DIRS.INFO The most relevant business & tech news

☆ Express CEO Tim Baxter resigns, replaced by former Tysons Foods exec Stewart Glendinning
▼ + stars: | 2023-09-09 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +3 min

CNN —Former Tyson Foods executive Stewart Glendinning will be the new CEO of clothing company Express, replacing Timothy Baxter, effective September 15, the company announced. “He is a highly accomplished executive who will bring fresh thinking to the Company and our strategies for profitable growth. Baxter’s resignation was announced one day after Express released its second-quarter results, with net sales of its Express brand and its lifestyle line UpWest decreasing 15% compared to last year. Express affirmed Baxter’s departure was not related to the company’s financial position. Baxter, who spent more than 11 years with Macy’s, joined Express in June 2019.

Persons: Stewart Glendinning, Timothy Baxter, ” Mylle Mangum, Stewart, Glendinning, Baxter’s, Neil Saunders, Baxter, Macy’s Organizations: CNN, Tyson Foods, Express, Express Board, Company, New York Stock, ” Express, “ Express, WHP, NYSE, “, VF Corporation Locations: womenswear

☆ Government Money-Market Funds Are Hot. There’s a State-Tax Catch.
▼ + stars: | 2023-09-08 | by ( Laura Saunders | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/personal-finance/taxes/bonds-bond-funds-state-taxes-cd066239

Persons: Dow Jones

☆ In Lululemon and Dollar General earnings, signs of a possible economic split
▼ + stars: | 2023-09-02 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

One reported strong sales on Thursday, while the other warned it may experience a sales decline for the year. Dollar General’s earnings report on Thursday painted a different picture. “Core customers continue to tell us they feel financially constrained,” said Dollar General’s CEO, Jeff Owen, on the company’s earnings call. Brian Nagel, a retail analyst at Oppenheimer & Co. who covers Lululemon, said he sees still strong spending across all retailers he covers. “Generally speaking, consumer spending has held in,” he said.

Persons: CNN —, ”, Calvin McDonald, Lululemon, Jeff Owen, Neil Saunders, Brian Nagel, Nagel, ” Nagel, Richard Dreiling, John Rainey, ” Rainey, Shannon Seery Organizations: CNN, Oppenheimer, Co, Federal Reserve, Fed Locations: Wells, United States, —

☆ Rosalind Brewer Steps Down as Walgreens Chief After a Short Tenure
▼ + stars: | 2023-09-01 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +3 min

Walgreens has been shifting away from pharmacy and retail to focus more on health care services, with mixed results. “While the wisdom of this move is debatable, health care is not Ms. Brewer’s forte.”Before joining Walgreens, Ms. Brewer was the chief operating officer of Starbucks and previously served as chief executive of Sam’s Club, a division of Walmart. As Walgreens leans more into the health care business, it faces several hurdles, industry experts said. It is rare for a woman to replace another female chief executive.

Persons: ” Neil Saunders, GlobalData, Brewer, Brewer’s, ”, James Kehoe, “, Walgreens, Stefano Pessina, Graham, Ms, Eli Lilly Organizations: Walgreens, Starbucks, Sam’s, Walmart, Deutsche, Deutsche Bank analysts, Amylin Pharmaceuticals, Guidant Corporation

☆ Dollar General's messy stores are haunting the retailer as it takes a $95 million hit on inventory markdowns and deploys 'smart teams' to clean up
▼ + stars: | 2023-08-31 | by ( Alex Bitter | Mary Hanbury | ) www.businessinsider.com time to read: +4 min

Dollar General is trying to cut down on excess inventory to tame its messy stores. "We believe it will drive traffic and also more quickly reduce excess inventory," Owen said on the call. To clean up its stores, Dollar General is also deploying "smart teams," or groups of employees who move between multiple stores to organize excess inventory, Owen said. Aisles at many Dollar General stores have been clogged with everything from dog food to school supplies over the last few years. That's led to multiple problems, such as local fire marshals closing Dollar General stores because merchandise is blocking fire exits.

