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☆ Five moves Walmart is making to overhaul its business for the future
▼ + stars: | 2024-02-19 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +7 min

New York CNN —Walmart, the global mega-retailer that began in Arkansas in 1962, is making huge moves in 2024. It’s making investments in technology and inventory that move it into new businesses and which will alter the Walmart experience of many customers. Stock splitThe mega-retailer announced a 3-for-1 stock split that takes effect this week. A stock split means a single share gets split into multiple shares. Under the plan Walmart announced, people who own shares by close of business on February 22 will get two additional new shares of Walmart for every share they own.

Persons: Doug McMillon, Jeffries, “, ”, McMillon, Burt Flickinger, Blake Droesch, CNN’s Parija Kavilanz, Nathaniel Meyersohn, Elisabeth Buchwald, Alicia Wallace Organizations: New, New York CNN, Walmart, ”, Labor, Consumer, Microsoft, Strategic Resource, CNN, Costco, Telsey Group, Target, Intelligence, FactSet Locations: New York, Arkansas, Las Vegas

☆ Tiger Woods launches apparel partnership with Taylormade after 27-year Nike partnership ends
▼ + stars: | 2024-02-12 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

Los Angeles CNN —Tiger Woods has found a new look after splitting up with Nike, his longtime partner, last month. On Monday, Woods announced that he would be partnering with Taylormade to launch a new apparel brand — Sun Day Red. Courtesy Sun Day RedThe golf legend’s new brand partnership comes one month after Woods and Nike announced the end of their 27-year partnership. Even as a sex scandal nearly 15 years ago drove sponsors like Gatorade and AT&T away from Woods, Nike stood by Woods’ side. Sun Day Red will sell both athletic and lifestyle wear, according to Taylormade CEO David Abeles.

Persons: Woods, Taylormade, ”, ” Woods, David Abeles, Abeles, Bob Dorfman, “, Ramishah Maruf Organizations: Los Angeles CNN, Nike, Sun, Taylormade, Woods, Greater Milwaukee, Gatorade, CNN, Baker Locations: Los Angeles, Pacific Palisades, Woods

☆ Target pulls Black history item that misidentified Civil Rights leaders
▼ + stars: | 2024-02-02 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —As with many Target trips, Nevada US history teacher Tierra Espy left the store with more items than she intended to buy on Sunday. She added a magnetic activity book about iconic Civil Rights leaders to her cart, in time for Black History Month, she told CNN in a phone interview. But now, Target is pulling the item off shelves after a viral TikTok in which Espy pointed out inaccuracies such as misidentifying names and pictures of iconic Civil Rights leaders. The magnetic book was displayed next to other educational items for Black History month. “They’re expecting us not to notice the mistakes, and it’s heartbreaking as somebody who knows the mistakes and has seen it,” the history teacher said.

Persons: Tierra, Carter G, Woodson, Du Bois, Booker T, Target, We’ve, Simone Biles, ’ ”, “ They’re, Espy’s, hasn’t, “, ”, Parija Kavilanz Organizations: New, New York CNN, Civil Rights, CNN, The Minneapolis Star, Tribune, Tuskegee University, Wall, Dollar, Walmart, Target Locations: New York, Nevada, Washington, Minneapolis

☆ Rite Aid is closing another 30 stores
▼ + stars: | 2023-11-29 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Rite Aid is closing another roughly 30 locations across the US in addition to the 100 the bankrupt chain announced last month as part of its restructuring efforts. Rite Aid will have about 2,000 stores remaining when both rounds of closures are complete. Rite Aid is in much worse financial shape than its competitors. Over the past six years, Rite Aid has tallied nearly $3 billion in losses and its stock is down more than 90% for the year. That has forced Rite Aid and its rivals to reduce its physical footprint in recent years.

Persons: didn’t, –, Kavilanz, Nathaniel Meyerson Organizations: New, New York CNN —, Nevada . Rite, Rite Aid, Amazon, Walmart, Target, Costco, Aid, Solutions, CVS, Walgreens, McKinsey Locations: New York, California, Pennsylvania, Ohio , Virginia, Washington, Michigan , New Jersey , Oregon, Connecticut , Maryland, Nevada

☆ All kids want for Christmas this year … Robux and gaming subscriptions
▼ + stars: | 2023-11-29 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +6 min

CNN —Nicole Randol — a Missouri-based mother of two boys, ages 6 and 10 — recently posted a message on a popular Facebook parenting group about Robux, the virtual gaming currency for the platform Roblox: Target was having a 40%-off sale for Robux. “I expect it to be the most exciting thing they open [on Christmas],” Randol, who bought two $100 Robux cards, told CNN. Gaming subscriptions continue to gain popularity, too. “What’s changed, naturally, is the games that families are playing.”According to ESA, more than 212 million Americans play video games on a regular basis. Still, with the rise of subscriptions and gaming currency, what lands under the Christmas tree may be smaller in size than years before.

