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New York Times

Summit Properties USA won an auction on Friday to buy more than 5,000 apartments out of bankruptcy from the Pinnacle Group despite City Hall’s efforts to intervene. [...]

Mayor Zohran Mamdani said New York City would intervene in the Pinnacle Group’s bankruptcy case. Tenants have long complained about living conditions in the company’s properties. [...]

Saks Global’s executive chairman, Richard Baker, is taking over the luxury retailer he created with the 2024 acquisition of Neiman Marcus and Bergdorf Goodman. [...]

Only five Sears stores remain in the country, with the end likely near for what was once the mightiest American retailer. [...]

A new study suggests that distressed borrowers using a simpler bankruptcy process are succeeding — and that more people like them should try. [...]