Filene's Basement is trending as the discount retailer plans to close for good after the holiday season. Filene's has filed for bankruptcy protection for the third time in a little over a decade, while its owner, Syms ( SYMS), also filed for Chapter 11. Syms purchased Filene's out of bankruptcy in 2009. Syms said that fierce competition and the economic downturn were the reasons for the bankruptcy filings. Filene's has about 21 stores and about 1,500 employees. The stores will be liquidated through January 2012, though the schedule will be determined as liquidation of merchandise is completed.
Wardrobe malfunction"is another popular search. A federal appeals court threw out another $550,000 fine against CBS ( CBS) by the Federal Communications Commission for the incident during the 2004 Super Bowl halftime show when Janet Jackson's breast was infamously exposed. CBS called it a "wardrobe malfunction." The appeals court ruled that while the FCC had the right to police fleeting images on-air, it acted in an arbitrary manner by not announcing a policy change until after it fined CBS. The judge ruled that the commission imposed a penalty on CBS for violating a policy that had not been announced. The commission didn't announce it was stiffening its guidelines for "fleeting material" until March 2004, one month after the Super Bowl incident.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.