JetBlue says it won’t appeal a judge’s ruling against its partnership with American Airlines, effectively dropping the deal in an effort to salvage its purchase of Spirit Airlines.
JetBlue Airways said Wednesday that it wind down the deal with American in New York and Boston in the coming months and “turn even more focus” to its proposed $3.8 billion purchase of Spirit.
The U.S. Justice Department sued to block the Spirit sale, saying it would hurt competition by eliminating Spirit, the nation’s biggest discount airline. JetBlue hopes that dropping the deal with American might persuade the government to allow the Spirit purchase to go ahead.
A federal judge decided in May that JetBlue and American must end their partnership because it violates U.S. antitrust law. American has said it will appeal the ruling.
Christmas Tree Shops expects to liquidate
Christmas Tree Shops is poised to liquidate all of its stores roughly two months after the struggling home-goods retailer filed for Chapter 11 bankruptcy protection.
When Christmas Tree Shops filed for bankruptcy in early May, the Middleboro-based chain aimed to complete restructuring and exit Chapter 11 as a “financially stronger retailer” by the end of August. At the time, Christmas Tree Shops planned to close a small number of underperforming stores.
In a court filing last week, however, Christmas Tree Shops confirmed that it defaulted on a $45 million bankruptcy loan and had agreed to liquidate its more than 70 remaining locations across 20 states, unless a buyer emerges in the final hour.
Out of business sales could start as soon as Thursday, per court documents. Landlords also have until Thursday to file objections.
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