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☆ 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.

☆ Cheesecake Fit for a Maestro
▼ + stars: | 2023-04-26 | by ( Ligaya Mishan | ) www.nytimes.com time to read: +2 min

What kind of cheesecake withstands burning and triumphs, and sears itself into the memories of child and worldly wise alike? The ingredient list is brief: for the filling, only cream cheese, sugar and vanilla extract. Oklahoma State University even features a recipe on its website, one of seemingly countless online. Kitsopoulos took a recipe from Pillsbury, developed by Deborah Harroun, the writer of the Taste and Tell blog. Where Pillsbury advises first rolling out the dough for the topping on parchment paper, she just plops it on.

☆ 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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☆ MLB roundup: Cubs' Drew Smyly flirts with perfection vs. Dodgers
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +11 min

Los Angeles starter Julio Urias (3-2) allowed five runs, seven hits (including two homers) and two walks in 3 1/3 innings. Seven of Urias' 10 earned runs allowed this season have come against Chicago. Philadelphia starter Aaron Nola tossed a season-high seven innings and allowed four hits and three runs with three strikeouts and three walks. Pittsburgh starter Mitch Keller (2-0) allowed two runs and four hits in six innings, with five strikeouts and a walk. Pivetta (1-1) allowed three runs on seven hits in 5 2/3 innings, striking out seven with one walk.

☆ ValueAct urges ouster of Seven & i President Isaka - letter
▼ + stars: | 2023-04-21 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

The San Francisco-based investment firm, which owns a 4.4% stake in the convenience store operator, is ratcheting up the pressure by saying publicly that Isaka has acted in bad faith since becoming president in 2016. "It is time to find a new President for Seven & i," ValueAct wrote to Seven & i shareholders in a letter dated April 20. The letter also criticizes the board for having failed to conduct a succession review for Isaka. ValueAct said Seven & i recorded meetings with its team without its consent, violating privacy laws around the world. Seven & i did not immediately respond to a request for comment and ValueAct declined to comment beyond the contents of the letter.

☆ GOP lawmaker leading Florida legislature's effort to rein in Disney was a company stock-holder until the DeSantis feud
▼ + stars: | 2023-04-21 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +11 min

One key ally, Sen. Blaise Ingoglia, previously held Disney stock but said he sold on principle. Ron DeSantis claw back control of Walt Disney World's special tax district was once a Walt Disney Company investor, annual disclosures show. Ingoglia told Insider that he manages his stocks himself, and that they were long-term holds with a retirement or brokerage account. The financial ties to Disney underscore the company's largess and influence in Florida, where it's the state's biggest attraction. Disney CEO Bob Iger told Time he would be willing to sit down with DeSantis over the feud.

☆ Bed Bath & Beyond stiffed thousands of workers on severance pay
▼ + stars: | 2023-04-20 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Bed Bath & Beyond has been on bankruptcy watch and has been closing hundreds of stores since late 2022. Toys "R" Us and other chains that filed for bankruptcy have been criticized for failing to pay workers severance. There is no federal requirement for severance pay, although some collective bargaining agreements with unions cover severance agreements. At Bed Bath & Beyond, CEO Sue Gove is eligible for $7.1 million in severance pay and former Bed Bath & Beyond CEO Mark Tritton is suing the company for $6.8 million in unpaid severance. ‘This was our reward’Some Bed Bath & Beyond employees recently laid off in other states did not receive severance pay either, as first reported by Bloomberg.

☆ 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.

In a 9-0 ruling written by Justice Ketanji Brown Jackson, the Supreme Court overturned a lower court's decision against MOAC Mall Holdings LLC, the parent company of the mega-mall located in Bloomington, Minnesota. The lease provided Sears with a three-story, 120,000-square foot (11,000 square meters) location at the mall for a rent of just $10 a year. Mall of America went to court to try to stop the lease transfer during the Sears bankruptcy process. Circuit Court of Appeals found in 2021 that bankruptcy law does not allow for appeals of court-approved bankruptcy sales. While bankruptcy law limits the ability of courts to unwind a sale after appeal, it does not prevent appeals entirely, the Supreme Court ruled.

☆ Mall of America can continue to fight Sears' new owners – who are hoping to keep the retailer's shocking $10-a-year lease
▼ + stars: | 2023-04-19 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

The Supreme Court unanimously decided that the Mall of America can challenge a lease it has with Sears. In 1991, the mall gave Sears a 100-year lease on a three-story location for just $10 per year. Mall of America objected, saying that landlords have a right to "adequate assurance of future performance" by whoever took over Sears' lease. The bankruptcy court overruled the mall's objection. That appeal too was dismissed, which led the mall to petition the Supreme Court.

