 | | Featured Premium Content | | | | | WSJ Pro Bankruptcy: Hudson’s Bay, Canada’s Oldest Retail Chain, Nears Bankruptcy
Hudson’s Bay, the Canadian department store chain founded in 1670, is preparing for a bankruptcy filing within days, WSJ Pro Bankruptcy reported. The chain became a stand-alone business following its December 2024 deal to spin off its Saks Fifth Avenue subsidiary through a combination with Neiman Marcus Group. As part of that transaction, Saks acquired Neiman Marcus for $2.65 billion, establishing a new entity called Saks Global, which also owns Bergdorf Goodman. Saks Global isn’t expected to file for bankruptcy itself, only Hudson’s Bay will. READ MORE | | |  | | Editor's Picks | | | | | Several Senior DOJ Officials Fired by Trump Administration
The Justice Department on Friday ousted multiple senior career officials, including Tara Twomey, the head of the Executive Office for U.S. Trustees, the Washington Post reported. Jeffrey Ragsdale, the head of the Office of Professional Responsibility, and Liz Oyer, the U.S. pardon attorney, were also among those removed. READ MORE | | Alabama Senate Passes Bill to Allow Jackson Hospital to Restructure Debt Following Bankruptcy
The Alabama Senate passed S.B.222 on Thursday, a bill allowing medical clinic boards to readjust debt under federal bankruptcy law. The bill was introduced by Sen. Kirk Hatcher, D-Montgomery, in the wake of Jackson Hospital and Clinic in Montgomery filing for bankruptcy after defaulting on $60 million in debt in September last year. READ MORE | | Sam Bankman-Fried Ramps Up Effort for a Pardon From Trump
Disgraced cryptocurrency mogul Sam Bankman-Fried has embarked on a long-shot campaign to secure a pardon from the Trump administration, the New York Times reported. The effort has been driven by a small group of Mr. Bankman-Fried’s supporters, including his parents, Joe Bankman and Barbara Fried, who are trying to help their son escape the 25-year prison sentence he received after he was convicted of fraud, conspiracy and money laundering in the collapse of his crypto exchange, FTX. READ MORE
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April 24-26 | Washington, D.C. | | | | |  | | Daily Roundup | | | | | Automakers Want to Start Banks, Hoping to Benefit from Lighter-Touch Rules
Last summer, General Motors got bad news in its years-long push to start a new bank. Federal officials were preparing to reject the idea, pointing in part to the Detroit automaker’s experience during the 2008 financial crisis, when a bank it had previously owned nearly collapsed and required a massive taxpayer-funded bailout, the Washington Post reported. Now, as the Trump administration pledges to ease business restrictions, GM is taking another shot with hopes of a more receptive audience. GM’s financing arm filed fresh paperwork in late January with the Federal Deposit Insurance Corp., followed by a similar request from Stellantis last month. Ford, the third major U.S. carmaker, already has a pending application. READ MORE | | Late Car Payments Hit Highest Level in Decades
Americans are missing their car payments at the highest rate in more than 30 years, data shows, The Hill reported. According to Fitch Ratings, 6.56 percent of subprime auto borrowers were are at least 60 days past due on their loans in January, the most since the agency began collecting the data in 1994. READ MORE | | U.S., Canadian Farmers Face Soaring Fertilizer Prices Amid Trump Trade War
With only weeks until spring planting on both sides of the border gets underway, Canadian and U.S. farmers, already facing low grain prices, are bracing for another economic blow: even bigger fertilizer bills amid a North American trade war, Reuters reported. Some farming supply costs already turned sharply higher due to trade tensions between the U.S. and Canada. After threatening tariffs for months, U.S. President Donald Trump enacted 25% duties on most Canadian products on Tuesday before announcing a one-month reprieve on some goods, including fertilizers, on Thursday. Canada said on Thursday it will delay a planned second wave of retaliatory tariffs until April 2. READ MORE | | China’s Tariffs on U.S. Agricultural Products Take Effect
Beijing began imposing tariffs on Monday on many farm products from the United States, for which China is the largest overseas market. It is the latest escalation of a trade fight between the world’s two largest economies, the New York Times reported. The Chinese government announced the tariffs last week, shortly after President Trump raised tariffs on Chinese products for the second time since he took office in January. The Chinese tariffs will include a levy of 15 percent on U.S. products like chicken, wheat and corn, as well as 10 percent on products like soybeans, pork, beef and fruit. READ MORE | | | | |
