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☆ Imagine Your Last Day of Work Ever. Here’s Theirs.
▼ + stars: | 2024-05-11 | by ( Victor Llorente | Charley Locke | ) www.nytimes.com time to read: 1 min

Arthur JayFabric-store owner, 82, St. Petersburg, Fla.Arthur Jay didn’t think he would spend his life running the family business. After growing up around his parents’ first fabric store on Long Island, he left to attend college and then to pursue a career in management at Kmart. But when Jay was 27, his father died unexpectedly, so he had to take over at Jay’s Fabric Center in St. Petersburg. “For me, every customer that came in was a different opportunity,” he says. “If you don’t enjoy what you’re doing, getting up every day would be a drudgery.”

Persons: Arthur Jay Fabric, Arthur Jay didn’t, ’, Jay, ” Organizations: Kmart Locations: St, Petersburg, Fla, Long, St . Petersburg

☆ How America’s once great department stores became a dying breed
▼ + stars: | 2024-02-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +12 min

But department stores, focused on America’s middle class, are fading. The victims of shifting consumer tastes were not the department stores that anchored the local mall, it was the small, locally owned stores along downtown shopping districts that were closing their doors. And possibly even more than the big box competitors, department stores have suffered from consumers shifting to buying items online rather than in person. The steady closing of the department stores that once served as “anchors” of malls across suburban America has been another nail in the coffin of many malls, hurting the department stores that remained in hollowed-out malls with a fraction of their earlier traffic. Saunders said one of the primary problem for Macy’s is that its holding company, formerly known as Federated Department Stores, spent much of its resources on buying other department store brands, such May’s Department Stores, and Filene’s, rather than investing in the stores its held.

Persons: New York CNN —, Neil Sauders, ”, JC Penney, It’s, “, Neil Saunders, Shannon Stapleton, Saunders, ” Saunders, Al Bello, Sunny Zheng, Macy’s, Tony Spring, Taylor, Brian Snyder, Eddie Lambert, Michael Brown, Kearney, ” Brown, Mike Segar, Richard W, Sears, Alvah Roebuck, Sears Roebuck, Bettmann, PhotoQuest, Jack Manning, Frank Scherschel, Owen, Lucille Jagusch, Arlene Hardt, Martin Luther King Jr, Michael Ochs, Ron Frehm, Ralf, Finn Hestoft, Mark Peterson, Seth Meyers, Hugh Jackman, NBCUniversal, Kaylin Wilson, Jim Cole, Rene Johnston, Maria Alejandra Cardona, Scott Olson, Cesar Villasenor, Mel Melcon, Sarah Blesener, Paul Hennessy, Patti Naleck, Naleck, Stacey Wescott, Brown Organizations: New, New York CNN, American, Walmart, Company, Department, Sears, Target, GlobalData, JCPenney, Research, RadioShack, Reuters Sears, Federated Department Stores, May’s, Reuters, Chicago History, Sears Roebuck, Roebuck, Hulton, AP, AP Soldiers, Michael Ochs Archives, Getty, Bettmann, Kmart, Bloomberg, Toronto Star, Reuters Residents, Los Angeles Times, New York Times, Chicago Tribune, Tribune, Service Locations: New York, GlobalData, America, Nanuet , New York, North Redwood , Minnesota, Chicago, El Paso , Texas, Jackson , Mississippi, Tucson , Arizona, Caracas, Venezuela, Niles , Illinois, Morton Grove , Illinois, Baltimore, White Plains , New York, Woodfield , Illinois, Hicksville , New York, Nashua , New Hampshire, Mentor , Ohio, Mississauga , Ontario, Hialeah , Florida, Janesville , Wisconsin, Santa Monica , California, Rockaway , New Jersey, Leesburg , Florida, Schaumburg , Illinois

☆ The last Sears in the New York area is closing. Just over a dozen remain in America
▼ + stars: | 2024-01-11 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Sears’ last-remaining store in the New York metro area is closing, bringing the number of Sears locations still in existence down to about a dozen. Following the shuttering of the Jersey City location, the closest Sears for the New York metro area shoppers is 227 miles away in Braintree, Massachusetts. Now, there are only just over a dozen Sears remaining in the continental US. Sears is owned by hedge fund operator Eddie Lampert’s company Transformco. Some suggest that Lampert used the Sears acquisition as a play in the real estate market.

