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☆ The Fed's first rate cut could come next month if the labor market slows
▼ + stars: | 2024-06-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The Federal Reserve may cut interest rates in July to prevent a recession. Markets are only pricing in a 10% chance of an interest rate cut in July, according to the CME FedWatch Tool. AdvertisementMarkets may think it's a long-shot, but the Federal Reserve could make its first interest rate cut in July as recessionary cracks start to form in the economy. According to the CME FedWatch Tool, markets are only pricing in a 10% chance of an interest rate cut at the July policy meeting, with most market participants expecting the first interest rate cut to happen in either September of November. And with recent data showing cracks forming in the housing and labor markets, that means a rate cut will happen sooner than most expect.

Persons: —, Steven Blitz, Jerome Powell, Powell, Neel Kashkari Organizations: Service, Federal Reserve, GlobalData, Fed

☆ Stock market today: US stocks edge lower as AI-fueled tech rally stalls
▼ + stars: | 2024-06-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +1 min

US stocks moved slightly lower on Friday following a sharp reversal in tech stocks on Thursday. AdvertisementThe AI-fueled tech rally showed signs of exhaustion, with the stalwart Nvidia experiencing a near 7% swing in Thursday's trading session, rising as much as 3% before it finished the day lower by 3.5%. Other AI tech darlings saw sharp reversals and moved lower on Thursday, with those losses spilling over into Friday's trading session. There is rising inventory and a perceived drop in traffic that is recessionary in its level," GlobalData TS Lombard said on Thursday. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:AdvertisementHere's what else is going on today:In commodities, bonds, and crypto:

Persons: GlobalData, Lombard Organizations: Nvidia, Dell, Broadcom, Micro, Federal Reserve Locations: Here's

☆ Netflix houses: Experiential venues to open in King of Prussia and Dallas
▼ + stars: | 2024-06-18 | by ( Erika Tulfo | ) edition.cnn.com time to read: +3 min

The ‘experiential’ complexes, called Netflix Houses, will include elaborate events, themed gift shops and restaurants. In a repurposing of empty retail space, the houses will occupy former department store locations at Dallas Galleria and King of Prussia Mall (near Philadelphia). Shonda Rhimes, Golda Rosheuvel and cast members visit The Queen’s Ball: A Bridgerton Experience in New York on April 30, 2023. For years (the show launched in 2020) the “Queen’s Ball” has been staged in various cities two or three times daily. “Netflix House represents the next generation of our distinctive offerings,” said Netflix Chief Marketing Officer Marian Lee, in a statement.

Persons: of, ”, Neil Saunders, São Paulo, “, Saunders, Shonda Rhimes, Golda Rosheuvel, Ilya S, Netflix TikTok, Carrie Berk, influencers, Marian Lee, ” Berk Organizations: CNN, Netflix, Dallas Galleria, GlobalData, “ Disney, Netflix House Locations: of Prussia, Philadelphia, Kuala Lumpur, Malaysia, Toronto, Canada, Brazil, New York, Queen

☆ Five Below has had a rough year so far. Here's why
▼ + stars: | 2024-06-14 | by ( Ryan Baker | ) www.cnbc.com time to read: +1 min

"It's been one of the success stories of U.S. retail over the past five or so years," said Neil Saunders, managing director of GlobalData Retail. Analysts attribute much of the company's success to its ability to stay on trend and offer value to the consumer. Despite an impressive few years of growth, things have taken a turn for the worse in 2024. "You're paying a premium to get the growth that they're providing you," said Joe Feldman, senior managing director of Telsey Advisory Group. "But that premium, when things don't go your way, like the shrink issue, it can hurt you.

Persons: It's, Neil Saunders, Joe Feldman Organizations: GlobalData Retail, Telsey Advisory

☆ Shoppers are hyper-focused on ‘value.’ That doesn’t mean buying the cheapest option
▼ + stars: | 2024-06-06 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +5 min

Bargain retailers like Walmart and Costco have benefitted, as shown by the retailing industry’s recent slew of first-quarter earnings releases. Sales at its stores open at least a year increased 3.8% in the quarter from the same time last year. Which means that Americans are still spending, but selectively, and that “value shopping” means different things to different people. “A sizable segment of them are focused on value, however, that doesn’t directly correlate to a low price. Shoppers are willing to spend if they see value in an on-trend, well-made dress from Abercrombie – or a healthy salad from Sweetgreen.”

