Afternoon Coffee: Sears Files for Chapter 11 Bankruptcy, Large Defense Suppliers Merge

Sears filed for Chapter 11 bankruptcy protection from creditors Monday, The Wall Street Journal reports. And CEO Eddie Lampert has stepped down. It wasn’t clear last week which type of bankruptcy the department store giant would file, but it didn’t choose Chapter 7 liquidation. Instead, Sears reached a deal with lenders to keep many stores open while it restructures.

Defense Firms L3, Harris Merge

Defense contractors L3 and Harris announced a merger over the weekend, the Washington Business Journal reports. If the deal passes muster, the new company would create the sixth-largest aerospace and defense prime contractor, the Journal reports. It would combine to form a military communications and defense electronics company with about $16 billion in revenue and a $34 billion market cap.

IEA: Oil Demand Growth to Slow

The world’s oil demand will grow at a slower pace this year and next, the International Energy Agency said in a forecast. The new outlook cites challenges like increased trade tensions and higher oil prices.

Dollar Dips on Retail Sales Miss

And finally, an economic update: The U.S. dollar dipped Monday after retail sales data for September missed economists’ expectations, Reuters reported.

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