Persons: New York CNN — Sears ’, wasn’t, Sears, Eddie Lampert’s, Lampert, Samantha Delouya Organizations: New, New York CNN, Sears, Kmart, CNN Locations: New York, Jersey City, Manhattan, Newport, Mall, New Jersey, Braintree , Massachusetts, Burbank , California, Washington

☆ Empty Bed Bath & Beyond stores are hot real estate. Here’s who’s moving in
▼ + stars: | 2023-11-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

(Overstock.com bought Bed Bed & Beyond’s brand out of bankruptcy and has relaunched it online, complete with the 20% coupons.) Burlington, Michaels, Barnes & Noble, Ollie’s Bargain Outlet, Macy’s, HomeGoods and other chains have replaced old Bed Bath & Beyond stores. The majority of Bed Bath & Beyond’s stores are in the suburbs of mid-size and large cities, and are under 50,000 square feet. Bed Bath & Beyond spaces have been grabbed up swiftly at rents of up to 50% what Bed Bath & Beyond was paying, according to commercial real estate investment firm CBRE. Kimco Realty, a real estate owner with 26 former Bed Bath & Beyond leases, said that new leases were 38% higher than Bed Bath & Beyond rents.

Persons: Michael O’Sullivan, Barnes, Noble, hasn’t, Warby Parker, Brandon Isner, CBRE’s, ”, TJ Maxx, REI Organizations: New, New York CNN, Sears, Circuit, Kmart, Burlington, Bed, Kimco, Sports Authority Locations: New York, Burlington, . Burlington, Michaels, Kimco, HomeGoods

☆ Corporate Australia takes Indigenous support into its own hands after poll defeat
▼ + stars: | 2023-10-17 | by ( Byron Kaye | ) www.reuters.com time to read: +4 min

[1/2] Voters walk past Vote Yes and Vote No signs at the Old Australian Parliament House during The Voice referendum, in Canberra, Australia, October 14, 2023. At an Oct. 14 referendum, Australians overwhelmingly voted down a proposal to create a constitutionally-protected Indigenous parliamentary advisory body, known as the Voice. Without a political solution, it is now up to the companies themselves to pursue strategies to address entrenched disadvantage in Australia's 3.8% Indigenous population, corporate leaders and political researchers said. Indigenous reconciliation remains largely unresolved in Australia which, unlike New Zealand, Canada and the U.S., never signed a treaty with its first inhabitants after European arrival. The companies could now "take meaningful corporate actions to close the gap, such as by hiring and retaining Indigenous staff and systematically co-designing projects that impact Indigenous Australians," she added.

Persons: Tracey Nearmy, there's, Rob Scott, Scott, Geraldine Slattery, Ross Piper, it's, Intifar Chowdhury, Estelle Parker, Byron Kaye, Melanie Burton, Sonali Paul Organizations: Old Australian, House, The, REUTERS, Rights, Kmart, Target, Airline Qantas, First Nations, BHP, Australia, Australian, Australian National University, Responsible Investment Association Australasia, Thomson Locations: Canberra, Australia, New Zealand, Canada, U.S, Melbourne

Coles and Woolworths sell two-thirds of Australian groceries by dollar value, and are seen as bellwethers of consumer behaviour. Full-year NPAT of Woolworths is seen rising to A$1.74 billion from A$1.51 billion, and for Wesfarmers to A$2.47 billion from A$2.35 billion last year. Woolworths and Wesfarmers report annual results on Aug. 23 and Aug. 25, respectively. They added that rising operating costs are a headwind for retail companies, but focus will be on how these costs are managed. Reporting by Himanshi Akhand and John Biju in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Munoz, Jefferies, Coles, Tim Waterer, Himanshi Akhand, John Biju, Rashmi Organizations: REUTERS, Coles Group, Woolworths, KCM Trade, Kmart, Coles, UBS, Thomson Locations: Sydney's, Australia, Bengaluru

☆ Six Flags plans a summer 'strollerpalooza' to get families back to its parks
▼ + stars: | 2023-06-04 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Six Flags plans a "strollerpalooza" this summer to bring families back, The Wall Street Journal reported. Jeffrey Siebert of Six Flags Fiesta Texas said it had revamped designs and added kid-friendly rides. Speaking to The Wall Street Journal, Six Flags Fiesta Texas's president Jeffrey Siebert said the company was planning a "strollerpalooza" this summer, referring to plans to increase the numbers of families visiting its attractions. He also said he was trying to turn Six Flags customers from "the Kmart, Walmart to maybe the Target customers." Shares in Six Flags have fallen 62% over the past five years, leaving the company worth just over $2.2 billion.

