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Reuters | Equities.com |

J.C. Penney Co Inc’s talks with landlords for a rescue from bankruptcy proceedings reached an impasse, pushing the department store to the brink of collapse unless it can reach a deal within days to be taken over by lenders.

Discussions between the Plano, Texas-based retailer and a duo of mall owners Simon Property Group Inc and Brookfield Property Partners LP stalled over the weekend, Joshua Sussberg, a J.C. Penney lawyer at Kirkland & Ellis LLP, said during a Monday court hearing.

The negotiations have dragged on in part over lease terms, according to people familiar with the matter. Sussberg did not detail that or any other specific sticking points during Monday’s hearing.


AP News | Equities.com |

When Archie Jafree heard that Lord & Taylor filed for Chapter 11 bankruptcy in early August, he was sad about the fate of the storied retailer with roots dating back to 1824.

Still, the 36-year-old northern Virginia resident acknowledged he hadn’t shopped there in months, preferring instead to go to Nordstrom and Zara, where he feels the customer service is better.

“It had good quality clothes,” Jafree said of Lord & Taylor, “but they hadn’t evolved with the times.”


Reuters | Equities.com |

High-profile COVID-19 vaccines developed in Russia and China share a potential shortcoming: They are based on a common cold virus that many people have been exposed to, potentially limiting their effectiveness, some experts say.

CanSino Biologics’ vaccine, approved for military use in China, is a modified form of adenovirus type 5, or Ad5. The company is in talks to get emergency approval in several countries before completing large-scale trials, the Wall Street Journal reported last week.

A vaccine developed by Moscow’s Gamaleya Institute, approved in Russia earlier this month despite limited testing, is based on Ad5 and a second less common adenovirus.


Reuters | Equities.com |

Nestlé will pay $2 billion to buy the remaining stake in Aimmune Therapeutics Inc, gaining full ownership of the first U.S.-approved peanut allergy treatment which has struggled with a slow launch due to the COVID-19 pandemic.

Nestlé said on Monday its offer for Aimmune values the California-based drugmaker, in which it already has a stake of around 25.6%, at $2.6 billion.

Aimmune’s shares more than doubled on Monday, just shy of Nestle’s offer price of $34.50 per share.


Reuters | Equities.com |

Philips said the U.S. Department of Health had canceled most of an order for 43,000 ventilators, leading the Dutch medical equipment maker to cut its 2020 earnings outlook.

The termination follows a July report by the U.S. Congress House Subcommittee on Economic and Consumer Policy that found the White House had overpaid Philips by at least $500 million. Philips denied any profiteering on ventilators.

Philips was one of several firms contracted by th...


Reuters | Equities.com |

U.S. cases of the novel coronavirus surpassed six million on Sunday as many states in the Midwest reported increasing infections, according to a Reuters tally.

Iowa, North Dakota, South Dakota and Minnesota have recently reported record one-day increases in new cases while Montana and Idaho are seeing record numbers of currently hospitalized COVID-19 patients.

Nationally, metrics on new cases, deaths, hospitalizations and the positivi...