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Business News

A Rough Day for Verizon’s Network

A widespread outage knocked out voice and data service for many Verizon customers on Wednesday, and rival T-Mobile was quick to point out it wasn’t them. T-Mobile confirmed its network was operating normally, while noting that customers might have trouble reaching Verizon users during the disruption. At the peak, Downdetector logged nearly 173,000 outage reports before numbers steadily fell through the afternoon. Verizon said engineers were working to resolve the issue and apologized for the inconvenience, though for a few hours, reliability became a competitive talking point.

Amazon Pushes Back on Saks’ Bankruptcy Plan

Amazon is asking a federal judge to block Saks Global’s bankruptcy financing plan, arguing the retailer torched hundreds of millions of dollars in under a year and failed to honor key deal terms. Amazon invested $475 million as part of Saks’ $2.7 billion acquisition of Neiman Marcus, betting on a luxury storefront on Amazon and long-term referral fees, an investment it now says is effectively worthless. The company claims the proposed financing pushes it further down the repayment line while loading new debt onto parts of the business that previously had none. A judge has allowed Saks to tap $1.75 billion in emergency financing for now, but Amazon signaled it may escalate if its concerns aren’t addressed, turning what was once a strategic partnership into a very public courtroom standoff.

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