" Lumber Liquidators: "It makes sense to buy Lumber Liquidators.
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AIML's joint liquidators are from Deloitte and joint liquidators for the holding company are from PwC.
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Lumber Liquidators — Shares of Lumber Liquidators Holdings dropped 3.4 percent after the company's CFO resigned, and the company lowered its guidance for 2019.
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INITIALLY LUMBER LIQUIDATORS BUSINESS WAS DEVASTATED BY A "60 MINUTES" REPORT AND HAVING THE NAME LUMBER LIQUIDATORS ASSOCIATED WITH A CHEMICAL LIKE FORMALDEHYDE.
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Lumber Liquidators said a Superior Court of the State of California entered judgment in favor of Lumber Liquidators, saying Global Community Monitor and Sunshine Park's evidence failed to support their claims.
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In Sears' conversations with liquidators, it has focused on a process that would give the company a cut of what liquidators sell, rather than a fixed payment, one of the people said.
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A court in the Cayman Islands, where Abraaj Holdings is registered, ordered this week that PwC be appointed as provisional liquidators of the company and Deloitte as liquidators of Abraaj Investment Management Ltd.
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Lumber Liquidators also appointed Christopher Thomsen as chief information officer.
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Shares in Lumber Liquidators fell 2.5 percent after the news.
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Liquidators are also seeking to sell its investment management business.
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It has left her family business — Cheapskates Liquidators — in tatters.
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Lumber Liquidators combats 'confusion' about toxic laminate Company pays millions to settle past claims The report was released on the same day the California Air Resources Board announced a settlement with Lumber Liquidators Inc.
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Lumber Liquidators — Lumber Liquidators received a favorable ruling from a California court, which rejected claims that the flooring maker did not warn consumers about the presence of cancer causing formaldehyde in some of its products.
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Lumber Liquidators was not available for comment outside regular business hours.
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Shares of Lumber Liquidators spiked 13 percent in after-hours trading.
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Lumber Liquidators stopped selling laminates sourced from China in May 2015.
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Liquidators of Abraaj could not be immediately reached for a comment.
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Shares in Lumber Liquidators rose nearly 1 percent after the news.
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Lumber Liquidators jumped 18.6% on Thursday, with no other public catalyst.
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DUBAI, June 19 (Reuters) - Dubai-based Abraaj Holdings said on Tuesday a court in the Cayman Islands ordered to appoint PwC as provisional liquidators of Abraaj Holdings and Deloitte as provisional liquidators of Abraaj Investment Management Ltd.
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Liquidators are searching for new managers for Abraaj's funds—a tedious task.
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Just so there's no confusion— the story of the liquidators is real.
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Liquidators of Abraaj did not immediately respond to a request for comment.
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Abraaj's liquidators did not immediately respond to a Reuters request for comment.
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Shares of Lumber Liquidators plunged more than 13% to $9.77 on Friday.
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The deal would need to fend off bids that liquidators have prepared.
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But forests like that are rapidly vanishing thanks to companies like Lumber Liquidators.
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Lumber Liquidators, Honda Motor and Cardinal Health all reported before the bell Monday.
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Lumber Liquidators (LL) accused investor Whitney Tilson of creating confusion to make money.
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Abraaj's joint provisional liquidators, Deloitte and PWC, said negotiations are still under way.
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Lumber Liquidators shares were up nearly 3 percent in extended trading on Tuesday.
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Ellsworth, who lives in Germany, recounted the experience of meeting with the liquidators.
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In early 2015, Lumber Liquidators made false public statements in response to a "60 Minutes" report that showed undercover video of the company's suppliers saying that they provided Lumber Liquidators with products that did not meet regulatory standards, the SEC said.
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Lumber Liquidators saw same-store sales fall 210 percent compared to a year earlier.
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Lumber Liquidators gained more than 8 percent after hours following a favorable court ruling.
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Abraaj's provisional liquidators, Deloitte and PwC, did not respond to Reuters' requests for comment.
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The 2015 "60 Minutes" report and subsequent investigations caused Lumber Liquidators' sales to plunge.
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They weren't looking for Lumber Liquidators, said Alexander von Bismarck, the conservation group's executive director.
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Lumber Liquidators Presidents Day flooring sale: Get up to 40% off flooring through Feb. 19
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Liquidators Hilco Global and Gordon Brothers are also members of the consortium, the sources said.
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This comes as Dubai-based Abraaj's provisional liquidators seek to sell its investment management business.
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Shares of Lumber Liquidators shares fell nearly 10 percent in premarket trading following the report.
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Separately, Abraaj's joint provisional liquidators are seeking to sell part of its investment management business.
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Lumber Liquidators' shares have more than halved from March last year since the CBS report.
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" Lumber Liquidators: "I don't want anything to do with anything related to housing, including lumber.
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The employee said, "It's business as usual, happy holidays, until the liquidators come in January."
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Litigation funder LCM Finance received A$1.85 million while lawyers, liquidators and auditors split the rest.
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Lumber Liquidators said in a statement on Monday that it had strengthened its "quality assurance procedures."
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Lumber Liquidators – The flooring maker matched estimates with adjusted quarterly profit of 7 cents per share.
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But a judge substantially dismissed the filing, and in September a Bahamian court appointed provisional liquidators.
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Liquidators work with employees as they look for new jobs, in some cases helping with placement.
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The top court in the Bahamas, which has no bankruptcy law of its own, appointed provisional liquidators.
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Liquidators were appointed to wind down Wonga's British business (existing customers will still have to repay loans).
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Deloitte and PwC, joint liquidators for Abraaj, did not immediately respond to a Reuters request for comment.
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The impaired assets and operations were left in a "bad bank" put in the hands of liquidators.
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Tilson himself shorted Lumber Liquidators in 2015, accusing it of selling flooring laced with cancer-causing materials.
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Lumber Liquidators has denied that its products are dangerous and has stopped selling laminate flooring from China.
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He did have a pair of $20003,500 checks from Wine Liquidators that he left with his mother.
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An r/wallstreetbets user dubbed Lumber Liquidators "a massive turnaround play" and said they bought 25,000 shares.
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Excluding items, Lumber Liquidators lost 74 cents per share, much more than the 24 cents analysts had expected.
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Lumber Liquidators Chief Executive Officer Dennis Knowles said in a statement the company was "pleased" with the settlement.
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Lumber Liquidators shares fell to a low of $10.01, before easing to trade down 6.6 percent at $10.38.
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THE HEADLINES IN THE MEDIA -- THERE WASNT MUCH MEDIA COVERAGE, SAID NO CANCER RISK FROM LUMBER LIQUIDATORS FLOORING.
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The High Court of Singapore appointed KordaMentha Pte Ltd's Cameron Duncan and Muk Siew Peng as provisional liquidators.
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Lumber Liquidators' shares, which have climbed 57 percent this year through Monday, were up 29.8 percent at $32.07.
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Lumber Liquidators' shares, which have plunged 88.5 percent since the March report, rose 1.5 to $12.28 on Thursday.
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Shares of Lumber Liquidators, which suspended its stock buyback program on Tuesday, were down 274 percent in premarket trading.
