Tipsheet: Back-to-School Boom | Lowes Eyes Rural | JCP -1,000 Mgmt
U.S. retail sales in June +7.5% vs. expected +5% at Reuters. Read more
Neiman Marcus Bankruptcy Watchdog Says Company Must Justify Bonuses at Wall Street Journal. “Under U.S. bankruptcy law, Neiman isn’t allowed to give “pay-to-stay” bonuses simply to incentivize executives to remain with the company through its bankruptcy, Henry Hobbs, the Justice Department lawyer monitoring Neiman’s bankruptcy, wrote in court papers filed Tuesday.” WSJ subs.
Back-to-school spending could hit a record as parents buy costly technology for kids at home at CNBC. “Parents of kids in elementary through high school plan to spend an average $789.49 per family, topping a previous record of $696.70, the National Retail Federation found in its annual survey.” Read more
Lowe’s will donate $25 million towards small business grants in rural communities at CNBC. “Lowe’s Chief Brand and Marketing Officer Marisa Thalberg said like businesses owned by minorities and women, rural businesses face certain challenges like limited access to capital and fewer nearby services. “As we started recognizing where the [pandemic] impact was being felt, we just felt that there wasn’t enough conversation around the impact in rural America,” she said.” Read more
Amazon extends work from home policy to January 2021 at GeekWire. Read more
Hudson’s Bay CFO Set to Depart at Wall Street Journal. “It couldn’t be learned who would succeed Mr. Record or why he is departing the company. HBC didn’t immediately respond to a request for additional comment.” WSJ subs.
Starting next Wednesday, Kroger will require shoppers to wear masks at stores nationwide at USA Today. Read more
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JCPenney will reduce its workforce by approximately 1,000 corporate, field management, and international positions Press release
Macy’s Executives Get $9 Million in Bonuses After 3,900 Jobs Cut at Bloomberg. “Chief Executive Officer Jeff Gennette received restricted stock worth $3.7 million on July 9, according to a regulatory filing. The other five, including legal chief Elisa Garcia and Danielle Kirgan, who oversees human resources, received awards ranging from $350,000 to $3 million.” Read more
Workers at Shipt strike over new algorithm-based compensation that they say will lower their pay at MarketWatch. “A group of Shipt shoppers call the new system a “black box algorithm payment method” and wrote in a Medium post that it “not only removes all transparency from its shopper compensation calculations but will likely reduce shopper pay by at least 30%.” Read more
J.Jill announces forbearance agreements extension with lenders “…providing additional time for J.Jill and its lenders to complete negotiations. The forbearance period has been extended until July 23, 2020.” Press release
NRF Retail Leadership Series: Starbucks Coffee Company’s Kevin Johnson this morning at 11:30 a.m. ET Register now
Cash crunch at retailers stings suppliers during pandemic at Fox Business. “Companies including Nike Inc., Columbia Sportswear Co. and Samsonite in recent weeks have disclosed millions of dollars in bad-debt charges in their quarterly results. Finance chiefs book such charges when they don’t expect to get paid for inventory they delivered to wholesale customers, such as department stores or mom-and-pop retailers.” Read more
Beer, soda makers struggle with aluminum can supply at USA Today. “The raw material for aluminum can production is not in short supply. It’s the capacity to produce the cans themselves that’s lacking.” Read more
Tipsheet Extra
Walmart.com launches exclusive roast-to-order coffee experience
With pandemic and presidential race, $15 minimum wage could get another push
Amazon warns it’s possible for Echo Buds to overheat
Here Are America’s Top Pandemic Grocers
Aldi recognized as the leading grocer for value
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