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On Jan. 1, 2016, $KORS acquired direct control of its previously licensed business in South Korea upon the related license expiration. The company acquired certain net assets from its former licensee in exchange for cash consideration of approx. $3.6MM. The company will consolidate the South Korean business into its operations beginning with 4Q16.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.