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Democrats complained that Mnuchin made much of his fortune by foreclosing on families during the financial crisis. Mnuchin assembled a group to buy the failed IndyMac. He renamed it OneWest and turned it around, selling it for a profit in 2014. Mnuchin has said he had worked hard during the financial crisis to assist homeowners with refinancing so they could remain in their homes. ___ 5:55 p.m. Four Republicans on the Senate committee considering President Donald Trump's nominee for labor secretary aren't saying publicly if they will vote for him. It would only take three Republicans to derail Andrew Puzder's nomination in the full Senate if every Democrat votes against him. The four senators Susan Collins of Maine, Tim Scott of South Carolina, Johnny Isakson of Georgia and Lisa Murkowski of Alaska have said they're waiting for Puzder to answer questions at Thursday's confirmation hearing before they make up their minds. Collins on Monday also became the first Republican to say publicly that she is evaluating abuse accusations leveled three decades ago by Puzder's ex-wife. Lisa Fierstein has since recanted, most recently writing to senators last month that the fast food executive was never violent.
MC Sports announced its file for bankruptcy to 7&4 News on Tuesday. The sporting goods chain says this is part of an ongoing process to restructure the company and that MC Sports has initiated voluntary reorganization proceedings under the Chapter 11 of the U.S. Code in Grand Rapids. "Companies that can obtain financing through a Chapter 11 and get rid of underperforming assets have an opportunity to come out of bankruptcy as a newly restructured, refinanced company," said Ken Petterson of the Smith & Johnson Law Firm in Traverse City. MC Sports will begin liquidating all 68 of its stores immediately. Below is a statement released by MC Sports: "After a valiant and concerted effort by MC Sports associates, vendors, landlords, and outside professionals to restructure the Companys balance sheet and operating performance, the Company was unable to reach an agreement on a viable out of court proposal. The only alternative to address our immediate liquidity issues is to commence liquidation sales at all stores, while concurrently expediting our pursuit of alternative financing and going-concern sale options under the protections of Chapter 11, stated Bruce Ullery, MC Sports President and CEO. To lead our exploration of alternative options, the company recently retained the independent advisory firm, Stout Risius Ross Advisors, LLC. Like many retailers in the sporting goods industry, the company has faced increased competition, the blurring of distribution channels by key athletic and outdoor brands, increasing direct to consumer sales by key vendors, and the market disruption and growth of ecommerce. In response to these headwinds, the company has been systematically moving to larger format stores that combine hunting, fishing and outdoor categories with traditional sports gear, footwear, and apparel. In addition, it has worked diligently to shed poor performing locations as lease opportunities became available. Despite these actions, the company believes that the decision to file and the commencement of liquidation sales are necessary to address the Companys immediate liquidity issue.
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