Persons: Jeffrey Siebert of, —, Jeffrey Siebert, Siebert, Selim Bassoul Organizations: Street Journal, Service, Wall Street, Six Flags, Six, Kmart, Walmart Locations: Texas

☆ Jim Cramer: An economic wave is about to hit that will be fantastic for investors
▼ + stars: | 2023-05-14 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

Ultimately, I have gotten to know my way around the CPI and it's a sloppy way to figure out pricing. Don't be frightened of the wave of deflation or misinterpret it as anything but fantastic for investors. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ Bed Bath & Beyond store closures will kick off a land grab for fast-growing retailers
▼ + stars: | 2023-04-28 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

In strip malls across the country, Bed Bath & Beyond stores have "Closing Soon" signs. Its shuttered stores will kick off a land grab for retailers hungry for additional space. Bed Bath will join a list of other bankrupt companies, such as Kmart and Sears, that vacated spaces and made way for stores. Former Bed Bath stores could turn into a variety of other retail spaces, said Deborah Weinswig, CEO of Coresight Research, a retail advisory group. Weaker retailers' locations thinned out during the fallout of the Great Recession and again during the Covid pandemic, said James Bohnaker, senior economist with Cushman & Wakefield.

☆ The $11.8 billion mistake that led to Bed, Bath & Beyond’s demise
▼ + stars: | 2023-04-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —Bed, Bath & Beyond made plenty of mistakes that led to this week’s bankruptcy filing. “The company’s stewardship of their capital failed,” said Declan Gargan, retail director and credit analyst who follows Bed, Bath & Beyond for S&P Global Ratings. Across Corporate America, share repurchases reached a record $936 billion, according to S&P Dow Jones Indices, up from $882 billion in 2021. In fact the Bed, Bath & Beyond share repurchases were not enough to stop activist investors from pushing out top management of the company in 2019. President Joe Biden, a frequent critic of share repurchases, included a 1% tax on share repurchases in the Inflation Reduction Act passed by Democrats in Congress last year.

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☆ Mall of America Wins Supreme Court Case Over Sears Lease
▼ + stars: | 2023-04-19 | by ( Akiko Matsuda | ) www.wsj.com time to read: 1 min

The U.S. Supreme Court on Wednesday ordered an appeals court to review Mall of America’s dispute with the former chairman of Sears Holdings Corp. over a $10-a-year store lease, potentially opening the door for landlords or vendors to challenge the sale of bankrupt businesses. The justices unanimously ruled against Transform Holdco LLC, the real-estate company backed by former Sears Chairman Eddie Lampert that purchased some of the best-performing Sears and Kmart stores out of chapter 11 in 2019. Transform had argued that a bankruptcy provision protects asset buyers from such disputes to encourage them to close on sales.

☆ Aussie start-up firm SafetyCulture appoints Tesla Chair as director
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - Australian technology firm SafetyCulture on Monday said it has appointed Robyn Denholm, chair of electric vehicle maker Tesla Inc (TSLA.O), as a director to its board. Denholm, who has been an advisor to the Australian firm since late 2021, is replacing Rick Baker, co-founder of Blackbird Ventures, the company said in a statement. The collapse of U.S.-based technology-focused lender Silicon Valley Bank and the ensuing volatility in global financial markets in recent weeks has stoked concerns of higher funding costs for start-up businesses. Denholm's new role is in addition to her roles as Tesla Chair and Chair of The Technology Council of Australia, the company said. Denholm has been in various senior roles in the global technology industry, including former chief financial officer at Australian firm Telstra and is an operating partner at Blackbird Ventures.

