Tipsheet: Costco: No Work From Home | D. Gen +3.2% | Joly Steps Down
Costco says equity is why it can’t allow office work from home by Carolyn Adolph at KUOW. “In an email Costco CEO W. Craig Jelinek reminds workers that the vast majority of Costco employees are in stores and warehouses, and don’t have the option to work from home. “This decision may be unpopular with some, but we consider it a matter of equity and fairness.”…One worker told KUOW…(that) even meetings being streamed on the internet must only be viewed at the office.” Read more
Dollar General Q4 comp sales +3.2% Press release
Party City names Brad Weston as new CEO / Q4 comp sales -5.1% “Mr. Brad Weston who has served as President of PCHI and CEO of the Party City Retail Group…(served) as CEO of Petco prior to joining Party City in July 2019.” Press release
Hubert Joly will step down as Best Buy chairman by Carrigan Miller at Minneapolis/St.Paul Business Journal. “He will continue as consultant for Best Buy on a one-year, renewable basis. He will be paid $150,000 per year and will have a hand in building out Best Buy’s Teen Tech Centers…” Read more
Walmart is cutting hours at stores open overnight to allow for extra cleaning at Business Insider. Read more | Co. memo
Modell’s to close all its remaining stores after bankruptcy filing “Modell’s stores will initiate store closing liquidation sales…and will continue its online sales during this process.” Press release
Why Neiman Marcus Is Ditching Discount by Andria Cheng at Forbes. “…it will shut the majority of its 22 Last Call stores, cutting about 500 jobs…“What’s right for TJX or anyone else isn’t right for us,” Neiman Marcus Group CEO Geoffroy van Raemdonck said in an interview.” Read more
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Airport retailer OTG will use Amazon’s cashierless technology starting next week by Sarah Perez at TechCrunch. Read more
Longtime Amazon Executive Departs for Online Lender SoFi at Wall Street Journal. “Maria Renz, who joined the then five-year-old Seattle-based company in 1999, rose through the ranks and, most recently, was vice president of delivery experience, putting her in charge of making sure goods make it into customers’ hands.” WSJ subs.
Fuel, flour, diapers: Cubans turn to social media for basics by Andrea Rodriguez at AP. “Cubans are forming online chat groups to share tips about where to find dish detergent, chicken, diesel fuel and other scarce essentials…Some of the groups have waiting lists of people anxious to get the benefits of being a member.” Read more
Chick-fil-A will sell its sauces at Walmart and Target stores in Florida at MarketWatch. Read more
10th largest food distributor in the US has been hacked at Krebs on Security. “…this intrusion leveraged a sneaky new domain that hides quite easily in a hacked site’s source code…domain was hidden inside the checkout and login pages for grandwesternsteaks.com, a meat delivery service owned by Cheney Bros. Inc., a major food distributor based in Florida.” Read more
Tipsheet Extra
Super-rich jet off to disaster bunkers amid coronavirus outbreak
GameStop investors seek board seat
Italy closes bars, restaurants and most shops
Consumers snap up PhoneSoap to sanitize cell phones
Princess Cruises suspends operations for 60 days
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