Tribune Media completes sale of Tribune Tower

NEW YORK — Tribune Media has completed the sale of several real estate assets, including the Tribune Tower in Chicago. The Chicago-based company announced last month that it was selling the 1925 neo-Gothic tower to CIM Group. The sale is part of Tribune Media Co.'s ongoing efforts to sell its entire $1 billion real estate portfolio. Tribune Media said Wednesday that it also closed on the sale of Los Angeles Times Square and Olympic Plant. It has received $430 million in gross proceeds for the assets, and may receive up to an additional $45 million in contingent payments. Tribune Media has now sold nine properties this year for gross proceeds of $519 million.

Yellen says economy likely ready for rate hike in 2016

WASHINGTON — Federal Reserve Chair Janet Yellen said Wednesday that the central bank has no "fixed timetable" for raising interest rates but she believes the economy is ready for a rate hike by the end of the year. She said during an appearance before the House Financial Services Committee that when the Fed met last week, a majority of her colleagues believed it would be appropriate to raise rates before the end of this year. The Fed boosted its key policy rate in December 2015 to a range of 0.25 percent to 0.5 percent. But since then, officials have left the rate unchanged. Yellen told the lawmakers that she believed it would make sense to boost the rate again "if things continue on the current path and no significant new risks arise."

Sandwich chain Cosi files for Chapter 11 bankruptcy

NEW YORK — Cosi, the restaurant chain known for its flatbread sandwiches, said it filed for Chapter 11 bankruptcy protection Wednesday and is seeking to sell itself to its lenders. The company has closed 29 stores, but said the remaining 76 Cosi restaurants located around the country will remain open as it goes through the bankruptcy process. In court documents, Cosi Inc. said it has between $10 million and $50 million in assets and the same amounts in debt. Last month, the company reported a second-quarter loss of $3.1 million after reporting a loss of $3.8 million in the same period a year before. Cosi hasn't reported an annual profit since at least 1998, according to data provider FactSet. The chain went public in 2002. Cosi said that its lenders AB Opportunity Fund, AB Value Partners and firms connected to Milfam, are providing a $4 million loan to keep Cosi running.