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For consumers where an elevated level of formaldehyde is detected, Lumber Liquidators said it will provide the required remediation.
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The sale of Abraaj-linked funds has been challenging for liquidators since the private equity firm imploded last year.
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Citing his "most reliable source," Tilson claimed Lumber Liquidators' business "has just gone off a cliff" in recent weeks.
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IN THE LAST TWO WEEKS ACCORDING TO MY MOST RELIABLE SOURCE, LUMBER LIQUIDATORS BUSINESS HAS GONE OFF A CLIFF.
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The original sale produced a $49.8 million high bid by liquidators Gordon Brothers Retail Partners and Hilco Merchant Resources.
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A spokeswoman for Actis declined comment and provisional liquidators for Abraaj did not respond to Reuters for a comment.
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Chernobyl's liquidators, soldiers, and police officers weren't told where they were going until they got to the train station.
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Mr. Shah's spokesman said his client didn't respond to the lawsuit because both companies are now controlled by liquidators.
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Amazon says the majority of returned goods are resold to other consumers or liquidators, returned to suppliers or donated.
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He bought garage equipment, support trucks and motorhome from Manor's liquidators before a scheduled auction and set to work.
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Shares of Lumber Liquidators jumped 3.6 percent, while Lowe's rose 1.2 percent and Home Depot climbed nearly 1 percent.
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Interim CFO Greg Whirley will stay on in his role as senior vice president, finance, Lumber Liquidators said on Friday.
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Earnings are expected from Credit Suisse, Lumber Liquidators, Dean Foods, Nokia, SodaStream, EchoStar and Norwegian Cruise Line before the bell.
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Company liquidators have presented evidence showing the company's former management had stolen at least $355 million through fake technology acquisitions.
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Lumber Liquidators — The company accused investor Whitney Tilson of creating confusion in the marketplace for the purpose of making money.
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Shares of Lumber Liquidators have lost more than half of their value since March last year since the CBS report.
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Abraaj's liquidators are in the process of determining the value of the company's assets to settle liabilities, Air Arabia said.
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Most bottles were sold to a wine distributor in North Carolina named Ryan Chaland, who runs the wholesaler Wine Liquidators.
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And the sort of scrutiny applied in the Lumber Liquidators and the Yacu Kallpa cases is still the rare exception.
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In the nine months to March 2018 its financing costs came to $41m, according to a confidential report by its liquidators.
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In a statement, Lumber Liquidators said it had taken "meaningful steps" to boost compliance and establish trust with customers and shareholders.
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SPCA International is now caring for the modern day descendants of the canines and cats that survived Chernobyl and the liquidators.
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He sided with liquidators for six of Mr Sanea's companies, who should now be able to recoup some of their losses.
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Sears had already retained Abacus as a liquidation consultant after filing for bankruptcy, but decided to take offers from other liquidators.
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After rallying more than 40 percent this year, shares have Lumber Liquidators may have found — well, a bit of a floor.
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Tilson, the founder and managing partner of Kase Capital Management, had said he'd covered his Lumber Liquidators short in December 2015.
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In a statement, Lumber Liquidators said it has taken "meaningful steps" to boost compliance and establish trust with customers and shareholders.
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BUT WHEN YOU SHORT IT AT 12 ESPECIALLY WITH THE CASH POSITION LUMBER LIQUIDATORS HAD AT YEAR END A CONSIDERABLE AMOUNT.
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Today, the animal organization cares for the modern-day descendants of the canines and cats that survived Chernobyl and the liquidators.
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The penalty announced on Tuesday was the latest that Lumber Liquidators has absorbed for formerly selling laminate flooring made in China.
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Mr. Mensink then moved to Bulgaria, and has not returned to Australia to face questioning by liquidators, leading to arrest warrants.
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The liquidators were also probing an investment by Platinum's master fund into Northstar Offshore Group LLC, according to the Chapter 15 filing.
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Sears will allow Lampert to participate in a previously scheduled auction Monday, when it will compare ESL's offer to others by liquidators.
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The fund is one of several where court-appointed liquidators Deloitte and PwC have yet to pick preferred bidders for management rights.
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While liquidators can bring in temp services to help if necessary, the groups prefer the store employees stay as long as possible.
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Hhgregg has a consulting agreement with liquidators that could be interpreted to allow the sale of consigned inventory in store-closing sales.
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Camping World and the liquidators plan to operate at least 17 Gander Mountain stores as a going concern, according to the source.
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But on Friday, Sullivan sold nearly 80% of his investments, or 1.75 million shares in Lumber Liquidators, according to a regulatory filing.
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Lumber Liquidators said it supported the recommendations of the report on the safety of flooring made in China between 2012 and 2014.
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Liquidators won an auction for the assets of sporting goods retailer Sports Authority in 2016 and then sold them off in pieces.
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Out of personal misfortune came a new business idea: They would become liquidators, buying off-price merchandise from other stressed store owners.
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Lumber Liquidators told investors that third-party test results of its flooring products proved that it was compliant with formaldehyde emissions standards.
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Lumber Liquidators is of course more notorious for having sold laminated flooring, also from China, that contained dangerous levels of formaldehyde, a carcinogen.
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The retailer is still searching for a buyer, but it's already brought in liquidators to get rid of some merchandise and repay creditors.
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Instead, a joint venture by liquidators Great American Group and Tiger Capital Group won an auction for Bon-Ton's inventory and other assets.
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The short positions, like Lumber Liquidators or Herbalife, are a much smaller part of his portfolio, although they often attract the most attention.
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Lumber Liquidators — The flooring maker lost an adjusted 216.85 cents per share for its latest quarter, 225 cents a share wider than expected.
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It is now held by liquidators following the 2014 collapse of the family business and the bank founded by them, Banco Espirito Santo.
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Since then, amid lawsuits from investors and investigations by federal agencies, Lumber Liquidators has worked to improve product quality and shuffle senior management.
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In late April, Tom Skipp traveled to Slavutycch, Ukraine to meet the "liquidators" of Chernobyl, men and women who cleaned up the disaster.
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Since then, amid lawsuits from investors and investigations by federal agencies, Lumber Liquidators has shuffled senior management and worked to improve product quality.
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Liquidators and Bon-Ton's bondholders, led by hedge fund Brigade Capital Management LP, have been calling for Bon-Ton's wind down for months.
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Profits were also buoyed by a one-off interest payment of HK$55 million from the liquidators of Lehman Brothers Securities Asia Limited.
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Lumber Liquidators Holdings Inc plunged 6.753% after founder Thomas Sullivan told Bloomberg he was holding off on plans to take the company private.
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In 2018, Lumber Liquidators paid $36 million to settle class-action lawsuits brought by customers who bought the laminate between 2009 and 2015.
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The rest, most likely because they arrived in opened or damaged boxes, are sold to various third parties like discount retailers or liquidators.
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Sears will then allow Lampert to participate in a previously scheduled auction on Monday, when it will compare ESL's offer to others by liquidators.
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The U.S. Consumer Product Safety Commission said Thursday that Lumber Liquidators has agreed to not sell its existing inventory of Chinese-made laminate flooring.
