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Tag: business closings

  • Charlotte winter weather: Grocery, restaurant and business closings + event updates

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    This story is developing and will be updated.

    As the first winter storm of 2026 threatens to change weekend plans across Charlotte, local business owners and event planners are already preparing to put things on hold.

    Several local restaurants, shops, and businesses have announced early closings or delayed openings for Friday, Jan. 23, Saturday, Jan. 24 and beyond. Many weekend events are also being postponed to keep everyone safe and off the icy roads.

    Are you a business owner? If you would like to be added to our list, please email your adjusted hours or closing details to charlottefive@charlottefive.com.

    Here is a running list of Charlotte businesses and events making adjustments due to the weather:

    🛒 Grocery stores with limited hours

    Harris Teeter

    Location: Multiple

    Due to the winter weather, some local Harris Teeter grocery stores will be open with modified hours keep staff safe. Check Harris Teeter’s Inclement Hours link on its website for details about your store.

    Publix

    Location: Multiple

    Status: Several Publix locations are closing early due to winter storm Fern. Check the website’s Inclement Closings map to learn about your local location.

    🥡 Charlotte-area restaurants closing early, opening late or pivoting

    The Accidental Baker

    Location: 4416 Monroe Rd d, Charlotte, NC 28205

    Status: The Accidental Baker will be closed on Saturday. Instead, a small batch of extras will be baked on Friday — first come, first served on the Friday goodies, so stop by early if you can (hours are 10 a.m-3 p.m.).

    The Batch House

    Location: 901 Berryhill Rd, Charlotte, NC 28208

    Status: The Batch House will be closed Saturday, but stop by on Friday to pick up some snow day goodies, such as banana pudding cheesecake slices, cinnamon roll takes and bakes and more. “Consider supporting us on Friday so we don’t feel such a huge loss for choosing to close on Saturday!” the bakery posted on Instagram.

    Brazwell’s

    Location: 1627 Montford Dr, Charlotte, NC 28209

    Status: Brazwell’s will be closed on Sunday due to the winter weather.

    The patio at Brazwells Pub on Montford Drive is a cozy spot where patrons gather to munch on elevated bar food with a cocktail or meet up for weekend brunch.
    The patio at Brazwells Pub on Montford Drive is a cozy spot where patrons gather to munch on elevated bar food with a cocktail or meet up for weekend brunch. Alex Cason CharlotteFive

    CHNO Coffee Co.

    Location: 2838 The Plaza, Charlotte, NC 28205

    Status: CHNO Coffee Co. will be closing early on Thursday (at 10 a.m.) and will be open Friday from 7 a.m.-10 a.m., then closed Saturday and Sunday. The February Tasting Menu will be postponed — if you bought a ticket, details will be emailed to you.

    Customshop

    Location: 1601 Elizabeth Ave., Charlotte, NC 28204

    Status: Customshop is closed Saturday.

    Dulce Dreams Cafe

    Location: Myers Park Baptist Church Cornwell Center kitchen, 2001 Selwyn Ave., Charlotte, NC 28207

    Status: Dulce Dreams is pivoting its weekend plans to Friday pre-order pickups instead. To get your order once you arrive Friday between 8 a.m.-2 p.m., text (704) 492-2390 and someone will pick it up.

    Green Brothers Juice

    Location: Multiple

    Status: Green Brothers Juice locations are closing at 2 p.m. Saturday and remaining closed Sunday.

    Higher Grounds Cafe

    Location: 1501 Queens Rd, Charlotte, NC 28207

    Status: Higher Grounds Cafe will be closed Saturday and Sunday.

    Jon G’s Barbecue

    Location: 116 Glenn Falls St., Peachland NC 28133

    Status: Jon G’s is shifting its Barbecue Saturday service to breakfast, with limited items available and plans to close by 1 p.m. or earlier.

    The Loyalist Market

    Location: 435 N Trade St #102, Matthews, NC 28105

    Status: The Loyalist Market will be open until 2 p.m. Sunday.

    Napa restaurants

    Location: Multiple

    Status: “The forecast won this round,” Napa posted on Instagram on Friday. Napa restaurants will be closed this weekend, including Napa on Providence, Napa at Kingsley and Napa Bistro & Wine Bar Stonecrest.

    Petty Thieves Brewing

    Location: 413 Dalton Ave Suite B, Charlotte, NC 28206

    Status: Petty Thieves is planning to close at 7 p.m. Saturday and has postponed its Jason Moss and The Hosses show. The brewery will likely close Sunday.