Persons: They’ve, What’s, ”, Neil Saunders, ” Saunders, Fitch, Stephanie Keith, Lilly Pulitzer, Laura Alber, Anne Hathaway, Della Patria, Elisabetta Villa, Richard Dickson, Zak Stambor, eMarketer, ” Stambor, “, Abercrombie – Organizations: New, New York CNN, Walmart, Costco, GlobalData, CNN, Abercrombie, Bloomberg, Getty, Hollister, Sonoma, Navy, Banana, “, Shoppers Locations: New York, Sonoma, Elm, Williams, Rome, Italy, Europe, Banana Republic

☆ Nvidia's Jensen Huang receives a rockstar reception in Taiwan amid a record high stock market
▼ + stars: | 2024-05-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewNvidia cofounder and CEO Jensen Huang is in Taiwan this week, where he's getting rockstar reception and boosting the stock market. The drills started on Thursday, but Taiwan's stock market was little changed over the period. "In this case, the AI equity theme, physical investment in AI, and the wider upturn in electronic component demand are driving robust Taiwanese growth and the strong stock market performance," wrote Green. He added that an outright invasion of Taiwan by China is "very unlikely" due to high military and economic risk. "If the macro backdrop is positive and China remains far from achieving 'fortress-like' economic conditions, future sell-offs may offer attractive buying opportunities," Green wrote.

Persons: —, Jensen Huang, Huang, Li Xi, Morris Chang, Lisa Su —, Pat Gelsinger, Cristiano Amon, Rene Haas, Rory Green, It's, Green Organizations: Service, China's People's Liberation Army, Business, Local, rockstar, Asus, AMD, Qualcomm, Semiconductor, PLA, Investors, Philadelphia Stock Exchange, Nvidia Locations: Taiwan, China, Beijing, TSMC, Taipei, Taiwan's, GlobalData.TS, Ukraine, Russia

☆ How Ace Hardware, America’s neighborhood hardware store for 100 years, is beating its big-box rivals
▼ + stars: | 2024-05-24 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +10 min

A majority of Ace Hardware stores are located in neighborhoods. Courtesy Ace HardwareBarker is owner and operator of five Breed & Co Ace Hardware locations in the Austin, Texas, area. We count on people coming in everyday to buy a gift item from us.”This hybrid hardware-home goods-curio model is setting Ace Hardware stores apart. “They are essentially shareholders, they own the brand and the company,” said Kim Lefko, chief marketing officer of Ace Hardware. It just launched its first Ace-branded food product, a line of BBQ sauces, and a collection of Ace Hardware vintage-inspired clothing.

Persons: New York CNN — Mahin Barker, ”, Sherwin Williams, ” Neil Saunders, Hardware’s, today’s, Michael Brown, It’s, “, Barker, ” Barker, we’ve, ” Brown, “ We’ve, Kim Lefko, Lefko, John Madden, Pat Summerall, Michael Wynn, Vera Bradley, ” Wynn, Wynn Organizations: New, New York CNN, Home Depot, Hardware, Ace Hardware, Globaldata, “, NFL, Acon Investments, Sunshine Locations: New York, West Lake Hills, Austin , Texas, Brook , Illinois, Placer, remodels, Lake Hills, Chicago, Southern Florida, Florida

☆ This up-and-coming cancer treatment could be a $25 billion market opportunity — it's already a hotbed for M&A
▼ + stars: | 2024-05-23 | by ( Michelle Fox | ) www.cnbc.com time to read: +7 min

RBC Capital Markets sees a $25 billion market opportunity for the space. The average analyst rating is hold, with 8% upside to the average analyst price target, according to FactSet. Eli Lilly has an average analyst rating of overweight and 8.3% upside to the average analyst price target, according to FactSet. Stock Chart Icon Stock chart icon AstraZeneca's one-year performanceAstraZeneca shares have an average analyst rating of overweight and nearly 6% upside to the average analyst price target, according to FactSet. Stock Chart Icon Stock chart icon Bristol-Myers Squibb's one-year performance