Persons: CNN — Nicole Randol —, —, ” Randol, Fortnite, trumping, ”, Christopher Byrne, Guy, “, ” Roblox, Robux, Michael Inouye, Cozy, Byrne, “ What’s, ” Byrne, Jim Silver, Bitzies, ” Bryne, Parija Kavilanz Organizations: CNN, Robux, Entertainment Software Association, Epic Games, PlayStation, Pro, Apple, ABI Research, National Retail Federation, ESA, Gaming Locations: Missouri

☆ Abercrombie & Fitch lawsuit: Fashion brand sued over sex trafficking accusations
▼ + stars: | 2023-10-28 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +5 min

New York CNN —Dozens of men have filed a class action lawsuit alleging Abercrombie & Fitch was complicit in a decade-long sex trafficking scheme carried out by the fashion company’s former CEO. The lawsuit states that, in a series of instances, one aspiring model was invited to multiple Abercrombie & Fitch casting events in New York, France and London, and was sexually assaulted at least seven times at these events. “Sexual exploitation does not discriminate based on gender,” Henderson told CNN in a statement. The courtroom is where we will deal with this matter,” Jeffries’ attorney Brian Bieber told CNN. Days after the BBC report, Abercrombie & Fitch said it had launched its own investigation into the allegations.

Persons: Abercrombie, Fitch, Michael Jeffries, “, Jeffries, ” Abercrombie, ”, Brittany Henderson, ” Henderson, Abercrombie &, Mr, ” Jeffries, Brian Bieber, Jeffries ’, Matthew Smith, Smith, ” Bieber, Jefferies, “ Abercrombie, Parija Kavilanz Organizations: New, New York CNN, CNN, Abercrombie, Fitch, Abercrombie & Fitch, BBC Locations: New York, France, London, Abercrombie

☆ Mattel reports spike in earnings thanks to Barbie and Hot Wheels
▼ + stars: | 2023-10-25 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

Worldwide gross billings, or the amount invoiced to customers, for dolls rose 27%, bringing in $885 million to Mattel in the third quarter. Meanwhile, vehicles — mainly driven by Hot Wheels — rose 18% to $519 million compared to the same quarter a year ago. The company reported $146.3 million in net income during the quarter, down 50% from the $289.9 million it reported in the same quarter a year ago. Customers were also snatching up Hot Wheels toys, which partly offset the declines in action figures, building sets and games. Mattel said it sold $350 million worth of Barbie products in the quarter.

Persons: “, Barbie, Disney, Ynon Kreiz, Greta Gerwig, “ Barbie, Kreiz, Parija Kavilanz Organizations: New, New York CNN, Mattel, Disney, Warner Bros, CNN, Warner Bros . Locations: New York, North America, United States

☆ With Ozempic on the rise, food companies develop a plan
▼ + stars: | 2023-10-05 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

“If they switch to different types of nutrients … we switch to different types of nutrients,” he said. Drugs like Ozempic could change how people eat, affecting food sellers. Big food companies are constantly evolving their products to adapt to consumer trends. And with wellness top of mind for many — not just people taking semaglutide drugs — companies have already tweaked their products in an effort to appeal to health-conscious consumers. “And then what is the churn rate?” To adapt to a possible shift, companies should be “planning for different scenarios,” she said.

Persons: Sean Connolly, “, ” Connolly, ” Conagra, Duncan Hines, Marie Callender’s, Jaap Arriens, ”, Bernstein, Alexia Howard, ” Howard, John Furner, Morgan Stanley, Pamela Kaufman, Ding Dongs, Mark Smucker, Jody Dushay, “ Dieticians, Deidre McPhillips Organizations: New, New York CNN, Wall Street, Healthy, PepsiCo, Coca, Walmart, Bloomberg, CNN, Companies, Brands, Harvard Medical School Locations: New York

☆ Kanye West says he’s terminating his partnership with the Gap
▼ + stars: | 2022-09-15 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

“We wanted to address the headlines of today and the past several weeks related to Yeezy Gap. And we are deciding to wind down the partnership,” Mark Breitbard, president and CEO of Gap Brand, said in the email. As it now moves to wind down the partnership, Gap said existing merchandise from Yeezy Gap will continue to be sold in the company’s stores and its website. West also said that Gap was required to sell 40% of Yeezy Gap products in its retail stores, which hasn’t materialized, according to The Wall Street Journal. “While Kanye could have injected a dose of energy into Gap, the incompatibility of the two visions meant that frustrations were inevitable.

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