    Renaissance Patisserie

    Location: 6401 Carnegie Blvd #4a, Charlotte, NC 28211

    Status: Renaissance Patisserie will adjust its Saturday hours to 8 a.m.-3 p.m and will close Sunday.

    Rhino Market & Deli

    Location: Multiple

    Status: All locations will close at 6 p.m Saturday and remain closed Sunday.

    Suarez Bakery

    Location: 4245 Park Rd, Charlotte, North Carolina 28209

    Location: 1115 N Brevard St Ste 4, Charlotte, NC 28206

    Status: Suarez Bakery closed early on Saturday at Optimist Hall, and both locations will be closed Sunday. Check social media to see Monday updates.

    VBGB

    Location: 920 Hamilton St., Charlotte, NC 28206

    Status: VBGB is closed Saturday.

    ⛔️ Charlotte-area businesses, services closing early or adjusting hours

    Open this weekend for shelter: Block Love Charlotte

    Location: 2738 N Graham St, Charlotte, NC 28206

    Status: The nonprofit Block Love will open at 2 p.m. Saturday and remain open around the clock through 7 p.m. Monday to provide shelter and food for those in need.

    Charlotte-Mecklenburg Animal Care & Control

    Location: 8315 Byrum Drive, Charlotte, NC, United States, 28217; 2700 Toomey Ave., Charlotte, NC 28203

    Status: Shelters will close at 2:30 p.m. Saturday and remain closed Sunday.

    DryBar

    Location: 2120 South Blvd Unit 4, Charlotte, NC 28203

    Location: 6401 Carnegie Blvd # 9A, Charlotte, NC 28211

    Location: 14020 Stream Wy #116, Charlotte, NC 28277

    Location: 16926-B Birkdale Commons Pkwy Suite 49, Huntersville, NC 28078

    Status: DryBar’s local shops are closed on Sunday due to the inclement weather.

    Freshlist Charlotte

    Location: 1300 Pegram St, Charlotte, NC 28205

    Status: Freshlist’s Monday market has been moved up to Friday, Jan. 23. Go to stock up on groceries from 2 to 5 p.m. Verdant Bread will be on site on Friday, too — first come, first served.

    The Gem Theatre

    Location: 111 Laureate Wy., Kannapolis, NC 28081

    Status: The Gem is closed Saturday through Monday.

    Mint Museum

    Location: Levine Center for the Arts, 500 S Tryon St, Charlotte, NC 28202

    Location: 2730 Randolph Rd, Charlotte, NC 28207

    Status: Both Mint Museum locations are closed Saturday and Sunday.

    The Schiele Museum of Natural History

    Location: 1500 E. Garrison Blvd., Gastonia, NC 28054

    Status: The Schiele will close early Saturday at 2 p.m.

    St. John’s Baptist Church

    Location: 300 Hawthorne Lane, Charlotte, NC, 28204

    Status: St. John’s Baptist Church will be closed for in-person services on Sunday, and virtual worship will be provided on YouTube.

    📢 Events postponed or canceled around Charlotte

    Armored Cow Brewing’s Chili Cook-Off

    Location: 8821 JW Clay Blvd #1, Charlotte, NC 28262

    Status: Armored Cow Brewing’s Saturday Chili Cook-Off has been moved to Saturday, Feb. 7. Contestants and judges can shift to the new dates without further adjustment, but if you can’t make the new date, contact the brewery at (704) 277-6641.

    Barrel and Fork Bourbon dinner

    Location: 20517 N Main St, Cornelius, NC 28031

    Status: Barrel and Fork has canceled Sunday’s Bourbon dinner due to the inclement weather threat. Its next planned event is a Tiki dinner in early March.

    BIG HBCU Charlotte Battle Of The Bands

    Location: Bojangles Coliseum, 2700 E. Independence Blvd., Charlotte, NC 28205

    Status: The Battle Of The Bands has been postponed Saturday’s event until March 15. All previously purchased tickets and seat assignments will remain valid.

    Black Girls Do Hike’s Grounded Intentions New Year Hike

    Location: Latta Nature Preserve, 6211 Sample Road, Huntersville NC

    Status: Black Girls Do HIke’s Grounded Intentions New Year Hike, originally scheduled for Saturday, will now be on Saturday, Feb. 21.

