In a Form 8-K, Whirlpool's (NYSE: WHR) Maytag Corp. announced a voluntary recall of 1.8 million refrigerators sold in the U.S. and Canada between 2001 and 2004. The recall is due to a defect in an electrical relay component purchased from a supplier. Maytag’s actual costs related to this action will depend on several factors, including the number of consumers who respond to the recall, the costs of repair and administration, and whether costs will be recovered from the supplier.
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Whirlpool's (WHR) Maytag to Recall 1.8M Refrigerators in US
http://www.streetinsider.com –
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Moody’s Bottom Rung
http://blogs.reuters.com –
Moody’s published its “U.S. Bottom Rung” on Tuesday a list of companies that the corporate credit ratings agency thinks are at most risk of defaulting on their debt. There are 283 companies on the list, which is current as of March 1, including some near and dear names for people who love the media business.
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Deals of the Day: Merck and the Great Drug Maker Merger Sweepstakes
http://blogs.wsj.com –
Bankruptcy & Restructuring:
The bottom rung: Moody’s on Tuesday is publishing a list called the Bottom Rung, detailing the companies that the firm says are most likely to default on their debts. [WSJ]
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In crisis, does sex sell?
http://uk.reuters.com –
At "Big Eropolis" in Paris it seems a sure bet that sex always sells, but are there limits to consumer's desires?
Sales in the French erotic industry have slumped as the global economic crisis has driven consumers to reduce their spending on sex toys, massage oils and other kinky products, sector specialists said.
(SOUNDBITE) (French) BERNARD MONTAGUD, MANAGER OF A SEX TOY SHOP:
"With the financial crisis we have to try and sell more in order to compensate the low margins and it's not easy. Today I'm losing about 30 percent in turnover compared to the same time last year. In some stores where we only sell sex toys, we've had a 40 percent drop."
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Automaker wants to add provision to stimulus bill to eliminate
http://www.detnews.com –
The Detroit automaker has been urging members of Congress to add a provision to the $819 billion economic stimulus bill to eliminate the tax liability, which officials said could cost GM as much as $7 billion, and jeopardize the company's restructuring.
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