General Motors to sell Ohio assembly plant to electric vehicle startupPosted: Updated:
Here’s the latest business and technology headlines from Cheddar:
General Motors is selling its Lordstown, Ohio assembly plant to an EV startup called "Lordstown Motors Group" which plans to introduce electric pickup trucks. The plant has been in political spotlights. Its closure was highlighted by President Donald Trump and was part of a deal reached following strikes by union workers at GM.
Sears is getting a second wind. The retailer securing a $250 million lifeline, but will still shutter 96 more stores, whittling down its locations to just 182 across the nation. The brand, which operates both Sears and Kmart, was bought out of bankruptcy by Eddie Lampert for $5.2 billion earlier this year.
More gloom at GAP as it announced a weak forecast and the departure of its CEO Art Peck. GAP plans to split off its better-performing brand Old Navy into its own company by 2020. The retailer says Peck will be replaced by Robert Fisher.