    Bojangles Coliseum Winterjam

    Location: 2700 E Independence Blvd, Charlotte, NC 28205

    Status: Winterjam’s show scheduled for Sunday at Bojangles Coliseum has been canceled due to the winter weather.

    Charlotte 49ers Men’s Basketball

    Location: Halton Arena, 9201 University City Blvd #202, Charlotte, NC 28223

    Status: This week’s Charlotte Men’s Basketball game against Tulane — originally scheduled for 2 p.m Sunday — has been moved to Friday at 7:30 p.m. Tickets for Sunday’s game will be honored for the new date and time. Fans with questions should contact the Ticket Office at niner@charlotte.edu or 704-687-4949. The game will also maintain its slot on ESPN+ and be broadcast through Charlotte49ers.com/watch.

    Snow in uptown Charlotte on Jan. 21, 2025.
    Snow in uptown Charlotte on Jan. 21, 2025. Alex Cason CharlotteFive

    Charlotte Comedy Theater

    Location: 731 North College Street, Charlotte, North Carolina 28202

    Status: Charlotte Comedy Theater has canceled this weekend’s shows in anticipation of the inclement weather, the improv group posted on Instagram.

    Charlotte Jewish Film Festival

    Location: Multiple

    Status: The Charlotte Jewish Film Festival screening of “SWEDISHKAYT: YidLife Crisis in Stockholm,” scheduled for Saturday at the Carolina Theatre, has been canceled. The screening of “Elie Wiesel: Soul on Fire,” originally scheduled for Sunday, has been postponed until Feb. 5 in the Sam Lerner Center for Cultural Arts.

    Charlotte Symphony

    Location: Knight Theater at Levine Center for the Arts, 430 S Tryon St, Charlotte, NC 28202

    Status: The Saturday evening performance of The Music of Motown has been moved up to 2 p.m. on Saturday.

    Children’s Theatre of Charlotte

    Location: ImaginOn: The Joe & Joan Martin Center, 300 E. 7th St., Charlotte, NC 28202

    Status: The theater has canceled “Topsy-Turvy Cinderella” performances at 3 p.m. Saturday and 2 p.m. and 4 p.m. Sunday. Shows have been added at 1 p.m. and 3 p.m. Feb. 1. Also canceled is “The Very Hungry Caterpillar Show” at 3 p.m. Saturday and 11 a.m., 1 p.m. and 5 p.m. Sunday. New shows dates are 11 a.m. Feb. 14 and 11 a.m. and 2 p.m. Feb. 15.

    Councilman Malcolm Graham Town Hall

    Location: Charlotte-Mecklenburg Government Center Meeting Chamber, 600 E. Fourth St., Charlotte, NC 29202

    Status: Councilman Graham’s meeting to discuss updates on Saturday has been postponed. A new date has not been released.

    Down Syndrome Association of Greater Charlotte Snowflake Swing Dance

    Location: Next Step Clubhouse, 4921 Randolph Road, Charlotte, NC 28211

    Status: The nonprofit has canceled the event. However, the group is working with partner organizations to possibly reschedule.

    Greater Charlotte Home + Landscape Show

    Location: 4759 State Hwy 49, Concord, NC 28025

    The Greater Charlotte Home + Landscape Show has been postponed until March 13-15.

    Kite Festival

    Location: Pleasant Grover Farm, 7132 Pleasant Grover Road, Charlotte, NC 28216

    Status: Hindu Center of Charlotte has rescheduled the event to 11 a.m.-3 p.m. Feb. 7. Event confirmation and ticket sales will be announced five days prior.

    Honky Tonk with Jason Moss & The Hosses

    Location: Petty Thieves Brewing Co., 413 Dalton Ave., Charlotte, NC 28206

    Status: The brewery said Saturday’s show has been postponed. A new date has not been announced.

    ‘Monty Python’s Spamalot’

    Location: Belk Theater, 130 N. Tryon St., Charlotte, NC 28202

    Status: Blumenthal Arts has rescheduled the 7 p.m. Saturday show to 7:30 p.m. Monday; the 1 p.m. Sunday show to 2 p.m. Tuesday; and the 6:30 p.m. Sunday show to 7:30 p.m. Tuesday. Ticket holder will receive an email with additional details.

    Neighborhood Theatre

    Location: 511 E 36th St, Charlotte, NC 28205

    Status: At Neighborhood Theatre, Jump (Van Halen Experience) has been rescheduled from Saturday, Jan. 24, to April 19. Stephen Kellogg and the Homecoming, which was scheduled for Sunday, has been canceled.