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Lumber Liquidators previously said it hadn't sold its Chinese-sourced laminate since May 2015, adding that it has taken "meaningful steps" to boost compliance.
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Global Community Monitor and Sunshine Park will pay $100,000 to Lumber Liquidators as reimbursement for costs, according to a separate settlement between the parties.
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The slow progress, however, underscores the challenge facing Abraaj's joint provisional liquidators in averting a disruptive break-up of the group's $13.6 billion empire.
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Authentic Brands was part of a consortium of mall operators and liquidators that won a bankruptcy auction for U.S. teen retailer Aeropostale Inc AROPQ.
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In this case, Lumber Liquidators faced allegations that the imported flooring contained high levels of the carcinogen formaldehyde that violated California's air quality controls.
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Around that time, investigators discovered $153,000 in checks and wire transfers from Wine Liquidators to Mr. Ribeiro's J.P. Morgan account from 2014 to 2016.
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Home Depot climbed 1.10 percent and Lowe's added 1.13 percent on Friday, while Lumber Liquidators' stock added another 1.94 percent to its weekly gains.
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During Lumber Liquidators' 8th Annual Flooring Yard Sale, save 50 percent on more than 400 floor types and an extra 25 percent off clearance.
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The last time the Department of Justice prosecuted a major illegal logging case, in 2016, the culprit, Lumber Liquidators, paid a $13.1 million fine.
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A review of Abraaj's handling of investor money is likely to delay the Colony transaction, according to a report by Abraaj Holdings' provisional liquidators, PwC.
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Lumber Liquidators' selling, general and administrative costs jumped 7.8 percent to $117.2 million in the quarter ended March 31, including $13.5 million in legal fees.
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The retailer is still planning to search for a buyer, but it's already brought in liquidators to get rid of some merchandise and repay creditors.
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San Francisco Fed President John Williams Earnings: Credit Suisse, Nokia, Norwegian Cruise Line, Crocs, Dean Foods, Lumber Liquidators, Disney, Electronic Arts, Jazz Pharma, Nuance Comm.
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He said that after 5 million rand is paid for the legal fees of the liquidators, most of the balance will go to the miners.
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Global Community Monitor and Sunshine Park had in 2014 filed a lawsuit claiming that Lumber Liquidators failed to provide a formaldehyde warning to California consumers.
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Sales at Lumber Liquidators' stores open for more than a year rose 8.8 percent, beating analysts' average estimate of 5.8 percent, according to Consensus Metrix.
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On one recent job for liquidators to clear a derelict mine, he and his teams regularly had gun battles with zama zamas on the surface.
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Lumber Liquidators' last COO was Robert Lynch, who became chief executive in 2012 but resigned last May following the scandal related to its China laminates.
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The announcement was made shortly after midnight on Wednesday local time, by Singapore High Court-appointed liquidators, Tim Reid and Theresa Ng of Ferrier Hodgson.
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Lumber Liquidators shares fell more than 15 percent Tuesday afternoon after hedge fund manager Whitney Tilson said he has renewed his short on the company.
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N, and liquidators Gordon Brothers and Hilco Merchant Resources, is subject to approval by a bankruptcy judge in a court hearing scheduled for Sept. 12.
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Julie Hall, director of the American Society of Estate Liquidators, said she always asked people who called with a complaint whether they had a contract.
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Business Briefing The beleaguered flooring retailer Lumber Liquidators is paying $2.5 million to settle allegations that some of its products violated California's air safety standards.
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In April, it was purchased by a group of its creditors and liquidators at an auction, and the company closed its stores on Aug. 29.
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Back in the States, the Department of Justice was just settling its illegal logging case against Lumber Liquidators and was eager to build on that success.
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Hilco and Gordon Brothers have joint ventured to act as liquidators for Gump's merchandise while Garman Turner Gordon LLP is the legal adviser to the company.
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Lumber Liquidators — The firm has agreed not to sell its existing inventory of laminate flooring previously sourced from China, the U.S. Consumer Products Safety Commission said.
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Unlike the majority of the Chernobyl liquidators, these people are trained professionals not risking their health—but it's still creepy to look directly into their eyes.
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Global Community Monitor and Sunshine Park LLC had in 2014 filed a lawsuit claiming that Lumber Liquidators failed to provide a formaldehyde warning to California consumers.
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Lumber Liquidators got some breathing space in early February after U.S. federal tests found a low risk of cancer from some of the company's laminate flooring.
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Analysts expected Lumber Liquidators to post a loss of 19 cents per share on $254 million in revenue, according to a consensus estimate from Thomson Reuters.
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Lumber Liquidators' shares were set to open more than 15 percent lower on Monday, which would be the stock's biggest intraday percentage drop in six months.
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Lumber Liquidators incurred nearly $29 million in legal expenses and on a fall in the carrying value of the unsold laminates it had sourced from China.
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THE CDC ADMITTED THE MISTAKE AND THIS WAS A MEDIA FRENZY AND THE HEADLINES NOW WERE LUMBER LIQUIDATORS FLOORING THREE TIMES MORE LIKELY TO CAUSE CANCER.
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In the case of Bon-Ton, Washington Prime, CBL and others are looking to strike a deal with liquidators to win back control of their stores.
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Lumber Liquidators executives said on a call, that they "have a lot of work to do," in balancing investments to drive sales and becoming profitable again.
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The application by Dubai-based Abraaj Holdings, filed in the Grand Court of the Cayman Islands Thursday, seeks to appoint PricewaterhouseCoopers (PwC) as joint provisional liquidators.
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Earlier this month, Sears won bankruptcy-court approval to advance plans to stay in business and find a buyer even as it evaluates offers from liquidators.
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The issue gained more urgency last year, when Lumber Liquidators, a major importer of discount flooring, was accused of selling products with dangerous levels of formaldehyde.
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"The Company is aware of Mr. Sullivan's amended 13D filing and does not comment on the intentions or trading activities of shareholders," Lumber Liquidators told CNBC.
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Mercury earned about $5.35 million in lobbying revenue during 2016, with clients such as carmaker Hyundai, General Atomics, Airbnb, Lumber Liquidators, Navient Solutions and United Technologies.
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"I don't think this was a surprise to anyone," said Scott Stewart, CEO of Turnaround Management Association, whose members include corporate turnaround experts and store liquidators.
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We had previously been running a liquidation business where we'd buy returned items from major retailers and sell them to liquidators, so we had brand connections.
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The agency concluded its review with no formal finding of violation or admission of wrongdoing by Lumber Liquidators, the company said in a regulatory filing on Tuesday.
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Lumber Liquidators, whose shares rose as much as 15.6 percent in morning trading, said it agreed to pay $2.5 million to the agency to resolve the matter.
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In October, Lumber Liquidators agreed to pay $10 million in an unrelated probe by the Department of Justice into the import of certain flooring products in 2013.
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Lumber Liquidators shares, which had lost about 80 percent of their value since the report, were trading at $13.65 on the New York Stock Exchange on Tuesday.
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The stock has lost nearly 80 percent of its value since a CBS "60 Minutes" report questioning the safety of Lumber Liquidators' products aired in March 2015.
