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Retail

Cannabis legalization expected to create robust ancillary market

2018 was a big year for cannabis in New Jersey. Short of legalizing the recreational market, which is projected by many to become reality in 2019, the medical program was expanded by nearly 20,000 people and six alternative treatment centers. And for the first time, a bill to create a legal adult use cannabis market made it out of committee and remains in the running toward possible legislation. What’s in store for 2019?

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Sears picks NJ-based liquidator should rescue talks fail

Sears Holdings Corp. has lined up a liquidator if the talks to rescue the bankrupt retailer fall through, Reuters reported Sunday. According to Reuters, Sears has lined up Closter-based Abacus Advisory Group LLC to sell the chain’s vast inventories of tools, appliances and store fixtures should negotiations with Chairman Edward Lampert over his $4.4 billion ...

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Newel Brands completes divestitures of Pure Fishing and Jostens

Newell Brands completed its divestitures of fishing materials company Pure Fishing and education materials provider Jostens to Sycamore Partners and Platinum Equity, respectively. Related: Newell Brands selling off two businesses for $2.5B Gross proceeds from the transactions were estimated at about $2.6 billion. Hoboken-based Newell Brands anticipates $2.5 billion of after-tax proceeds, subject to adjustments, ...

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Cashless businesses could be outlawed under new bill

Under Senate Bill 2785 businesses would be prohibited from refusing payments of cash in exchange for their product, with the exception of online retailers, airport vendors and parking decks. The Senate Commerce Committee approved the measure in a 5-0 vote at their Monday meeting. Penalties would begin at $2,500 for a first offense and over ...

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