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☆ Retailers are shaping a wave of laws to crack down on organized theft — here's how they do it
▼ + stars: | 2023-08-11 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +13 min

Since 2022, at least nine states – six so far this year – have passed laws to impose harsher penalties for organized retail crime offenses. The new and proposed laws aim to deter brazen retail crime and go after the so-called kingpins who lead organized theft groups. But critics say the measures may not actually reduce organized retail crime, and could disproportionately harm marginalized groups. Plus, dozens of states already have organized theft laws on the books and the crime is still increasing, according to trade associations. Retailers and lawmakers say the misdemeanor charges have emboldened theft groups and allowed organized retail crime to spread.

Persons: Scott Olson, Doug McMillon, shoplifters aren't, Adrian Hemond, It's, they're, Chuck Grassley, Catherine Cortez Masto, CORCA, Cortez Masto, Cortez, Grassley, Sen, Anna Moneymaker, David Johnston, Jake Horowitz, Horowitz, criminologists, JC Hendrickson, Hendrickson, it's, cleaver, Manhattan, Manhattan DA Alvin Bragg, Barry Williams Organizations: CNBC, National Retail Federation, Walmart, U.S . Senate, Grassroots, eBay, Target, Coordination Center, Nevada Democrats, Cheyenne High School, Pew Charitable Trust, Justice Action Network, Walgreens, Manhattan DA, New York Daily, Getty Locations: Chicago , Illinois, U.S, Iowa, North Las Vegas , Nevada, Florida, Manhattan , New York, New

☆ Retailers are asking lawmakers to help crack down on product theft
▼ + stars: | 2023-08-11 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRetailers are asking lawmakers to help crack down on product theftCNBC's Gabrielle Fonrouge joins 'Power Lunch' to discuss concerns of organized crime behind retail theft, the impact of retail theft on company profits, and more.

Persons: Gabrielle Fonrouge

Tapestry , the fashion conglomerate behind Coach and Kate Spade, will acquire competitor Capri Holdings in a $8.5 billion deal announced on Thursday. It brings together six fashion brands: Tapestry's Coach, Kate Spade and Stuart Weitzman and Capri's Versace, Jimmy Choo and Michael Kors. Shares of Capri surged 58% in premarket trading to just under the per-share deal price, while shares of Tapestry roughly 4%. It's started to run a similar playbook with Kate Spade. Tapestry has also looked other parts of the world to drive growth, such as chasing higher sales in China.

Persons: Kate Spade, Stuart Weitzman, Capri's Versace, Jimmy Choo, Michael Kors, Kirsten Dunst, It's, We've, Joanne Crevoiserat, John Idol, Morgan Stanley Organizations: Capri Holdings, Capri, Disney, Bank of America Locations: American, China

☆ 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

☆ Retailers are blaming organized theft for lower profits — but it's hard to tell if it's really rising
▼ + stars: | 2023-08-09 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +8 min

Lindsey Nicholson | Universal Images Group | Getty ImagesRetailers have zeroed in on organized retail theft as a top priority, as more and more companies blame crime for lower profits. Those mentions could flare up again as a flurry of retail companies will report financial results starting next week. Many of them described organized theft as an industrywide problem that's largely out of their control. While organized theft is a real concern, it is nearly impossible to verify the claims retailers make about it. Target has repeatedly said organized retail theft is fueling its inventory losses.

Persons: Lindsey Nicholson, Foot, Raphael Duguay, Duguay, Mark Cohen, Cohen, Bradlees Organizations: Universal, Getty, Retailers, U.S . Securities, Exchange Commission, Yale University School of Management, Columbia Business School, Sears Canada, Lazarus Department, National Retail Federation, Walgreens, Ucg, . Census, FBI, CNBC, Target Locations: Queens , New York

☆ Hanesbrands faces pressure from activist Barington Capital Group, which wants to see costs and debt cut
▼ + stars: | 2023-08-08 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Activist investment firm Barington Capital Group is pressuring Hanesbrands to reduce its costs, generate cash and perhaps pick a new CEO as the apparel maker's market cap shrinks, the firm announced Tuesday. "Further, Hanesbrands' excessive debt burden appears to amplify the impact of poor operating performance on Hanesbrands' ability to create value for shareholders." "HanesBrands' Board actively oversees the development and execution of our strategy, operations and capital allocation decisions, in collaboration with the management team. The Board and management team are deeply experienced in areas relevant to our strategy and portfolio," the company said in a press release. It's not clear how large Barington's stake in Hanesbrands is, and whether it will try to nominate any board members.