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BUT LOOK, THIS IS LUMBER LIQUIDATORS, TO SOME EXTENT I FEEL A LITTLE SYMPATHETIC FOR THEM IN THAT NOW I BELIEVE THAT THEY DIDN'T DELIBERATELY DO THIS.
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Dick's plans to keep open at least 30 Golfsmith stores and wind down the rest with liquidators from Hilco Global and Tiger Capital Group, the people said.
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The company also said the U.S. Consumer Product Safety Commission (CPSC) would stop monitoring Lumber Liquidators' distribution of test kits to customers who bought its Chinese laminates.
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Lumber Liquidators' shares are among the most shorted in the United States, with a third of its outstanding shares being held by short sellers as of Oct.
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The liquidators say it is typically the store's current shoppers that buy most of the merchandise in the going-out-of-business sales, particularly in the beginning.
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New York (CNN Business)Lumber Liquidators agreed to pay $33 million in penalties for misleading investors about formaldehyde in its laminate flooring products, the SEC announced Tuesday.
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Lumber Liquidators (LL), one of the largest flooring companies in America, knew that its largest Chinese supplier had failed third-party formaldehyde emissions testing, the SEC said.
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"Pressured by negative publicity, Lumber Liquidators misled investors about its product testing and regulatory compliance programs," said Marc Berger, director of the SEC's New York Regional Office.
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Excluding items, Lumber Liquidators posted a loss of 25 cents per share, which was in line with analysts' estimates, according to Thomson Reuters I/B/E/S.
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But "we almost literally bumped into the stacks and stacks of boxes that have the Lumber Liquidators brand in the factory that we had gone to," he said.
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Lumber Liquidators discontinued sale of the product in question in May 2015, and the regulator said any sale or disposal of remaining inventory is subject to its approval.
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Analysts had expected Lumber Liquidators to report a loss of about 24 cents a share on $237 million in revenue, according to a consensus estimate from Thomson Reuters.
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Lumber Liquidators said a California court ruled in its favor against claims that it did not warn consumers about cancer-causing formaldehyde in some of its flooring products.
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The first report, which covers 20 companies, provides details on the actions taken by SGX against them and its discussions with directors, special auditors, judicial managers and liquidators.
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Last week, a court in the Cayman Islands, where Abraaj is incorporated, appointed provisional liquidators for Abraaj Holdings and AIML as the firm tries to restructure its debt.
|
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Picard granted the Kingate liquidators permission to pursue their own customer claims in the Madoff bankruptcy case, and receive "catch-up" payments when he next makes a payout.
|
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Last week a court in the Cayman Islands appointed provisional liquidators for Abraaj Holdings and Abraaj Investment Management Ltd (AIML) as the firm tries to restructure its debt.
|
|
Lumber Liquidators executives said on a call with analysts, that they "have a lot of work to do," in balancing investments to drive sales and becoming profitable again.
|
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In theory, Chinese courts should recognize rulings from Hong Kong courts on issues such as liquidations, but liquidators say it is difficult in practice to make them stick.
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Trading was stopped in early 2011, and the company is now in the late stages of delisting and liquidation; the liquidators, for their part, are suing both banks.
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"Lumber Liquidators is now a great short again because there is new information out there," Tilson, who runs Kase Capital said at the Harbor Investment Conference on Tuesday.
|
|
Ringelsten runs Shorewood Liquidators, which collects all those post-holiday returns—from unwanted gadgets and exercise equipment to office furniture and popcorn machines—and finds them a new home.
|
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Hedge fund manager Whitney Tilson, who holds a short position in the retailer's stock, has warned that there is a 50 percent chance Lumber Liquidators will file for bankruptcy.
|
|
Privately-held Worldwide Golf Shops was preparing to submit a bid for Golfsmith on Monday, in partnership with liquidators from Great American Group LLC, one of the people said.
|
|
As directed by court-appointed special liquidators, Eurocom Communications, Internet Gold's indebted controlling shareholder, also participated in the private placement and is maintaining its same holding in the company.
|
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Vedanta has been locked in a dispute with Zambia since May, when the African country appointed liquidators to run KCM, saying it had breached the terms of its licence.
|
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Lumber Liquidators said on Tuesday that it had reached an agreement to pay $26 million and 1 million shares through its insurers to settle a securities class action lawsuit.
|
|
The court in April had ruled tentatively in favor of Lumber Liquidators in a civil case that had accused the hardwood floor retailer of violating a California state law.
|
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Lumber Liquidators has been under pressure since March last year, when CBS's "60 Minutes" report alleged that the company's laminate products sourced from China contained toxic levels of formaldehyde.
|
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Lumber Liquidators stock plunges as CDC raises cancer risk of flooring The original report found the risk was three times lower than the risk identified in the new report.
|
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Abraaj, the Middle East's biggest private equity firm, had filed a petition in the Cayman Islands last week, asking the court to appoint provisional liquidators for the embattled company.
|
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Lumber Liquidators' costs jumped due to higher legal expenses and a fall in the carrying value of the laminates it sourced from China, which it decided not to sell.
|
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The Washington-based firm had said in February that liquidators of a Carlyle bond fund had sued over investment losses in mortgage-backed securities, seeking damages of $169.13 billion.
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GRIFFETH: BY THE WAY WE HAVE REACHED OUT TO LUMBER LIQUIDATORS FOR A RESPONSE TO YOUR ANNOUNCEMENT AND WEVE YET TO HEAR BACK WE ARE WAITING FOR THAT STATEMENT.
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Lumber Liquidators said on Monday there was a decrease in both the number of customers it billed and the average sale value in the fourth quarter ended Dec. 31.
|
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The sporting goods retailer sought Bankruptcy Court approval to hire liquidators and immediately begin store closing sales at up to 200 of its 463 locations, according to court documents.
|
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Sales at Lumber Liquidators' stores open for more than a year rose 8.8 percent in the second quarter, beating analysts' average expectation of 5.8 percent, according to Consensus Metrix.
|
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Liquidators for Abraaj, which at its peak managed $13.6 billion in assets, are trying to reach deals for some of the private equity funds managed by the collapsed firm.
|
|
The Hill reports that National Content Liquidators opened the auction Thursday morning and will keep it going until every chair, table, and horrible beaded, faux-Indian tapestry is gone.
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In 2016, the United States Justice Department accused Lumber Liquidators of illegally importing hardwood flooring that was mostly made in China using timber illegally harvested in Russia's Far East.
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Beyond the $13.1 million fine, Lumber Liquidators' market worth has sunk roughly 90 percent, from more than $3 billion in 2013 to less than $400 million as of last week.
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After the explosion, about 13,21 citizens called "liquidators" were shipped in to help with the fire-fighting and clean-up operations, and were also exposed to high levels of radiation.
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Sears is also holding a meeting on Friday for the liquidators who would carry out the process of breaking the company apart, should it go that route, the people said.
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KPMG Huazhen has allowed liquidators to examine some of China Medical's papers on site under the supervision of the auditor's personnel and attorneys, a situation Judge To characterized as "unworkable".
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Lumber Liquidators stock pummeled after '60 Minutes' probe This prompted the Consumer Product Safety Commission to run its own tests of these products manufactured in China between 2012 and 2014.