Persons: It's, Gregory Renza, Renza, Oppenheimer, Jeff Jones, Piper Sandler, Edward Tenthoff, Eli Lilly, Dan Lyons, Janus Henderson, Myers Squibb, William Blair, Matt Phipps, Jefferies, Andrew Tsai, They've, Janus Henderson's Lyons, Jones, Piper Sandler's Tenthoff, Myers Organizations: pharma, RBC Capital Markets, TRT, Novartis, Mariana Oncology, Janus, Janus Henderson Investors, Bristol, RayzeBio, Karuna Therapeutics, AstraZeneca, Fusion Pharmaceuticals, GlobalData's Pharma Intelligence, Pluvicto Locations: Mariana, Bristol

☆ Nestlé is releasing a lineup of frozen food for people on Ozempic and other GLP-1 drugs
▼ + stars: | 2024-05-21 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —Nestlé, the maker of frozen food brands like Stouffer’s and DiGiorno, is slimming down with a new line of meals for people taking GLP-1 drugs, such as Ozempic, for weight loss. However, a recent study on Wagovy significantly reduced heart risk in addition to helping with weight loss. An example of Vital Pursuit food. It also made a $100 million-plus deal to buy Sequence, a telehealth business that offers virtual prescriptions to patients for these weight loss drugs where appropriate. Food companies, like Nestlé, are also bracing for GLP-1 consumers to buy fewer sugary snacks and drinks.

Persons: New York CNN — Nestlé, It’s, Morgan, Steve Presley, Neil Saunders, Nestlé, it’s “, Saunders, ”, “ Nestlé, Sesame, WeightWatchers, ” Saunders, CNN’s Nathaniel Meyersohn Organizations: New, New York CNN, North, GlobalData, Lean, CNN, Companies, Costco, Equinox Locations: New York

☆ India's election will be much closer than expected, says economist
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's election will be much closer than expected, says economistShumita Deveshwar, chief India economist at GlobalData.TSLombard, says the feeling on the ground in India shows a tighter election race than opinion polls have suggested.

Persons: Shumita Deveshwar Locations: India

☆ Walmart’s business surges as shoppers hunt for low prices
▼ + stars: | 2024-05-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Businesses from McDonald’s to Home Depot are struggling to attract financially strapped shoppers. Walmart said Thursday that sales at stores open at least a year increased 3.8% during its latest quarter from the same time last year. The company raised its sales and profit guidance for the year, a sign it expects growth to continue. Groceries account for more than half of Walmart’s sales, and Walmart has benefited from its pricing advantage with prices around 25% lower than traditional supermarkets, according to analysts at Evercore IRI. Retail sales have slipped overall in recent months.

Persons: ” Neil Saunders, “ Walmart’s, “, ”, Ian Borden Organizations: New, New York CNN, McDonald’s, Walmart, Evercore IRI, GlobalData, “ Locations: New York, United States

☆ Target is dialing back on Pride merchandise after right-wing backlash
▼ + stars: | 2024-05-10 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Target is limiting the number of stores that will sell LGBTQ-themed merchandise for Pride Month in June following a boycott from right-wing activists last year that took a toll on the brand’s bottom line. About half of its 2,000 stores will sell the Pride collection, according to Bloomberg, which first reported the news. The changes are a “sensible approach,” Neil Saunders, managing director of retail for GlobalData, told CNN. Pride problemsLast year, Target pulled Pride merchandise from some stores after the company and its employees became the focus of a “volatile” anti-LGBTQ campaign, which included threats against its store workers. A Target executive said on the earnings call that there was a “strong reaction” to Pride merchandise and the reaction was a “signal for us to pause, adapt and learn.”–CNN’s Nathaniel Meyersohn contributed to this report.

