Moneywatch – October 8, 2018

News

NEW YORK – The retail apocalypse has claimed yet another victim.

The latest company to fall is Mattress Firm, the largest mattress seller in the country.

It’s now operating under Chapter 11 bankruptcy.

Mattress Firm says it will close as many as 700 of its 3,300 stores, some as soon as this week.

UPS workers rejected a proposed new contract with the company but the deal is going to be ratified anyway.

Their union says that’s because not enough of them voted.

The International Brotherhood of Teamsters says if less than half its members cast ballots, at least two-thirds of them must say no to a contract for it to be rejected.

The union says only 44 percent of members voted.

And the Space-X Falcon 9 rocket lit up the skies over Southern California last night.

It was the Falcon 9 first launch and landing on the West Coast. By reusing rockets, the company is hoping to reduce launch costs.

This was Space-X’s 17th mission of the year.

(Diane King Hall, CBS News)

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