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Lumber Liquidators — The company reported a greater-than-expected decline in quarterly sales of 17.2 percent, far more than the 12 percent drop expected by analysts polled by Consensus Metrix.
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In his his December note explaining why he covered his short, Tilson said he received information that indicated Lumber Liquidators' management may not have known it was selling the laminate.
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Lumber Liquidators' stock and sales have been hammered since a "60 Minutes" report on CBS last March said the retailer's laminates from China contained excessive levels of cancer-causing formaldehyde.
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Lumber Liquidators — The flooring maker's Chief Executive Officer John Presley disclosed that he had been diagnosed with leukemia, but said the disease was caught early and his condition is treatable.
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On Wednesday, Ukrainians who were involved in the cleanup of Chernobyl - the so-called "liquidators" - protested in central Kiev to demand the government acknowledge their sacrifice with improved social benefits.
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PK received bids this week for its business from private equity firm Sycamore Partners, as well as liquidators, firms that wind down businesses, according to people familiar with the matter.
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Lumber Liquidators' sales and shares were hammered after the CBS program "60 Minutes" reported in March last year that the laminates from China contained excessive levels of cancer-causing formaldehyde.
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Since January, Lumber Liquidators shares are up 143 percent and Home Depot shares are up 12.3 percent, beating the S&P 500's 9.2 percent gain so far this year.
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Tilson first raised the alarm on Lumber Liquidators nearly a year ago, charging the company was selling Chinese-made laminate that had high levels of formaldehyde, a cancer causing material.
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Firms that specialize in going-out-of-business sales, so-called liquidators, were also expected to make preliminary offers to shut Sears down, according to sources familiar with the matter.
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Many of the bikes have been bought from liquidators — who took control of oBike's shuttered business in Singapore and inherited Ofo's abandoned fleets — which makes their acquisition cheaper than regular bikes.
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Lumber Liquidators was down 20.8 percent at $11.26 after a report showed people exposed to some types of the company's laminate flooring were more likely to get cancer than previously estimated.
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The CBS report, which was followed by a series of investigations and lawsuits, has wiped out nearly three-quarters of Lumber Liquidators' market value since it aired on March 1, 2015.
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The U.S. Consumer Production Safety Commission said Thursday that Lumber Liquidators tested the air quality in more than 15,000 households and none had formaldehyde above guidelines, according to the Associated Press.
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KPMG was ordered by Hong Kong's High Court in 2016 to give audit papers, correspondence and records on China Medical to Borrelli Walsh, liquidators for the one-time NASDAQ-listed firm.
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"We believe deliberate efforts are being taken to destabilize the positive developments that the group and its joint provisional liquidators have been working very hard to secure," it said, without elaborating.
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Sales at Lumber Liquidators' stores open more than 193 months fell 17.2 percent in the quarter, steeper than the 12 percent drop expected by analysts polled by research firm Consensus Metrix.
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Workers known as "liquidators" were hired to shoot dogs, cats and any other animals left behind at the exclusion site surrounding the power plant to prevent the spread of radiation contamination.
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Swiber said in a statement filed early Thursday that a Singapore court had appointed provisional liquidators and a hearing to wind-up the company has been set for Aug. 22017. bit.
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Lumber Liquidators has suffered several quarters of losses after a report in March 2015 alleged that its flooring products sourced from China contained high levels of formaldehyde, a cancer-causing chemical.
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The liquidators have had to "hold discounts back to allow the products in the distribution centers to get to the stores to maximize the return for Toys R Us," Carpenter said.
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In April, Bebe said that it expected to record a charge of about $20 million related to the store closings, and that liquidators were holding store closing sales in the shops.
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The company announced on 1 February 2016 that courts in Hong Kong and Cayman Islands have dismissed the winding up petitions and discharged the provisional liquidators that had been in place.
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There were no Trump-branded items anywhere in the casino; most of them had been removed before the sale, and National Content Liquidators was not sure where they might have gone.
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But I was also disappointed that the settlement imposed no jail sentences and fined Lumber Liquidators just $13.1 million, pocket change for the largest retailer of hardwood flooring in the United States.
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A lot of Russians felt this way — they saw the show as a powerful tribute to the bravery of the liquidators, a point repeated in almost all reviews in independent Russian publications.
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The hedge fund manager, who became widely known for his short position on Lumber Liquidators after 60 Minutes interviewed him on the name in 2015, discussed his latest views on the company.
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Tilson covered his short in December 2015 and explained in a note that he received information that Lumber Liquidators may not have known it was selling laminate with elevated levels of formaldehyde.
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Dick's beat out a competing bid from Worldwide Golf Shops and liquidators from Great American Group LLC, who had also planned to carry forward about 30 Golfsmith stores and shutter the rest.
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While it's the end of an era for Toys R Us, the department stores Bon-Ton runs and many other retailers over the last several years, it's a big opportunity for liquidators.
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Last year's ruling applies to the professionals from three liquidators hired to help the sports retailer value its intellectual property, Acting U.S. Trustee Andrew Vara's office said in court papers on Tuesday.
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Items with monetary value are either handed over to auction houses, which take a commission after the items are sold, or to estate liquidators and dealers, who give the seller money upfront.
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Declines in Lumber Liquidators and American Woodmark pushed the Home Construction exchange-traded fund (ITB) into bear market territory, down more than 21 percent from its 1.53-week high notched in January.
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The SEC's order also said that despite knowing that the people in the undercover "20093 Minutes" video were factory employees of its suppliers, Lumber Liquidators falsely told investors that they were not.
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I've been shopping at thrift stores and liquidators all my life, and it just seems weird to me that people believe stuff is supposed to come in pristine packaging with tags on.
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The only other bids Sears has received are from suitors interested in pieces of the company and liquidators prepared to run going-out-of-business sales at stores and shut down the retailer.
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Lampert is competing against a number of liquidators and other investors who want to buy Sears piecemeal — a smaller number of stores or one or two business units, like its home services division.
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Lumber Liquidators also spent millions settling with the California Air Resources Board as well as on lawsuits, apart from tightening its compliance policy on product sourcing and ramping up marketing efforts, Reuters said.
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NBK Capital Partners "is not engaging with them," a source with direct knowledge of the matter told Reuters, referring to the liquidators for Abraaj, who are seeking a new manager for the fund.
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Judge Eberhard Bertelsmann ordered the directors and associates involved in Aurora Empowerment Systems to pay shareholders and liquidators 1.7 billion rand ($121 million)compensation for their role in the demise of the operations.
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Lumber Liquidators said a Superior Court of the State of California ruled that Global Community Monitor and Sunshine Park's evidence failed to support their claims and asked them to pay $100,000 as reimbursement.
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Lumber Liquidators' quarterly sales fell for the fifth straight quarter as the company struggles to convince customers that its hardwood flooring is safe amid fears that some of its products could cause cancer.
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Lumber Liquidators (LL) received a favorable ruling from a California court, which rejected claims the flooring maker did not warn consumers about the presence of cancer causing formaldehyde in some of its products.
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In March 2015, Lumber Liquidators said it would continue to sell the products, but in a press release issued Tuesday the company said it stopped selling the products in question in May 2015.
