CNN Money's Maribel Aber has your top business and financial news on this Wednesday, May 7.

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NEW YORK, NY (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Wednesday, May 7.

McGehee partnership plans restaurant

Yellow Rocket Concepts, the Little Rock restaurant partnership, is opening the Heights Taco & Tamale Co. in the space now occupied by Browning's Mexican Grill at 5805 Kavanaugh Blvd. in the Heights. Yellow Rocket — whose partners are Scott McGehee, John Beachboard and Russ McDonough — is the parent company of Big Orange Burgers + Salads & Shakes, Local Lime Tacos & Margaritas and ZaZa Fine Salad & Wood Oven Pizza Co. BMG Group LLC of Little Rock, owner of Browning's, and Yellow Rocket each issued press releases Tuesday about the new restaurant.

Office Depot to close at least 400 stores

Office Depot said it plans to close at least 400 stores by the end of 2016 that will result in $75 million annual savings. The company's merger with OfficeMax resulted in an overlap of retail locations that needed to be consolidated, the company said. Office Depot expects to close 150 stores this year, mostly in the fourth quarter, with the remaining closures expected to occur by the end of 2016. Office Depot Chairman and CEO Roland Smith said the move will start contributing to earnings beginning next year.

iPhone bug leaves emails vulnerable

Apple says it encrypts email attachments you receive on your iPhone or iPad -- but it doesn't, according to a security researcher. German security expert Andreas Kurtz has discovered that anyone in possession of your Apple device might be able to access files sent to you via email, even if your phone is locked with a passcode. It's a major security flaw, but it's worse for people with older iPhones and iPads. It's less bad for folks with newer ones.

Microsoft files for smartwatch patent

Microsoft may be getting in on the smartwatch game. The U.S. Patent Office has released an application from the software maker for a smartwatch design that could challenge offerings from rivals such as Samsung, Apple (AAPL, Fortune 500) and Google (GOOGL). In the application, filed back in October 2012 but released only last week, Microsoft (MSFT, Fortune 500) outlines plans for a wristwatch that would serve as a fitness tracker and could also function as a music player, phone and messaging device. The watch face itself detaches from the wristband and connects to a charging dock.

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