Consumer Catch-up: iHeartMedia bankruptcy, Toys R Us giftcards, Apple parental help, savings deficit

iHeartMedia files bankrupcty

iHeartMedia filed for Chapter 11 bankruptcy protection, after reaching an agreement with investors. A decade ago, a private-equity-led buyout left the company with billions in debt.

iHeart operates 856 radio stations, including 7 here in the Bay Area. The company also controls Clear Channel Outdoor Holdings, one of the largest billboard companies in the world.

The company says it will operate business as usual while it restructures to cut down debt by more than $10 billion.

Toys R Us gift cards invalid soon

The announcement is similar to the Toys R Us ongoing bankruptcy reorganization.

Toys R Us said customers have 30 days to use up any gift cards. That also includes any customer Rewards dollars and Endless Earnings. The company officially announced it will be closing all of its U.S. stores, which will eliminate about 30,000 jobs.

Toys R Us' online store will remain up and running for a few weeks, in case there is a buyer.

Discounts and liquidation sales could begin in the next week or two, likely with sales on the lower end and increasing as the stores get nearer to permanent close.

Apple parental controls

Apple has a new page on its website, to help parents who are concerned about too much screen time.

The page, called Apple Families, compiles information about options parents have to limit when and how kids use Apple products.

The idea is to have one easy-to-find location for all the controls, and details about how to use them.

In addition to parental controls and sharing family accounts, the page also includes information about health, emergencies, and privacy.

One in five workers are saving nothing

Twenty percent of working Americans aren't saving any money at all. That's according to a new study from Bankrate.com.

The study found the biggest reason people aren't saving: 39% said they have too many expenses and can't afford it. 16% said their job isn't good enough, and another 16% said they just "haven't gotten around to it."

Bankrate found that the best savers are younger millennials and older baby boomers - 23% and 27% of whom, respectively, are saving more than 15% of their incomes.

Click here for a look at more stories by Michael Finney and 7 On Your Side.

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