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☆ Leon Levine, Family Dollar founder, dies at 85
▼ + stars: | 2023-04-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Leon Levine, who built Family Dollar into a discount retail giant catering to America’s lower-income and middle-class shoppers, has died at 85. Three dollar store chains — Dollar General, Dollar Tree and Family Dollar — are now the fastest-growing US retailers. Levine opened the first Family Dollar store in 1959 at age 22 in Charlotte, North Carolina, with his cousin. “We’re just the opposite of a Wal-Mart,” Family Dollar president George Mahoney told the Associated Press in 1993. (Today, there are more than 8,000 Family Dollar stores.

☆ Starbucks new CEO wants senior leaders to work in stores. Every leader should follow suit.
▼ + stars: | 2023-04-10 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +7 min

Former Walmart CEO Greg Foran used to visit stores every week to observe factors like customer service, inventory levels, in-stock levels, and assortment. Fewer retail CEOs got their start working in storesLowe's CEO Marvin Ellison started his retail career as a Target security guard. Others went through management-training programs operated by department stores. As department stores started facing stiff competition from specialty stores, they scrambled to cut costs. These days, finding a qualified retail CEO seems like one of the hardest jobs to fill, with many companies looking outside the retail industry.

☆ Starbucks' new CEO plans to spend time working at his company's coffee shops. Here's why every retail leader should take a shift on the sales floor.
▼ + stars: | 2023-04-03 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +7 min

Former Walmart CEO Greg Foran used to visit stores every week to observe factors like customer service, inventory levels, in-stock levels, and assortment. Fewer retail CEOs got their start working in storesLowe's CEO Marvin Ellison started his retail career as a Target security guard. David Swanson/ReutersOf course, times have changed — in the past, many retail CEOs got their start at the store level. As department stores started facing stiff competition from specialty stores, they scrambled to cut costs. These days, finding a qualified retail CEO seems like one of the hardest jobs to fill, with many companies looking outside the retail industry.

☆ Macy’s will have a new CEO. He’s from Bloomingdale’s
▼ + stars: | 2023-03-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +1 min

Macy’s (M) CEO Jeff Gennette will retire in 2024, the company announced Wednesday. Gennette, 61, has been Macy’s CEO for seven years. He led the 165-year-old department store chain through the rise of Amazon (AMZN), the Covid-19 pandemic, and industry upheaval. Under Gennette, Macy’s most notably built out its online platform and shifted away from malls. But Macy’s has outperformed Kohl’s (KSS), Nordstrom (JWN) and other department store peers in recent years, while Sears, JCPenney and Neiman Marcus have filed for bankruptcy.

☆ Foot Locker is closing 400 stores. They may become an eyesore
▼ + stars: | 2023-03-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

Foot Locker will close 400 stores by 2026 in malls. Anchor vacancies in malls hurt neighbors like Foot Locker and reduce traffic to their stores as well. Eventually, stores like Foot Locker go dark and it becomes harder for the mall to survive. Finding tenants for the 400 Foot Locker spaces will be challenging as big retailers look to stay away from weaker malls. Bed Bath & Beyond will be “much easier to fill than in-mall spaces.”So what happens to all the indoor malls with empty Foot Locker stores and other vacant spaces?

☆ Macy's will have a new CEO. He's from Bloomingdale's
▼ + stars: | 2023-03-29 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Macy’s (M) CEO Jeff Gennette will retire in 2024, the company announced Wednesday. Gennette, 61, has been Macy’s CEO for seven years. He led the 165-year-old department store chain through the rise of Amazon (AMZN), the Covid-19 pandemic, and industry upheaval. Under Gennette, Macy’s most notably built out its online platform and shifted away from malls. “Thanks to Mr. Gennette, Macy’s isn’t dead or even circling the drain,” GlobalData Retail analyst Neil Saunders said in a note to clients Wednesday.

☆ Bed Bath & Beyond is closing hundreds of stores. But they won’t be empty for long
▼ + stars: | 2023-03-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

New York CNN —Bed Bath & Beyond is stripping down its big blue signs, clearing out aisles of linens and closing 400 stores as it tries to stave off bankruptcy. Bed Bath & Beyond (BBBY)’s real estate is a precious, scarce resource for retailers, gyms and anyone else who needs ample space. “A lot of great real estate is going to come available into a market where there’s been no vacancies. “Bed Bath and Beyond sites are interesting to us, and we are exploring available opportunities with our franchisees,” a spokesperson told CNN. He also believes Bed Bath & Beyond may not be able to avoid bankruptcy or liquidation, which would lead to more vacancies.