Persons: Jeff Owen, Owen, Neil Saunders, That's Organizations: Service, Dollar, GlobalData Retail, Employees Locations: Wall, Silicon, Texas

Legal experts say that if California wins, it could embolden other states to take action against lenders that make high-interest loans to low-income borrowers using what critics call "rent a bank" partnerships. Several nonbank lenders have already exited California, said Saunders, whose group tracks high-interest lenders. In California, OppFi took the unusual step of preemptively suing to try to block the state from taking action. Federal law allows state-chartered banks to lend across state lines at the interest rate legal in their home state. California has urged Dillon to recognize that OppFi decides who to lend to and has a deal with the bank to purchase the loans.

Persons: Lee Jae, Timothy Dillon, Lauren Saunders, California's, OppFi, Saunders, Dillon, Allard Chu, That's, Ron Vaske, Ballard Spahr, Jody Godoy, Andy Sullivan Organizations: REUTERS, California Department of Financial Protection, Los Angeles Superior, California, Federal Reserve, National Consumer Law Center, EasyPay Finance, FinWise Bank, FinWise, Thomson Locations: Seoul, California, Chicago, Utah, U.S, In California, Colorado, New York

☆ Dollar General shares tumble after it cuts forecasts, blaming a spending slump and theft
▼ + stars: | 2023-08-31 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Dollar General slashed its sales and profit outlook for the year on Thursday, blaming headwinds including weaker consumer spending on non-essential purchases and increasing theft. Dollar General shares tumbled nearly 17% in pre-market trading Thursday. For its second quarter, Dollar General logged a 1% drop in its same-store sales. Meanwhile, close on the heels of Dick’s Sporting Goods sounding the alarm on store theft eating into its profit this year, Dollar General also flagged an increase in product theft, among other factors, hurting its profit. Target warned earlier this year that it was bracing to lose half a billion dollars because of rising theft.

Persons: ” Neil Saunders, ”, “, it’s Organizations: New, New York CNN —, Dollar, Sporting Locations: New York

☆ Paying Extra for Medicare? See If You’re Due a Refund
▼ + stars: | 2023-08-25 | by ( Laura Saunders | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

Aug 24 - Subway has agreed to sell itself to private equity firm Roark Capital in a deal valuing the sandwich chain at more than $9 billion, sources said, ending a long-drawn auction that saw several bids from buyout firms. The deal will make Roark Capital one of the largest restaurant operators in the world. It controls Inspire Brands, the owner of restaurant chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild Wings. Subway said in February it was exploring a possible sale, drawing interest from private equity firms including Roark, Advent International, TDR Capital and TPG as well as Goldman Sachs' asset management arm. The restaurant chain had then hoped to fetch more than $10 billion, owing to its strong brand and international business.

Persons: Roark, Jimmy John's, Neil Saunders, GlobalData, Goldman Sachs, Anirban Sen, Deborah Sophia, Arun Koyyur Organizations: Roark Capital, TDR, Sycamore Partners, Brands, Baskin, Robbins, Buffalo Wild Wings, Subway, Advent, TDR Capital, TPG, Thomson Locations: U.S, North America, New York, Bengaluru

Reuters reported on Tuesday on a so-called earn-out agreement that was key to Roark clinching a deal for Subway. Roark prevailed over a rival bidding group led by buyout firms TDR Capital and Sycamore Partners, whose final offer was for $8.75 billion including an earn-out, and $8.25 billion without, the sources said. Roark took the view that the restaurant market is too fragmented for the deal to raise competition concerns, the sources added. Roark and Subway, which announced the deal on Thursday, declined to comment on the terms. Roark currently controls Inspire Brands, the owner of restaurant chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild Wings.

