Exxon Mobil's $60 billion deal to buy Pioneer Natural Resources on Thursday received clearance from the Federal Trade Commission, but the former CEO of Pioneer was barred from joining the new company's board of directors. The FTC said Thursday that Scott Sheffield, who founded Pioneer in 1997, colluded with OPEC and OPEC+ to potentially raise crude oil prices.
Teen apparel retailer rue21 filed for Chapter 11 bankruptcy protection for a third time on Thursday, seeking to shut down its 540 stores and sell its intellectual property. rue21 has attempted to sell its business, but no buyer appeared willing to pay more than the company would earn by liquidating its inventory in "going out of business" sales and shutting down its stores, the company said in documents filed in Wilmington, Delaware, bankruptcy court. At its peak, it had 1,000 stores in malls throughout the U.S. The company closed about 400 stores during its 2017 bankruptcy, in a deal that allowed rue21 to slash $700 million in debt.
The e-commerce stock delivered another disappointing earnings report.