Nike’s Converse brand is suing 31 companies, saying they are selling knockoff versions of its Chuck Taylor shoes.
Converse is suing Skechers USA, Wal-Mart Stores Inc., FILA, Ed Hardy, Kmart Corp. and Ralph Lauren Corp., among many others. It says the companies are infringing on trademarks that cover the look of the shoe and the diamond pattern on the bottom of the sole.
The North Andover, Massachusetts, company filed its lawsuits in the Eastern District of New York and in the International Trade Commission. Converse says look-alike Chuck Taylor shoes have become more common in recent years, and says it has served about 180 cease and desist letters related to the issue since 2008.
Nike Inc. acquired Converse in 2003.
The New York Times first reported on the suit.
Trump casinos revise request to remain open
The parent company of Atlantic City’s struggling Taj Mahal casino has reworked its request for help from New Jersey’s state government to keep the casino open.
William Hardie, a financial adviser to Trump Entertainment Resorts, testified Tuesday at the company’s bankruptcy hearing that it wants $175 million in aid. It would take the form of tax exemptions – formally known as payments in lieu of taxes – and the receipt of two types of state economic development grants not normally available to casinos: the Economic Redevelopment Grant and the Urban Revitalization Grant.
New Jersey legislators would have to vote on whether to let casinos participate in the plans. Last week, State Senate President Steve Sweeney ruled out state financial aid for the Taj Mahal until its main lender, billionaire Carl Icahn, treats his employees better. Sweeney and others held a news conference to decry Icahn’s role in Atlantic City, saying he seeks to profit from the vulnerability of people making $12.50 an hour. Icahn rejects the criticism and says he’s willing to help keep the casino afloat.
Stocks stabilize after three-day sell-off
A slump in energy stocks stymied a rebound in U.S. indexes Tuesday as the price of oil plunged the most in two years.
The decline in oil prices followed forecasts for weaker global demand this year and next, a sign of slowing economic growth. Chevron fell 2 percent, helping to drag down the Dow Jones industrial average in the waning moments of trading.
Even so, corporate earnings provided some encouragement to investors, helping to close the gap on losses after a three-day slump.
Domino’s Pizza, Citigroup and Johnson & Johnson reported results that were better than analysts were expecting. The market also got a boost from airline stocks, which rebounded after sliding the day before.
JP Morgan returns to profit in third quarter
JPMorgan, the largest U.S. banks by assets, on Tuesday reported third-quarter profit after booking a loss in the same period a year ago.
The bank reported earnings of $5.6 billion, or $1.36 share, compared with a loss of $380 million, or 17 cents a share, in the same period a year ago.
Revenue for the period rose 5 percent to $24.25 billion from $23.12 billion a year ago.
The results missed the expectations of Wall Street analysts who had forecast earnings of $1.38 a share, according to FactSet.
JPMorgan shares were down 36 cents, or 0.6 percent, at $57.80 in pre-market trading. The stock is down 0.5 percent this year.
Bumble Bee gets look from Mitsubishi, others
Bumble Bee Seafoods has attracted bids from companies including Mitsubishi and Post Holdings as its private-equity owner begins an auction of the tuna brand, people familiar with the matter said.
Lion Capital, which acquired Bumble Bee from Centre Partners Management in 2010 for $980 million, is seeking more than $1.5 billion for the business, said the people, who asked not to be named because discussions are private. About 12 consumer-products companies and private-equity firms expressed interest before Tuesday’s deadline for first-round bids, the people said, though it isn’t clear how many entered bids.
Thai Union Frozen Products, which owns competitor Chicken of the Sea, has submitted a bid, the people said. Hormel Foods has also expressed interest in Bumble Bee and could end up bidding for the company, one of the people said. Bumble Bee, founded in 1899, is generating interest because food producers are trying to offer more protein options, said Kenneth Shea, an analyst with Bloomberg Intelligence.
Chrysler recalls SUVs for air bag defect
Chrysler is recalling 184,215 SUVs worldwide because a wiring problem could disable their air bags and seat belt pretensioners.
The recall involves the 2014 model year Dodge Durango and Jeep Grand Cherokee. Most are in the U.S., but 57,443 SUVs are in Canada, Mexico and elsewhere.
Chrysler says a short circuit in the restraint control module could cause the air bag warning lamps to illuminate. If that happens, the air bags and seat belt pretensioners may not work.
Darden Restaurants names interim CEO
Olive Garden’s parent company Darden Restaurants promoted Chief Operating Officer Gene Lee to interim CEO after a board takeover by an activist investor last week.
The company, based in Orlando, Fla., said Tuesday that Lee will replace Clarence Otis effective immediately. Darden had announced this summer that Otis, who had been CEO since late 2004, would step down by the end of this year or when a replacement was found.
The change at the top comes after Starboard Value succeeded in its bid to replace all 12 of Darden’s board members with its own nominees at the company’s annual meeting Friday.
Google targets Amazon with delivery service
Google wants a piece of Amazon’s retail delivery business. On Tuesday, Google began offering consumers a subscription costing $95 a year, or $10 a month, to receive free same-day deliveries from a wide range of shops – similar to the $99 Amazon Prime.
Retailers participating in Google Express include Costco, Target, Smart & Final, Barnes & Noble, Whole Foods and Toys R Us. The service is seen as a competitor to delivery subscriptions such as ShopRunner and Amazon Prime.
