Tipsheet: Amazon Sit-In | Rite Aid New CEO | Forever 21 Seeks Loan
Rite Aid Taps Healthcare Executive As New CEO To Replace Standley by Bruce Japsen at Forbes. “Heyward Donigan, a longtime healthcare executive, will replace Standley as Rite Aid CEO “effective immediately” and also join the drugstore chain’s board of directors, the company announced Monday.” Read more
44 arrested as anti-ICE protesters take over Amazon store at Fox Business. “Video shows ralliers sitting in at the store, praying and singing songs, including Kol Ha’Olam Kulo, a Hebrew song that urges against giving into fear. Eventually, New York police officers took protesters who refused to leave the premises into custody.” Read more/Video
UPS Bets on Amazon, for Now by Paul Ziobro at Wall Street Journal. “UPS gets close to 10% of its revenue from Amazon, according to a Morgan Stanley estimate…“Amazon doesn’t have anyone to turn to right now to replace UPS to the extent they need to,” said John Haber, chief executive of supply-chain consulting firm Spend Management Experts.” WSJ subs.
Department stores could have a ‘sobering’ Christmas, Credit Suisse warns at CNBC. Read more
Forever 21 seeks loan as cash dwindles ahead of holiday season at Bloomberg via LA Times. “(Forever 21) is in discussions with potential lenders for financing including a so-called FILO loan, said the people, who asked for anonymity discussing a private matter. Fresh cash is key as Forever 21 — which has about 800 stores worldwide and more than $3 billion in estimated annual sales — heads into the period for building holiday inventory while its business is struggling, the people said.” Tiered subs.
Tackling food wastage can be a $2.5 trillion market opportunity for businesses at CNBC. Read more
Nike is entering the subscription business with a kids’ sneaker club at CNBC. “It will allow parents to order shoes for their kids ages 2 to 10 either on a quarterly, bimonthly or monthly basis, paying monthly fees of $20, $30 or $50, respectively. The last option shaves off $10 per pair of Nike shoes purchased, with the average kids sneaker retailing for $60.” Read more
Walmart denies report that it’s taking violent video games off shelves by Nick Statt at The Verge. Read more
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H&M and Zara Are Closing Stores To Get Ahead by Geoffrey Smith at Forbes. “Eighteen months ago, H&M was still struggling with another makeover of its online store and seemingly hell bent on opening more stores that would never pay for themselves. Fast forward to this summer…and H&M has managed to hold on to the 15% gain it made when it announced its most recent quarterly earnings in late June.” Read more
Deliveroo is exiting the German market by Natasha Lomas at TechCrunch. Read more
Walmart brand to be dropped from supermarkets in Brazil at Reuters. “Nearly 100 stores currently using the Walmart brand will be rebranded to BIG and BIG Bompreço, regional brands Walmart already used in the past. Another 27 Walmart stores will be turned into cash-and-carry stores Maxxi and membership-only retail chain Sam’s Club.” Read more
Tipsheet Extra Stories
Versace Apologizes After T-Shirts Spark Criticism in China
Sam’s Club offering frozen foods they claim can rival Chick-Fil-A
Top overworked cities in the U.S.
Amazon testing new program that lets it control third-party product prices
New rules can deny green cards for immigrants on food stamps
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