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☆ Peloton posts mixed holiday results, dismal quarterly guidance
▼ + stars: | 2024-02-01 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +6 min

A Peloton Bike inside a showroom in New York, US, on Wednesday, Nov. 1, 2023. The company issued dismal guidance for the current quarter and a tepid full-year sales outlook. For its fiscal third quarter, Peloton expects sales to be between $700 million and $725 million, compared to a Wall Street estimate of $754 million, according to LSEG. The company expects its adjusted EBITDA loss to be between $20 million and $30 million, compared to analyst estimates of a loss of $2 million, according to StreetAccount. "We saw exceptionally strong sales growth through these channels this holiday season, with Y/Y unit growth of 74% in Q2," McCarthy said.

Persons: Barry McCarthy, Liz Coddington, McCarthy Organizations: Interactive, Wall, LSEG, Sporting Goods, Dick's Sporting Goods, University of Michigan Locations: New York, Ohio

☆ Adidas won't write off remaining Yeezy inventory, plans to sell ‘at least’ at cost
▼ + stars: | 2024-01-31 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Adidas announced on Wednesday that it won't write off the majority of its unsold Yeezy inventory and instead plans to sell the remaining shoes "at least" at the cost it paid for them, as the apparel retailer looks to recoup its losses. The company attributed the profit to its "better-than-expected operational business" during its fourth quarter and the decision to sell the majority of the remaining Yeezy inventory. Instead, the company plans to sell the remaining Yeezy product at least at cost in 2024," Adidas said in a news release. CEO Bjørn Gulden added: "Our consumer, retail and trade research has shown that we can sell this remaining inventory in 2024 for at least the cost price. It's not clear if Adidas will donate any portion of the remaining Yeezy sales.

Persons: Ye, Bjørn Gulden, George Floyd, It's Organizations: Adidas, Defamation League, Keeta Floyd Institute for Social, CNBC PRO Locations: Chicago

☆ The buy now, pay later holiday debt hangover has arrived, as consumers wonder how they'll pay bills
▼ + stars: | 2024-01-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

So she turned to a novel solution to get through the season: Buy now, pay later. It's tough to say how buy now, pay later fits into the country's overall debt picture. Klarna, PayPal and Affirm all declined to share buy now, pay later delinquency rates with CNBC. Affirm has said the short-term and high-velocity nature of its buy now, pay later service makes traditional credit metrics less relevant. Klarna said its global default rate for its overall business including buy now, pay later is less than 1%.

Persons: Kiki Andersen, Andersen, I've, I'm, It's, Ted Rossman, delinquencies, who've, Klarna Organizations: PayPal, CNBC, Adobe, Federal Reserve Locations: Los Angeles, U.S

☆ Alec Baldwin faces renewed manslaughter charges over 2021 'Rust' movie set shooting
▼ + stars: | 2024-01-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

An image of cinematographer Halyna Hutchins, who died after being shot by Alec Baldwin on the set of his movie "Rust", is displayed at a vigil in her honour in Albuquerque, New Mexico, October 23, 2021. A New Mexico grand jury on Friday indicted actor Alec Baldwin on involuntary manslaughter charges in connection with the fatal 2021 shooting on the set of "Rust." Baldwin is facing two separate types of involuntary manslaughter charges, court records show. He is facing one count of involuntary manslaughter, negligent use of a firearm, and involuntary manslaughter, without due caution or circumspection. Charges were dropped against the actor in April after "new facts" emerged that demanded further investigation, prosecutors said previously.

