Home Business and Economics This Week in Business: Boy Scouts, Jeff Bezos, and More

This Week in Business: Boy Scouts, Jeff Bezos, and More

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Boy Scouts Of America Files For Bankruptcy

The Boy Scouts of America said it had filed for a Chapter 11 bankruptcy on Tuesday. Currently, the organization is under fire because of lawsuits and sexual abuse allegations dating back decades. However, the program won’t affect any of its programs, which focus on outdoor activities like hiking and camping. The Boy Scouts has also struggled with declining membership in the past years.

Although it is based in Texas, the Boy Scouts filed the bankruptcy in Delaware. This allows the organization to consolidate all the lawsuits into a single court to negotiate a settlement. Otherwise, it says, some victims might get nothing. The Boy Scouts has also apologized, said it believes the accusers and urged victims to come forward.

Jeff Bezos To Donate $10Bn To Climate Change Fight

The world’s richest man has pledged $10Bn to help fight climate change. Jeff Bezos, the owner of Amazon, said the money finance work done by scientists, activists, and other groups. “I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change,” he said.

Bezos’ firm will start distributing the money in the summer. Overall, the donation accounts for nearly 8% of Bezos’ estimated net worth. “We can save Earth. It’s going to take collective action from big companies, small companies, nation-states, global organizations, and individuals. ⁣⁣⁣I’m committing $10bn to start and will begin issuing grants this summer. Earth is the one thing we all have in common – let’s protect it, together,” he wrote in his Instagram post.

Walmart Sees Slower Online Sales

Walmart forecast slower online sales after revealing lower-than-expected holiday sales on Tuesday. At the same time, it revealed that the company is facing pressure to compete with online shopping. “There were few weeks before Christmas where general merchandise sales and few categories in the stores were softer than anticipated and it was pretty much limited to apparel, toys, media, and gaming,” Chief Financial Officer Brett Biggs said.

In addition, Target, Kohl’s, and Macy’s also reported bad holiday sales. Conversely, Amazon reached record sales amounts. However, Walmart’s grocery department helped drive online growth over the last quarter. Recently, the company has expanded into online sales with delivery and pickup services for groceries. Plus, it plans to add general merchandise to pickup orders to further increase online sales.

Dutch Court Supports Yukos Claim Against Russia

A Dutch court upheld an appeal from oil company Yukos’ shareholders for $50Bn in compensation against Russia. Back in 2006, pressure from the Russian government pushed the firm to bankruptcy. However, in 2014, a court ruled that Russian officials manipulated the legal system to bankrupt Yukos. In response to the new decision, Russia’s justice ministry said it would appeal.

Dell To Sell Cybersecurity Unit

Dell announced plans to sell its cybersecurity unit RSA for $2.08 billion on Tuesday. The deal is with a consortium led by Symphony Technology Group, Ontario Teachers’ Pension Plan Board and AlpInvest Partners. They expect to close the deal within the next six to nine months, all parties involved said.