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Abraaj Holdings and Abraaj Investment Management filed for provisional liquidation in the Cayman Islands in June and their court-appointed joint provisional liquidators, Deloitte and PwC, are overseeing the restructuring of Abraaj's debt.
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"We have cooperated with this investigation and are pleased to have reached a resolution with the U.S. Attorney's Office, DOJ, and SEC," Lumber Liquidators Chief Executive Officer Dennis Knowles said in a statement.
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A U.S. Bankruptcy Court hearing will be held in Wilmington, Delaware on Wednesday to approve of the winning bid, clearing the way for the liquidators to begin selling store inventory, leases and fixtures.
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Following a separate investigation, Lumber Liquidators agreed this month to pay $13.2 million in fines and forfeitures to resolve a U.S. Department of Justice probe into the import of flooring products in 2013.
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DUBAI, June 14 (Reuters) - Abraaj, the Middle East's biggest private equity firm, has filed a petition in the Cayman Islands, asking the court to appoint PwC as provisional liquidators for the embattled company.
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He said the DFSA had taken regulatory action and had assisted liquidators but that it did not regulate Abraaj Holdings, AIML, or Abraaj's private equity funds, because they were domiciled in the Cayman Islands.
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Unwanted and damaged goods either get tossed out or sent through a lengthy chain of liquidators and wholesalers, paying pennies on the dollar to the retailer before eventually selling them to bargain-hunting consumers.
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Sears is also fielding offers for separate pieces of the department-store chain as well as bids from liquidators that would shut down the company, according to the November letter from the company's bankers.
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Multidistrict litigation for claims over two companies' devices to filter deadly blood clots continued to grow quickly in April, as did cases involving surgical warming blankets, Lumber Liquidators wood flooring and Volkswagen diesel vehicles.
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The liquidators are asking each of the 91 defendants be held in contempt of court, which could result in criminal penalties, or impose weekly fines for failure to comply with the High Court order.
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For example, a good move manager will know not to call a top-tier auctioneer for something worth a few thousand dollars, and know which estate liquidators or junk haulers work well with seniors.
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The sale was held by National Content Liquidators, which bought all the contents that were on offer from Hard Rock International, which purchased the shuttered hotel and casino for $240 million earlier this year.
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Shares of Lumber Liquidators skyrocketed Friday, rising 19 percent on the news that federal regulators closed an investigation of the company after it agreed not to sell its existing inventory of Chinese-made laminate flooring.
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Lumber Liquidators quarterly sales slumped 10.2 percent, the fourth straight quarter of fall, as the company struggles to convince customers its hardwood flooring is safe amid fears that some of its products could cause cancer.
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The SEC and Caledonian's liquidators subsequently negotiated a settlement in which the defunct bank would be enjoined from future U.S. securities law violations and would forfeit $25 million, for which the regulator would waive payment.
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Deputy High Court Judge Anthony To, in last week's decision, wrote that KPMG's refusal to hand over the papers made it "extremely difficult" for liquidators "to determine whether or not to commence proceedings against KPMG".
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Lumber Liquidators said a Superior Court of the State of California ruled that Global Community Monitor and Sunshine Park's evidence failed to support their claims and asked them to pay $100,000 as reimbursement, Reuters reported.
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"These are consensual deals that were initiated by the joint provisional liquidators to help maintain the value of the assets and ensure value for creditors," said a third source, who spoke on condition of anonymity.
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The Provisional Liquidators will quickly explore options that may be available to enable the business to operate but for time being, it is necessary to cease the operations of the fitness centres with immediate effect.
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Boston Fed President Eric Rosengren Earnings: Priceline, Noble Energy, T-Mobile, Lumber Liquidators, Eaton Vance, Marathon Oil, Newmont Mining, Brocade, Angie's List, Analog Devices, Dr. Pepper Snapple, Garmin, Iamgold, La-Z-Boy 21:30 a.m.
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Your unwrapped-but-unloved present will most likely end up at liquidators, wholesellers and resellers, or even landfills, since most returned items simply can't be resold as new (no matter how little use they've gotten).
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Liquidators Great American Group and Tiger Capital Group bought Bon-Ton's remaining assets in bankruptcy earlier this month and have just begun running the liquidation sales at more than 200 department stores throughout the country.
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But for my money, the city's saving grace is its three locations of United Apparel Liquidators, the only-in-the-South off-price retailer that sells Chanel, Prada and other luxury goods at ridiculous markdowns.
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The company has been acquired by a joint venture of licensing firm Authentic Brands Group, mall operators General Growth Properties and Simon Property Group, and liquidators Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC.
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"In the past week, I've received information that leads me to believe that senior management of Lumber Liquidators wasn't aware that the company was selling Chinese-made laminate that had high levels of formaldehyde," he wrote.
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More than half a million civilian and military personnel were drafted in from across the former Soviet Union as so-called liquidators to clean-up and contain the nuclear fallout, according to the World Health Organization.
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Lumber Liquidators ran into losses after CBS's "60 Minutes" television news program alleged in March 2015 that the company's flooring products contained high levels of formaldehyde, a cancer-causing chemical, leading to class-action lawsuits. reut.
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"The liquidators are currently working to establish the remaining value of any recoverable assets associated with the company, and will be launching a portal for creditors to register their claims shortly," a Grant Thornton spokesman said.
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Presley, former CEO of First Capital Bancorp Inc, took the helm at Lumber Liquidators five months after Robert Lynch resigned following a report that the company sourced flooring laminates with harmful levels of a known carcinogen.
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Lumber Liquidators has been facing heat not just from regulators but also from consumers and shareholders after CBS's "60 Minutes" alleged in March last year that the company had sold flooring with dangerously high levels of formaldehyde.
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Comporta estate was the Espirito Santo banking family's largest real estate holding and its liquidators agreed Tuesday on the sale following the 2014 collapse of the family business and the bank founded by them, Banco Espirito Santo.
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In the statement on Monday, Abraaj said Lodhi and Yorgancioglu "remain employees of the Group and are fully committed to supporting the Joint Provisional Liquidators in an orderly restructuring process and ensuring the sale" to Colony Capital.
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Lumber Liquidators, which is defending multidistrict litigation over claims its laminate flooring emits noxious fumes, is now facing a request to consolidate a second batch of cases alleging that its products do not meet industry durability standards.
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Shares of flooring company Lumber Liquidators plunged Friday after founder and former CEO Thomas Sullivan decided to opt out of his bid to find a buyer for the company, a week after he announced the buyout plan.
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Lumber Liquidators — Shares of the flooring company plunged 13.1% Friday after founder and former CEO Thomas Sullivan decided to opt out of his bid to take the company private, a week after he announced the buyout plan.
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That message is not necessarily going to come from the Democratic National Committee, which is celebrating the debates in Miami with a fund-raising lunch for big donors at the home of the founder of Lumber Liquidators.
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In a blow to Lumber Liquidators, the Centers for Disease Control and Prevention said in February that people exposed to some of the company's products were three times more likely to get cancer than it had previously estimated.
