Consumer Minute: Banana Republic sued & Brookstone's bankruptcy

Consumer Minute:  Banana Republic sued & Brookstone's bankruptcy

Consumer Minute: Banana Republic sued & Brookstone's bankruptcy

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by Sandra Parker, 13News Now

WVEC.com

Posted on April 4, 2014 at 9:02 AM

Updated Friday, Apr 4 at 9:20 AM

Large U.S. banks could be getting some bad news soon.  Analysts say several of them are poised to report weak first-quarter results.  They say that's largely due to weak trading revenue and a decline in mortgage lending, not to mention other businesses were not able to make up the shortfall. Look for those quarterly reports to start rolling out next week.

Brookstone, which is a staple at malls and airports across the country, is seeking Chapter 11 bankruptcy protection.  That filing is taking place even as Brookstone plans to sell to the owner of Spencer's retail chain for about $147 million.  Brookstone has struggled lately, laying off workers and closing stores amid declining sales.

A Banana Republic shopper is suing the retailer for allegedly luring shoppers with deceptive sales.  According to that complaint filed in Los Angeles, the clothing retailer advertises that products in the store are on sale without indicating that the sale really only applies to certain products. The man is suing for $10-million and hoping to build the lawsuit into a class-action case.

 

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