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Retailer New York & Co. Will Likely File For Bankruptcy

PYMNTS

The parent company of New York & Co. , said in its filing with the Securities and Exchange Commission (SEC) that there’s “substantial doubt” about its ability to do business, bankruptcy is “probable” without seeking bankruptcy protection, and “it does not have ability to raise additional capital at this time.”

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Luxury Brand Barneys New York Seeks Bankruptcy Protection

PYMNTS

Struggling to compete with online brands, famed Big Apple luxury retailer Barneys New York has put itself up for sale and filed for bankruptcy protection, according to a report by Reuters. . However, the company hasn’t been immune from the same market conditions that sent Sears and Kmart into bankruptcy.

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New York Venture Bank Seeks National Bank Charter

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New York Venture Bank, a new financial institution (FI) created by big names in the financial services industry, has applied for a national bank charter. FDIC), the news report noted the new bank will begin with $100 million in capital. According to a Wednesday (Nov. According to a Wednesday (Nov.

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Amazon Seeks 100K Workers For Operations Roles

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As it plans to bring 100 new operations facilities online in September, Amazon announced on Monday (Sept. 14) that it is hiring for 100,000 new regular positions across the U.S. It has also directly developed over 600,000 employment positions domestically throughout operations locations and company offices. “We

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Fintech’s Power Grab — in The New York Times

Bank Innovation

The New York Times covered the subject — and the word — in depth yesterday, in a special section called “Fintech’s Power Grab.” Ok, it’s safe to say fintech has hit the big time. ” The lead item, by Andrew Ross Sorkin of CNBC fame, focuses on the fintech challenge to Read More.

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NY Dept Financial Services: Online Lenders Need Oversight

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New York’s Department of Financial Services is recommending that online lenders are subjected to the same scrutiny and regulations that traditional banks face. Cuomo on June 1, 2017, required DFS to study online lending in New York State and submit a report of its findings. Superintendent Maria T.

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IAC Invests $1B In MGM Resorts International, Plans To Boost Online Gambling

PYMNTS

IAC , the New York-based global media and internet giant, is betting that an investment of $1 billion in MGM Resorts International will pay off in online gambling, according to a press release. IAC has always been opportunistic with its capital, and if ever there was a time, this moment is unique,” they wrote. “We

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