Tipsheet: WM Eliminates Jewelry | Kroger Eyes Boxed? | Lowe’s Gets Activist | H&M Gets Riots
Walmart to cut 1,000 corporate jobs – will eliminate its jewelry business and decrease the number of co-managers per store by Kim Souza at The City Wire. “Talk Business & Politics learned a meeting was held Friday with store management and that’s when some of the news leaked to the media. Again, Wal-Mart didn’t confirm nor deny jobs were being eliminated.” Read more | WSJ article (subs.)
Kroger may acquire digital bulk retailer Boxed by Alexander Coolidge at Cincinnati Enquirer. “Aldi, Costco, Target are others mentioned as possible buyers, according to Forbes and Reuters, citing unnamed sources.” Read more
H&M closes all its stores in South Africa after protests by Jackie Wattle at CNN Money. “Some social media users shared footage claiming to show demonstrators throwing racks of clothing to the ground. Images show merchandise in tangled heaps and toppled security sensors…H&M has 17 locations in South Africa.” Read more
Activist investor said to take stake in Lowe’s by Ed Hammond & Scott Deveau at Bloomberg. “While D.E. Shaw’s specific plans for the investment couldn’t immediately be learned, the firm does plan to use its holding to agitate for changes at Lowe’s, the people said.” Read more
APRIL – Visa joins other major US credit card companies in getting rid of signatures by Chaim Gartenberg at The Verge. Read more
Nordstrom resumes plans to take the company private, escape ‘retail hell’ by Ashley Stewart at CNBC. “…it remains unclear lenders will be able to assemble the roughly $7 billion to $8 billion in debt needed get a deal done. To fill the gap, they may look for a third party to contribute roughly $1 billion in junior capital, some of the sources said.” Read more
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Bon-Ton Creditors May Propose Bankruptcy Within Weeks by Lauren J. Keller at Bloomberg. “Bon-Ton, however, hasn’t made a decision and is still trying to avoid a court filing, said the people, who asked not to be identified…If the company does enter bankruptcy, it’s not clear whether it would seek to liquidate or to reorganize, the people said.” Read more
These Are All the Sam’s Club Locations That Are Closing at Fortune. List
…Line Spills Out the Door at Sam’s Store as Club Offers 25% Off Most Items at KTLA 5. Video/Read more
….’Worse than Black Friday’ at Sam’s store in San Antonio at My San Antonio. Pics/Read more
Jeff and MacKenzie Bezos donate $33M to fund scholarships for Dreamers by Clare McGrane at GeekWire. Read more
Amazon’s Grocery Sales Gained Weight After It Devoured Whole Foods by Heather Haddon at Fox Business. “Products carrying the natural foods chain’s brand helped push sales at Amazon’s online grocery-delivery service, AmazonFresh, up 35% to $135 million in the last four months of 2017 over the previous four months, according to data analytics firm One Click Retail.” Read more
CVS Health confirms that Aetna will stay in Hartford by Jon Chesto at Boston Globe. Read more
Supreme Court agrees to hear South Dakota vs. Wayfair tax case by Tony Romm at Recode. “…over the power that states should have to tax businesses that aren’t located within their borders yet sell goods to local residents.” Read more
GameStop tanks 11% after it says people are not upgrading smartphones at phone-selling locations at CNBC. Read more
BATHROOM CLOSED ANGER – Dozens detained after party bus arrives at Seal Beach CVS, strong-arm robbery takes place at Press Telegram. “At least 50 people were detained Saturday night, Jan. 14, after a massive police response that shut down Pacific Coast Highway near the Long Beach city limit.” Read more
Tipsheet Extra Stories
Supermarket yanks coffee cans with slave imagery
Meat vending machine installed at Nordstrom in Seattle
Retailer’s first store is temporarily closed because its white floors couldn’t handle a New York winter
Starbucks settles suit with mall giant over closing Teavana stores
Pomeranian puppy heist at pet store
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