Face to face: Gov. John Bel Edwards is traveling to Washington D.C. today to meet participate in his first meeting as a member of the Council of Governors. And while there, he’ll also meet with President Donald Trump on Monday to ask the president for more federal disaster recovery help from flooding and tornadoes, The USA Today Network of Louisiana reports. Edwards and the state’s congressional delegation have already secured $1.6 billion, but the governor said $2 billion more is needed to make Louisiana whole. After meeting with Trump, Edwards will meet with Republican House Majority Whip Steve Scalise and Office of Management and Budget Director Mick Mulvaney to lobby for more federal disaster funding. Scalise and U.S. Sen. Bill Cassidy, R-Baton Rouge, have led the delegation’s efforts to support more disaster funding. “If (Edwards) makes the case, we’ll carry the water,” Cassidy says. Read the full story.
Closing time: It’s official. J.C. Penney confirms it will close between 130 and 140 stores over the next few months after reporting a bigger-than-expected drop in same-store sales for the holiday quarter. Reuters reports the retailer also will initiate a voluntary early retirement program for about 6,000 employees from among its home office, stores and supply chain personnel. The stores being closed were underperforming and represent about 14% of J.C. Penney’s store base and less than 5% of annual sales, the company says. J.C. Penney CEO Marvin Ellison’s announced in January that some stores could be shuttered. It unclear what today’s announcement means for the retailer’s locations at the Mall of Louisiana and Cortana Mall, which lost Macy’s last year and will lose Sears and several other chains this year. Read the full story.
The bottom line: HHGregg, the 61-year-old seller of appliances and electronics, is preparing to file for bankruptcy as it grapples with slumping sales, people familiar with the matter tell Bloomberg. The filing may come as soon as next month, according to the sources, speaking on the condition of anonymity because the matter isn’t public. The Indianapolis-based company announced last week that it was pursuing a range of strategic and financial options, but weak holiday sales pushed the retailer to the edge. HHGregg is still seeking an out-of-court solution that would allow it to stave off Chapter 11, one person says. HHGregg, which has lost money the past two fiscal years, would join retailers such as Limited Stores and Wet Seal in seeking bankruptcy protection this year. The chain has 220 stores including a location at the Mall of Louisiana. Read the full story.
