OMAHA, Neb. – Contract talks between the biggest freight railroads and unions that represent 105,000 employees are headed to mediation this week after the unions declared an impasse after more than two years of negotiations.
The unions said Monday that the contract talks had deadlocked because the railroads are still seeking concessions, even after workers remained on the job throughout the pandemic and endured significant staff cuts in recent years as the railroads overhauled operations.
The labor conference is negotiating on behalf of more than 30 railroads, including Union Pacific, Norfolk Southern and CSX.
Americans saving better
Only about 4 in 10 Americans have enough savings to cover an unplanned expense of $1,000, according to a Bankrate survey.
Just 44% of the 1,004 U.S. adults surveyed have enough money saved, yet this number reflects the highest percentage capable of covering the expense in eight years of polling, up from 39% last year.
One in 5 adults would put the charge on a credit card, which can be costly. Bankrate data shows the average rate for variable-rate credit cards was 16.15% in 2021.
Kohl's gets buyout offer
Kohl's confirmed that it has been approached about a possible sale of the department store chain, which sent shares up more than 30% in early trading Monday.
The company would not comment further, but its confirmation follows media reports that the private equity firm Sycamore Partners had approached Kohl's about a potential deal. Days earlier, a group called Acacia Research, backed by activist hedge fund Starboard Value LP, reportedly bid $64 per share, or about $9 billion.
Kohl's Corp., based in Menomonee Falls, Wisconsin, is reviewing the offers.
Ford halts Maverick orders
Ford Motor Co. will temporarily stop accepting orders on its all-new 2022 Maverick compact pickup truck – hybrid and gasoline versions – until summer.
Ford told dealers in an email that orders for a gas-powered Maverick will be accepted through Thursday. Ford hit pause on hybrid truck orders in December. The latest decision is an effort to avoid potential customer disappointment related to potential delivery delay, Ford said.