Persons: Target, it’s “, ” Neil Saunders, “, ”, ” –, Nathaniel Meyersohn Organizations: New, New York CNN, Pride Month, Bloomberg, CNN, Pride, Target, GlobalData, Wall Street Journal, Republican Locations: New York, Minneapolis

☆ Rue21, a mall staple, files for bankruptcy and will close all of its stores
▼ + stars: | 2024-05-03 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Rue21, a mall staple for teen apparel, is going out of business and closing all 540 of its stores within the coming weeks. The retailer, which has about $200 million in debt and 4,900 employees, has been struggling financially in recent years despite a 2017 bankruptcy that the company hoped would turn Rue21 around. Its stores, which are located in 45 US states, will close within the next 4 to 6 weeks and “going out of business” sales are beginning soon. Express filed for bankruptcy last month and announced it was closing about 100 stores. 99 Cents Only Stores, a discount chain, also said in April it was going out of business.

Persons: New York CNN —, Michele Pascoe, Rue21, ” Pascoe, “, Neil Saunders, ”, Rue21 didn’t, Joann Organizations: New, New York CNN, GlobalData, CNN Locations: New York, Pittsburgh, ”

☆ The Fed likely won't cut rates until after a recession strikes, research firm says
▼ + stars: | 2024-05-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The Fed likely won't cut interest rates until after a recession arrives, according to GlobalData TS Lombard. The research firm said Fed Chair Powell is likely to fall into the trap of being reactionary when it comes to rate decisions. AdvertisementThe Federal Reserve is making a big mistake by not cutting interest rates right now, according to GlobalData TS Lombard chief US economist Steven Blitz. And if inflation sees a sharp rebound to 5%, "they obviously hike" interest rates, Blitz said. AdvertisementAll-in, according to Blitz, it means that interest rates could stay at current levels for longer-than-expected, especially since it appears there will be no recession this year.

Persons: Powell, Steven Blitz, Jerome Powell, Blitz, Jeremy Siegel Organizations: Fed, GlobalData, Lombard, Federal Reserve

☆ Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
▼ + stars: | 2024-04-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The company said hours for remaining stores won't change and it will continue to accept orders and returns as usual. "The proposed transaction will provide Express with additional financial resources, better position the business for profitable growth and maximize value for the Company's stakeholders," Express said. "We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives," he added. Last spring, Express acquired Bonobos' operating assets and related liabilities for $25 million from Walmart in a joint deal with WHP. The deal came as Express' "core business was weak, and cash was tight," GlobalData managing director Neil Saunders said in a Monday note.

Persons: –, Stewart Glendinning, Neil Saunders, Saunders, Kirkland Organizations: Express Inc, Longtime, Express, WHP, Simon Property Group, Brookfield Properties, Les Wexner's, CNBC, Walmart, Powerhouse, Ellis, Partners Locations: New York, U.S

☆ Express files for bankruptcy; closing more than 100 stores
▼ + stars: | 2024-04-22 | by ( Parija Bhatnagar | ) edition.cnn.com time to read: +2 min

New York CNN —Trendy fashion retailer Express Inc. has filed for bankruptcy after consistently struggling with continued missteps over its merchandise mix that failed to get shoppers excited. The retailer filed with the bankruptcy court in Delaware and said it also plans to shutter several stores as part of the process. The company operates Express, Express factory outlets, Bonobos and UpWest stores under its corporate umbrella and said in a release Monday that it plans to close 95 Express locations (it operates more than 500 in the US) and all UpWest locations with closing sales at those stores set to begin on April 23. “With the company struggling to gain traction with consumers, it has been obvious for quite some time that bankruptcy was the inevitable destination for Express,” Neil Saunders, managing director of GlobalData, said in a note Monday. “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.

Persons: “, Neil Saunders, GlobalData, ”, Saunders, ” Stewart Glendinning, “ WHP, ” Glendinning Organizations: New, New York CNN, Express Inc, Express, WHP Global Locations: New York, Delaware

☆ Wayfair is opening its first-ever physical furniture store
▼ + stars: | 2024-04-18 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Online furniture and home furnishings seller Wayfair is set to open its first-ever namesake store next month, the company announced Thursday. It will also feature an onsite restaurant called “The Porch,” the company said, taking a page out of Ikea’s store setup. Furniture stores need to always be advertising, Saunders added, because people generally don’t buy furniture very often. This is particularly important in furniture and finishings where people like to see and try out products before buying,” Saunders said. “If this store is successful then it could be the start of wider physical expansion for Wayfair,” Saunders said.

