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Following lackluster holiday sales, Toys 'R' Us will sell or close all 800 of its remaining stores, a source told the Washington Post on Wednesday. In January, the company announced that it was closing 182 locations in 2018. Wednesday's news could affect up to 33,000 jobs with the company. The company is in the midst of bankruptcy, and is facing nearly billion in debt dating back to 2005. The company filed for bankruptcy six months ago, and has yet to find a buyer. Meanwhile, sales at brick and mortar retailers continue to drop. The Wall Street Journal reported last week that company was preparing to abandon restructuring efforts, and prepare to liquidate its stores. Earlier on Wednesday, the company announced that it is closing its remaining 75 locations in the United Kingdom  834

Former Minneapolis police officer Derek Chauvin could receive a pension worth more than million during his retirement years, even if he is convicted in connection with the death of George Floyd.Chauvin is the officer identified as kneeling on Floyd's neck during his arrest in May. He kept his knee on Floyd's neck for more than eight minutes, even as Floyd begged that he couldn't breathe.Chauvin, who had worked for the Minneapolis Police Department since 2001, was promptly fired. He was later charged with third-degree murder in connection with Floyd's death, which has since been upgraded to second-degree murder.But Chauvin still stands to benefit from a pension program partially funded by taxpayers. A number of states allow for the forfeiture of pensions for employees convicted of felony crimes related to their work. However, Minnesota does not have that policy in place.Chauvin would likely be eligible for annual payments of around ,000 a year if he chose to start receiving them at age 55.The benefits could stretch to .5 million or more over a 30-year period. 1090

Former President Barack Obama on Tuesday criticized President Donald Trump's decision to exit the Iran deal, a pillar of Obama's legacy on foreign policy."Indeed, at a time when we are all rooting for diplomacy with North Korea to succeed, walking away from the JCPOA risks losing a deal that accomplishes -- with Iran -- the very outcome that we are pursuing with the North Koreans," Obama said in a statement. "That is why today's announcement is so misguided."Trump announced on Tuesday afternoon that he was withdrawing the US from the nuclear agreement with Iran and said he would impose new sanctions.In his statement defending the multiparty agreement with Iran, known as the Joint Comprehensive Plan of Action, Obama cited many who support the deal, including the US' European allies, and he invoked the support of US Secretary of Defense James Mattis, who has said it is in the interest of the US to stay in the agreement."In a democracy, there will always be changes in policies and priorities from one Administration to the next," Obama's statement continued. "But the consistent flouting of agreements that our country is a party to risks eroding America's credibility, and puts us at odds with the world's major powers."The former President was joined in his disapproval of Trump's decision on Tuesday by former Vice President Joe Biden and former Secretary of State John Kerry.Biden said in a statement following Trump's announcement that the decision is "a profound mistake" and that it would put Iran on the path to developing nuclear weapons without diplomatic recourse."This wholly unnecessary crisis could ultimately put the safety of our country and our fellow citizens, including thousands of men and women in uniform serving across the Middle East, at risk by setting us back on a path to war with Iran," Biden said.Kerry condemned the move by Trump to abandon the agreement he had helped forge."Today's announcement weakens our security, breaks America's word, isolates us from our European allies, puts Israel at greater risk, empowers Iran's hardliners, and reduces our global leverage to address Tehran's misbehavior, while damaging the ability of future Administrations to make international agreements," Kerry's statement said.In the leadup to Trump's announcement, Kerry called for Trump to keep the agreement intact, and on Monday, Trump criticized Kerry on Twitter for what he called "shadow diplomacy." 2482

