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Jenny Craig is going out of business
  + stars: | 2023-05-05 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +3 min
New York CNN —Jenny Craig, the weight-loss chain, has confirmed that it’s shutting down for good. Named after its founder, the Jenny Craig business started when she couldn’t lose weight after giving birth to her second child. WeightWatchers, for example, is getting into the prescription weight-loss drug business. The $106 million acquisition of Sequence will give WW a foothold into the growing market for prescription drugs to manage weight loss. Ozempic has gained popularity in part due to celebrities using it for weight loss.
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He focused attention on the company’s global reach, saying that Bud Light is just one beer within its portfolio and it’s not changing the company’s full-year outlook. He also reiterated that the Mulvaney post wasn’t an ad campaign, and blasted the “misinformation” surrounding the sponsored post. The video went viral, with some responding with anti-trans rhetoric and calls for a Bud Light boycott. The week prior, Bud Light revenue was down 17%, even as sales of rivals Miller Lite and Coors Light increased. The company said it is going to increase investment in Bud Light as it continues to deal with sagging sales.
New York CNN —Anheuser-Busch will report earnings Thursday, marking the first time it will face Wall Street analysts’ questions since its Bud Light brand erupted in controversy. Sales of Bud Light have tumbled over the past month after the company delivered a custom can to Dylan Mulvaney, a transgender woman with a large Instagram following. The video went viral, with some supporting Mulvaney and the company, and others responding with anti-trans reactions and calls for a Bud Light boycott. The week prior, Bud Light revenue was down 17%, even as sales of rivals Miller Lite and Coors Light increased. Bud Light sales have been declining for years, but this situation has “snowballed” and made its troubles even more pronounced, Roth said.
Nordstrom’s exit dealt another blow for San Francisco, as several well-known chains have closed in the city. Incidents of theft in San Francisco have gained national attention, though crime has generally fallen over the past six years. Property crimes in San Francisco have garnered national attention because of several attention-grabbing videos of thieves in action. In total, there were 56 homicides in San Francisco in 2022, which is the same number of homicides the city saw in 2021. For starters, remote work following the pandemic has caused a decrease in foot traffic in major US downtowns, including San Francisco.
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In the lawsuit, filed Friday in a federal court, shareholders allege that Adidas “routinely ignored” his behavior as early as 2018. They claim that senior executives “ignored serious issues” affecting the Yeezy partnership, namely his antisemitic remarks and troubling public comments about slavery. The lawsuit said that Adidas was aware of his behavior and that the company “failed to take meaningful precautionary measures to limit negative financial exposure” if the partnership ended. Adidas (ADDDF) ended its almost decade-long partnership in October 2022 after Ye wore a “White Lives Matter” T-shirt in public. Days later, Ye said “I can say antisemitic s*** and Adidas (ADDDF) cannot drop me” during a podcast taping.
New York CNN —For years, Bud Light leaned on jokey ad campaigns and its designation as a light beer to push sales. Now, Bud Light finds itself seeking younger drinkers, and stumbling through America’s polarized landscape in the process. There have been calls for a Bud Light boycott. And the stock of Bud Light owner Anheuser-Busch (BUD) has fallen only about 3% in the last month, suggesting Wall Street isn’t too worried. Bud Light, he thinks, could be missing out on that type of support.
New York CNN —Bed Bath & Beyond’s competitors are coming to the rescue of customers looking to use expired coupons issued by the failed retailer. Big Lots said Thursday that it’s “assisting shoppers nationwide” by accepting expired Bed Bath & Beyond coupons until May 7. Bed Bath & Beyond coupons are being accepted at other stores. History of Bed Bath & Beyond’s couponsBed Bath & Beyond introduced its oversized coupon for 20% off a single item three decades ago. Now that the company is going through a liquidation process, Bed Bath & Beyond said it’s the end of the road for the coupons.
New York CNN —Beer distributors are largely sticking by Bud Light and its parent company, Anheuser-Busch, as controversy continues to embroil the brand. Bud Light pours at bars and restaurants declined in early April, according BeerBoard, which tracks sales data at thousands of bars and restaurants. BeerBoard told CNN that the 3,000 locations tracked by the firm poured 6% less Bud Light than rivals, including Miller Lite and Coors Light, from April 2 to April 15. Bud Light had been much more popular than rivals in the weeks before: From March 18 through April 1, customers ordered Bud Light 15% more than rival light beers. Heinerscheid said in a recent podcast interview that Bud Light needs to attract young drinkers to ensure the company’s future by promoting inclusivity.
