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☆ Lowe's started offering a 4-day work week after complaints of a 'chaotic' scheduling system. Employees say they love it.
▼ + stars: | 2023-03-28 | by ( Ben Tobin | ) www.businessinsider.com time to read: +5 min

Many employees say they are fans of the optional four-day work week, but some have seen issues. Insider spoke with seven current and former Lowe's employees about their experiences with the four-day work week at Lowe's. What is Lowe's four-day work week like for employees? Thus, when the four-day work week rolled around, those on that team could opt to create three-day weekends or break up their work week with a day off. That employee said he tried the four-day work week in October 2022 but decided to switch back to his previous five-day work week schedule in February.

☆ Lyft CEO and president to step down, former Amazon exec David Risher named as replacement
▼ + stars: | 2023-03-27 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

Lyft 's cofounders, CEO Logan Green and president John Zimmer, will soon step back from their day-to-day roles, the company announced on Monday. David Risher, a former retail executive at Amazon , will be CEO of the ridesharing company beginning April 17, when Green will step aside to serve as chair of the board. Zimmer will transition out of his role on June 30 to serve as vice chair of the Lyft board. Lyft shares have fallen more than 70% in the last year. Risher joined Amazon in 1997 as its first vice president of product and store development.

☆ Everything we know about Chinese app Temu. It sells a weird variety of things for cheap — and has some wondering if it's legit.
▼ + stars: | 2023-03-23 | by ( Grace Dean | Mary Hanbury | ) www.businessinsider.com time to read: +11 min

It's listed as the top free app in both the Google Play store and the Apple App Store, ahead of TikTok, Amazon, and Instagram. These cost savings can then be passed on to the consumer, a spokesperson for Temu told Insider. But for the average North American shopper, such low prices can actually be disconcerting, especially when they don't know much about Temu. A spokesperson for Temu told Insider that it uses its parent company's supply chain and logistics network to ship these items. Read more: I ordered my first 4 items off Chinese e-commerce app Temu and came away annoyed with the dozens of marketing emails sent after making a single purchase

☆ Engine Capital urges Parkland to consider sale, spinoff of non-core assets
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - Activist investor Engine Capital on Wednesday urged fuel marketer Parkland Corp (PKI.TO) to look at strategic alternatives including the sale or spinoff of non-core assets to become a more focused fuel and convenience retailer. Parkland has accumulated a range of assets that are not typically owned by pure-play fuel and convenience operators, said Engine Capital. Engine added it was "particularly troubled by Parkland's staggering underperformance" compared with Canadian convenience retailer Alimentation Couche-Tard (ATD.TO). "The letter has been circulated by management to the board of the company for its review and consideration," Parkland said in an e-mailed statement. Engine also urged the company to improve its compensation framework to better align management's incentives with shareholder interests.

☆ Foot Locker is closing 400 stores by 2026
▼ + stars: | 2023-03-20 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Foot Locker is planning to shut 400 stores by 2026 as it strives to become more relevant to younger shoppers by relaunching its retail brands, introducing “experiential” new store concepts and simplifying its operations by closing underperforming mall-based stores. The stores slotted for closing across North America account for nearly 10% of Foot Locker’s total sales, said Anthony Aversa, Foot Locker senior vice president of store development. Under its corporate umbrella, Foot Locker operates more than 3,000 Foot Locker, Kids Footlocker, Champs Sports, WSS and atmos stores globally. Foot Locker reported fourth quarter sales Monday that eased 0.3% versus a year ago. Foot Locker CEO Mary Dillon told analysts she thinks hybrid work is here to stay and it’s fueling the strength and longevity in casual dressing.

☆ Foot Locker touts a renewed partnership with Nike — but it still won't get the hottest sneaker releases
▼ + stars: | 2023-03-20 | by ( Matthew Kish | Danni Santana | ) www.businessinsider.com time to read: +4 min

Even so, don't expect to see more of the hottest Nikes and Jordans at Foot Locker stores. The Foot Locker CEO, sporting gold Nike Air Max 97 sneakers, announced a renewed partnership with Nike at the company's investor day, addressing one of the core analyst questions facing the sneaker retailer. Mary Dillon started as Foot Locker CEO in September. Mary DillonSpeculation had been building about Foot Locker and Nike working more closely together again since December when Nike CEO John Donahoe mentioned spending time with Dillon on a Nike earnings call. As part of its new strategy, Foot Locker wants to double sales of non-Nike brands, such as Hoka On, and Crocs by 2026.