Forget about drones and armies of people driving Amazon trucks. One big Wall Street firm thinks Amazon's plan to build up its air freight delivery service may be what really winds up hurting UPS and FedEx.Morgan Stanley analyst Ravi Shanker said in a report Tuesday that both delivery giants could lose 10% of their revenue to Amazon Air by 2025. Shanker cut his price targets on UPS (UPS) and FedEx (FDX) and both stocks plunged more than 6% as a result.It was a particularly gruesome day for transportation stocks due to worries about the broader economy and confusion about the status of US-China trade talks.The Dow Jones Transportation Average, which includes FedEx and UPS as well as leading airlines, truckers and railroads, fell 4.4% -- its worst drop since June 2016.But Shanker paints a picture that should be extremely worrisome to UPS and FedEx.He notes that Amazon (AMZN), which currently is leasing 40 cargo jets, could eventually have 100 planes running and estimates that the planned Amazon Air routes could overlap with more than two-thirds of the volume flown by UPS and FedEx.That's bad news for both companies since Shanker said that UPS and FedEx each generate nearly 20% of their overall revenue from US air deliveries.Amazon has made big investments to bulk up Amazon Air. In the past few years, it has bought stakes in two freight delivery airlines -- Air Transport Services Group (ATSG) and Atlas Air Worldwide Holdings (AAWW).It also announced plans to invest .5 billion in order to build an Amazon Air hub on more than 900 acres of land that it is leasing near the Cincinnati/Northern Kentucky International Airport. Amazon bought an additional 210 acres earlier this year.There's a simple reason why Amazon will want to handle more of its own air deliveries. According to Shanker, Amazon could save between billion and billion next year. That works out to about 3% to 6% of its global shipping costs.But on a day when the broader market was tanking, investors didn't seem too enthusiastic about Shanker's thoughts on Amazon either. Shares of Amazon fell nearly 6%. 2113

Former FBI Director James Comey on Sunday called the House Intelligence Committee Republicans' year-long Russia investigation "a wreck" that damaged relationships with the intelligence community and the federal court that grants warrants to surveil foreigners.The committee released a redacted version of the GOP report on the panel's Russia probe Friday, which found no evidence of collusion between the Trump campaign and Russia in its attempt to influence the 2016 presidential election. The report also disputed the intelligence community's assessment that Russian President Vladimir Putin tried to help elect Donald Trump.The committee also released a redacted Democratic dissent document that said collusion exists and that Republicans failed to investigate key aspects of the matter.Asked on NBC's "Meet the Press" whether the committee served "a good investigative purpose," Comey responded: "Not that I can see," adding that the probe became politicized "and it wrecked the committee, and it damaged relationships with the FISA Court, the intelligence communities. It's just a wreck."Comey said the resulting GOP report "strikes me as a political document."Trump tweeted about the report on Friday evening, saying it backs his claims that there is no truth to the allegations that his campaign colluded with Russia in Moscow's attempt to interfere in the election."House Intelligence Committee rules that there was NO COLLUSION between the Trump Campaign and Russia," Trump wrote. "As I have been saying all along, it is all a big Hoax by the Democrats based on payments and lies. There should never have been a Special Councel (sic) appointed. Witch Hunt!" Trump wrote on Twitter.Comey disputed the President's assertions when asked during the interview Sunday whether they matched his views."That is not my understanding of what the facts were before I left the FBI, and I think the most important piece of work is the one the special counsel's doing now," Comey said.Comey, who was fired by Trump in May, is on a publicity tour to promote his newly published memoir, "A Higher Loyalty: Truth, Lies, and Leadership," which paints a critical portrait?of the President. In the book, Comey calles Trump "unethical" and "untethered to the truth" and compares his presidency to a "forest fire."The book prompted a furious response from Trump, who has repeatedly attacked the former FBI director on Twitter, calling him a "leaker" and a "liar."Asked on Sunday whether he would consider Trump a credible witness if the President were to sit down for an interview with special counsel Robert Mueller, Comey said: "I have serious doubts about his credibility.""Whether he were under oath or not?" host Chuck Todd asked?"Correct," Comey said. "And sometimes people who have serious credibility problems can tell the truth when they realize the consequences of not telling the truth in an interview or in the grand jury would be dire. But you would have to go in with a healthy sense that he might lie to you." 3083