    NoDa Brewing Clothing Swap

    Location: 150 W 32nd St, Charlotte, NC 28206

    Status: NoDa Brewing’s New Year New Closet clothing swap originally scheduled for Sunday has been moved to Saturday, Jan. 31 from 1-5 p.m.

    Primal Brewery Belmont comedy show

    Location: 52 Ervin St, Belmont, NC 28012

    Status: Saturday’s comedy show at Primal Brewery Belmont has been postponed to January 31. Meantime, the brewery says to come by and pick up some beer to go.

    Primal Brewery Huntersville Grateful Dead Night

    Location: 16432 Old Statesville Rd, Huntersville, NC 28078

    Status: Saturday’s Grateful Dead Night at Primal Brewery Huntersville has been postponed.

    ‘The Prince of Egypt’ musical

    Location: Matthews Playhouse, 100 E McDowell St, Matthews, NC 28105

    Status: “The Prince of Egypt, The Musical,” performances scheduled for Saturday at 2 p.m. and 7:30 p.m., as well as Sunday, at 2 p.m. have been cancelled. Tickets can be exchanged via your reminder email.

    Queen City Art Live Painting with Don Yager

    Location: Queen City Art, 4237 Raleigh St, Charlotte, NC 28213

    Status: The nonprofit rescheduled Sunday’s event for 1-5 p.m. Feb 1.

    Southern Range chili cookoff

    Location: 151 S Stewart St, Monroe, NC 28112

    Status: Southern Range has postponed its chili cookoff planned for Saturday. It’s been rescheduled for March 1.

    Theatre Charlotte

    Location: 501 Queens Road, Charlotte, NC 28207

    Status: “Over the River and Through the Woods” weekend performance schedule has changed. Saturday’s show is canceled. Sunday’s tickets have been transferred to 2:30 p.m. Feb. 7. Ticket holders will be emailed with further instructions.

    U.S. Airways Flight 1549 Passenger Talk

    Location: Sullenberger Aviation Museum, 4108 Minuteman Way, Charlotte, NC 28208

    Status: Tracey Wolsko (Seat 26 B) first-hand recount of her experience on the historic flight has been rescheduled from Saturday to 1-2 p.m. Feb. 21.

    ‘The Magicians Table’

    Location: Blume Studios, 904 Post St, Charlotte, NC 28208

    Status: Blumenthal Arts canceled the performances for Saturday and Sunday. Ticket holders will receive an email to select a new performance.

    Zion Christian Center Youth Winter Jam

    Location: Bojangles Coliseum, 2700 E. Independence Blvd., Charlotte, NC 28205

    Status: The center has canceled Sunday’s event in Charlotte and is considering rescheduling it Feb. 27 in Raleigh.

    This story was originally published January 22, 2026 at 5:00 AM.

    Related Stories from Charlotte Observer

    Heidi Finley

    The Charlotte Observer

    Heidi Finley is a writer and editor for CharlotteFive and the Charlotte Observer. Outside of work, you will most likely find her in the suburbs driving kids around, volunteering and indulging in foodie pursuits.
    Support my work with a digital subscription

    Melissa Oyler

    The Charlotte Observer

    Melissa Oyler is the editor of CharlotteFive. When she’s not writing or editing, you’ll find her running, practicing hot yoga or snuggling with her rescue dogs, X and Charlie. Find her on Instagram or X: @melissaoyler.
    Support my work with a digital subscription

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    Heidi Finley,Melissa Oyler,Catherine Muccigrosso

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  • Rite Aid is closing nearly 100 stores as part of its bankruptcy. See the list | CNN Business

    Rite Aid is closing nearly 100 stores as part of its bankruptcy. See the list | CNN Business

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    New York
    CNN
     — 

    Rite Aid, which had filed for Chapter 11 bankruptcy protection, is now preparing to shed almost 100 stores nationwide as part of its restructuring efforts.

    The first tranche of stores to be sold — both leased and owned — is located in nine states, according to A&G Real Estate Partners, which is advising the drug store chain on its real estate portfolio. The states include California (17 stores), Maryland (4), Michigan (16), New Jersey (8), New York (17), Ohio (4), Oregon (2), Pennsylvania (17), New Hamphire (2) and Washington (10), Alabama (1), Idaho (1).

