At The Motley Fool, we know our readers like to be informed. Here's a quick look at today's most relevant financial news, boiled down to what you need to know.
Teen retailer to close hundreds of stores
Retail chain Pacific Sunwear (Nasdaq: PSUN ) will close up to 200 unprofitable stores. The company, which currently operates 800 stores across the U.S., has posted a loss for 12 straight quarters.
However, PacSun also announced it's getting some help from private-equity firm Golden Gate Capital, which has agreed to make a five-year, $60 million secured-term loan to the company in exchange for the option to buy nearly 20% of the retailer's shares at a price of $1.75. Golden Gate has made pivotal investments in other retailers including Express (NYSE: EXPR ) and jeweler Zale (NYSE: ZLC ) . Read the full story at The Wall Street Journal (subscription required).
Boeing workers approve deal
Machinists at Boeing (NYSE: BA ) have found common ground with the aerospace company, agreeing to a deal that should bring Boeing a four-year stretch of labor peace.
As part of the deal, the workers have agreed to drop a lawsuit filed earlier this year, which protested against a nonunion assembly plant the company opened in South Carolina. Boeing promised to keep jobs for its new 737 line in the Puget Sound region if the deal goes through. Read the full story at ABC News.
Costco misses earnings mark
Costco (Nasdaq: COST ) reported fiscal first-quarter net income of $320 million, or $0.73 a share, up slightly from the year-ago period. However, charges related to a Mexican tax audit and a campaign against liquor laws in Washington state ate away at the company's 12.5% increase in revenue.
The wholesale club's revenue climbed to $21.18 billion for the quarter, helped by higher gas prices and foreign exchange rates. Still, the results were below analyst estimates, which were looking for earnings of $0.80 per share and revenue of $21.29 billion. Read the full story at Yahoo! Finance.
That's a wrap
So there you have it -- the top financial stories of the day. If you are interested in getting all the news and commentary on these stocks, sign up to My Watchlist here -- it's free!
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