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New York CNN —Just a few years ago, Kim Kardashian was dyeing her own shapewear in a sink with teabags. Skims is valued at a reported $3.2 billion and was named one of Time’s most influential companies for 2023. Kim Kardashian and Poppy Harlow speak onstage at the 2023 Time 100 Summit. Jemal Countess/Getty Images for TIMEKardashian told Harlow that she “absolutely” trusts her gut over data when it comes to finding companies for SKYY to invest in. As she gets older, the 42-year-old Kardashian realizes she now has the luxury of choosing people she wants to surround herself with.
New York CNN —BuzzFeed, Lyft, Whole Foods and Deloitte all recently announced layoffs affecting thousands of US workers. With 11,000 job cuts announced in November and the 10,000 announced in March, Meta’s headcount will fall to around 66,000 — a total reduction of about 25%. The company announced in January that it was eliminating some 18,000 positions as part of a major cost-cutting bid at the e-commerce giant. IndeedJob listing website Indeed.com announced cuts of approximately 2,200 employees, representing almost 15% of its total workforce, the company said in March. The cuts come after the company announced several rounds of job cuts throughout the pandemic due to falling demand, followed by rapid hiring last year.
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New York CNN —Juul Labs, the e-cigarette maker, is paying $462 million to six US states and DC in the largest multi-state settlement yet for the troubled company that has been accused of contributing to the rise of vaping among youth. Based on responses to the 2022 National Youth Tobacco Survey, 14.1% of high school students and 3.3% of middle school students reported using e-cigarettes within the previous 30 days. California is getting $175.8 million, Illinois is getting $67.6 million, Massachusetts is getting $41.7 million, Colorado is getting $31.7 million, New Mexico is getting $17 million and District of Columbia is getting $15 million. West Virginia said on Monday that Juul is paying $7.9 million for similar accusations of marketing toward youth. Last summer, the FDA ordered Juul products to be removed from the US market.
See the Chipotle of the future
  + stars: | 2023-04-11 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
New York CNN —The distinctive gas grills in Chipotle restaurants might be a thing of the past. The exterior of a new Chipotle has solar panels. ChipotleNoticeable changes in this new store format include rooftop solar panels, electric vehicle charging stations and biodegradable flatware and bowls. Chipotle (CMG) will tweak the design based on feedback from customers and employees, the company said. ChipotleSustainability has long been a focus for Chipotle, which, along with other fast food chains, has been criticized for not being environmentally friendly.
New York CNN —An enormous Whole Foods in downtown San Francisco that opened just last year is temporarily closing. Heralded as a “flagship store” following its March 2022 opening, the Whole Foods was one of the largest supermarkets in downtown San Francisco. A San Francisco Whole Foods store is closing a year after it opened. San Francisco Board of Supervisors member Matt Dorsey said on Twitter that he was “incredibly disappointed” by the closure. Meanwhile, violent crime statistics in San Francisco have remained relatively steady in recent years.
New York CNN —Tupperware shares fell nearly 40% in early trading Monday following a bleak warning that its future is looking murky. Tupperware said it won’t have enough cash to fund its operations if it doesn’t secure additional money. The company said it is exploring potential layoffs, and it’s reviewing its real estate portfolio for potential money-saving efforts. The New York Stock Exchange also warned that Tupperware’s stock is in danger of being de-listed for not filing a required annual report. Tupperware (TUP) said the entry into Target is part of the brand’s reinvention, which includes plans to grow the business through multiple retail channels and get its products in front of younger consumers who’ve never even heard of Tupperware (TUP) parties.
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This shouldn’t come as a surprise to Musk, whose position wobbled on the Forbes’ “Real-Time Billionaires” list, which is updated daily, for the past several months. Forbes explained that Musk’s wealth had fallen because his $44 billion Twitter purchase, funded by Tesla shares, scared investors and sent Tesla stock sinking sharply last year. Tesla gained much of those losses back this year but is still significantly lower than before Musk bought Twitter. Amazon founder Jeff Bezos lost the most amount of money of any billionaire on the list ($57 billion), knocking him down from second position to third. Forbes said that the total number of billionaires on this year’s list fell to 2,640 (down from 2,668), marking the second-straight year of decline.
Walmart lays off 2,000 warehouse workers
  + stars: | 2023-04-04 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: 1 min
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New York CNN —World Wrestling Entertainment is merging with Endeavor Group, the parent company of competitor UFC, to form a new publicly traded company. The deal values the newly combined company at over $21 billion: UFC is worth $12.1 billion and WWE is valued at $9.3 billion. Endeavor shareholders will own 51% of the newly combined company, while WWE shareholders are getting 49%. Vince McMahon will retain his current WWE title of executive chairman at the new company, which doesn’t yet have name. Endeavor, which also owns Hollywood’s biggest talent agency William Morris Endeavor, became the outright owner of the UFC in 2021.
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