    The writing has been on the wall for some time for Rite Aid, the third-biggest standalone pharmacy chain in the US, as the entire drug store retail sector struggles to compete with Amazon and big-box chains like Walmart, Target and Costco moving deeper into the space and offering more customer-friendly alternatives to the nationwide pharmacy chains.

    Compounding its problems were legal troubles stemming from accusations of filing unlawful opioid prescriptions for customers.

    Rite Aid is in much worse financial shape than its competitors. Over the past six years, Rite Aid has tallied nearly $3 billion in losses.

    While it has secured $3.5 billion in financing and debt reduction agreements from lenders to keep the company afloat through its bankruptcy, Rite Aid said it would accelerate store closures and sell off some of its businesses, including prescription benefit provider Elixir Solutions. Bankruptcy could also help resolve the company’s legal disputes at a vastly reduced cost.

    As it reevaluates its portfolio of stores, these are the Rite Aid locations that are currently up for sale:

    • SEC Alabama Ave. & Pike St. in Monroeville, Alabama
    • 920 East Valley Blvd in Alhambra, California
    • 571 Bellevue Road in Atwater, California
    • 3029 Harbor Blvd. in Costa Mesa, California
    • 139 North Grand Ave. in Covina, California
    • 20572 Homestead Road in Cupertino, California
    • 24829 Del Pradoin Dana Point, California
    • 7859 Firestone Blvd. in Downey, California
    • 8509 Irvine Center Drive in Irvine, California
    • 15800 Imperial Hwy. in La Mirada, California
    • 30222 Crown Valley Pkwy. in Laguna Niguel, California
    • 4046 South Centinela Ave. in Los Angeles, California
    • 499 Alvarado St. in Monterey, California
    • 1670 Main St. in Ramona, California
    • 1309 Fulton Ave. in Sacramento, California
    • 901 Soquel Ave. in Santa Cruz, California
    • 19701 Yorba Linda Blvd. in Yorba Linda, California
    • 25906 Newport Road in Menifee, California
    • 1600 North Main St. in Meridian, Idaho
    • 5808 Ritchie Hwy. in Baltimore, Maryland
    • 5 Bel Air South Pkwy. in Bel Air, Maryland
    • 728 East Pulaski Hwy. in Elkton, Maryland
    • 7501 Ritchie Hwy. In Glen Burnie, Maryland
    • 35250 South Gratiot Ave. in Clinton Township, Michigan
    • 36485 Garfield Road. in Clinton Township, Michigan
    • 1900 East 8 Mile Road. in Detroit, Michigan
    • 25922 Middlebelt Road. in Farmington Hills, Michigan
    • 924 West Main St. in Fremont, Michigan
    • 715 South Clinton St. in Grand Ledge, Michigan
    • 3100 East Michigan Ave. in Jackson, Michigan
    • 15250 24 Mile Road in Macomb, Michigan
    • 1243 U.S. 31 South in Manistee, Michigan
    • 15181 Telegraph Road in Redford, Michigan
    • 320 N Main St. in Redford, Michigan
    • 51037 Van Dyke Ave. in Shelby Township, Michigan
    • 109 North Whittemore St. in St. Johns, Michigan
    • 102 North Centerville Road in Sturgis, Michigan
    • 9155 Telegraph Road in Taylor, Michigan
    • 47300 Pontiac Trail in Wixom, Michigan
    • 205-209 Main St. in Berlin, New Hampshire
    • Grove St. and Route 101 in Peterborough, New Hampshire
    • 37 Juliustown Road in Browns Mills, New Jersey
    • 1426 Mount Ephraim Ave. in Camden, New Jersey
    • 1636 Route 38, Suite 49 in Lumberton, New Jersey
    • 210 Bridgeton Pike in Mantua, New Jersey
    • 108 Swedesboro Road in Mullica Hill, New Jersey
    • Route 33 and Robbinsville- Edinburg Road in Robbinsville, New Jersey
    • 773 Hamilton St. in Somerset, New Jersey
    • 1434 South Black Horse Pike in Williamstown, New Jersey
    • 836 Sunrise Hwy. in Bay Shore, New York
    • 452 Main St. in Buffalo, New York
    • 15 Arnold St. in Buffalo, New York
    • 901 Merrick Road in Copiague, New York
    • 577 Larkfield Road in East Northport, New York
    • 2 Whitney Ave. in Floral Park, New York
    • 115-10 Merrick Blvd. in Jamaica, New York
    • 2453 Elmwood Ave. in Kenmore, New York
    • 3131 Hempstead Turnpike in Levittown, New York
    • 700-43 Patchogue-Yaphank in Medford, New York
    • 4188 Broadway in New York, New York
    • 195 8th Ave. in New York, New York
    • 1033 St. Nicholas Ave. in New York, New York
    • 593 Old Town Road in Port Jefferson, New York
    • 101 Main St. in Sayville, New York
    • 65 Route 111 in Smithtown, New York
    • 397 Sunrise Hwy. in West Patchogue, New York
    • 120 South Main St. in New Carlisle, Ohio
    • Euclid & Strathmore in East Cleveland, Ohio
    • 1204 Gettysburg Ave. in Dayton, Ohio
    • 2323 Broadview Road in Cleveland, Ohio
    • 981 Medford Center in Medford, Oregon
    • 4346 N.E. Cully Blvd. in Portland, Oregon
    • 2722 West 9th St. in Chester, Pennsylvania
    • 5990 University Blvd. in Coraopolis, Pennsylvania
    • 1709 Liberty Ave. in Erie, Pennsylvania
    • 6090 Route 30 in Greensburg, Pennsylvania
    • 301 Eisenhower Drive in Hanover, Pennsylvania
    • 1730 Wilmington Road in New Castle, Pennsylvania
    • 700 Stevenson Blvd. in New Kensington, Pennsylvania
    • 350 Main St. in Pennsburg, Pennsylvania
    • 5612 North 5th St. in Philadelphia, Pennsylvania
    • 2401 East Venango St. in Philadelphia, Pennsylvania
    • 3000-02 Reed St. in Philadelphia, Pennsylvania
    • 7941 Oxford Ave. in Philadelphia, Pennsylvania
    • 136 North 63rd St. in Philadelphia, Pennsylvania
    • 10 South Center St. in Pottsville, Pennsylvania
    • 351 Brighton Ave. in Rochester, Pennsylvania
    • 208 East Central Ave. in Titusville, Pennsylvania
    • SR 940 and Main St. in White Haven, Pennsylvania
    • 3620 Factoria Blvd SE in Bellevue, Washington
    • 11919 NE 8th St in Bellevue, Washington
    • 222 Telegraph Road in Bellingham, Washington
    • 1195 Boblett St. in Blaine, Washington
    • 17125 SE 272nd St. in Covington, Washington
    • 10103 Evergreen Way in Everett, Washington
    • 2518 196th St SW in Lynnwood, Washington
    • 3202 132nd St., S.E. in Mill Creek, Washington
    • 601 South Grady Way in Renton, Washington
    • 2707 Rainier Ave. in South Seattle, Washington