Persons: Hanesbrands, Ronald Nelson, James Mitarotonda, Mitarotonda, Barington, It's Organizations: Barington Capital Group Locations: Hanesbrands

☆ Shares of e.l.f. Beauty jump 15% after company raises full-year guidance on surging sales
▼ + stars: | 2023-08-01 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Beauty raised its full-year outlook Tuesday after reporting a 76% year-over-year sales jump, sending shares surging about 15% in extended trading. The company said it expects net sales to be between $792 million and $802 million, compared with a previous range of $705 million to $720 million. Analysts had been expecting a range between $713 million and $760 million, according to Refinitiv. now expects adjusted full-year profits to be between $125 million and $127 million, compared with a previous range of $98.5 million to $100.5 million. "This marks our 18th consecutive quarter of delivering both net sales growth and market share gains," Tarang Amin, e.l.f.

Persons: Tarang Amin, e.l.f Organizations: Beauty Inc, New York Stock Exchange, Refinitiv Locations: New York City, U.S, E.l.f

☆ As the new Bed Bath & Beyond launches, here's what shoppers can expect
▼ + stars: | 2023-08-01 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

"So the customer can expect a breadth and depth of products they haven't seen before." The strategy behind the rebrandOverstock acquired Bed Bath & Beyond because of the retailer's strong branding and cult-like following in the hopes it could revive its top and bottom lines. "We're self aware enough to know that nobody, not even my children, would put 'registered at Overstock.com' on their wedding announcement, baby announcements, but they will put 'registered at Bed Bath & Beyond' on both those announcements. But he noted Overstock's launch of Bed Bath & Beyond in Canada has so far been positive. "The Canadian customer is eager to buy from Bed Bath & Beyond.

Persons: we've, Jonathan Johnson, Overstock, Johnson Organizations: CNBC, Bed, didn't Locations: Canada, U.S

Reuters reports the fast fashion retailer is targeting a U.S. IPO in the second half of 2023. Shein notched its highest profit ever during the first half of this year, the company told investors in a letter, as rumors swirl over whether the fast-fashion juggernaut will file for a U.S. public offering. "We recorded the highest first half net profit in the company's history, compared to a near break-even during the same period in 2022," Tang wrote in the letter. In the letter, Tang delved into Shein's marketplace strategy and its recent launch in Brazil and the U.S. "This now makes up over one-third of Brazilian total [gross merchandise value]," Tang noted.

Persons: Shein, Donald Tang, Tang, Gen, Tang didn't Organizations: Reuters, U.S, CNBC, Wall Street Locations: Tokyo, U.S, Brazil, Mexico, Germany, Spain, France, Italy

☆ Gap taps top Mattel executive to be its new CEO
▼ + stars: | 2023-07-26 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

Gap announced Wednesday it's poached a top Mattel executive to be its new CEO as the apparel giant seeks to reverse an ongoing sales slump and regain its relevancy in the fashion industry. Since then, Gap's chairman, Bob Martin, has been serving as interim CEO during a longer-than-expected search for a successor. During a May earnings call, Martin told investors he didn't expect to hold the position of interim CEO as long as he had. Gap shares gained about 6% on Wednesday after the news, while shares of Mattel fell slightly. During his tenure with Mattel, Dickson is credited with reviving the Barbie franchise and growing the toymaker's other top brands, including Hot Wheels and Fisher-Price, according to Mattel.

Persons: it's, Richard Dickson, Sonia Syngal, Bob Martin, Martin, Dickson, Price Organizations: Mattel

☆ Dream on Me, which bought Buy Buy Baby's intellectual property, snagged 11 of its store leases at auction, could reopen stores
▼ + stars: | 2023-07-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

"Store Closing" signs at a Buy Buy Baby store in the Brooklyn borough of New York, on Monday, Feb. 6, 2023. The New Jersey baby retailer that bought Buy Buy Baby's intellectual property from its bankrupt parent company Bed Bath and Beyond also snatched up 11 of its leases and is well-positioned to reopen stores, court records show. However, Dream on Me could use the Buy Buy Baby IP assets it already obtained – plus the leases – to reopen the beloved chain. The leases Dream on Me won at auction, which are considered to be in prime real estate locations, are primarily dotted across the Northeast. Dream on Me, founded in 1988, has at least six brands under its portfolio, including Evolur Baby, Sweetpea Baby and Slumber Baby.