☆ Bed Bath & Beyond announces reverse stock split plan, shares drop
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - Bed Bath & Beyond (BBBY.O) said on Friday it was seeking shareholder approval for a reverse stock split, sending the struggling retailer's shares 13% lower in extended trading. The company plans to hold a special meeting on March 27 to determine the split at a ratio in the range of 1-for-5 to 1-for-10, with the final ratio to be decided by the board. "The board believes that the reverse stock split will likely result in a higher per-share trading price, which is intended to generate greater investor interest in the company," Bed Bath & Beyond said in a regulatory filing. In February, the company said it was planning to raise some $1 billion through an offering of preferred stock and warrants. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond raises $135 million more to aid turnaround effort
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) said on Wednesday it had raised another $135 million in an equity offering and was in the process of rebuilding its business after teetering on the brink of bankruptcy. The retailer has so far raised $360 million out of the roughly $1 billion that it planned in a complex deal of preferred stock and warrant offerings. "Over the past month, we have been rebuilding our financial and operational positioning to execute our customer-focused turnaround plans," Chief Executive Sue Gove said in a statement. In January, the company raised doubts about its ability to continue as a going concern, just months after it announced job cuts and 150 store closures. Reporting by Uday Sampath in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Suppliers for Spring say the creator merch startup has owed them money for months and they're in the dark on how to get paid
▼ + stars: | 2023-03-08 | by ( Amanda Perelli | Sydney Bradley | ) www.businessinsider.com time to read: +6 min

Product vendors hired by Spring say the creator merch company owes them money. "There's two types of acquisitions," Michael Curtiss, partner and M&A advisory lead at WilliamsMarston, told Insider. "I think this will send a couple of suppliers broke," the second vendor added. By June 2022, the second vendor said they had noticed their business was not getting paid on time. "I just can't stand what they did," said one person who worked closely with Spring vendors.

☆ Home Depot says it will spend $1 billion to give hourly workers a raise
▼ + stars: | 2023-02-21 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Home Depot on Tuesday said it will spend an additional $1 billion to give its hourly employees a raise, as retailers and restaurants compete for workers. Hourly workers will see the increase, which went into effect on Feb. 6, this month in their paychecks. The increase will boost pay for all hourly workers in the U.S. and Canada. With the move, Home Depot becomes the latest major retailer to signal that the labor market is still tight — especially when it comes to lower-wage hourly workers. The vast majority of its employees are hourly workers at its approximately 2,300 stores in the U.S., Canada and Mexico.

☆ Why the future of Sinclair's Bally Sports Regional Networks matters to every pro league and stakeholder in the TV sports business
▼ + stars: | 2023-02-15 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +7 min

Sinclair bought its regional sports networks, now branded as Bally, from Fox after it sold assets to Disney. Four years later, the 19 networks now carrying the Bally Sports brand name are likely headed for a Chapter 11 reorganization. "We see downside risk increasing as Pay TV subscribers shift away from the linear bundle. Questions are swirling over how Diamond Sports will continue to pay rights fees to the sports leagues during a reorganization process. Symson said local rights are up in some markets and Scripps is ready to engage.

☆ Premarket stocks: Why traders are so infatuated with inflation
▼ + stars: | 2023-02-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

What’s happening: Investors will get some market direction clarity on Tuesday morning with the release of key inflation data. It’s not all about the Fed: Traders are infatuated with CPI, but it’s likely going to affect markets more than it will future Fed policy. “CPI is the big inflation report that affects markets more than any other,” he said. Even beyond housing, the services sector has seen year-over-year inflation higher than 3.9% every month since March 2021, said Chaudhuri. And as Powell noted in Washington last week, the stickiness of core services inflation is his greatest concern.

☆ Barney the purple dinosaur is back and he has a new look
▼ + stars: | 2023-02-13 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

New York CNN —Barney is back, and while Mattel has not yet officially confirmed it, we’re guessing he still loves you. Toy giant Mattel (MAT) announced Monday that Barney, the friendly (and, let’s be honest, cringe-worthy to a large group of Millennials who watched him as pre-schoolers, and to their parents) purple dinosaur is making a triumphant return to TVs and toy shelves next year. The “Barney & Friends” show, featuring the titular violet-hued T-Rex, aired on PBS in the United States from 1992 until 2010. So no beleaguered actor dressed up in a dinosaur costume marching around and singing to young kids. “With our modern take on Barney, we hope to inspire the next generation to listen, care, and dream big,” Soulie added.

