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  • The University of Michigan's consumer confidence index for December was 97.1, up from November's final 92.8 and December's preliminary reading of 95.7, according to a report from Reuters.

    The survey's index of current conditions came in at 106.7, up from November's 104.7. The index of consumer expectations was 90.9 for December, also up from November's 85.2.

  • Kmart and Sears reportedly have withdrawn a regulatory filing made to the US Federal Trade Commission (FTC) connected to their proposed merger, saying that the withdrawal would give the FTC’s staff more time to review the merger plan.

    However, the chains said that they believe that the merger will take place without delay.

  • The bankrupt Penn Traffic Company has filed its reorganization plan with the U.S. Bankruptcy Court for the Southern District of New York, saying that it plans to sell its five distribution centers for $37 million to Equity Industrial Partners Corp. and then lease them back for at least 15 years. The company plans to use the funds from the sale to finance its emergence from bankruptcy protection.

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