Persons: Halyna Hutchins, Alec Baldwin, Baldwin, Joel Souza, Luke Nikas, Alex Spiro, Quinn Emmanuel Locations: Albuquerque , New Mexico, Mexico

☆ Yoga wars heat up as Levi's Beyond Yoga taps former Athleta CEO, Gap veteran as next chief executive
▼ + stars: | 2024-01-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Beyond Yoga's founder Michelle Wahler, along with its Chief Operating Officer and Chief Financial Officer Jesse Adams, will both be stepping down. "We have arrived at a natural inflection point for this incredible brand," Levi's incoming CEO Michelle Gass said in a statement. Retailers such as Lululemon and Nike have long dominated the category, with Beyond Yoga and Gap-owned Athleta following close behind. But upstarts such as Alo Yoga and Vuori have been nipping at their heels and taking market share. In August, Athleta named former Alo Yoga President Chris Blakeslee its next CEO.

Persons: Levi Strauss, Nancy Green, Alo Yoga, Michelle Wahler, Jesse Adams, Wahler, Adams, Michelle Gass, Nancy, BTIG's Janine Stichter, Earnest, Athleta, Chris Blakeslee Organizations: Nike, Yoga, Beyond Yoga Locations: Athleta

☆ Wayfair to lay off 13% of workforce, impacting 1,650 employees
▼ + stars: | 2024-01-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Wayfair is cutting 13% of its global workforce as the digital home goods retailer looks to trim down its structure, cut out layers of management and reduce costs, it announced Friday. The company plans to lay off around 1,650 employees, including 19% of its corporate team, with a focus on people in management and leadership positions, the company said. The restructuring – the third Wayfair has implemented since summer 2022 – is expected to save the company about $280 million, it said. The layoffs come after Hasbro , Etsy and Macy's all announced cuts to their workforces as retailers contend with slowing demand and an uncertain economy. As a result, Wayfair has needed to make cuts to ensure its staffing levels are proportionate to how much business it's doing.

Persons: –, Niraj Shah, Macy's, Wayfair Organizations: New York Stock Exchange, Hasbro, Etsy

China's powerful internet regulator is conducting a security review of Shein as the fast-fashion giant gears up for its highly anticipated U.S. initial public offering, CNBC has learned. The review focuses on how Shein handles information about its employees, partners and suppliers in the region, The Wall Street Journal reported. In 2021, Beijing launched a similar security review of ride-hailing giant Didi Global just days after it went public on the New York Stock Exchange and raised some $4.4 billion. Following Didi's downfall, all Chinese companies seeking an overseas IPO are now subject to a security review and government approval in China. If the reviews turn up information that doesn't sit well with Chinese regulators, they could squash the deal.

Persons: confidentially, Shein, Drew Bernstein, Didi Global, Didi, Bernstein, they're Organizations: CNBC, Cyberspace Administration, China, Street Journal, CAC, Washington , D.C, Marcum, New York Stock Exchange, CNBC PRO Locations: U.S, China, Washington ,, Beijing, Marcum Asia, Singapore

☆ Wolverine World Wide sells Sperry to Authentic Brands Group in shoe retail deal
▼ + stars: | 2024-01-11 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

Wolverine World Wide has sold Sperry to brand management firm and Reebok owner Authentic Brands Group, as the footwear retailer looks to focus on better performing assets, the company announced Thursday. Aldo will also work with the brand on footwear design, production and global distribution. It already works closely with Authentic on running brands like Roxy and Brooks Brothers. The deal will generate $130 million, which Wolverine plans to use to pay down debt, it said. Wolverine originally acquired Sperry, a 90-year-old brand, in 2012 from Payless ShoeSource owner Collective Brands in a $1.23 billion deal that also included Saucony, Stride Rite and Keds.

Persons: Aldo, Brooks, Wolverine, Payless, Saucony, Merrell, Hush, Betty, Sperry, Wolverine's, Brendan Hoffman Organizations: Sperry, Reebok, Authentic Brands, Aldo Group, Brooks Brothers, Brands Locations: Ireland

☆ New York and California make retail theft a 2024 priority: 'We mean business'
▼ + stars: | 2024-01-11 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Since 2022, at least nine states — including six in 2023 — passed laws to impose harsher penalties for organized retail crime offenses, and New York and California could join that list. It's tough to determine whether theft offenses are up nationally, as it's a crime that often goes unreported and undetected. Experts previously told CNBC that laws that increase penalties for retail crime offenses may not actually reduce theft offenses, and could disproportionately harm marginalized groups. "Across our nation and our state, retail theft has surged, creating fear among customers and workers. Newsom this week also called for new legislation that would address organized retail crime.