☆ Los Angeles education strike cancels school for 420,000 students
▼ + stars: | 2023-03-21 | by ( Alan Devall | ) www.reuters.com time to read: +3 min

[1/9] Los Angeles school workers protest in front of LAUSD headquarters during the first day of a walkout over contract negotiations that closes the country’s second largest school system in Los Angeles, California, U.S., March 21, 2023. REUTERS/Aude GuerrucciLOS ANGELES, March 21 (Reuters) - Some 30,000 education workers backed by the teachers' union walked off the job for a three-day strike in Los Angeles on Tuesday, canceling school for nearly half a million students in the second-largest school district in the United States. Thousands of protesters gathered for a rally outside the Los Angeles Unified School District headquarters, vowing to continue their pickets for another two days under the banner, "United for L.A. The service workers are backed by the 35,000 members of the teachers' union United Teachers Los Angeles, which refused to cross their picket line. Dozens of meal and safe-place sites were opened across the city on Tuesday, with school district employees and volunteers distributing more than 124,000 meals, the district said.

☆ DeSantis' approach to a possible 6-week abortion ban in Florida could torpedo his shot at the presidency
▼ + stars: | 2023-03-07 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +9 min

GOP lawmakers in Florida have introduced a six-week abortion ban. But the ramifications of a six-week ban in Florida would go beyond politics. As the session kicked off in Tallahassee on Tuesday, the path to a six-week abortion ban in Florida appeared more clear than it did a few months ago. In a press conference with reporters, she acknowledged the math was difficult but vowed the party would fight, arguing that a six-week ban was broadly unpopular among Floridians. Senate Minority Leader Lauren Book, a Democrat of Plantation, Florida, accused Republicans of going "scorched earth" with their abortion ban bill.

☆ Retail CEO crisis: With recent shakeups at Kohl's, Adidas, Dollar General, and more, the industry's top job is suddenly the hardest to fill
▼ + stars: | 2023-02-11 | by ( Matthew Kish | Avery Hartmans | ) www.businessinsider.com time to read: +8 min

It's the surest sign yet of a crisis facing the retail industry. Supply chains got snarled, shoppers stopped visiting stores, and stimulus payments spiked demand, each making it difficult to measure how business was doing. Then stimulus payments sent demand for everything from sneakers to home goods spiking while supply chains snarled. And just when supply chains started to sort themselves out, inflation hit, and shoppers started to scale back spending. Retail CEOs need 'peripheral vision'Workers at Starbucks stores and Amazon warehouses across the country have pushed to unionize, with many calling out the pay disparity between front-line workers and top executives.

☆ Disney's strategy to win its battle with DeSantis is to just wait until he runs for president, says a top Florida Democrat
▼ + stars: | 2023-02-06 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +7 min

Disney will sue Florida for dissolving its self-governing status, predicted Democratic state Sen. Jason Pizzo. Florida lawmakers are deciding Disney's financial fate this week. Ron DeSantis will be to simply run out the clock, a top Florida Democrat predicted Monday. Other areas state lawmakers will consider would allow Florida to transport migrants from other states and to give the state more power to prosecute election fraud. Today, more than 40 lobbyists represent Disney before the Florida legislature, according to an Insider review of lobbying disclosures.

☆ Retail CEO crisis: why the industry's top job is suddenly the hardest to fill
▼ + stars: | 2023-01-23 | by ( Matthew Kish | Avery Hartmans | ) www.businessinsider.com time to read: +8 min

☆ Amid 'quiet hiring,' here’s what highly successful workplaces should focus on
▼ + stars: | 2023-01-13 | by ( Natasha Piñon | ) www.cnbc.com time to read: +2 min

In 2023, "quiet hiring" — when a company redistributes staffers or recruits short-term contractors instead of hiring full-time employees — could dominate the workplace. How quality workplaces improve retentionThriving companies conduct regular surveys and host check-ins to track employee engagement, Labbe says. Quiet hiring itself can also help with employee retention. Emily Rose McRae, a Gartner HR analyst who helped coin the term "quiet hiring," told CNBC Make It last week. At Toptal, during periods the recruiting team wasn't busy, some team members moved over to the sales team, Labbe says.

☆ Democratic win in Virginia special election stymies Gov. Youngkin's push for 15-week abortion ban
▼ + stars: | 2023-01-12 | by ( Zoë Richards | Zoë Richards Is The Evening Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +3 min

Democrat Aaron Rouse has won a special election for a state Senate seat in Virginia after his Republican opponent conceded in a race that was widely viewed as a proxy fight over abortion. Democrats will have a 22-18 majority in the state Senate, and Rouse is expected to provide a crucial vote against efforts by Gov. “Reproductive rights and freedom in Virginia have been hanging by a tenuous thread, especially in the wake of Roe being overturned, and the only thing standing in the way is a one-vote margin in the Virginia state Senate," Tarina Keene, the executive director of REPRO Rising Virginia, said Wednesday. During the campaign, Rouse said protecting access to abortion was a priority, vowing on his website that he would “not compromise” on abortion rights. In his State of the Commonwealth address Wednesday, Youngkin called on the General Assembly to pass a 15-week ban.

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