☆ Bed Bath & Beyond to wind down Canada operations
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +2 min

Feb 10 (Reuters) - Bed Bath & Beyond's Canadian operations are going out of business, according to a court filing on Friday, two days after the retailer quickly raised cash to stave off a U.S. bankruptcy. The Canadian division, which operates 54 Bed Bath & Beyond stores and 11 buybuy BABY stores, is insolvent, the filing posted on the website of consultancy Alvarez & Marsal showed. Bed Bath & Beyond in January had raised doubts about its ability to continue as a going concern just months after it announced more than $500 million in new financing, as well as job cuts and 150 store closures. As of Nov. 26, the Bed Bath & Beyond banner in Canada had total assets of about $427.4 million and total liabilities of about $342.8 million, the filing showed. Buybuy BABY Canada had assets worth $52.7 million and liabilities of about $86.9 million.

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Bed Bath said it was planning to raise just over $1 billion through sales of preferred stock and warrants and from securities when the warrants are exercised. Bed Bath will receive a waiver on its recent bank default should the proposed offering succeed, the company said. Bed Bath & Beyond also appointed Holly Etlin, a bankruptcy expert, as interim chief financial officer. "It’s a similar situation in which a deeply financially distressed company is attempting to sell securities," said Lynn LoPucki, a professor at the University of Florida. Sources have told Reuters that Bed Bath & Beyond has lined up liquidators to close additional stores unless a last-minute buyer emerges.

☆ Bed Bath & Beyond moves to raise $1 billion to avoid bankruptcy
▼ + stars: | 2023-02-06 | by ( ) edition.cnn.com time to read: +3 min

Bed Bath & Beyond said on Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants in a last-ditch effort to stave off bankruptcy. Bed, Bath & Beyond held talks in recent days with an investment firm to underwrite a significant portion of the proposed offering, two people familiar with the matter said. Bed Bath said it was planning to raise just over $1 billion through sales of preferred stock and warrants and from securities when the warrants are exercised. Bed Bath will receive a waiver on its recent bank default should the proposed offering succeed, the company said. “It’s a similar situation in which a deeply financially distressed company is attempting to sell securities,” said Lynn LoPucki, a professor at the University of Florida.

☆ Bed Bath & Beyond moves to raise $1 bln as bankruptcy clouds loom
▼ + stars: | 2023-02-06 | by ( Noor Zainab Hussain | ) www.reuters.com time to read: +2 min

Feb 6 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) said on Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants, in a last-ditch effort to stave off bankruptcy. Bed Bath said it was planning to raise about $225 million through an offering of Series A convertible preferred stock and an additional $800 million by issuing securities to buy shares of preferred stock in future installments. Bed Bath will receive a waiver on its recent bank default should the proposed offering succeed, the company said. On Monday, Bed Bath said it planned to close an additional 150 stores, on top of 250 previously announced store closures. Sources have told Reuters that Bed Bath & Beyond has lined up liquidators to close additional stores unless a last-minute buyer emerges.

☆ Chelsea shrugs off cost-of-living crisis
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 1 (Reuters Breakingviews) - The cost-of-living crisis has yet to reach soccer players. Chelsea Football Club, owned by a consortium led by American businessman Todd Boehly, spent a record 330 million euros in the January player transfer window, according to Transfermarkt. It brings total spending on footballers since the Los Angeles Dodgers owner acquired the club last May to over 600 million euros. It also brings total spending by Premier League clubs this season to a record 2.8 billion pounds, beating the 1.86 billion pounds spent in the 2017/18 season. The Boehly-led consortium bought Chelsea from Roman Abramovich for 2.5 billion pounds, equivalent to a toppy 5.7 times trailing sales.

☆ Here are Wednesday's biggest analyst calls: Apple, Amazon, Target, AMD, Exxon, Snap, Nike & more
▼ + stars: | 2023-02-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley reiterates PayPal as overweight Morgan Stanley said it's standing by shares of PayPal but that Apple Pay is a formidable competitor for the company. Morgan Stanley initiates Rocket Pharmaceuticals as overweight Morgan Stanley said in its initiation of Rocket Pharmaceuticals that it likes the company's pipeline. Morgan Stanley reiterates Amazon as overweight Morgan Stanley said it's bullish on Amazon's Buy with Prime service for merchants. Morgan Stanley reiterates Walmart as overweight Morgan Stanley said growth remains strong for the Walmart's subscription service, Walmart+. " Morgan Stanley reiterates McDonald's as overweight Morgan Stanley said the fast food giant is well positioned for 2023 after it reported strong earnings on Tuesday.

