Sears Holdings has rejected Chairman Eddie Lampert’s bid to save the 126-year-old company, setting the storied retailer with more than 50,000 employees on a path to liquidation, people familiar with the situation told CNBC on Tuesday. Sears, which also owns Kmart, planned to announce its liquidation plans Tuesday morning, the people said. Lampert had put forward a $4.4 billion bid to save Sears by buying it out of bankruptcy through his hedge fund, ESL Investments. His offer, however, was deemed insufficient by Sears’ advisors, the people said. One of the biggest unresolved issues was covering the fees and vendor payment it owes, making it “administratively insolvent.” Still, ESL plans to protest Sears’ decision, a person familiar with the situation told CNBC.
The Commerce Department said it was rolling back the tariff it is imposing on newsprint imported from Canada by as much as a third.
Publishers still want all the tariffs abolished, claiming it is hurting everyone, including US paper producers.
The original tariffs imposed in May were slapping up to 30 percent extra onto the price of newsprint from Canada. The new tariffs range from 8 percent to 20 percent.
“These import duties on newsprint have already caused job losses in the printing and publishing sectors and have resulted in decreased news coverage in local communities,” said David Chavern, president and CEO of the News Media Alliance, an umbrella industry group.
“It’s a step in the right direction, but these tariffs are still causing damage and need to be repealed to protect newspapers,” said Paul Boyle, head of Stop Tariffs on Printers & Publishers (STOPP).
Newsprint, the second biggest cost to publishers after workers, is now close to $800 a metric ton, said Boyle.
The Pittsburgh Post-Gazette later this month will cut its print edition to five days, from seven, making it one of the largest big-city dailies to take such a dramatic step in the wake of the paper hike.
more at source: https://nypost.com/2018/08/03/publishers-push-for-full-repeal-of-canadian-newsprint-tariffs/