ROUND ROCK, Texas – Michael Dell and investment firm Silver Lake Partners have completed their $24.9 billion buyout of Dell Inc.
The computer company said Tuesday that its shares will stop trading at the end of the day, closing its quarter-century run as a public company.
Company founder Michael Dell hopes to turn around the struggling business as a private company away from the prying eyes of Wall Street.
Sears’ third-quarter loss spurs cost-cutting plans
NEW YORK – Sears, which runs 2,500 Kmart and Sears stores, is considering separating its Lands’ End catalog business and Sears Auto Center businesses from the rest of the company. The retailer also plans to continue closing some of its unprofitable stores and is selling some store leases in Canada.
The announcements came Tuesday as Sears warned that it expects a loss of $582 million in the third quarter on another drop in sales. The company said for the 12 weeks that ended Saturday its sales at stores open at least a year fell 3.7 percent.
GM bailout calculated to cost U.S. $9.7 billion
DETROIT – A watchdog says the U.S. government expects to lose $9.7 billion on its bailout of General Motors.
The government spent $49.5 billion to save GM five years ago. The Special Inspector General for the Troubled Asset Relief Program says the government has recovered $34.5 billion. That leaves $15 billion.
The government got 61 percent of GM’s stock in the bailout. It has sold all but 7 percent, or 101 million shares. Those would have to sell for $148 each to break even. GM stock was trading at $35.72 Tuesday.
Sriracha factory sued for civic air pollution
LOS ANGELES – The maker of Sriracha hot sauce is under fire for allegedly fouling the air around its factory.
The city of Irwindale filed a lawsuit Monday asking a judge to stop production at the Huy Fong Foods factory, claiming the chili odor emanating from the plant is a public nuisance.
City officials say residents have been complaining of burning eyes, irritated throats and headaches and that some people have had to leave their house to escape the smell.
The lawsuit says the company initially cooperated with the city, but later denied there was an odor problem.