☆ Gucci's challenge: reigniting heat while boosting timeless appeal
▼ + stars: | 2023-01-30 | by ( Mimosa Spencer | ) www.reuters.com time to read: +4 min

PARIS, Jan 30 (Reuters) - Sabato De Sarno, newly appointed by Kering (PRTP.PA) to reinvigorate its prized Gucci brand, needs to spark heat with a new direction, analysts say - a delicate task, given the emphasis executives have also put on the label's timeless appeal. De Sarno, a senior fashion designer from Valentino, is tasked as creative director with reviving the fortunes of the brand that accounted for two-thirds of Kering's profits in 2021. Analysts welcomed Kering's choice of a seasoned but relatively unknown designer, noting that previous creative director Michele did not have a public profile when he was appointed in 2002. His experience at Valentino suggests a "less eccentric aesthetic" than Gucci's previous designer, noted Carole Madjo of Barclays. The designer rose through Valentino's ranks after his arrival in 2009 to become fashion director overseeing both the men's and women's collections, working closely with chief designer Pierpaolo Piccioli.

Adult Swim announced Tuesday that it has cut ties with Justin Roiland, the star and a co-creator of the animated comedy series “Rick and Morty," as he faces felony domestic violence charges. Roiland, who voices title characters Rick and Morty, will be recast, said Marie Moore, the senior vice president of communications at Warner Bros. NBC News broke the news that Roiland had been charged with felony domestic violence in Orange County, California, in connection with a 2020 incident. Squanch Games, the video game company co-founded by Roiland, also announced Tuesday on Twitter that Roiland resigned. Details of the case, including police body camera video, police reports, abuse investigation reports, medical reports and recordings of interviews, are being withheld from the public under a protective order.

☆ Here are Tuesday's biggest analyst calls: Apple, Disney, Target, AMD, Tesla, Coinbase, Amazon & more
▼ + stars: | 2023-01-24 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Tuesday's biggest calls on Wall Street: Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by it's overweight rating on Apple shares heading into earnings on Feb. 2. Bernstein reiterates Apple as market perform Bernstein said it's "ambivalent" about Apple shares heading into earnings next month. Bernstein downgrades Advanced Micro to market perform from outperform Bernstein said it's concerned about a deteriorating PC market. Morgan Stanley upgrades Marathon Oil to overweight from neutral Morgan Stanley said Marathon Oil has "peer-leading FCF and shareholder returns." Morgan Stanley reiterates Ford as overweight Morgan Stanley said it sees opportunity for Ford to "to exercise its self-help muscle."

☆ Travel Brand Away Names New CMO, Plans to Boost Its Marketing Budget
▼ + stars: | 2023-01-23 | by ( Patrick Coffee | ) www.wsj.com time to read: +3 min

Away hired Carla Dunham as chief marketing officer as the luggage and travel accessories company tries to make the most of the industry’s pandemic recovery. Ms. Dunham had most recently been chief marketing and merchandising officer at e-commerce delivery startup Foxtrot and previously held high-level marketing roles at retail and fashion businesses including Kate Spade and Amazon Fashion. Carla Dunham, chief marketing officer for Away. Photo: AwayBusiness has picked up again as travelers around the world return to prepandemic activities, according to Ms. Dunham. Ms. Dunham reports to Away co-founder and Chief Executive Jen Rubio.

☆ This 28-year-old turned her fashion blog into a clothing line that sold $3.5 million worth of products in 2022. Here's how she built her lucrative online business.
▼ + stars: | 2023-01-20 | by ( Alexandra York | ) www.businessinsider.com time to read: +5 min

Sarah Ashcroft started her blog in 2013 after trying to land a job in fashion public relations. Since then, Ashcroft has taken her influence and turned it into a clothing line called SLA the Label, which launched in 2019. In 2022, that number jumped to $3.5 million (2.9 million pounds). "It's just amazing how something so simple has just grown so big," said Ashcroft, 28, who has more than 1.4 million followers across social media. During her job hunt, employers frequently asked her whether she had a fashion blog, Ashcroft said, because they were looking for someone with a fresh understanding of blogging.

Fanatics is in discussions to acquire the BetParx sportsbook, as the sports merchandising company looks to take a bigger position in sports betting, according to people familiar with the matter. Representatives for Fanatics and BetParx declined to comment. Fanatics has been seeking a deal in the sports betting space for some time. The company is opening Fanatics Sportsbook at FedExField, the stadium of the NFL's Washington Commanders. Last year, Fanatics' billionaire executive chairman Michael Rubin sold his 10% stake in Harris Blitzer Sports Entertainment, the owner of the Philadelphia 76ers and New Jersey Devils, allowing Fanatics to enter the gambling space.

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