Persons: Kathy Hochul, Gavin Newsom, —, It's, Hochul, Newsom, sheriff's, — CNBC's Christina Wilkie Organizations: Democratic, Republicans, CNBC, Owners, CNBC PRO Locations: New York, California

☆ Neiman Marcus CEO says there's ‘no need’ to sell the business as Saks takeover rumors swirl
▼ + stars: | 2024-01-10 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

ORLANDO, Fla. — As rumors swirl over whether Saks Fifth Avenue will acquire Neiman Marcus, Neiman's CEO told CNBC there's "no need" to sell the business, adding it's unlikely to change hands in the next five years. Some people close to the companies have told CNBC a merger between the two is inevitable, and is a matter of when, not if. But Neiman's CEO Geoffroy van Raemdonck said there is currently "no process to sell the company." Eventually, those owners will seek to offload the business, but van Raemdonck said it won't be any time soon. They have not yet received an offer that was large or attractive enough to move the needle, a source familiar with the matter previously told CNBC.

Persons: Neiman Marcus, Geoffroy van Raemdonck, there's, van Raemdonck, Neiman, There's Organizations: Saks, CNBC, Street, Pacific Investment Management, Davidson, Capital Management, Sixth Street Partners, Neiman, CNBC PRO Locations: ORLANDO, Fla, Orlando

☆ Shein's revenue is ‘a lot more’ than $30 billion annually, key retail partner says
▼ + stars: | 2024-01-08 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

watch nowORLANDO, Fla. — Little is known about how much revenue Shein draws or just how profitable it is. But the fast-fashion company's sales are "a lot more" than the $30 billion it reportedly brings in annually, one of the retailer's key partners said Monday. "There's talks that they do 30 billion, do they do 40 billion? If Shein's sales are "a lot more" than $30 billion annually, its revenue would still be far smaller than that of retail giants such as Walmart and Amazon , which do hundreds of billions in sales annually. A sales total above $30 billion would mean Shein dwarfs American retailers such as Abercrombie & Fitch and American Eagle , which most recently reported annual sales of $3.7 billion and $5 billion, respectively.

Persons: Jamie Salter, There's, Salter, Allen J, Shein, confidentially, Inditex Organizations: Authentic Brands, Los Angeles Times, Getty, Sparc Group, Simon Property Group, Sparc, Walmart, Abercrombie, Fitch Locations: ORLANDO, Fla, —, Orlando, Ontario Mills, Ontario, U.S, Shein, China

☆ Tiger Woods ends Nike partnership after 27 years
▼ + stars: | 2024-01-08 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

Tiger Woods during the pro-am as a preview for the Hero World Challenge at Albany Golf Course in Nassau on Nov. 29, 2023. Tiger Woods' 27-year partnership with Nike has come to an end. "Phil Knight's passion and vision brought this Nike and Nike Golf partnership together and I want to personally thank him, along with the Nike employees and incredible athletes I have had the pleasure of working with along the way," Woods wrote. In a statement, the company said: "For over 27 years, we have had the honor to partner with Tiger Woods, one of the greatest athletes the world has ever seen. Yet, Woods brought significant exposure to the Nike brand.

