RETAIL

Reports say Forever 21

is considering bankruptcy

Clothing retailer Forever 21 is reportedly preparing to file for bankruptcy, according to published reports.

Bloomberg says a turnaround plan for the chain has been unsuccessful and talks to obtain additional cash from lenders aren’t going well.

Forever 21 is said to be considering a Chapter 11 filing. That would allow it to remain open, restructuring debt and exiting leases for stores that aren’t meeting sales goals.

Officials with the Los Angeles-based chain didn’t respond to requests for comment made by Bloomberg reporters.

There are about 800 Forever 21 stores, including stores at Belden Village Mall, SouthPark Mall in Strongsville and Beachwood Place.

SMARTPHONES

Hackers hit iPhones

over two-year period

Suspected nation-state hackers used malware-laden websites to infect iPhones with spyware in what security researchers are calling the worst general security failure yet affecting the Apple devices.

Announced late Thursday by Google researchers, the vulnerabilities were quietly fixed by Apple in February but only after thousands of iPhone users were believed exposed over more than two years.

The researchers did not say who was behind the cyberespionage or what population was targeted but experts said the operation had the hallmarks of a nation-state effort.

Sensitive data accessed by the spyware included WhatsApp, iMessage and Telegram text messages, Gmail, photos, contacts and real-time location — essentially all the databases on the victim's phone.

AUTOS

Ford recalls trucks, SUVs

over seat-back defects

Ford is recalling more than 550,000 trucks and SUVs in North America because seat backs may not properly restrain people in a crash.

The recall covers certain 2018 through 2020 F-150 pickups, 2019 and 2020 Super Duty trucks, 2018 and 2019 Explorer SUVs, and 2019 and 2020 Expedition SUVs. All have manual driver or front passenger seat-back recliner mechanisms.

Also included are some 2020 Explorer and Lincoln Aviator SUVs with rear seats with manual seat-back mechanisms.

Ford says the trucks may not have a third pawl needed for seat strength.

ECONOMY

Consumer spending

rises 0.6% in July

U.S. consumer spending grew 0.6% in July, a healthy gain that suggests American shoppers are largely ignoring concerns about trade tensions and driving the economy forward.

The Commerce Department said Friday that personal incomes rose just 0.1%, the smallest gain in 10 months. With spending ahead of incomes, the savings rate fell to 7.7%, the lowest since last November, but still a solid figure by historical standards.

With trade fights discouraging business investment and cutting into exports, consumers are increasingly important to the U.S. economy. Household spending was the principal driver of growth in the April-June quarter, when spending increased by the most in five years.