Persons: Joss, ”, Neil Saunders, Saunders, Wayfair, it’s, Niraj Shah, Wayfair “, “ It’s, ” Saunders Organizations: New, New York CNN —, GlobalData Locations: New York, Edens, Wilmette , Illinois

☆ Macy's proxy fight is over, but the battle for the department store's future wages on
▼ + stars: | 2024-04-13 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +7 min

Arkhouse then launched its proxy fight and put forward nine nominees to Macy's 15-person board. Turning the tideOther department store chains have faced challenges from activists in recent years, and even when those efforts fall short, the pressure can bring about sweeping changes. That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury. Arkhouse claims Macy's refused to engage with it, and Macy's rebuffed Arkhouse saying it didn't have the financing for the takeover it proposed. Arkhouse, for its part, has said it plans to keep Macy's stores open.

Persons: Bing Guan, Tony Spring, Arkhouse, Neil Saunders, Macy's, Michelle Gass, Levi Strauss, Chip Bergh, Ben Hider, —, GlobalData's Saunders, It'll, Gavriel Kahane, Kahane, it's Organizations: Macy's Inc, National Retail Federation, Bloomberg, Getty, Arkhouse Management, Capital Management, American, Brigade, Levi, Herald, Sears, CNBC, Macy's, Fortress Investment Group, One Investment Management Locations: Herald, New York, Macy's, New York City

☆ Dollar stores are shutting down across America. They did this to themselves
▼ + stars: | 2024-04-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

Dollar Tree believed acquiring Family Dollar would help it compete against larger rivals. “When Dollar Tree bought Family Dollar, they didn’t really know what they were doing,” D’Arezzo said. Many Family Dollar stores were located too close to each other and cannibalized each other’s own sales, too, D’Arezzo said. Family Dollar “needs more work than the company originally thought.”A year later, an activist investor pushed for a sale of the “underperforming” Family Dollar business, and Family Dollar announced it would close 390 stores. Dollar Tree and Family Dollar executives say Family Dollar can still succeed, however.

Persons: Dollar, Ron Holman, ” Neil Saunders, GlobalData, “, ”, David D’Arezzo, Rick Dreiling, Kelly Bania, Carl Icahn, Nelson Peltz —, ” D’Arezzo, D’Arezzo, Dreiling Organizations: New, New York CNN, Visalia Times, USA, Dollar, BMO Capital Markets, “, Street, Justice Department, Bloomberg, Walmart, Costco Locations: New York, West Coast and Texas, West Memphis, ”, California , Nevada , Arizona, Texas, California

☆ Tesla has a big competitor. And it is China’s BYD
▼ + stars: | 2024-04-03 | by ( Rosa Deacostanoya | Rosa De Acosta | ) edition.cnn.com time to read: +4 min

In 2023, Tesla sold around 230,000 more cars than BYD. That drop was big enough for Tesla, which sold 386,810 BEVs in the same period, to retake its former position despite posting plunging sales. Both Tesla and BYD are expanding beyond their home markets and investing in factories abroad. BYD sold about 3 million electric cars, including hybrids, in 2023 globally. By comparison, Tesla, which does not sell hybrids, delivered a total of 1.8 million vehicles worldwide last year, which was about 19% of the global market for BEVs.

Persons: Hong Kong CNN —, Wang Chuanfu, It’s, Murthy Grandhi, BYD, Tesla Organizations: Hong Kong CNN, Tesla, Toyota, French PSA Group, Fiat Chrysler Automobiles, Chrysler, Maserati, Peugeot, BMW, Ford, Benz, Ferrari, Yuan, Rho, BEVs Locations: China, Hong Kong, Shenzhen, London, United States, American, Shanghai, California, Canada, European

NEW YORK (AP) — It may not be too “appeeling,” but the price tags of some bananas are rising by a few cents. Trader Joe's recently upped the price for a single banana to 23 cents, a 4-cent — or 21% — increase from the grocer's previous going rate for the fruit that had remained unchanged for over 20 years. In contrast to other foods more heavily impacted by inflation, bananas have stayed relatively affordable over time — with average global prices never exceeding more than about 80 cents per pound (0.45 kilograms). Still, banana prices have seen some jumps in recent years. In the U.S., the cost of a pound of bananas averaged at about 63 cents last month.