Persons: Roark, DeLuca, Buck, John's, Jimmy John’s, Jimmy John's, Neil Saunders, Peter Buck, Fred DeLuca, JPMorgan Chase, Sullivan, Cromwell, Weiss, Garrison, Roark Capital, Morgan Stanley, Anirban Sen, Abigail Summerville, Deborah Sophia, Greg Roumeliotis, Marguerita Choy Organizations: Roark, Reuters, Subway, TDR Capital, Sycamore Partners, Inspire Brands, Baskin, Robbins, Buffalo Wild Wings, JPMorgan, Cromwell LLP, Thomson Locations: Connecticut, U.S, Bridgeport , Connecticut, The Milford , Connecticut, Rifkind, Wharton, New York, Bengaluru

These conditions, known as an earn-out, defer payment on part of the deal consideration, the sources familiar with the matter said. The arrangement helped bridge a gap in the valuation expectations between Roark Capital and the DeLuca and Buck families that own Subway, according to the sources. The deal will make Roark Capital one of the largest restaurant operators in the world. Subway said in February it was exploring a possible sale, drawing interest from private equity firms including Roark, Advent International, TDR Capital and TPG as well as Goldman Sachs' asset management arm. Roark and Subway have 12 months to close the deal, which has a 4% breakup fee, sources said.

Persons: Roark, DeLuca, Buck, Jimmy John's, Neil Saunders, GlobalData, Goldman Sachs, Anirban Sen, Abigail Summerville, Deborah Sophia, Arun Koyyur Organizations: Roark Capital, TDR, Sycamore Partners, Brands, Baskin, Robbins, Buffalo Wild Wings, Subway, Advent, TDR Capital, TPG, Thomson Locations: U.S, North America, New York, Bengaluru

☆ Subway sandwich chain sells itself to Dunkin' owner Roark Capital
▼ + stars: | 2023-08-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

In this photo illustration, a Subway meal is seen on a table at a Subway restaurant on January 12, 2023 in Austin, Texas. Roark Capital is buying Subway, ending the sandwich chain's more than five decades of family ownership and marking a new era for the struggling company. Subway dwarfs all of them by number of restaurants, and brings in more annual sales than all but Dunkin'. Through holding company Inspire Brands, Roark owns Dunkin', Baskin-Robbins, Sonic, Arby's, Buffalo Wild Wings and Jimmy John's. Roark plans to keep Subway as a separate entity within its portfolio, Subway CEO John Chidsey told the Journal.

Persons: Roark, Dunkin, Robbins, Jimmy John's, Anne's, Carvel, Neil Saunders, John Chidsey, Chidsey, Fred DeLuca, Peter Buck, Jared Fogle, DeLuca, Buck Organizations: Roark Capital, Subway, TDR, Sycamore Partners, Wall Street, Inspire Brands, Baskin, Buffalo Wild Wings, Focus Brands, Journal ., Business Locations: Austin , Texas, Cinnabon, Connecticut, U.S

☆ Get ready to buy Shein clothes in Forever 21 stores
▼ + stars: | 2023-08-24 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

Fast-fashion retailers Shein and Forever 21 are partnering up. The partnership allows Forever 21 to sell merchandise on Shein's site, and Shein products could be sold in Forever 21 stores. The partnership will allow Shein to sell Forever 21 products on its website, and Forever 21 to add Shein sections in-stores, where customers could also return Shein items. The partnership could give Forever 21 exposure to a significant number of new consumers across the US and the globe, Saunders wrote. Sparc Group, a joint venture of Authentic Brands Group and Simon Property Group, operates Forever 21.

Persons: Neil Saunders, GlobalData, Shein, Saunders, Simon, Lucky Brand, Eddie Bauer, Brooks Organizations: Service, Street Journal, U.S, Forever, Sparc, Authentic Brands, Simon Property Group, Brookfield Property Partners, Reebok, Brooks Brothers, Sparc Group Locations: Wall, Silicon

☆ Gap reports another period of declining sales across all brands, warns of 'uncertain consumer'
▼ + stars: | 2023-08-24 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +7 min

In this article GPS Follow your favorite stocks CREATE FREE ACCOUNTPedestrians walk past Old Navy and GAP stores in Times Square, New York City. The company is projecting net sales to decrease in the low double-digit range for the fiscal third quarter compared to last year's net sales of $4.04 billion. Sales declined 6% at Old Navy, on top of a sharp 13.6% decline in the prior-year period. Gap is betting Dickson can breathe new life into Gap's brands: its namesake banner, Old Navy, Banana Republic and Athleta. "We know that regardless of market conditions, strong brands, brands that matter, win," said O'Connell.

