Welcome to Five at Five, your late look at the day’s payments and commerce news. Today’s coverage includes news about recent bank failures and an accusation against LuLaRoe. Sears is still in the bid game, a mobile banking operator thinks big and holiday sales in the U.K. disappoint.
Last year was the first time since 2006 that not one U.S. bank failed during the year, and the third time since the Federal Deposit Insurance Corp. (FDIC) was founded in 1933 that an entire year went by without a bank going under.
Los Angeles-based clothing maker MyDyer, which was LuLaRoe’s main clothing manufacturer, is now suing the company for $48.7 million for unpaid products and services.
The news comes after Sears Holdings had reportedly turned down a bid by Chairman Eddie Lampert to help the retailer keep its doors open.
The European mobile bank operator said that with the Series D round of funding, it has a valuation of $2.7 billion.
Despite steep price cuts, retail sales had their worst performance since December of 2008.