Persons: Joe's, “, we’ve, Louis, ” Neil Saunders, Saunders Organizations: Federal Reserve Bank of St, United Nations, Food, Agriculture Organization Locations: Monrovia , California, U.S, —

☆ Baltimore businesses are trying to figure out how the bridge collapse will affect them
▼ + stars: | 2024-03-26 | by ( Grace Dean | Mary Hanbury | ) www.businessinsider.com time to read: +5 min

Read previewThe collapse of the Francis Scott Key Bridge in Baltimore could have major effects on distribution and deliveries for businesses in the area. Baltimore's biggest bridge collapsed early on Tuesday morning after a cargo ship crashed into one of its support beams, prompting Maryland Gov. A spokesperson for Volkswagen said its operations were unaffected as its Baltimore facility was "located on the sea board of the bridge collapse." AdvertisementMcCormick, which manufactures spices and seasonings, said in 2020 that it expected its site at Tradepoint Atlantic to become its biggest distribution site. Local businesses prepare for ongoing disruptionThe Hard Yacht Cafe, located about a mile from the bridge, told BI that it wasn't yet clear how the collapse would affect its business.

Persons: —, Francis Scott Key, Wes Moore, Kevin Cartwright, Neil Saunders, Baltimore's Francis Scott Key, Armour, McCormick, we're, Alexander DelSordo Organizations: Service, Maryland Gov, Baltimore Fire Department, Associated Press, Business, Bloomberg, Maryland Transportation Authority, Depot, FedEx, BMW, Volkswagen, Google, Amazon, Volkswagen Group, Audi, Lamborghini, Bentley, CBS, WJZ, Bay Locations: Baltimore, Port of Baltimore, Sparrows, Europe, Mexico, Hawkins

☆ Dollar General is taking a key strategy from Costco as it aims to lower costs
▼ + stars: | 2024-03-21 | by ( Dominick Reuter | Alex Bitter | ) www.businessinsider.com time to read: +5 min

Dollar General is sharply reducing the selection of products it sells in order to cut costs. The discounter previously stocked about 12,000 unique items, referenced by SKUs. AdvertisementSome Dollar General shoppers may see their favorite items disappearing from shelves as the discount retailer looks to control inventory costs. The move inches Dollar General closer to Costco's time-tested strategy for finding savings through simplicity — the wholesale club famously keeps its SKU count to around 4,000 in its warehouses. Last summer, Dollar General took a $95 million inventory write-down as it cleaned those stores up.

Persons: SKUs, —, Todd Vasos, there's, Neil Saunders, Vasos, didn't, Gina Goetter Organizations: Costco, Service, Walmart, Aldi, Hasbro

☆ Fabrics retailer Joann files for bankruptcy
▼ + stars: | 2024-03-18 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Joann, the 81-year-old fabric and craft retailer, has filed for bankruptcy as it struggles with customers cutting back on discretionary spending. In a statement Monday, the Ohio-based company said it filed for Chapter 11 bankruptcy protection and has secured $132 million in fresh funding that helps reduce its debt in half, which had ballooned to $1 billion. However, that has since faded, and inflation has soared, prompting customers to spend less on non-essential items. Joann’s stock was delisted from the Nasdaq and will become privately owned following the bankruptcy process, which it expects to happen as fast as next month. “The bankruptcy of Joann has been looming for a long time and was always a matter of when, rather than if,” said Neil Saunders, managing director and retail analyst for GlobalData, in a note Monday.

Persons: New York CNN — Joann, ”, Scott Sekella, Joann, Neil Saunders, “, ” Saunders Organizations: New, New York CNN, Nasdaq, GlobalData Locations: New York, Ohio

☆ TS Lombard: Russian presidential election is a 'plebiscite' on Putin's leadership
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTS Lombard: Russian presidential election is a 'plebiscite' on Putin's leadershipChristopher Granville, managing director, global political research, at GlobalData TS Lombard, says "the turnout will be the key test for legitimacy."

Persons: Christopher Granville Organizations: GlobalData

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