Persons: Drew Angerer, Katrina O'Connell, Neil Saunders, StreetAccount, Richard Dickson's, Mattel's Barbie, Dickson, Here's, Chris Blakeslee, Alo Yoga, O'Connell Organizations: Navy, GAP, Refinitiv, Old Navy, Mattel, Banana, Republic Locations: Times Square , New York City, Banana Republic, women's, men's, Gap China, North America

☆ Subway has sold itself to a private equity firm
▼ + stars: | 2023-08-24 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Subway has sold itself to private equity firm Roark Capital, ending a six-month long search for a buyer. “This transaction reflects Subway’s long-term growth potential, and the substantial value of our brand and our franchisees around the world,” Subway CEO John Chidsey said in a statement. However, the Wall Street Journal reported the purchase price was “around $9.6 billion,” which would be slightly below the chain’s $10 billion asking price. Despite the sales turnaround, the number of US Subway stores declined to 20,576 last year according to Technomic. Another issue for Roark: Yearly sales at Subway US restaurants are still much lower compared to its sandwich-making rivals.

Persons: Roark Capital, ” Roark, Auntie Anne’s, Carvel, John Chidsey, Roark, Roark’s, Dunkin ’, Jimmy John’s, “ Roark, ”, Neil Saunders, GlobalData, ” Saunders, Trevor Haynes, He’s, Douglas Fry Organizations: New, New York CNN — Subway, Roark, Subway, Buffalo Wild Wings, Sonic, ” Subway, “, Wall Street Journal, ”, Inspire Brands, Inspire, US Subway, QSR Magazine, Jersey, Subway’s North Locations: New York, North America, Subway, Subway’s North America, Canada

☆ Macy's, Dick's, and Lowe's are sounding alarms on US shoppers
▼ + stars: | 2023-08-22 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Macy's said US consumers have less cash to spend, and are choosing experiences over products. Dick's meanwhile reported an unexpected uptick in inventory shrink, presumably from theft. Macy's, Dick's Sporting Goods, and Lowe's each sounded alarm bells on Tuesday about the financial state of US shoppers, with each company reporting softening profit margins in key categories. Lowe's — like rival Home Depot last week — is seeing weaker demand from its DIY shoppers after a burst of home spending during the pandemic. In a press release, Dick's CEO Lauren Hobart called shrink "an increasingly serious issue impacting many retailers."

Persons: Macy's, Lowe's, Dick's, they're, Jeff Gennette, Lauren Hobart, Neil Saunders, Brian Cornell, John David Rainey Organizations: Service, Dick's Sporting Goods, CNBC, Total, Depot, Walmart Locations: Wall, Silicon

☆ Walmart vs Target: When it comes to groceries it's not really a competition
▼ + stars: | 2023-08-17 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Walmart posted surprisingly strong sales growth in the last quarter, while Target reported a decline. As shoppers increasingly prioritize essentials, one in four US grocery dollars are spent at Walmart. When Walmart's grocery sales are combined with those of its subsidiary warehouse club Sam's Club, the total approaches a third of total US grocery spending. Target meanwhile accounts for 3% of grocery dollars, or about a tenth of Walmart Inc., per Numerator. Target sells those things too, of course, but if shoppers are already heading to Walmart for groceries, they may not want to make a second stop.

Persons: headwind, Walmart's, John David Rainey, Rainey, Target's, Sara Batchelder, Neil Saunders Organizations: Walmart, Target, Service, Costco, Walmart —, Kroger, Albertsons, Sam's Club, Walmart Inc, Target's Locations: Wall, Silicon

☆ Several Buy Buy Baby, Harmon stores to reopen after buyers scored deals on the bankrupt brands
▼ + stars: | 2023-08-17 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +9 min

(The new Buy Buy Baby will operate independently from Dream on Me.) What will the new Buy Buy Baby offer? A display of diaper bags at a Buy Buy Baby location in Brooklyn, New York in January 2023. In order to survive this time around, Buy Buy Baby will need to focus on offering a unique value proposition, said Saunders from GlobalData. "It's not only Buy Buy Baby that failed.

