Finance & Capital Management

Ebay Inc. said it plans to cut about 2,400 positions, or 7% of its workforce, across eBay marketplaces, PayPal, and eBay enterprise in the current quarter to simplify its organizational structure.

The company also said it will explore strategic options for eBay enterprise, including a sale or an IPO.

New York -- The family of James McNair, the comedian killed in the automobile accident that also seriously injured comedian Tracy Morgan, has reached a financial settlement with Wal-Mart Stores Inc, Reuters reported.

The out-of-court settlement is the first legal resolution from the crash, which occurred on June 7, 2014, on the New Jersey Turnpike.

Terms of the settlement were confidential, according to the report, and Walmart did not admit liability in the settlement.

Washington, D.C. -- Madison Marquette announced that Brad Muth has joined the company as senior managing director, portfolio management. With more than 25 years of real estate investment experience, Muth will oversee portfolio management and asset management functions for Madison Marquette. He will be based in the San Francisco office.

It's the end of an era for Safeway and Albertsons, as the companies announced they have completed their merger, ending a nearly year-long process that began in 2014.

AB Acquisition LLC, the owner of Albertson's and New Albertson's, Inc., will acquire all outstanding shares of Safeway. The merger will create a diversified network that includes 2,230 stores, 27 distribution facilities and 19 manufacturing plants with more than 250,000 employees across 34 states and the District of Columbia.

New York -- Ebay Inc.  plans to cut about 2,400 positions, or 7% of its workforce, across eBay marketplaces, PayPal, and eBay enterprise in the current quarter to simplify its organizational structure.

The company also said it will explore strategic options for eBay enterprise, including a sale or an IPO.

New York -- The Home Depot has been given until July to respond to allegations that its data breach occurred because the retailer did not meet its obligation to comply with security standards and to protect its customers' personal information, according to the Atlanta Business Chronicle.

At a hearing, U.S. District Court Judge Thomas Thrash gave Home Depot until July 1 and July 15, respectively, to respond to the allegations of consumers and financial institutions.

Michaels Companies Inc. had plenty to smile about during the 2014 holiday season -- its first holiday season since going public in June.

Net sales for the eleven-week period from Nov. 2 to Jan. 17 increased 3.5% and same-store sales increased 1.5% from the comparable prior year period. For the full fourth quarter of fiscal 2014, net sales are expected to be in the range of about $1.59 billion to $1.6 billion, with an expected increase in same-store sales ranging from 0.8% to 1.2%. Michaels expects operating income to be $286 million to $291 million.

Irving, Texas – The Michaels Companies Inc. had plenty to smile about during the 2014 holiday season. Net sales for the eleven-week period from Nov. 2, 2014 to Jan. 17, 2015 increased 3.5% and same-store sales increased 1.5% from the comparable prior year period.

For the full fourth quarter of fiscal 2014, net sales are expected to be in the range of about $1.59 billion to $1.6 billion, with an expected increase in same-store sales ranging from 0.8% to 1.2%.