Lord & Taylor filed for Chapter 11 protection in Richmond, Virginia, on Sunday, Bloomberg first reported.
Why it matters: The 194-year-old luxury department store chain is the oldest in the United States. It's the latest retailer to declare bankruptcy during the coronavirus pandemic.
Go deeper: The impending retail apocalypse
The Justice Department on Wednesday dropped its lawsuit against President Trump's former national security adviser John Bolton over the publication of his tell-all book, “The Room Where it Happened.”
Why it matters: The move comes a year after the Trump administration sued Bolton in federal court, claiming he breached his contract by failing to complete a pre-publication review for classified information.
The Federal Reserve kept rates unchanged at its latest policy meeting,but a shift in sentiment emerged as to how soon it should begin raising rates.
Why it matters: The Fed's rock bottom rates policy and monthly asset purchases helped the U.S. markets avoid a meltdown during the COVID crisis last year. But as the economy recovers, a chorus is growing for the Fed to at least consider a timeline for pulling back its support before things get overheated.
New Israeli Prime Minister Naftali Bennett is signaling he intends to move cautiously at first on issues like Iran and the Israeli-Palestinian conflict, an approach that will suit the Biden administration just fine.
Why it matters: Bennett is aiming to avoid an early confrontation with the U.S., and his fragile and ideologically diverse government will have a hard time taking any groundbreaking steps on foreign policy in the first place.
President Biden said he warned Russian President Vladimir Putin during Wednesday's summit that if jailed Russian opposition leader Alexei Navalny dies in prison, the consequences "would be devastating for Russia."
Why it matters: Although the White House had previously warned the Russian government over Navalny's imprisonment, Biden personally delivered the message to Putin on Wednesday.
House Republican Leader Kevin McCarthy will support a bill to make Juneteenth a federal holiday when it comes to the floor later Wednesday, his office tells Axios.
Why it matters: The House is slated to pass a bill making June 19 — Juneteenth — a federal holiday that memorializes when the last enslaved people in Texas learned about their freedom under the Emancipation Proclamation.
President Biden said he raised issues including nuclear arms control, cybersecurity, election interference and violations of human rights in Russia in his meeting with Vladimir Putin in Geneva on Tuesday.
What he's saying: "My agenda is not against Russia or anybody else. It's for the American people," Biden said at a press conference following the summit, which was shorter than expected.
Russian President Vladimir Putin of Russia said Wednesday that his summit with President Biden was "constructive," and that the countries had agreed their ambassadors would imminently return to their posts in Moscow and Washington.
What he's saying: "Many of our joint positions are divergent but nevertheless I think both sides manifested a determination to try and understand each other and try and converge our positions," Putin told reporters at a press conference immediately following the meetings.
A punishing and long-enduring heat wave is intensifying in parts of the West and Southwest, with heat warnings and advisories in effect across seven states Wednesday. The heat will not relent until late in the weekend.
Threat level: In the coming days, 40 million are likely to see temperatures reach or exceed 100 degrees.
