Tag Archives: retail

The Wall Street Journal reports: Kohl’s fired its chief executive Ashley Buchanan after it discovered he had instructed the retailer to enter into a “highly unusual” business deal involving a woman with whom he has had a romantic relationship, according to people familiar with the situation. Buchanan met the woman, Chandra Holt, when they were both working at Walmart several …

Axios reports: Walmart on Tuesday rejected the idea that it would apply an itemized surcharge to purchases to account for President Trump’s increased tariffs. A report Tuesday that Walmart rival Amazon was poised to add a tariff fee to sales in the U.S. triggered outrage in the White House, which condemned it as a “hostile and political act.” Walmart, the …

CNBC reports: Fast-fashion retailer Forever 21′s U.S. operating company on Sunday filed for Chapter 11 bankruptcy for the second time in six years, hamstrung by dwindling mall traffic and mounting competition from online retailers. The move likely means liquidation for the company, which was unable to find a buyer for its roughly 350 U.S. stores. Its trademark and intellectual property …

The CBC reports: Hudson’s Bay Company is nearly a billion dollars in debt, according to court filings that paint a dire portrait of the struggling Canadian department store chain’s finances. The documents were submitted as part of its creditor protection filing last week. The company owes a total of $950 million to nearly 2,000 secured and unsecured creditors. Some experts …

CBS News reports: Kroger CEO Rodney McMullen is resigning following a probe into his personal conduct, the grocery chain said Monday. McMullen, who was both the chairman and CEO, is out after a company board investigation found that his personal conduct, “was inconsistent with Kroger’s Policy on Business Ethics,” the company said on Monday. His behavior was unrelated to business, …

CBS News reports: Coffee giant Starbucks is shaking up its drinks menu, removing 13 “less popular” beverages from the list of offerings to help streamline operations and move customers through stores more quickly, according to the company. The move comes as the company also plans to cut 1,100 workers as part of a turnaround plan CEO Brian Niccol hopes will …

NBC News reports: Fabrics outlet Joann will shutter all of its approximately 800 locations after failing to find a buyer who would keep its stores open. In a statement, the company said it would commence nationwide going-out-of-business sales as a stipulation of the group that won its assets at auction. Joann listed some 19,000 employees, most of them part-time, when …

ABC News reports: Joann, the fabrics and crafts retailer, is shutting down hundreds of its stores nationwide as part of its bankruptcy proceedings. The company filed a motion in court on Wednesday seeking approval to begin closing approximately 500 locations. In a statement to ABC News, the company’s spokesperson said the move is “part of the ongoing Chapter 11 process …

CNN reports: Costco and Trader Joe’s are limiting the number of eggs customers can buy because of a shortage caused by the avian flu. Videos on social media platforms like TikTok and X show people stocking up on huge amounts of eggs and showing signs at stores about limits. “Due to ongoing issues with the supply of eggs, we are …

The Wall Street Journal reports: CVS Health today unveiled a revamped app that aims to shorten long pharmacy lines, deliver more transparency on prescription costs and ultimately make visits to the retail pharmacy chain quicker and less painful. The new features include a bar code that lets pharmacists quickly look up a prescription and receive a payment, a way for …

CNBC reports: Target on Friday said it’s rolling back diversity, equity and inclusion programs — including some that aim to make its workforce and merchandise better reflect its customers. In a memo sent to its employees, the Minneapolis-based retailer said it will end its three-year DEI goals, stop reports to external diversity-focused groups like the Human Rights Campaign’s Corporate Equality …

CBS News reports: Locking up store merchandise can deter shoplifters and paying customers alike, according to Walgreens.  The pharmacy chain’s CEO Tim Wentworth said in Walgreens Boots Alliance’s first-quarter earnings call Tuesday that “When you lock things up … you don’t sell as many of them. We’ve kind of proven that pretty conclusively.” Keeping retail products under lock and key …

CBS News reports: Macy’s is closing 66 store locations that it has said are underperforming. The closures are part of the storied retailer’s turnaround strategy. The company referred to the brick-and-mortar stores it’s shuttering as “non-go-forward” locations. They include outposts in Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, New Jersey, New York, Ohio, Oregon, …

ABC News reports: The discount chain Big Lots, which filed for bankruptcy protection in September, has reached a deal that will keep hundreds of its stores and distribution centers open. Big Lots said Friday it will be sold to Gordon Brothers Retail Partners, a firm that specializes in distressed companies. Gordon Brothers will then transfer Big Lots’ stores, distribution centers …

The Associated Press reports: Defense lawyers say the former longtime CEO of Abercrombie & Fitch may have dementia, and a competency hearing is necessary to determine if he can face sex charges. Lawyers for Michael Jeffries said in court papers unsealed Monday in federal court in Central Islip on Long Island that a neuropsychologist who examined Jeffries in October concluded …

The Associated Press reports: The Container Store has filed for bankruptcy protection as the storage and organizational goods retailer with roots dating back to the 1970s grapples with mounting losses and cash flow shortages. The Texas company has faced increasing competition from retailers like Target and Walmart at the same time that demand for its goods is under strain in …

CNN reports: Party City is closing down all of its stores, ending nearly 40 years in business, CNN has learned. CEO Barry Litwin told corporate employees Friday in a meeting viewed by CNN that Party City is “winding down” operations immediately and that today will be their last day of employment. “That is without question the most difficult message that …

Fast Company reports: After spending much of 2024 closing stores and recent months trying to solidify a sale of the company to keep its doors open, discount retail chain Big Lots has announced that it now plans to close all stores and go out of business. Big Lots had been working with the investment firm on a deal that would …

The Associated Press reports: Workers at Starbucks stores plan to go on a five-day strike starting Friday to protest lack of progress in contract negotiations with the company. The strikes are scheduled to begin in Los Angeles, Chicago and Seattle and could spread to hundreds of stores across the country by Christmas Eve. Starbucks Workers United, the union that has …

CNBC reports: Walmart has started giving store-level associates body cameras to wear as part of a pilot program at some of its U.S. locations, CNBC has learned. Body cameras and the footage they gather are commonly advertised as a way to prevent shoplifting, but Walmart intends to use the tech for worker safety — not as a loss prevention tool. …