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☆ Macy's hasn't closed 150 stores yet. But Target, Kohl's CEOs already smell opportunity
▼ + stars: | 2024-04-01 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Those companies already count many of Macy's shoppers as their customers, according to an analysis of credit card data by Earnest Analytics. Macy's closures could put as much as $2 billion of market share up for grabs. The department store's net sales were $23.1 billion in the most recent fiscal year, and it said the 150 stores that it's closing account for less than 10% of sales. About 63% of Macy's stores have a T.J. Maxx or Marshalls within a one-mile radius, according to an analysis by Jefferies. Off-price stores also draw a similar customer, which tends to be more affluent.

Persons: Macy's, Justin Sullivan, Brian Cornell, Tom Kingsbury, Maxx, Jefferies, Ross, Earnest, Penney, Tony Spring, Corey Tarlowe, Cornell, Tarlowe, Cos, Mercedes Organizations: Getty, CNBC, Nordstrom, Earnest Analytics, Target, Abercrombie, Fitch, Home Goods, Jefferies, Toyota, Maxx Locations: San Leandro , California, United States, New York, Burlington, U.S

☆ Arkhouse, Brigade raise Macy's buyout bid to $6.6 billion
▼ + stars: | 2024-03-04 | by ( ) www.cnbc.com time to read: +1 min

Cars sit parked in front of a Macy's store at Bay Fair Mall on February 27, 2024 in San Leandro, California. Arkhouse Management, a real-estate-focused investing firm said on Sunday it and Brigade Capital Management have raised their offer for Macy's after the department store chain rebuffed their prior proposal as too low. "The Macy's Inc Board will carefully review and evaluate the latest proposal," Macy's said in a separate statement. Like other legacy department store operators, Macy's has struggled to compete against younger, online competitors or peers with smaller brick-and-mortar footprints. This has given Arkhouse and Brigade an opening to put pressure on Macy's to explore a sale.

Persons: Arkhouse, Macy's Organizations: Arkhouse Management, Brigade Capital Management, Macy's Locations: San Leandro , California

☆ CNBC Daily Open: U.S. jobs growth kicked off with a bang
▼ + stars: | 2024-02-05 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

A "Now Hiring" sign at an Advance Auto Parts store in San Leandro, California, US, on Tuesday, Aug. 15, 2023. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The benchmark S&P gained 1.07%, while the Dow Jones Industrial Average added 0.4%. [Pro] Citi's top global picksCiti highlighted its list of "high-conviction" stock picks across global markets.

Persons: Stocks, Jerome Powell, Houthi Organizations: CNBC, Dow Jones, Nasdaq, McDonalds, Ford, U.S . Central Command, NBC News, U.S . Navy, Apple, Huawei, Citi Locations: San Leandro , California, U.S, Yemen, Red, China

☆ Hyundai Motor's fourth-quarter net profit rises 31%, misses forecasts
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: +2 min

Hyundai Motor, the world's No.3 automaker by sales with its affiliate Kia Corp, reported a net profit of 2.2 trillion won ($1.65 billion) for the October-December period versus a profit of 1.7 trillion won a year earlier. That compared with a 2.9 trillion won average forecast by LSEG SmartEstimate, which is weighted towards estimates from analysts who are more consistently accurate. It expects a 4.9% jump in North American vehicle sales but a 3.7% drop and 0.6% fall in vehicle sales in China and Europe, respectively. "Hyundai Motor expects the business environment will remain difficult to predict, due to macro uncertainties centered on emerging markets and a downturn in the real economy," Hyundai Motor said in a statement. Shares in Hyundai Motor were trading up 2.0% after it reported its earnings, outperforming 0.1 rise for the benchmark Kospi.

Persons: Hyundai, LSEG SmartEstimate, Lee Jae, Lee Organizations: Hyundai, Hyundai Motor, Kia Corp, Eugene Investment, Securities Locations: San, San Leandro , California, South, Russia, China, Europe

Online furniture seller Wayfair is cutting about 1,650 jobs, or 13% of its global workforce. Wayfair announced its latest job cuts Friday. Political Cartoons View All 253 ImagesFriday’s job cuts are expected to bring annualized cost savings of more than $280 million, Wayfair said. The Wall Street Journal first reported on Macy's layoffs and planned store closures Thursday, citing an internal memo and people familiar with the situation. Job cuts have taken a toll on workers across various industries — including retail, tech, media and hospitality — over the last few years.