☆ Every year, ‘Invasion Day’ forces Australia to confront some painful truths
▼ + stars: | 2023-01-27 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +13 min

Victoria’s state government called time on Melbourne’s Australia Day parade after two years of Covid cancellations, and Kmart, a normal go-to for party supplies, announced it wouldn’t be stocking traditional Australia Day merchandise – clothing, plates, napkins and other memorabilia draped in the Australian flag. Cooper is among a growing band of Indigenous allies who now refer to Australia Day as Invasion Day or Survival Day, after learning more about the nation’s history from those who suffered. Every year, Australia Day – or Invasion Day – forces a difficult conversation about those left behind, and what role everyone can play in finding a way forward. And it really is for many.”The Australia Day Live 2023 concert at Sydney Opera House on January 26, 2023. In the far western Queensland town of Boulia, Beck Britton had been worried that her attempts to throw an Australia Day party could fall flat.

Persons: Fred Leone, ” Leone, ”, Leone, Hilary Whiteman, Union Jack, Kate Darian, Smith, “ It’s, Christine Cooper, she’s, “, Cooper, ” Cooper, Cooper’s, they’re, ” Darian, Karlie Brand, Don Arnold, WireImage, Tracey Hanshaw, Aunties, Beck Britton, Britton, there’s, Jan Norton, wasn’t, Anthony Albanese, ” Albanese, Lidia Thorpe, Alexi J . Rosenfeld, Darian, Justice Aunties, “ We’ve Organizations: Australia CNN, CNN, Union, University of Tasmania, Kmart, Facebook, University of Newcastle, It’s, Nations, Invasion, Australia, First Nations, National, Day Council, Sydney Opera House, ”, Torres Strait Islander, Australian, Aboriginal, Torres Strait, ” Greens, Voice, Commonwealth, Heart Locations: Brisbane, Australia, Musgrave Park, Sydney Cove, Sydney, Musgrave, Brisbane’s, Newcastle, New South Wales, Queensland, Boulia, Britton’s, Melbourne, “

☆ Factbox: The 10 biggest U.S. retail bankruptcies in 5 years
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +4 min

J.C. PenneyAssets: $7.99 billionLiabilities: $7.16 billionStores: 846After more than a century in business, the department store chain filed for bankruptcy protection in May 2020, weighed down by mounting debt. At the time, its bankruptcy was the biggest collapse of a U.S. retailer by assets since Kmart in 2002. It soon emerged from bankruptcy with much of its store base intact and $400 million in fresh financial aid. Tailored BrandsAssets: $2.48 billionLiabilities: $2.84 billionStores: Over 1,400The owner of tuxedo and business suit chain Men's Wearhouse filed for bankruptcy in August 2020. It emerged from bankruptcy just days short of a year since it filed for bankruptcy under a new name, Premier Brands.

☆ I'm the senior director of a $5 billion data company — here's how a mix of programming and leadership courses skyrocketed my career since college
▼ + stars: | 2023-01-07 | by ( Julia Pugachevsky | Read More | Read Less | ) www.businessinsider.com time to read: +7 min

Focusing on hard skills like data analysis as well as management helped me move up in my career. But what really put my career on a rocket ship was taking online courses from platforms like Coursera, edX, and LinkedIn Learning. For anyone looking for a big career jump, here are four lessons I learned from taking online courses — and how to make the most of online learning. Taking management courses helped me advance much faster. Mike CrabtreeBecause of taking online courses, my career advanced very quickly in a short amount of time.

☆ Is this the last Christmas for Sears?
▼ + stars: | 2022-11-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +13 min

Easterling was at the Sears in her hometown of Jersey City, New Jersey, one of only 15 full-line Sears stores still open. The two started a catalog business selling watches and jewelry in 1888, incorporating under the Sears Roebuck name in 1893. The Sears catalog was the way many Americans first started to buy mass-produced goods. File photo/AP People shop inside a Sears store in Morton Grove, Illinois, in 1961. AP Soldiers guard a Sears store in Baltimore after riots broke out following the assassination of Martin Luther King Jr. in 1968.

☆ The 'next Warren Buffett' curse: Sam Bankman-Fried is the latest market icon to fall after being compared to the legendary investor
▼ + stars: | 2022-11-12 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

The Warren Buffett curse is alive and well following the collapse of Sam Bankman-Fried and his crypto exchange FTX. Fortune magazine asked if Bankman-Fried was the next Warren Buffett in an August profile. Fortune put Bankman-Fried on the front page of its August issue, asking readers if he was in fact the next Warren Buffett? Several of Palihapitiya's SPAC companies soared in value amid the SPAC boom of 2020 and the early months of 2021. Palihapitiya was often compared to Buffett by market participants, and Brown called the investor "the new Buffett" on a podcast in January 2021.

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