Adevinta wins auction to buy eBay’s classified ads unit for nearly $9 billion at Reuters. “Activist investors Elliott Management Corp and Starboard Value had been pushing eBay to sell the unit and also its ticket sales business, since last January, as part of a plan that could double the company’s value.” Read more
Back-to-School Shopping Is Off to a Rough Start at Wall Street Journal. “The National Retail Federation projects parents with children in elementary school through college will spend a combined $101.6 billion this year, up from $80.7 billion last year…Other forecasts are more dire. Neil Saunders, managing director of research firm GlobalData Plc.’s retail division, expects (spending) down 6.4% from 2019 and the lowest level since 2015. Mr. Saunders projects back-to-college spending to be hit even harder, down 37.8% from last year.” WSJ subs.
Walmart Canada to spend C$3.5 billion on e-commerce push, store renovations at Reuters. “The Canadian arm of the world’s largest retailer also said it would renovate over 150 stores, more than a third of its network, to add more equipment such as shelf scanners, robots and more convenient self check-out options.” Read more
REI Faces Staff Backlash Over Response to Covid-19 Cases at NY Times. “About 40 current and former employees of the outdoor equipment store REI in Grand Rapids, Mich., regularly communicate using the messaging app GroupMe. On July 6, they received a jarring note from a colleague. “Hey guys just so everybody knows I tested positive for Covid-19,” the employee wrote. “I was told not to tell anybody and that the store would let everybody know what was going on…” Read more
Trader Joe’s to remove ‘racist’ packaging of ethnic food at NY Post. “…it’s working to phase out foreign names it has attached to ethnic foods, such as “Trader José’s” for Mexican cuisine, “Trader Ming’s” for Chinese products and “Arabian Joe’s” for Middle Eastern dishes.” Read more
Walmart Has Revived Asda Sale Process at Wall Street Journal. “Walmart Inc. has relaunched the planned sale of a majority stake in its U.K. grocery-store chain Asda Group Ltd. after putting the process on hold in April to focus attention on managing its operations through the pandemic, according to people familiar with the matter.” WSJ subs.
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Kanye West threatens to break with Adidas, Gap if not named to their boards at Fox Business. “Risk or no risk of losing whatever deal possible, I am not on the board at Adidas,” West said Sunday while speaking in favor of more power for Black people. “I am not on the board at Gap. And that has to change today or I walk away.” Read more
Subpoena issued to the Illinois House speaker’s office demands documents pertaining to Walgreens at Crain’s Chicago Business. “Crain’s has confirmed the subpoena demands documents and communications regarding AT&T, Walgreens and Rush University Medical Center, as well as lobbying firm the Roosevelt Group, which former City Hall official Victor Reyes now runs. All have had issues of financial importance to them surface in the House during Madigan’s tenure.” Read more
1st Circ. Says Amazon Delivery Drivers Don’t Have To Arbitrate Law 360 subs.
Protesters ransack Seattle again – loot an Amazon Go store at Daily Mail. “A police precinct which was ‘occupied’ by protesters in Seattle for several weeks was briefly set ablaze on Sunday afternoon and 12 officers taken to hospital after protests descended into chaos…’ Individuals in the group appeared to target Starbucks and Amazon,’ Sgt. Lauren Truscott said in a news conference.” Read more
Dollar General employees lock murder suspect inside store
Amazon vets behind smart shopping cart face a familiar foe — their former employer
Small compost supplier growing sales with Walmart
Apple opens another megastore in China
Walmart execs named to NW Arkansas Business Journal’s Forty Under 40 class
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