Tipsheet: Amazon TV Show Canceled | Target Cuts 40 in Merch | Lore’s Good Advice
Jeff Bezos’ live television show canceled by Oli Coleman at NY Post. “Page Six has learned that Amazon’s trailblazing “Style Code Live” has been canceled after 15 months on air. “They called everyone into a staff meeting on Friday and told them they don’t have jobs anymore,” said a source close to production.” Read more
70% of online shoppers very/somewhat likely to check out Amazon on Prime Day by Don David at Internet Retailer. “However, despite the interest in the bargains on offer, only 22% of consumers surveyed said they purchased anything on Prime Day last year.” Read more
Target cuts nearly 40 jobs in restructuring of merchandising division by Kavita Kumar at Star Tribune. “Many employees’ roles are being adjusted with more of an emphasis on developing expertise in specific areas of each category — such as digital and pricing or promotions — instead of having more generalized buyers who oversee all of those areas.” Read more
Albertsons can’t find a grocery chain to take over by Josh Kosman at NY Post. “Cerberus Capital-controlled Albertsons, America’s second-largest grocery chain, had approached Sprouts Farmers Market months ago, but Sprouts is now trading at too high a multiple for a transaction to happen, two sources close to the situation said.” Read more
Amazon shares break above $1,000 for the first time ever at CNBC. “Shares of Amazon crossed $1,000 per share on Tuesday, the first time ever, and a long way from the company’s 52-week low of $682.12.” Read more
Court finds Petsmart buyout fair in blow to appraisal strategy at Reuters. “Private equity firms paid fair value for PetSmart Inc when they bought the retailer for $8.7 billion in 2015, a Delaware judge ruled on Friday, dealing a blow to hedge funds that try to wring cash from merger deals through a strategy known as appraisal.” Read more
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Walmart’s annual shareholder meeting & investment community Q&A is this Friday Press release
Crate and Barrel CEO Out “CEO Doug Diemoz has left the company to pursue his next challenge. Crate and Barrel Board Chair Neela Montgomery will become the new CEO effective August 1, 2017.” Read more
Amazon doesn’t understand why you don’t understand why Amazon is opening bookstores by Jason Del Rey at Recode. “What about all those gadgets at the front of the store? Those aren’t the real focus? “It’s called Amazon Books, and so books are the reason that we opened this store: To be a great bookstore for our customers,” Cast replied.” Read more
Walmart.com’s prices are competitive, even if they’re not necessarily the lowest online by Zak Stambor at Internet Retailer. “Market Track LLC compared the average daily online price of 140 electronics products on Walmart.com, Target.com, BestBuy.com and Amazon.com from Nov. 16, 2016, to May 14, 2017. On average, Walmart.com offered prices 12% lower than Target.com over the full six-month period, roughly the same prices as BestBuy.com and prices that were 2% higher than Amazon.com.” Read more
Craft soda makers add fizz to flat soft drink sales by Zlati Meyer at USA Today. “Craft-soda volume grew 5% in 2016 to 88.8 million gallons…But it isn’t all sugar and spice for craft soda makers…Reed’s reported that it lost $2 million in the first quarter…Jones Soda said it lost $197,000 in the first quarter.” Read more
Walmart’s Marc Lore received this good advice by Robbie Neiswanger at Arkansas Online. “Some advice I had gotten early on and proved to be extremely helpful was to make sure you work very closely with Greg Foran,” Lore said regarding the CEO of the Wal-Mart U.S. division. “If you want to give customers a truly integrated, omnichannel experience, it was important that we were kind of working together to make it happen, both the ecomm and the stores organizations. I think we got off on the right foot.” Read more
High-Price Drugs Raise Costs for Seniors in Medicare Part D by Joseph Walker at Wall Street Journal. “The median out-of-pocket cost for a drug purchased through Part D was $117 in 2015, up nearly half from $79 in 2011, in inflation-adjusted dollars, the Journal’s analysis found.” Read more (subscription)
Black Bear Spotted At Walmart at NBC LEX 18 “We seen it running down the sidewalk in front of the outdoor living center outside of Walmart, and me and six other cars tried to block..keep the bear from going towards the customer entrance,” said Malcolm Stephens, who helped police.” Video/Read more
Tipsheet Extra Stories
Rare $1,800 Cockatoo Stolen From Pet Shop
This is Denny’s ace in the hole as it ventures into delivery
Inside Sonos’ Seattle office, where the music is bumpin’ and the team is growin’
Mother ‘locked her kids aged five and two inside of her car trunk so she could go shopping at Walmart’
‘Tangerine’ director discovered cast member on a Target run
Pasta demand wanes as health-conscious consumers see it as carb demon
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