Persons: Long, Janie, Jack Organizations: Industries, Walmart, Home, CNBC Locations: Brooklyn, New York, The New Jersey, Target, Bath, New Jersey, Paramus, Bridgewater, Woodbridge Township, Cherry Hill, Maryland , Delaware , Massachusetts , Connecticut, Virginia

☆ Oddity will start trading after pricing IPO above range — here's what the beauty and tech company does
▼ + stars: | 2023-07-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

In the three months ended March 31, the company saw $165.7 million in revenue, up from $90.4 million in the year-ago period. It reported net income of $19.6 million, or 35 cents a share, compared with about $3 million, or 5 cents a share, a year earlier. In fiscal 2022, Oddity brought in $324.5 million in sales and saw net income of $21.7 million, or 39 cents a share. In the year prior, the retailer saw $222.6 million in revenue and net income of $13.9 million, or 26 cents a share. In 2020, it saw $110.6 million in sales and net income of $11.7 million, or 22 cents a share.

Persons: Oran Holtzman, Holtzman, Shiran Holtzman, Lindsay Drucker Mann, Goldman Sachs Organizations: Tech, Nasdaq, CNBC, Goldman, Israeli Defense Forces Locations: U.S

☆ Buy Buy Baby stores set to shutter as Go Global's deal to save chain falls apart at eleventh hour
▼ + stars: | 2023-07-11 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Signs stating everything is on sale at a Buy Buy Baby store in the Brooklyn borough of New York, Feb. 6, 2023. Buy Buy Baby's stores are set to disappear after a last ditch effort to save the chain and keep the business alive fell apart, CNBC has learned. Sixth Street was not unreasonable but there was a difference in opinion on valuation," he said. However, nearly three months into liquidation sales at Buy Buy Baby's 120 stores, there was very little left to bid on besides its IP, empty stores, leases and whatever inventory was left, said the source. During a hearing in federal bankruptcy court in Newark, New Jersey, on Tuesday, Judge Vincent Papalia approved the sale of Buy Buy Baby's intellectual property to Dream on Me as one of the bidder's staffers, who appeared virtually via Zoom for the hearing, was seen smoking a cigarette on screen.

Persons: Janie, Jack, Jeff Streader, Streader, Judge Vincent Papalia, aren't Organizations: CNBC, Brand, Go Global, Sixth Street Partners, Bed, Global, Industries, Sixth, Go Locations: Brooklyn, New York, New Jersey, Newark , New Jersey

☆ Buy Buy Baby auction is canceled, but buyers are still interested in making a bid
▼ + stars: | 2023-07-07 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

"Store Closing" signs at a Buy Buy Baby store in the Brooklyn borough of New York, on Monday, Feb. 6, 2023. While it would be unusual, Bed Bath & Beyond could still accept a bid for Buy Buy Baby early next week. The company, a little known New Jersey-based retailer and one of Buy Buy Baby's former suppliers, agreed to buy its trademark and digital assets for $15.5 million if no higher bids arise. As the auction process dragged on and Buy Buy Baby's inventory dwindled, so did its value. It is not clear what Dream on Me plans to do with Buy Buy Baby if it ends up the ultimate victor.

Persons: that's, Janie, Jack, Overstock.com Organizations: CNBC, Industries, Beyond's, Bed, Ankura Capital Advisors Locations: Brooklyn, New York, New Jersey

Bed Bath & Beyond logo is seen on the shop in Williston, Vermont on June 19, 2023. WASHINGTON — Home goods retailer Bed Bath & Beyond is facing scrutiny from Democratic lawmakers for allegedly evading severance pay for thousands of employees laid off after its recent bankruptcy. The lawmakers claim Bed Bath & Beyond denied some workers severance pay after it filed for bankruptcy in April and began closing stores and laying off workers. Bed Bath & Beyond did not immediately return request for comment on the lawmakers' letter. Warren, a member of the Senate Banking Committee, and Booker asked Bed Bath & Beyond to commit to providing severance to its workers and for detailed information on its severance policy, stock buybacks and dividends and other related issues.

