to repeal the tax increase will be on the November ballot.  2378

NEW YORK (AP) — Uber shares sunk even further after its disappointing stock market debut as doubts lingered over the company's ability to turn a profit and trade tensions dragged down the overall market.The ride-hailing giant's stock fell 10% and hovered around Monday afternoon on Uber's first full day of trading.The mounting losses followed Uber's disappointing initial public offering. On Friday, it took a 7 million hit — the largest loss on the first day of trading by a U.S.-based company in recent history, according to Renaissance Capital.Uber's earliest investors are still making money off the IPO, but "for late-round investors, it's possible by the time they exit they will end up with a loss," said Jay Ritter, finance professor at the University of South Florida.Among the recent big investors — and perhaps losers — is PayPal, which had disclosed plans to buy 0 million in Uber stock at the IPO price of .Uber has had no trouble convincing venture capitalists to pour money into its earlier funding rounds, but with its unclear path to profitability, it's having a more difficult time with Wall Street investors."It's clearly a high-risk, high-reward scenario. You're betting on something that may happen 10 years down the road," said Matt Kennedy, senior IPO market strategist at Renaissance Capital, a manager of IPO exchange traded funds. "Public investors are looking at profits and not seeing any, and the company's growth in the last quarter was relatively strong, but I don't think it blew anyone away."Uber's main U.S. rival, Lyft, is in a similar spiral. Its stock was trading below on Friday, down 33% from its IPO price of .It's rare to see shares in a tech company hit so hard upon going public. Over the past five years, just 10% of similar companies finished their first day of trading below their IPO price, Kennedy said.Uber's revenue last year surged 42% to .3 billion, but the company admits it could be years before it turns a profit. 2000

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