Persons: Patrick T, Harmon, Avish Dahiya, Dahiya, Jonah Raskas, Raskas, Overstock, Curtis Nagle, Neil Saunders, they've, Glen Cary, Cary, Melissa Gonzalez, that's, Gonzalez, there's, Gabrielle Fonrouge, Saunders, It's, There's, What's, David Abrams, Abrams Organizations: Fallon, Bloomberg, Getty, CNBC, Harmon, Bank of America, Target, Walmart, Lionesque, Bed Bath Locations: Los Angeles, U.S, New York , New Jersey, Pennsylvania, Bath, Brooklyn , New York, GlobalData, New York, New Jersey, Manhattan

☆ How States Are Threading the Needle on Flag Design
▼ + stars: | 2023-08-17 | by ( Mitch Smith | Sarah Almukhtar | ) www.nytimes.com time to read: +11 min

But it found that changing a state flag to make it stand out from the crowd is not a simple process. How States Are Threading the Needle on Flag Design Mitch Smith reported on the Utah flag from Centerville, Orem and Salt Lake City. And they don’t look like any other state’s flag. A version of Maine’s 1901 flagIn Michigan, a lawmaker suggested a panel to consider new flag designs. Some Utahns have already adopted the new flag design, even though it doesn’t officially become the state flag until next year.

Persons: Mitch Smith, Sarah Almukhtar, Brad Holdaway, SuAnn Taylor, “ They’re, Mr, Holdaway, Utahns, of Jesus Christ, Spencer Cox, Cox, Kim Raff, The New York Times “, ” Ted Kaye, NAVA, ” Mr, Kaye, Elizabeth Goodspeed, ”, Goodspeed, “ Hope, Laura Scofield, Doris Turner, Illinois ’, doesn’t, Chad Saunders Organizations: Republican, Beehive State, of Jesus, Gov, The New York Times, American Vexillological Association, Texas, Lone, Capitol, Democrat, Lone Star State Locations: Utah, Centerville, Orem, Salt Lake City, U.S.A, Illinois, Maine , Michigan, Minnesota, California, Rhode Island’s, Nebraska, Texas, California’s, Carolina’s, Maryland , California, South Carolina, New Mexico, South Dakota, Florida, Louisiana, Louisiana . Mississippi, Mississippi, Maine, Michigan, Utah In Utah

☆ Aldi is buying 400 Winn-Dixie and Harveys supermarkets
▼ + stars: | 2023-08-16 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +4 min

New York CNN —Grocery shoppers in the Southeast can expect to see more Aldi stores starting 2024. Some of the nearly 400 Winn-Dixie locations Aldi is acquiring will keep the familiar red-and-white Winn-Dixie branding and traditional store layout, but many will convert to Aldi’s brand and bare-bones store format. The acquisition – which includes Harveys Supermarket – will add locations across Alabama, Florida, Georgia, Louisiana and Mississippi to Aldi’s portfolio. Winn-Dixie and Harveys Supermarket had long been staples in the Southeast region. Aldi has not disclosed how many of the Winn-Dixie and Harveys stores it plans on converting, or how much the deal cost.

Persons: Winn, Jason Hart, Aldi, Dixie, Neil Saunders, ” Saunders, ” Hart, Kroger, it’s, Phil Lempert, Lampert, “ that’s, ” Lempert, “, ” Lampert, Saunders Organizations: New, New York CNN, Aldi, Winn, Dixie, Harveys, Southeastern Grocers, Fresco Retail, Albertsons, Publix, Sunshine State Locations: New York, Alabama , Florida, Georgia, Louisiana, Mississippi, Florida, United States, Southeast, “, Aldi, Winn, Sunshine

☆ Shoppers are spending big at T.J. Maxx, HomeGoods as Target sales slide
▼ + stars: | 2023-08-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Cash-strapped consumers may be pulling back on discretionary purchases at Target , but they're spending big on name brands and home goods at off-price TJX Cos. Shares of TJX Cos. reached a new 52-week high on Wednesday, spiking more than 4%. TJX Cos., which runs T.J. Maxx, Marshalls, HomeGoods, Sierra and Homesense in the U.S., raised its full-year outlook for comparable store sales, pretax profit margin and earnings per share following the strong quarter. It anticipates pretax profit margin in the range of 10.7% to 10.8%, and earnings per share between $3.66 and $3.72. Even so, TJX's HomeGoods posted a 4% comparable sales increase as consumers still sought out home decor, throw pillows and other furnishings.