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The settlements announced by the U.S. Department of Justice and U.S. Securities and Exchange Commission on Tuesday came four years after Lumber Liquidators was alleged to be selling products with illegally high levels of formaldehyde, a known carcinogen.
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The Justice Department settlement includes a deferred prosecution agreement, under which the government agreed not to prosecute Lumber Liquidators for securities fraud so long as the company upgrades oversight and cooperates with its ongoing probe for three years.
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Stakes in Abraaj's Infrastructure and Growth Capital Fund, as well as its funds focused on Turkey, Latin America, North Africa, Africa and health, were held as security against CBD's loans, a joint provisional liquidators' report from July shows.
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Lumber Liquidators shares were set to tumble on Monday after a revised U.S. federal agency report showed people exposed to some types of the company's laminate flooring were three times more likely to get cancer than previously estimated.
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Lumber Liquidators — The flooring maker's stock is under pressure after a new report from the Centers for Disease Control and Prevention said it was informed of an error in a report regarding exposure to formaldehyde in certain flooring.
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With the new cash, Sobie said Happy Returns would begin experimenting with different types of redistribution — either sending items to liquidators, or to refill demand in existing stores, as well as adding refurbishing features to resell at outlets.
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DUBAI (Reuters) - Two individuals from Deloitte were appointed as joint provisional liquidators by the Dubai International Financial Centre (DIFC) Courts to oversee the winding up of Dubai-based private equity firm Abraaj Capital, DIFC Courts said on Thursday.
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The two companies, along with Gordon Brothers and Hilco Merchant Resources, are also running the Toys R Us liquidation sales at 735 U.S. stores, but unlike with Bon-Ton, the liquidators didn't buy the Toys R Us assets.
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On the other hand, he reaped millions from his bet against Lumber Liquidators, a company that came under fire for allegedly selling laminated floors with dangerous levels of formaldehyde, sending its shares down 90 percent at one point.
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Lumber Liquidators fell as much as 15.5 percent to $313, its biggest percentage drop in 6 months, after the company said it could not provide a timeline for potential settlements with regulators, or an outlook for its business.
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In 2016 it teamed up with the mall owners Simon Properties and General Growth and two liquidators to buy Aeropostale out of bankruptcy, a deal that could serve as a model for the proposed arrangement with Hudson's Bay.
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Take for example the case of Lumber Liquidators, whose stock collapsed after CNN's Anderson Cooper reported, on the CBS News show "60 Minutes," that the flooring sold by the company contained high levels of the cancer-causing chemical formaldehyde.
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Many Russian viewers admitted HBO did a better job than Russian filmmakers would; one even noted that the first time he had seen people placing flowers by Moscow's monument to the Chernobyl liquidators was after the show came out.
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O). A report by CBS's "60 Minutes" in March 2015 alleged that Lumber Liquidators' laminate products sourced from China contained toxic levels of formaldehyde, leading to several probes by federal agencies and more than 100 class-action lawsuits. (reut.
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For some dog lovers things got too bleak on Monday's episode of the show, which showed workers known as "liquidators" shooting dogs left behind at the exclusion site surrounding the power plant to prevent the spread of radiation contamination.
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Lumber Liquidators on Monday reported a bigger-than-expected drop in sales for the third straight quarter as it struggles to revive demand following a report that some of its flooring laminates contained excessive levels of cancer-causing formaldehyde.
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Sales of Lumber Liquidators, which owns brands such as Bellawood hardwood flooring, have been hammered since CBS published a report last year that alleged that some of the company's flooring products had high levels of formaldehyde, a known carcinogen.
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Toano, Virginia-based Lumber Liquidators reported a net income of $4.5 million, or 16 cents per share in the second quarter ended June 30, compared to a loss of $12.2 million, or 45 cents per share, a year earlier.
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He and other EIA agents also went undercover in the Russian Far East and helped prove that Lumber Liquidators was knowingly buying hardwood flooring made from illegal timber taken from the last remaining home of the critically endangered Siberian tiger.
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The deal with the consortium, which includes licensing firm Authentic Brands Group LLC, mall operators Simon Property Group Inc and General Growth Properties Inc, and liquidators Gordon Brothers and Hilco Merchant Resources, is subject to approval by a bankruptcy judge.
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It is possible some of the Bon-Ton stores will be acquired by another retail operator that could reopen the stores under one of its nameplates, but the timing and outcome of future auctions by the liquidators is still uncertain.
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BEIJING (Reuters) - Several current and former KPMG partners are facing contempt proceedings in a Hong Kong court, as liquidators for a failed U.S.-listed Chinese company step up their action against the auditor over its refusal to produce Chinese working papers.
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SINGAPORE, July 13 (Reuters) - Singapore oil field services firm Swiber Holdings Ltd said it had filed an application to wind up the company and a Singapore court had appointed provisional liquidators, the latest local casualty of the slump in oil prices.
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Years and years of historical liquidation sales data, along with each individual store's sales history, are just some of the inputs considered when liquidators are deciding what level of discount should be implemented, and when it's time to increase it.
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"The appointment of provisional liquidators imposes a moratorium on the enforcement of all unsecured claims against the company, allowing time for a proposal to be put to creditors for the orderly restructuring of the company," it said in a statement.
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What followed was incredible heroism and self-sacrifice on the part of the "liquidators" who fought to get the thing under control: shoveling chunks of fuel back into the reactor and spraying water on the exposed reactor core to keep it cool.
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A combination of military personnel and civilians known as liquidators were enlisted to remove exposed radioactive graphite from the reactor roof, but the catch was that no one could spend more than 90 seconds in its immediate vicinity — for an entire lifetime.
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Lumber Liquidators has struggled to convince customers that its flooring is safe after hedge fund manager Whitney Tilson told CBS' "60 Minutes" about the levels of formaldehyde in the company's Chinese-made flooring that didn't comply with California's health and safety standards.
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Business Briefing Shares of Lumber Liquidators plunged more than 19 percent on Monday after the Centers for Disease Control and Prevention said people exposed to certain types of the company's laminate flooring were more likely to get cancer than it previously predicted.
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Following the May 27 episode of Chernobyl, creator Craig Mazin addressed a bleak scene from the episode, which showed workers known as "liquidators" shooting dogs left behind at the exclusion site surrounding the power plant to prevent the spread of radiation contamination.
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BEIJING (Reuters) - Global accounting firm KPMG has suffered a major setback in its battle against liquidators of former U.S.-listed healthcare firm China Medical Technologies Inc, whose executives have been charged in the U.S. with defrauding investors out of over $400 million.
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A local judge on Tuesday appointed insolvency specialist RHSW Caribbean as "joint official liquidators" of the Cayman-based Platinum Partners Value Arbitrage Fund (International) Limited, the so-called offshore version of Platinum's flagship hedge fund offering, RHSW said in an email to Reuters.
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These brave firefighters, soldiers, janitors, and miners—the so-called "liquidators"—did everything from hosing down streets to felling trees to building a concrete sarcophagus around the exposed reactor ... all the while charged subatomic particles ravaged their cells and shortened their life spans.
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Lumber Liquidators also committed to work with the board to develop a program that will "set a new standard for the industry and ensure that all products are tested appropriately and consistently on behalf of consumers and businesses," according to a company statement.