Persons: Sue Gove, Elizabeth Warren of, Cory Booker of, Warren, Booker Organizations: WASHINGTON —, Bed, Democratic, New, Banking Committee Locations: Williston , Vermont, Sens, Elizabeth Warren of Massachusetts, Cory Booker of New Jersey, New Jersey, buybacks

☆ Levi Strauss slashes guidance as wholesale revenue drops
▼ + stars: | 2023-07-06 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Levi Strauss on Thursday drastically cut its profit outlook for the year after the apparel retailer reported a steep drop off in wholesale revenues and soft sales in the U.S., its largest market. During the quarter, Levi reported adjusted earnings of 4 cents per share. It now expects adjusted earnings per share of $1.10 to $1.20, compared to a previous range of $1.30 to $1.40. The retailer now expects sales to grow between 1.5% to 2.5% compared to a prior range of 1.5% to 3%. "Just in light of the recent performance, and the current macro headwinds, and just the consumer dynamics in this market."

Persons: Levi Strauss, jean, Levi, Harmit Singh, we're, Chip Bergh Organizations: Refinitiv, CNBC Locations: U.S, China

For its full fiscal year, Nike's revenue was $51.2 billion, up 10% compared to the prior year. Nike's gross margins fell 1.4 percentage points during the fourth quarter to 43.6%, contributing to the earnings miss. For the last several quarters, Nike has grappled with bloated inventory levels, which have also weighed on its margins. But quarter over quarter, Nike offloaded about $400 million in inventories. Nike has been relying on its wholesale partners to reduce inventory levels.

Persons: Refinitiv, Friend, Matthew Friend, Neil Saunders, Saunders, we're, Macy's, Macy's hasn't, John Donahoe, Donahoe Organizations: Nike, Refinitiv, Nike's Locations: China

☆ Little-known NJ baby retailer tentatively wins rights to Buy Buy Baby's IP
▼ + stars: | 2023-06-29 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Bed Bath & Beyond and Buy Buy Baby signage is displayed outside of store in Los Angeles. A little-known baby retailer based in Piscataway, New Jersey, has tentatively won the auction for the intellectual property of Bed Bath & Beyond's crown jewel Buy Buy Baby, court records filed Thursday say. Another auction for all of Buy Buy Baby's assets, including its many stores, will be held July 7, the records say. If Bed Bath & Beyond receives a higher bid at the upcoming auction, it could lose the rights to Buy Buy Baby's intellectual property. Interest has centered around Buy Buy Baby, long considered the most valuable part of Bed Bath & Beyond's business.

Organizations: Industries, Bed, Everyday Health Media, CNBC Locations: Los Angeles, Piscataway , New Jersey

☆ This map shows where Bed Bath & Beyond stores are being replaced by other retailers
▼ + stars: | 2023-06-29 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

"In aggregate the Bed Bath & Beyond locations were some of the best that I've seen become available. The leases are for both Bed Bath & Beyond and Buy Buy Baby locations. Leases for the Buy Buy Baby outposts could be clawed back depending on what happens at an auction for the chain's assets, Bed Bath said in a court filing. Bed Bath raked in $24.41 million in all from the lease auction. A portion of those proceeds will likely go to unpaid rents at the locations and the rest will go to Bed Bath to pay the retailer's many creditors.

Persons: BURL, Bill Read, Read, Macy's, Noble, they'd, weren't Organizations: Burlington Stores, Burlington, Specialists, Target, CNBC, Factory, Barnes, Bed Locations: Burlington, America, , Florida, Concord , North Carolina, Bed Bath, Bath

Overstock.com is going all in on failed retailer Bed Bath & Beyond. It will relaunch the Bed Bath & Beyond website in Canada within the next week, followed by a rollout of a website, mobile app and loyalty program in the U.S. "weeks later." "Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace," Overstock CEO Jonathan Johnson said in a statement. Overstock will not acquire any brick-and-mortar Bed Bath stores as part of the deal. A number of bidders have expressed interest in Buy Buy Baby's stores but it remains unclear if any will be bought and kept open.

