Afternoon Coffee: Toys R Us to Close All of its Stores, EU Mulls Tax on Tech Company Revenue

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After months of circling the drain, Toy R Us finally called it quits Thursday, announcing it is planning to close or sell all of its more than 800 stores across the U.S., CNBC reports. There is, however, a small glimmer of hope for the retailer, as management shops a plan to save 200 stores should a buyer intervene.

Tech Tax 

The European Commission is considering a plan that would impose a 3% tax on tech companies’ revenues, according to MarketWatch. The “Digital Tax” would apply to tech companies with more than 100,000 users in Europe, generating billions of dollars in new government revenue.

Brexit Snub

Unilever, Britain’s third-largest company, announced Thursday it had chosen Rotterdam over London for its main headquarters, Reuters reports. The decision comes as a blow to Prime Minster Theresa May’s government just a year before Brexit is finalized, although Unilever Chairman Marijn Dekkers told reporters that the decision was not based on the country’s planned departure from the E.U.

Producer Prices 

And finally, an economic update: U.S. business prices rose broadly in February, the Wall Street Journal reports, up a seasonally adjusted 2.7% from a year earlier.

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