    – CNN’s David Goldman contributed to this story

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  • FDIC sells most of failed Signature Bank to Flagstar | CNN Business

    FDIC sells most of failed Signature Bank to Flagstar | CNN Business

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    New York
    CNN
     — 

    A week after Signature Bank failed, the Federal Deposit Insurance Corporation said it has sold most of its deposits to Flagstar Bank, a subsidiary of New York Community Bank.

    On Monday, Signature Bank’s 40 branches will begin operating as Flagstar Bank. Signature customers won’t need to make any changes to do their banking Monday.

    New York Community Bank bought substantially all of Signature’s deposits and a total of $38.4 billion worth of the company’s assets. That includes $12.9 billion of Signature’s loans, which New York Community Bank purchased at a steep discount -— it paid just $2.7 billion for them. New York Community Bank also paid the FDIC stock that could be worth up to $300 million.

    At the end of last year, Signature had more than $110 billion worth of assets, including $88.6 billion of deposits, showing how the run against the bank two weeks ago led to a massive decline in deposits.

    Not included in the transaction is about $60 billion in other assets, which will remain in the FDIC’s receivership. It also doesn’t include $4 billion in deposits from Signature’s digital bank business.

    As the banking crisis spreads, banks have grown increasingly wary of taking on risk. That’s likely why New York Community Bank was unwilling to take on all Signature’s assets.

    “We are unsurprised the FDIC retained loans as we would expect banks to be cautious on quickly buying loans without liability and loss protections,” said Jaret Seiberg, analyst at TD Cowan. “More broadly, we see it as positive for consumer confidence for the branches to be opening Monday as NYCB branches.”

    The FDIC said Sunday it expects to sell off those assets over time, and the total cost to the government will ultimately be about $2.5 billion.

