Fortune’s Most Powerful Women 2019 (McKenna #15, Barry #18, Campbell #20) Top 50 list
Forever 21 fashion chain files for Chapter 11 bankruptcy at AP. “…it will close up to 178 stores in the U.S. As of the bankruptcy filing, the company operated about 800 stores globally, including more than 500 stores in the U.S. The company said it would focus on maximizing the value of its U.S. stores and shutter certain international locations. Forever 21 plans to close most of its locations in Asia and Europe but will continue operating in Mexico and Latin America.” Read more
Lenders give Barneys Oct. 3 deadline to find buyer, avoid liquidation by Lisa Fickenscher at NY Post. “There are at least two interested buyers who want to acquire the upscale retailer in its entirety, while others would be interested in its parts, according to Bloomberg. Licensing firm Authentic Brands Group, which owns Juicy Couture, is reportedly first in line to acquire Barneys’ intellectual property should the company be liquidated.” Read more
Chicagoland mall ‘terrorist’ did obsessive research before attack: prosecutors by Lee Brown at NY Post. “In the day before his attack, Garcia conducted 124 internet searches on Woodfield Mall in suburban Schaumburg, including the stores inside and street and aerial views, prosecutors said in Leighton Criminal Court on Sunday.” Read more
Have Online Reviews Lost All Value? by Rebecca Dolan at Wall Street Journal. “Chris McCabe, who evaluated seller performance while employed at Amazon and who now runs a consulting firm for its retailers, estimates the number of inauthentic reviews on the site to be around 30%.” WSJ subs.
Macy’s is closing its landmark downtown Seattle store in February by Nicole Brodeur at Seattle Times. “Said Laura Heydrich: “My first thought is, is it closing for the same reason Bartell’s is closing?” she asked. “The crime?”…“The homeless people outside deter you from coming in. I feel safer at home (shopping online).” Tiered subs.
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Eyeing That Sweater? It’s Yours in Four Easy Payments by AnnaMaria Andriotis & Peter Rudegeair at Wall Street Journal. “For Christmas, Ms. Padilla used Afterpay to buy $75 of videogame T-shirts for her 13-year-old son at Forever 21 and $60 of rock-themed tops for her toddlers. Without Afterpay, she said, “we would have definitely bought less.” WSJ subs.
Rent the Runway hits the pause button at CNBC. “Rent the Runway isn’t accepting any new subscribers or new event rentals at least until Oct. 15, as the clothing platform runs into a slew of inventory and supply chain issues and struggles to keep up with customers’ demands.” Read more
Dick’s Sporting Goods CEO Ed Stack’s new book is set to hit shelves on Oct. 8. at CNBC. “(Ed Stack) listed three primary reasons for wanting to share his thoughts with the world. One is, he wanted to help entrepreneurs…Second…he wanted to use the book to highlight what’s going on in youth sports nationwide…Lastly, and perhaps what really pushed Stack to finish his book, is the recent stance the CEO has taken on gun control…” Read more
Tony Rogers, Chief Member Officer of Sam’s Club is guest on CMO Moves podcast Listen
Asics apologizes for porn playing for hours above New Zealand store at BBC. “The content played on the store’s promotional outdoor screens above the entrance until staff arrived at 10am on Sunday to open the shop. The Japanese sports company said hackers had gained access to the system to show the explicit content.” Read more
CVS suspends sales of Zantac brand and generic heartburn drug during safety review at CNBC. Read more
Georgia Kroger’s newest security efforts include enclosed aisles of merchandise with one way in, and one way out at WGXA Fox 24 ABC. “Have you heard of theft being a problem here? Yes I have, I have, yeah, quite a bit,” says (one) shopper. Others say many people take things from shelves and use them in the bathroom without paying, but feel a less intimidating approach should be taken.” Video/Read more
Tipsheet Extra Stories
The Home Depot Foundation goes back to school
Harris Teeter hires autistic man laid off by Sam’s Club
Gatorade signs Zion Williamson to its endorsement roster
Mets fan knocked unconscious, nearly blinded by T-shirt cannon
LendingTree saw 184% more wedding loans in 2018 than 2017
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