Persons: Woods, Tiger Woods, Phil Knight's, Mark Steinberg, Tiger, Roger Federer, Marc Maurer, it's, TaylorMade, aren't, Brian Yarbrough, Edward Jones, Eric Smallwood, LeBron James, Smallwood, — CNBC's Gabrielle Fonrouge Organizations: Nike, Nike Golf, CNBC, Apex Marketing, Golfers, CNBC PRO Locations: Nassau, Swiss, Orlando, Oregon

☆ Nike, Foot Locker shares sink after athletic apparel maker cuts revenue outlook
▼ + stars: | 2023-12-22 | by ( Drew Richardson | ) www.cnbc.com time to read: +1 min

Nike shares plunged Friday after the athletic apparel maker cut its revenue outlook for the fiscal year, with sneaker retailer Foot Locker also feeling the blow. Foot Locker, which relies heavily on Nike products in its stores, closed down nearly 4%. Nike said in its earnings report Thursday that the company now expects its revenue to grow 1% for the fiscal year, down from the prior outlook of mid-single-digit growth. The company also said it was going to cut costs of upward of $2 billion over the next three years. The new outlook reflects increased headwinds "particularly in Greater China and EMEA," finance chief Matthew Friend said in the earnings call Thursday.

Persons: Locker, Matthew Friend, Cowen, Goldman Sachs, Gabrielle Fonrouge, Michael Bloom Organizations: Nike, EMEA, CNBC PRO Locations: Greater China

☆ Nike sinks 12% after it slashes sales outlook, unveils $2 billion in cost cuts
▼ + stars: | 2023-12-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Nike on Thursday unveiled plans to cut costs by about $2 billion over the next three years as it lowered its sales outlook. Nike now expects full-year reported revenue to grow approximately 1%, compared to a prior outlook of up mid-single digits. Those costs are mostly related to employee severance costs, Nike said. During Nike's fiscal second quarter, it posted a strong earnings beat, indicating its cost-savings initiatives were already underway. Sales rose about 1% to $13.39 billion, from $13.32 billion a year earlier.

Persons: Matthew Friend, Friend, didn't, Armour Organizations: Nike, EMEA, Oregonian, LSEG, Adidas, Brands Locations: Thursday's, Greater China, Nike's, DSW

☆ Lululemon shares fall as retailer gives tepid holiday outlook despite strong start to shopping season
▼ + stars: | 2023-12-07 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Lululemon on Thursday said it saw strong third-quarter demand and a positive start to the holiday shopping season, but the retailer's shares fell in extended trading after it gave a tepid fourth-quarter outlook. During the quarter, sales jumped 12% in North America and 49% internationally, but the retailer's holiday guidance came in light of expectations. For the full year, Lululemon expects sales to be between $9.55 billion and $9.58 billion, compared to estimates of between $8.11 billion and $9.90 billion, according to LSEG. He added that Lululemon is "encouraged" by the trends it has seen at the start of the holiday season. During Lululemon's third quarter, total comparable sales were up 13%, higher than the 12.4% jump analysts had expected, according to StreetAccount.

Persons: Lululemon, We're, Meghan Frank, Calvin McDonald, McDonald Organizations: LSEG, CNBC PRO Locations: North America

☆ Lawmakers ramp up scrutiny of Shein, call for proof it doesn't use forced labor after retailer files for IPO
▼ + stars: | 2023-12-05 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Lawmakers are ramping up their scrutiny of Shein after it confidentially filed to go public last week. "Urge the SEC to apply maximum scrutiny to Shein's business and management before letting it anywhere near our capital markets," Luetkemeyer said in the video, viewed by CNBC. They include legislation that would block Shein from trading in the U.S. or bar its shipments from coming into the country. Gallagher is also interested in pursuing reforms to the trade loophole known as the de minimis provision and expanding enforcement of the Uyghur Forced Labor Prevention Act, the aide said. The committee is investigating Shein over its use of forced labor and de minimis — probes that are ongoing, Luetkemeyer said.