Persons: Niraj Shah, ”, Wayfair, Macy's Organizations: —, Wayfair, Associated Press, New, Macy's Inc, Street Journal, Google, Hasbro, LinkedIn Locations: New York, Arlington , Virginia, Ballston, Leandro , California, Lihue, Hawaii, Simi Valley , California, Simi Valley, Tallahassee , Florida

☆ Macy's to cut more than 2,300 jobs, about 3.5% of its workforce, and close five stores
▼ + stars: | 2024-01-18 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Macy's on Thursday said it will cut about 3.5% of its workforce and close five of its namesake mall locations as the legacy department store moves to trim costs and turn around slowing sales. The move will affect approximately 2,350 positions across its corporate office and stores, company spokesman Chris Grams said. The majority of those — roughly 500 —are its namesake stores, followed by 158 Bluemercury stores and 56 Bloomingdale's stores. The department store chain's footprint has gotten smaller in recent years, however. He said since that 2020 announcement, Macy's had closed about 80 namesake locations and had plans to soon close another five.

Persons: Chris Grams, Grams, Macy's, Tony Spring, Jeff Gennette, Adrian Mitchell, Mitchell, It's, Gennette Organizations: Wall Street Locations: Arlington , Va, Leandro, Calif, Lihue, Hawaii, Simi Valley, Tallahassee, Fla, Cincinnati, San Francisco

☆ Caterpillar is upgraded on strong quarterly results — and a misguided sell-off
▼ + stars: | 2023-10-31 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

It's true the operating margin is expected to contract a bit from Tuesday's results. Latin America sales fell 31% due to lower sales volume that was only partially offset by higher prices. Higher prices also aided profitability, despite the dual headwinds of lower volumes and an unfavorable product mix. The adjusted operating profit margin for the fourth quarter is expected to be lower versus the third quarter result. All told, we believe the operating margin consensus on Wall Street needs an upward revision.

Persons: we've, James Umpleby, Umpleby, nonresidential, I've, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Caterpillar, Revenue, CAT, U.S, North, Energy, SG, Dealers, Guidance Management, CNBC, Peterson Locations: North America, America, Europe, Africa, Asia, China, San Leandro , California

☆ The 10 fastest-shrinking US cities and towns
▼ + stars: | 2023-08-05 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Jackson, Mississippi, led the nation in the rate of population decline from July 2021 to July 2022. Though the Midwest is experiencing a "doom loop" in many of its cities, in which remote work has slowed the economies of Midwestern cities, only one Midwestern city made the top ten cities and towns shrinking at the fastest rate between 2021 and 2022. In an analysis of nearly 20,000 cities, towns, villages, and boroughs across the US, the Census Bureau found that places in Utah and Louisiana saw especially sharp declines. Some residents left following the city's water crisis, sparked by poor infrastructure and climate change. Three Utah cities outside of the Salt Lake City area — Taylorsville, Orem, and Sandy — also had above 2% losses in population.

Persons: redlining, Marccus Hendricks, Louis, Hurricane Ida, Sandy —, Francisco, Santa Organizations: Service, Census Bureau, D.C, University of Maryland, PBS, Louis Post, Dispatch, Bay Area Locations: Jackson, Mississippi, Area, Utah, Louis, New Orleans, San Francisco, Wall, Silicon, Miami, Louisiana, San Francisco , New York City , Washington, Boston, Jackson , Mississippi, St, Three Utah, Salt Lake City, Orem, Union City, Livermore, San Leandro, California, Santa Cruz, Georgetown , Texas

☆ Bed Bath & Beyond just missed another debt payment. See the full list of stores it will close, including Harmon and Buybuy Baby locations.
▼ + stars: | 2023-02-02 | by ( Avery Hartmans | Dominick Reuter | ) www.businessinsider.com time to read: +20 min

In addition to 87 more Bed Bath & Beyond stores, the company now says it will close all of its remaining Harmon health and beauty stores, and five Buybuy Baby stores. San Leandro: 15555 East 14th St., Suite 24015555 East 14th St., Suite 240 Burbank: 201 East Magnolia Blvd. Marina: 117 General Stilwell Drive117 General Stilwell Drive Vallejo: 105 Plaza Drive, Suite 107105 Plaza Drive, Suite 107 * Palm Desert: 72459 Highway 11172459 Highway 111 * Visalia: 3125 South Mooney Blvd. Arterial * Coralville: 2515 Corridor Way Suite 5Kansas:Lawrence: 3106 S. Iowa St., Suite 2153106 S. Iowa St., Suite 215 Manhattan: 425 3rd Place425 3rd Place * Olathe: 15335 W. 119th St.Kentucky:Elizabethtown: 1998 N. Dixie Ave.1998 N. Dixie Ave. New Hartford: 4805 Commercial Drive4805 Commercial Drive Kingston: 1187 Ulster Ave.1187 Ulster Ave. Plattsburgh: 73 Centre Drive, Suite 10073 Centre Drive, Suite 100 Farmingdale: 251 Airport Plaza Blvd.

