Grocery Courier Boxed to Go Public in SPAC Deal at Wall Street Journal. “Boxed and Seven Oaks Acquisition Corp. said the deal would value the combined company at nearly $900 million and provide money to serve more households and businesses that started ordering groceries online during the pandemic…Boxed isn’t profitable, Mr. Huang said, but Boxed and Seven Oaks projected that its software, advertising and delivery businesses would help it turn a profit within several years.” WSJ subs.
Home Depot contracted its own container ship as a safeguard at CNBC. “We have a ship that’s solely going to be ours and it’s just going to go back and forth with 100% dedicated to Home Depot,” Chief Operating Officer Ted Decker said in an interview. It marks the first time that the company has taken such a step.” Read more
Walton Family, World’s Richest, Raises $2.1 Billion From Walmart Holdings at Bloomberg. “Members of the Walton family have sold 16.7 million shares of Walmart Inc. this year as they try to keep their stake in the world’s biggest retailer from ballooning amid the company’s stock buybacks. The Walton Family Holdings Trust sold $430 million worth over the past week, taking their total sales to almost $2.1 billion since Jan. 1, according to Securities and Exchange Commission filings.” Tiered subs.
Sam’s Club getting into home improvement business at Fox Business. “…in collaboration with Service Finance Company, LLC, a subsidiary of ECN Capital Corp., announced plans to launch Sam’s Club Home Install Experts by Service Finance. The service is said to connect members with local home improvement contractors…” Read more
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Spare ticket for spaceflight with Jeff Bezos auctioned for $28 million at CNN. “The company kicked off the auction last month — before it was revealed that billionaire founder and Amazon mogul Bezos, along with his brother Mark Bezos, would be on board New Shepard’s inaugural crewed mission…The flight is expected to take off from Blue Origin’s facilities in West Texas town of Van Horn, on July 20.” Read more
Amazon’s new robotic recruits aim to reduce workplace injuries at Fox Business. “Also in development is Amazon’s first autonomous mobile robot, Bert, which is designed to navigate freely through its facilities using advanced safety, perception and navigation technology. According to Amazon, Bert would not have to remain in a restricted space and would be used to carry individual items across its fulfillment centers.” Videos/Read more
Amazon’s game streaming service Luna is opening access to all Prime members June 21 and 22 at The Verge. Read more
Why Japan refuses to work from home—even in a deadly pandemic at Fortune. “The latest figures from Tokyo-based non-profit Japan Productivity Center (JPC) show that remote work has ticked up to 20% across Japan since the start of the pandemic, just ten percentage points higher than “normal.” By comparison, 44% of Americans worked from home during the pandemic, up from 17%.” Read more
Nike Super Spikes Are So Fast That Rivals Are Wearing Them at Wall Street Journal. “…the near-universal belief that they help has prompted a radical move ahead of the U.S. Olympic Track & Field trials that start June 18 in Eugene, Ore.: Brands that pay elite athletes to endorse their shoes are granting them permission to wear a competitor’s product. For many runners, that’s Nike. Reebok and Brooks have said they’ll allow their athletes to wear another brand at the trials.” WSJ subs.
Tipsheet Extra Stories
Shopify acquires the team from augmented reality startup Primer
Starbucks files trademark application for stadium naming rights
Mall owner Washington Prime Group files for Chapter 11 bankruptcy
Post-pandemic life has thrust us into the 6th stage of grief: the search for meaning
Amazon Is Pushing For Legalization, But It Probably Won’t Deliver Cannabis
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