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  • Bed Bath & Beyond is closing 150 more stores | CNN Business

    Bed Bath & Beyond is closing 150 more stores | CNN Business

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    New York
    CNN
     — 

    Bed Bath & Beyond is closing 150 more stores — just a week after the struggling retailer announced the closure of 87 locations.

    The company’s brick-and-mortar footprint has already shrunk dramatically, a regulatory filing showed late Monday, and the new closings mean it will have shuttered 400 stores in the past year — almost half the 950 or so stores it had open in February 2022.

    That includes last week’s announcement that it was also closing all 49 remaining Harmon Face Value stores, which sold cosmetics; plus 5 buybuy Baby locations. A list of the new store closures wasn’t immediately available.

    A turnaround doesn’t look imminent: The embattled home goods chain forecasts first quarter sales to be down by 30% to 40% with “sequential, quarterly sales improvement thereafter” the filing said.

    The company also said Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants in a last-ditch effort to stave off bankruptcy. If it can’t complete the complex transaction, it would “likely file for bankruptcy protection.” It also appointed Holly Etlin, a bankruptcy expert, as interim chief financial officer.

    The chain has said in recent weeks that it had defaulted on a loan and may not be able to remain in business, raising concerns about its future. Bed Bath & Beyond held talks in recent days with an investment firm to underwrite a significant portion of the proposed offering, according to Reuters.

    Bed Bath and Beyond has been part of the meme stock phenomenon, with shares skyrocketing as much as 400% last year when activist investor and GameStop chairman Ryan Cohen took a stake and sought changes.

    Shares of the retailer, which closed up 92% at $5.86 in a rollercoaster session Monday, were down 40% in in pre-market trading Tuesday.

    Founded in 1971, Bed Bath & Beyond became a staple for affordable home decor, kitchenware and college dorm room furniture. It’s also known for its ubiquitous 20% off blue coupons, and cavernous stores with merchandise stacked high to the ceilings.

    But the company struggled to make the transition to online shopping and fend off larger chains such as Walmart and Target

    (TGT)
    . Many shoppers switched to those competitors as the novelty of Bed Bath & Beyond’s coupons faded.

    The company was also hit hard during the pandemic, closing stores temporarily during 2020 while rivals remained open. The company lost 17% of its sales in 2020 and 14% in 2021.

    – Reuters contributed to this report

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  • Bank earnings fail to impress investors as recession worries rise | CNN Business

    Bank earnings fail to impress investors as recession worries rise | CNN Business

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    New York
    CNN
     — 

    JPMorgan Chase, Bank of America, Citigroup and asset management giant BlackRock posted results that topped Wall Street’s forecasts Friday, but investors were nonetheless a little disappointed at first.

    Trading was choppy, with most bank stocks falling at the open before rebounding. Shares of JPMorgan Chase

    (JPM)
    were up about 2.5% in late afternoon trading while BofA

    (BAC)
    was up 2%. Wells Fargo

    (WFC)
    , which reported earnings that missed Wall Street’s targets, reversed earlier losses and was up 3%. Citi

    (C)
    was up 2% while BlackRock

    (BLK)
    was flat.

    “The earnings were solid, but the market is concerned with recession fears,” said John Curran, managing director and head of North American bank coverage at MUFG.

    Investors might have been concerned by the downbeat tone of the big banks. Executives are clearly still worried about inflation and the threat of a recession this year following several big interest rate hikes by the Federal Reserve.

    JPMorgan Chase CEO Jamie Dimon said in the bank’s earnings statement that although the economy is still strong and that consumers and businesses are spending and healthy, “we still do not know the ultimate effect of the headwinds coming from geopolitical tensions including the war in Ukraine, the vulnerable state of energy and food supplies, persistent inflation that is eroding purchasing power and has pushed interest rates higher.”

    The bank added in the earnings release that it now expects a “mild recession” as a base economic case. CFO Jeremy Barnum added during a conference call with reporters that in addition to the slowdown that has already started in its home lending unit, it is starting to see “headwinds” in auto lending.

    Meanwhile, BofA CEO Brian Moynihan noted that this is “an increasingly slowing economic environment” and Wells Fargo CEO Charlie Scharf said “we are carefully watching the impact of higher rates on our customers.” Wells Fargo recently announced plans to pull back on its massive mortgage business.

    Banks are clearly worried about a looming recession, and Wall Street has taken notice.