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Some creditors have said Sears should consider winding down by letting liquidators sell its assets in the same way Sports Authority did two years ago and Toys "R" Us did this year when it shut all of its U.S. brick-and-mortar locations.
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In February, wood flooring giant Lumber Liquidators Inc agreed to pay more than $22012 million in criminal fines and forfeitures to resolve a U.S. Department of Justice investigation into the import of wood illegally logged in far eastern Russia, home to many endangered species.
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In a previously unreported ruling made last week, Hong Kong's High Court rejected a KPMG procedural request that would limit the time in which China Medical liquidators can pursue claims against KPMG for losses and damages for its audits of the now-defunct company.
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Toys 'R' Us was already working with liquidators Tiger Capital Group LLC, Great American Group LLC, Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC on previously announced store closures, and the four are expected to continue with the additional closings, sources said.
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Bon-Ton Stores, a bankrupt department store chain, will begin a going-out-of-business sale at its 200 U.S. locations in the coming days after two liquidators won an auction for the company, two sources close to the situation told Reuters on Tuesday.
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NASHVILLE — The novelist Ann Patchett, who lives in this city, has said that she brings out-of-town visitors to two places: the Parthenon, the replica of the ancient Greek structure in Centennial Park, and United Apparel Liquidators, or U.A.L. as devotees know it.
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JOHANNESBURG (Reuters) - A nephew of South African President Jacob Zuma will pay 23 million rand ($13 million) to the liquidators of a gold mining company after a court last year ruled he and other directors stripped the company of assets, leaving thousands of workers jobless and destitute.
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Ahead of the bankruptcy filing, Sports Authority is trying to work out a deal with creditors for a loan to get the company through bankruptcy, and line up liquidators for the 150 to 200 stores it plans to close, one of the people said this week.
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Irving Picard, the trustee, said the settlement with liquidators for the Kingate Global Fund and Kingate Euro Fund Ltd, which were based in the British Virgin Islands, covers 93% of the $083 million they withdrew from their accounts at the former Bernard L. Madoff Investment Securities LLC.
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Julian Wheatland, director of SCL Group, told me he thinks the guilty plea the company issued in January is a "shame" and says it merely represented the path of least resistance for SCL's liquidators, who oversee the insolvency proceedings and are duty bound to maximize the company's assets.
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The report, issued by the National Center for Environmental Health at the U.S. Centers for Disease Control and Prevention and the Agency for Toxic Substances and Disease Registry, says the issues are specific to laminate wood flooring produced in China and sold by Lumber Liquidators, based in Toano, Virginia.
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The seller of plus-size fashion clothing will ask Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court in Delaware to let it enter into an agreement with a joint venture formed by liquidators Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC to assist it with store-closing sales.
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Earnings: Boeing, Coca-Cola, Comcast, Facebook, Amgen, State Street, Whole Foods, Groupon, GoPro, Cheesecake Factory, GlaxoSmithKline, Lumber Liquidators, Six Flags, Altria, Deutsche Bank, Fiat Chrysler, Statoil, Dr. Pepper Snapple, Ingersoll Rand, Hess, Corning, Nissan, Norfolk Southern, Nintendo, Southern Co, Anthem, Statoil, General Dynamics, Nasdaq OMX, Northrop Grumman, Mondelez 245 a.m.
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Earnings: Boeing, Coca-Cola, Comcast, Facebook, Amgen, State Street, Whole Foods, Groupon, GoPro, Cheesecake Factory, GlaxoSmithKline, Lumber Liquidators, Six Flags, Altria, Deutsche Bank, Fiat Chrysler, Statoil, Dr. Pepper Snapple, Ingersoll Rand, Hess, Corning, Nissan, Norfolk Southern, Nintendo, Southern Co, Anthem, Statoil, General Dynamics, Nasdaq OMX, Northrop Grumman, Mondelez Earnings: Amazon.
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Lumber Liquidators has settled with some regulators, including the U.S. Department of Justice and the California Air Resources Board, to implement a strict environmental compliance plan and conduct a free air-testing program, but is still under investigation by the SEC and the U.S. Attorney's Office for the Eastern District of Virginia.
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THEN AN OUTSIDE RESEARCHER DISCOVERED THAT THE CDC MADE A TERRIBLE MISTAKE AND THAT IN THE TEST ROOM WHERE THEY MEASURE THE FORMALDEHYDE BEING EMITTED BY LUMBER LIQUIDATORS CHINESE MADE LAMENANT FLOORING , THEY HAD THE CEILING OF THE ROOM AT A HEIGHT OF 8 METERS AND OF COURSE THE HEIGHT SHOULD HAVE BEEN 8 FEET.
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In a further sign of momentum, a three-judge tribunal set up in 2016 to deal with financial claims against AHAB and Saad group has approved creditor claims of about 0003 billion riyals ($3 billion)against AHAB and appointed liquidators to deal with the unwinding of Saad Group's business empire, one of the sources said.
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According to the Wall Street Journal, the company is considering a buyout by liquidators that want to shut down the chain for good, which would result in the loss of thousands more jobs, and so Rise Up Retail believes timing is crucial right now — but Gleason thinks it's likely the Sears workers will have to fight for severance.
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Colony Capital had initially emerged as the frontrunner for the business, but its offer to buy Abraaj's fund management business that runs Abraaj's Latin America, Sub Saharan Africa, North Africa and Turkey funds ran into difficulties after some investors wanted a review of Abraaj's handling of funds, according to a report by Abraaj Holdings' provisional liquidators, PwC.
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In a July 28 filing, several plaintiffs' lawyers asked the U.S. Judicial Panel on Multidistrict Litigation to create a new MDL in the U.S. District Court for the Central District of California for a growing number of proposed class actions accusing Lumber Liquidators of duping customers into buying products that poorly withstand scratching, warping and staining.
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A report from the liquidators in July acknowledged there were potential claims arising from the alleged "co-mingling" of funds and withdrawal of cash from the Infrastructure and Growth Capital Fund and another fund, Private Equity Fund IV. Another advisory firm, Alvarez & Marsal has already been hired by investors in Abraaj Private Equity Fund IV to help recover an estimated $130 million owed by Abraaj relating to that fund, the sources said, adding that the amount might change.
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THE COMPANY CAN WITH WITHSTAND THAT FOR A FEW QUAUTERS MAYBE, BUT THIS IS EVEN INDEPENDENT – LUMBER LIQUIDATORS – ALL OF THESE CONTINGENT LIABILITIES, THEY HAVE ALL SORTS OF LEGAL AND REGULATORY INVESTIGATIONS AND LAWSUITS AND SO FORTH GOING ON. THEY HAVE YET TO SETTLE ANY OF THEM RELATED TO FORMALDEHYDE AND NOW WITH THE CDC'S NEW REPORT OUT THAT THERE'S TRIPLE THE LEVEL OF FORMALDEHYDE, TRIPLE THE CANCER RISKS THAT THEY HAD PREVIOUSLY REPORTED, THOSE ARE GOING TO BE MUCH MORE EXPENSIVE AND MUCH MORE DIFFICULT TO SETTLE.
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