Wednesday, 10 October 2018 11:11

Sears on brink of bankruptcy, Starbucks helps with childcare

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STATEWIDE - Cash flow problems for some McDonald's franchises and Starbucks's help for employees facing daycare problems were some of the topics making headlines in Wednesday's business news.

McDonald's franchisees say they need more help as they face expensive remodels being ordered by the fast-food chain that are eating into profits.

 

A group of franchise owners was meeting in Florida on Wednesday. They planned to push the company to do more to help improve cash flow.

 

And Starbucks is looking to help its employees with childcare. The company has teamed with care.com to provide workers with backup babysitting when their regular provider is not available. The subsidized backup care will cost Starbucks workers a dollar an hour.

 

Meanwhile, Sears is just days away from bankruptcy.

 

The company has a $134 million debt payment due on Monday. CEO and Chairman Edward Lampert is pushing for a broader restructuring to pare down Sears' $5.5 billion debt load.

 

Shares of American Airlines have hit a two-year low amid rising fuel costs and lost revenues.

 

American said last month's Hurricane Florence forced it to cancel 2,100 flights, costing the airline about $55 million. American's stock price dropped to $34 a share.