Persons: Cash, Cos, Neil Saunders, TJX Cos, Ernie Herrman, TJX's HomeGoods Organizations: Target, Refinitiv Locations: Cos, Maxx, HomeGoods, Sierra, U.S

☆ How Temu makes money from super-cheap goods like $10 smartwatches
▼ + stars: | 2023-08-14 | by ( Devan Burris | ) www.cnbc.com time to read: +1 min

Bargain e-commerce company Temu has had a whirlwind 2023. By February 2023, the 5-month-old company made its TV debut during Super Bowl LVII, airing two commercial spots totaling an estimated $14 million. Temu's popularity is largely due to its ultra-cheap knockoffs. On top of the steep discounts, users are bombarded by coupons, free shipping countdowns, flash sales and discount wheels. Temu's rise in popularity has also courted scrutiny from the U.S. government, accusing the website of exploiting de minimis shipping rules to undercut U.S. retailers.

Persons: Temu, Yeezy, Neil Saunders, They're, Pinduoduo Organizations: Walmart, Apple, GlobalData, U.S . Locations: Boston, China, U.S

☆ Tackling Retirement’s Tricky Tax Questions
▼ + stars: | 2023-08-11 | by ( Laura Saunders | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/tackling-retirements-tricky-tax-questions-f755409

Persons: Dow Jones

☆ Coach owner's Michael Kors deal creates US giant to take on European luxury rivals
▼ + stars: | 2023-08-10 | by ( Aishwarya Venugopal | ) www.reuters.com time to read: +3 min

Aug 10 (Reuters) - Coach parent Tapestry (TPR.N) will buy Michael Kors owner Capri Holdings (CPRI.N) in a deal valued at $8.5 billion, creating a U.S. fashion powerhouse to challenge larger European rivals for a bigger share of the global luxury market. Thursday's deal will also bring under one roof Tapestry's more affordable luxury brands Kate Spade, Stuart Weitzman and Capri's Jimmy Choo and Versace labels. That compares with about $87 billion for LVMH last year and roughly $23 billion for another European rival Kering (PRTP.PA). The deal will help Capri revive its Michael Kors brand under "better management" at Tapestry after weak sales in the past few quarters, analysts said. In the same year, Capri, formerly known as Michael Kors, acquired British shoemaker Jimmy Choo for $1.2 billion.

Persons: Michael Kors, Tiffany, Louis Vuitton, Thursday's, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Morningstar, Jelena Sokolova, Tapestry, Neil Saunders, Capri, Joanne Crevoiserat, Kering, Valentino, LVMH, Aishwarya Venugopal, Savyata Mishra, Deborah Sophia, Chandni Shah, Sonia Cheema Organizations: Capri Holdings, Dior, Capri, Thomson Locations: Paris, U.S, Capri, Bengaluru

☆ Retailers say organized theft is biting into profits, but internal issues may really be to blame
▼ + stars: | 2023-08-10 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +8 min

In this article TGTFL Follow your favorite stocks CREATE FREE ACCOUNTThis is part two of a three-part series on organized retail crime. "If there's an occurrence of external theft they would steal let's say 10 bucks worth of merchandise, but if it's internal theft, it'd be 40 bucks." Internal theft also happens at warehouses and in aisles where online orders are prepared, one of the people said. However, he thinks internal theft is now "second place" to external theft. Shrink references reach a 'fever pitch'Retailers started to blame organized theft for lower profits as the industry's performance started to suffer.

Persons: Daniel Acker, they're, Neil Saunders, GlobalData, it's, Saunders, Patrick Tormey, it'd, Sonia Lapinsky, AlixPartners, David Johnston, Janine Stichter, Fonrouge, Foot Locker, You've, Mary Dillon, Locker, Michael Nagle Organizations: Target Corp, Bloomberg, Getty, CNBC, Lehman College School of Business, National Retail Federation, Retailers, Walgreens Locations: Chicago , Illinois, drugstores, America, GlobalData, New York, U.S

Search resuls for: "saunders"

25 mentions found