Persons: Overstock, Jonathan Johnson Organizations: United Parcel Service, Bed Locations: Salt Lake City , Utah, Overstock.com, Canada, U.S

Bed Bath & Beyond is splitting the bankruptcy-run auction of its Buy Buy Baby chain into two phases as the retailer struggles to nail down bids in a sale process now shrouded in doubt. An auction for all of Buy Buy Baby's assets was originally scheduled for 10 a.m. An initial winner will likely be chosen during Wednesday's intellectual property auction. The decision to split up the bidding comes after the retailer held separate sale proceedings for its Buy Buy Baby and Bed Bath & Beyond banners. The banner, which sells baby goods such as strollers, clothes and cribs, has long been considered the crown jewel of Bed Bath & Beyond's assets.

Persons: weren't

☆ The Inform Act takes effect today — here's how it aims to target organized retail theft
▼ + stars: | 2023-06-27 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

The Inform Consumers Act, a new law that aims to curb organized retail theft and the sale of counterfeit and harmful products on online platforms, takes effect Tuesday as more retailers blame theft as a reason for lower profits. They claim organized crime groups steal merchandise from stores and then resell it on online marketplaces, typically at a lower amount than the sticker price. Many experts say organized retail theft has grown alongside the rise of online shopping, which boomed during the Covid pandemic and became the primary way consumers shopped. In the first quarter of 2023, e-commerce in the U.S. accounted for 15.1% of total retail sales, and reached $272.6 billion, a 7.8% jump from the year-ago period. "Under INFORM, online marketplaces can no longer turn a blind eye to criminal actors using their platforms to sell stolen and counterfeit goods.

Persons: Jan Schakowsky, Gus Bilirakis, They've, it's, Lisa LaBruno Organizations: eBay, Reps, Federal Trade Commission, Retail Industry, Association, CNBC, FTC Locations: U.S

A Buy Buy Baby store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023. Buy Buy Baby, the baby goods retailer owned by Bed Bath & Beyond , has been attracting interest ahead of its bankruptcy-run auction. But as the auction nears, interest in keeping Buy Buy Baby's stores open has waned. "When we looked at the stores and the Buy Buy Baby store footprint, we really said like, does this accelerate this strategy? Initially, Go Global Retail – which owns the children's wear brand Janie and Jack – was interested in keeping Buy Buy Baby stores open, the people said.

Persons: Overstock.com, Babylist, Natalie Gordon, Gordon, Janie, Jack – Organizations: Bed, –, CNBC, Go, Sixth, Partners, Street, Global Locations: Brooklyn, New York

☆ Beauty and tech company Oddity, which runs Il Makiage, files to go public
▼ + stars: | 2023-06-23 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Beauty and tech company Oddity, which runs the Il Makiage and Spoiled Child brands, filed to go public Friday as the once-frozen IPO market warms up. In the three months that ended March 31, the company saw $165.65 million in revenue, up from $90.41 million in the year-ago period. In fiscal 2022, Oddity brought in $324.52 million in sales and saw a net income of $21.73 million, or $5.94 a share. In 2020, it saw $110.64 million in sales and a net income of $11.71 million, or $3.45 a share. E.L.F., a multibrand beauty company, saw $144.94 million in sales in fiscal 2014 and a net loss of $2.88 million.

Persons: didn't, Oran Holtzman, Shiran Holtzman, Lindsay Drucker Mann, Goldman Sachs, Child's, Holtzman Organizations: Nasdaq, Goldman, CNBC, Israeli Defense Forces, Technologists Locations: Israel, U.S, Canada, Europe, Australia

☆ Overstock.com wins auction for Bed Bath & Beyond's intellectual property, digital assets
▼ + stars: | 2023-06-22 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Signage is displayed outside a permanently closed Bed Bath & Beyond retail store in Hawthorne, California, on May 1, 2023. Bed Bath & Beyond will live on in name only after Overstock.com won an auction for the failed home goods retailer's intellectual property and digital assets, according to court records filed early Thursday. In a rare move, Bed Bath chose to run a separate sale process for its Buy Buy Baby chain, considered the crown jewel of its assets. Buy Buy Baby assets garnered interest from buyers even before Bed Bath filed for bankruptcy in April. The auction for Buy Buy Baby's assets is slated to take place on Wednesday.

Persons: Overstock.com, Overstock, JOWA Brands Organizations: JOWA, Bed, CNBC Locations: Hawthorne , California

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