☆ A Googler who's 8 months pregnant said her 'heart sank' when she found out she'd lost her job in its mass layoffs
▼ + stars: | 2023-01-22 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +2 min

Katherine Wong, who's 34 weeks pregnant, found out she'd lost her job as a program manager. Wong wrote on LinkedIn: "The first thought that came to my mind was "Why me? Katherine Wong told Insider she'd worked at Google as a program manager since November 2021 and was due to go on maternity leave next week. At 34-weeks pregnant, Wong said it's "almost impossible" to look for a new job. People are concerned about my baby and wellbeing," Wong wrote on LinkedIn.

☆ Bed Bath & Beyond is closing dozens of stores in 2023 — see the full list
▼ + stars: | 2023-01-10 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +10 min

Bed Bath & Beyond released an updated list of store closures set to take place by March. San Leandro: 15555 East 14th St., Suite 24015555 East 14th St., Suite 240 Burbank: 201 East Magnolia Blvd. ArterialKansas:Lawrence: 3106 S. Iowa St., Suite 2153106 S. Iowa St., Suite 215 Manhattan: 425 3rd PlaceKentucky:Elizabethtown: 1998 N. Dixie Ave.1998 N. Dixie Ave. New Hartford: 4805 Commercial Drive4805 Commercial Drive Kingston: 1187 Ulster Ave.1187 Ulster Ave. Plattsburgh: 73 Centre Drive, Suite 10073 Centre Drive, Suite 100 Farmingdale: 251 Airport Plaza Blvd. Wisconsin:Mequon: 11110 N. Port Washington RoadPuerto Rico:Bayamon: Plaza Del Sol, 725 West Main Ave.Do you work for Bed Bath & Beyond?

REUTERS/Dado Ruvic/Illustration/File PhotoCompanies Mars Inc FollowNov 8 (Reuters) - A California man who claimed Skittles are "unfit for human consumption" because they contained a known toxin has dismissed his federal lawsuit against Mars Inc, the candy maker. Jenile Thames voluntarily dismissed his case on Monday, according to a filing by his lawyers in Oakland, California. read moreThough many foods contain titanium dioxide to add color, various studies have over the years questioned its safety. Mars, based in McLean, Virginia, on Sept. 30 sought to dismiss Thames' lawsuit. It said its use of "small amounts" of titanium dioxide did not harm the plaintiff, and complied with U.S. Food and Drug Administration regulations.

☆ 6 top battery players vying to power the $27.7 billion electric-airplane business
▼ + stars: | 2022-10-10 | by ( Andrew Moseman | ) www.businessinsider.com time to read: +6 min

While today's technology doesn't allow for battery-powered long-range airliners, plenty of companies are working on short- and medium-range electric aircraft. The global market for electric aircraft is estimated to have reached $7.9 billion in 2021, according to market research company MarketsandMarkets. It's projected to reach $27.7 billion by 2030, and building the batteries to power those aircraft could be a billion-dollar market by 2030. Electric Power SystemsCEO: Nathan MillecamHQ: North Logan, UtahNASA's X-57 Maxwell, meant to prove the potential of electric flight, uses Epic batteries built by Electric Power Systems. Those lithium-ion cells need to become more efficient, however, for Eviation to reach its goal of flying hundreds of miles on only electric power.

☆ Bed Bath & Beyond is closing 150 stores. Here are the locations confirmed so far.
▼ + stars: | 2022-09-16 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Bed Bath & Beyond is closing around 150 stores and laying off staff. It has now named 56 of the stores set to close across 21 states. By laying off staff and closing the stores, the company said it planned to reduce costs by $250 million in 2022. Sales in the second quarter had slumped roughly 26% compared to the same period in 2021, Bed Bath & Beyond said in preliminary earning results. The struggling retailer has now revealed the location of 56 of the stores being closed, spanning 21 states and Puerto Rico.

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