Persons: confidentially, Blaine Luetkemeyer, Shein, Luetkemeyer, let's, Mike Gallagher, Gallagher Organizations: U.S . Securities, Exchange, CNBC, SEC, Chinese Communist Party, Uyghur, Labor Locations: U.S

☆ Congress looking to block Shein from going public
▼ + stars: | 2023-12-05 | 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 EmailCongress looking to block Shein from going publicCNBC’s Gabrielle Fonrouge, joins 'Power Lunch' to report on Congress seeking to block Shein from going public.

Persons: Gabrielle Fonrouge

☆ Shein files for U.S. IPO as fast-fashion giant looks to expand its global reach
▼ + stars: | 2023-11-27 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Shein has confidentially filed to go public in the U.S. as the Chinese-founded fast-fashion juggernaut looks to expand its global reach with a long-rumored initial public offering, CNBC has learned. Over the next few months, Shein will likely make tweaks to its paperwork and answer numerous questions from the agency. The filing will be made public once the company is ready to move forward with its IPO. He said, "there's no such thing as forced labor" in the Shein factories that he has visited. As Shein grew from an obscure Chinese retailer into a global behemoth with headquarters in Singapore, it largely stayed in the shadows.

Persons: Shein, it's, Marcelo Claure, Sky Xu, Donald Tang, influencers, Xu, Goldman Sachs, Morgan Stanley Organizations: CNBC, U.S . Securities, Exchange Commission, SEC, Chinese Communist Party, Bear, Sparc Group, Authentic Brands Group, Simon, Group, JPMorgan, CNBC PRO Locations: U.S, Beijing, Singapore, Bear Stearns

☆ American Dream mall in N.J. briefly evacuated on Black Friday over bomb threat
▼ + stars: | 2023-11-24 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

American Dream megamall and entertainment complex in East Rutherford, N.J. After more than 17 years in the making, it finally opened October 25, 2019. New Jersey's American Dream mall – the second largest mall in the country – was evacuated minutes after it opened on Black Friday because of a bomb threat that was later deemed unfounded, police said. Police reopened American Dream around 9:15 a.m. for shoppers and retail workers, the mall said. "The mall has been deemed safe and American Dream will be returning to normal operations. "American Dream was evacuated this morning following what was later deemed a non-credible threat.

Persons: Phil Murphy Organizations: New Jersey State Police, CNBC, East, Police, New, New Jersey Gov, Twitter, Walmart Locations: East Rutherford, N.J, American, New Jersey, stampedes

☆ Bad news for Black Friday: Retailers cast doubt on holiday shopping with cautious guidance
▼ + stars: | 2023-11-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

There's a dark cloud hanging over Black Friday. A slew of retailers have issued tepid, cautious or downright disappointing fourth-quarter outlooks over the last few weeks, casting a pall over the crucial holiday season right as they gear up for the biggest shopping day of the year. Even Dick's Sporting Goods and Abercrombie & Fitch – which both raised their full-year guidance on Tuesday after strong third quarters – managed to underwhelm with their holiday forecasts. "As we look at recent trends across the retail industry, dollar sales are being driven by higher prices with consumers buying fewer units per trip. When asked about the upcoming holiday season, Cornell said it was too soon to weigh in on early sales, saying only that the company was "watching the trends carefully."

Persons: BJ's, Nordstrom, –, Brian Cornell, Cornell Organizations: BJ's Wholesale, Sporting Goods, Abercrombie, Fitch

☆ Clothing rental service Nuuly reaches profitability, beating rival Rent the Runway to the benchmark
▼ + stars: | 2023-11-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The milestone marks the first time Nuuly has earned money since its launch in 2019, a goal for the company from the beginning as it looked to prove it could run a clothing rental business profitably. While there is wide demand for clothing rental services, particularly among younger consumers, the logistics of rental have made it difficult to make money, threatening the platforms' viability. watch nowNuuly and Rent's services are similar in that they both offer clothing for rent on a monthly basis for all sorts of occasions. The clothing rental market is still a budding industry. As brands look to convince consumers to rent instead of buy, offering a wide-ranging assortment has proven critical.