    Moody’s Investors Service analyst Peter Nerby noted in a report that “credit provisions are rising” at JPMorgan Chase and that Citi “built capital and reserves in anticipation of a slowdown in core markets.”

    The Fed’s rate hikes aren’t helping either.

    “Higher than expected interest rates pose a significant risk to the outlook for credit quality, loan growth and net interest margins,” said David Wagner, a portfolio manager at Aptus Capital Advisors, in an email.

    Concerns about the economy were one reason why stocks plunged in 2022, suffering their worst year since 2008. As a result of the Wall Street slump, there was a major slowdown in merger activity and initial public offerings.

    That hurt the investment banking businesses for the top banks. JPMorgan Chase and Citi each said that advisory fees plummeted nearly 60% in the quarter.

    Goldman Sachs

    (GS)
    and Morgan Stanley

    (MS)
    will give more color about the health of Wall Street next Tuesday when they both report their fourth quarter results.

    Goldman Sachs, which has aggressively built up a consumer banking unit over the past few years, has struggled to make money in that division. Goldman Sachs disclosed in a regulatory filing Friday that it has lost more than $3 billion in its consumer business since 2020.

    There were some signs of optimism though. BlackRock, which owns the massive iShares family of exchange-traded funds, reported a rebound in assets under management from the third quarter to the fourth quarter as stocks soared in October and November.

    “The current environment offers incredible opportunities for long-term investors,” said BlackRock CEO Larry Fink in the earnings release.

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  • Justice Department sues pharmaceutical company for allegedly failing to report suspicious opioid sales | CNN Politics

    Justice Department sues pharmaceutical company for allegedly failing to report suspicious opioid sales | CNN Politics

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    Washington
    CNN
     — 

    The Justice Department on Thursday alleged that the AmerisourceBergen Corporation, one of the country’s largest pharmaceutical distributors, and two of its subsidiaries failed to report hundreds of thousands of suspicious prescription opioid orders to pharmacies across the country.

    The lawsuit, which spans several states, alleges that AmerisourceBergen disregarded its legal obligation to report orders of controlled substances to the Drug Enforcement Agency for nearly a decade. The company ignored “red flags” that pharmacies in West Virginia, New Jersey, Colorado and Florida were diverting opioids into illegal drug markets, the suit says.

    “The Department of Justice is committed to holding accountable those who fueled the opioid crisis by flouting the law,” Associate Attorney General Vanita Gupta said in a statement Thursday.

    “Companies distributing opioids are required to report suspicious orders to federal law enforcement. Our complaint alleges that AmerisourceBergen – which sold billions of units of prescription opioids over the past decade – repeatedly failed to comply with that requirement,” she added.

    If AmerisourceBergen is found liable at trial, the company faces billions of dollars in financial penalties, the Justice Department said.

    Lauren Esposito, a spokesperson for AmerisourceBergen, countered on Thursday in a statement that said the Justice Department’s complaint rested on “five pharmacies that were cherry picked out of the tens of thousands of pharmacies that use AmerisourceBergen as their wholesale distributor, while ignoring the absence of action from former administrators at the Drug Enforcement Administration – the DOJ’s own agency.”

    She added: “With the vast quantity of information that AmerisourceBergen shared directly with the DEA with regards to these five pharmacies, the DEA still did not feel the need to take swift action itself – in fact, AmerisourceBergen terminated relationships with four of them before DEA ever took any enforcement action while two of the five pharmacies maintain their DEA controlled substance registration to this day.”

    Yet AmerisourceBergen was allegedly aware that in two of the pharmacies, drugs it distributed were likely being sold in parking lots for cash, the Justice Department said. In another pharmacy, the company was allegedly warned that patients likely suffering from addiction were receiving opioids, including some people who later died of a drug overdose.

    The Justice Department also noted in its lawsuit that AmerisourceBergen’s reporting systems for suspicious opioid orders were deeply inadequate, and that the company intentionally changed its reporting systems to reduce the number of orders flagged as suspicious amid the opioid epidemic.

    Even when orders were flagged as suspicious, AmerisourceBergen often didn’t report those orders to the DEA, according to the complaint.

    Opioids are involved in the vast majority of drug overdose deaths, though synthetic opioids – particularly fentanyl – have played an outsized role. Synthetic opioids – excluding methadone – were involved in more than 72,000 overdose deaths in 2021, about two-thirds of all overdose deaths that year and more than triple the number from five years earlier.

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