Persons: Natalie Rice, Nuuly, David Hayne, we've, Gen Z, Jenn Hyman, Rent, Hayne, Urban's, Richard Hayne Organizations: Natalie Rice Urban Outfitters, CNBC

☆ Abercrombie & Fitch raises outlook after quarterly sales surge 20%
▼ + stars: | 2023-11-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Abercrombie & Fitch on Tuesday blew past estimates as it posted a 20% jump in sales thanks to a strong back-to-school shopping season and growth at both its namesake brand and Hollister. For its fourth quarter, Abercrombie expects net sales growth to be up low double-digits compared to the prior year, which is in line with the 11.6% growth analysts had expected, according to LSEG. The expected uptick is driven by a higher gross profit rate, lower freight costs and higher sales prices. Abercrombie CEO Fran Horowitz told analysts the company has seen an "encouraging" start to the holiday shopping season. During the quarter, Abercrombie saw sales at its namesake brand grow by 30% to $548 million and revenue at Hollister grow by 11% to $509 million.

Persons: Fitch, Abercrombie, Fran Horowitz, " Horowitz, Horowitz, we've Organizations: Abercrombie, LSEG, Eagle Locations: Hollister

☆ Shares of American Eagle plummet 17% on unimpressive holiday forecast
▼ + stars: | 2023-11-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

American clothing and accessories retailer American Eagle store seen in Hong Kong. (Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Shares of American Eagle plummeted about 17% Tuesday after the company issued a holiday forecast that failed to impress. For its holiday quarter, American Eagle expects sales to be up high-single digits, ahead of the 3.4% sales growth analysts had expected, according to LSEG. However, it's expecting its operating income to be between $105 million and $115 million, which is mostly below expectations of $114 million, according to StreetAccount. For the full year, American Eagle is projecting revenue to be up mid-single digits, compared to previous guidance of up low single digits.

Persons: Budrul Chukrut, it's Organizations: Eagle, Getty, American Eagle, LSEG, Abercrombie, Fitch, Retailers Locations: Hong Kong

☆ Dick's Sporting Goods shares jump after retailer hikes outlook as it bounces back from theft woes
▼ + stars: | 2023-11-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Sales and profits at Dick's Sporting Goods bounced back in the third quarter, leading the retailer to raise its full-year guidance Tuesday after it shocked investors earlier this year when it slashed its outlook over theft concerns. In a news release, the company said it's "excited" for the holiday season after seeing "strong" back-to-school sales. Excluding one time items, Dick's saw earnings per share of $2.85. But it still falls below the original outlook the company set earlier this year, when it said it expected earnings of $12.90 to $13.80. Dick's also raised its comparable sales outlook and expects them to be up between 0.5% and 2%, compared to a previous range of flat to up 2%.

Persons: Dick's, Lauren Hobart Organizations: Dick's Sporting Goods, LSEG Locations: Dick's

☆ T-Mobile sued after employee stole nude images from customer phone during trade-in
▼ + stars: | 2023-11-17 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

"Nevertheless, T-Mobile has failed to implement any common-sense security hardware or software to protect consumers from their data and privacy being exploited during ordinary transactions at the T-Mobile store." "Anxious and concerned, Jane hastily returned to the T-Mobile store with her mother to speak to the store manager," the lawsuit states. "During this time, while Jane was seeking assistance at the T-Mobile store, the unauthorized person continued to log into her social media accounts on the iPhone XS Max." "T-Mobile has big incentive programs to induce customers to upgrade their devices and turn in their old ones. But the ugly truth is that T-Mobile knows that employees sometimes steal customers' most intimate images and videos from the old devices they relinquish," Goldberg added.

Persons: Mobile didn't, Jane Doe, Max, Jane, Carrie Goldberg, Laura Hecht, Felella, Goldberg, Emma Aubrey Organizations: Mobile, Columbia, Redmond Law, CNBC Locations: Washington, United States, Seattle, York, Redmond

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