Tipsheet: Modell’s Closing 24 | Costco #50 Happy | WM Loses Deliv Provider
Sporting goods retailer Modell’s to close 24 stores: CEO at Fox Business. “Modell’s was founded in 1889…The company has been family-owned and had 141 stores prior to the recent closures.” Read more
Sears snags new financial lifeline as losses continue, sources say at CNBC. “Sears has reached a deal for a fresh financial lifeline totaling roughly $100 million from hedge fund Brigade Capital Management, as it tries to stabilize after bankruptcy, people familiar with the matter said on Thursday.” Read more
The Fortune 100 Happiness Index (Amazon #16, Best Buy #19, TJX #30, Costco #50, Home Depot #69, Publix #70, Target #74, Kroger #92, Walmart #94, Lowe’s #95, CVS #99, Walgreens #100) Read more
Gap is the latest retailer to get into resale at CNBC. “(Gap) announced Thursday it has partnered with resale platform ThredUp, which bills itself as the largest online consignment and thrift store. In select Gap, Banana Republic, Athleta and Janie and Jack stores, shoppers will now be able to drop off their used clothes, in exchange for credits to use at Gap’s portfolio of stores.” Read more
Walmart Loses Another Home-Delivery Provider by Matthew Boyle at Bloomberg. “Skipcart notified Walmart on Jan. 31 that it was terminating their relationship effective April 30, according to a letter obtained by Bloomberg News. That end date has since been pushed up to March, and Walmart has already reassigned stores covered by Skipcart to other providers. Boerne, Texas-based Skipcart handles deliveries from about 126 stores in 32 states, mostly in smaller markets, and began working with Walmart in late 2018.” Tiered subs.
7-Eleven is in exclusive talks to buy Marathon Petroleum’s Speedway gas stations for about $22 billion by Jacky Wong at Wall Street Journal. “Seven & I said it is exploring various possibilities including alliances and acquisitions, but hasn’t made a decision yet. If they strike a deal, it would be one of Japan’s largest overseas acquisitions.” WSJ subs.
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Floor & Decor Q4 comp sales +4.0% Press release
Loblaw profit rises as e-commerce revenue nearly doubles to hit $1 billion at Financial Post. “Shoppers Drug Mart same-store sales increased 3.9 per cent during the quarter compared with a year earlier while same-store food retail grew 1.9 per cent.” Read more
Tile Shop founder Robert Rucker steps away for a second time, revealing split with new owners by Evan Ramstad at Star Tribune. “Rucker said the executive they selected to lead the firm, Philip Livingston, is unqualified…“Mr. Livingston is an accountant, not a merchant,” Rucker wrote. “In my opinion, Mr. Livingston not only doesn’t have the sense to run The Tile Shop, he could not run a gas station.” Tiered subs.
Amazon names top 10 cities with the most handmade makers Press release
The Baby Yoda toys are finally here at CNN. “The latest additions to the Baby Yoda toy lineup were revealed at Disney’s Star Wars toy showcase in New York City on Thursday ahead of the latest annual American International Toy Fair…The star of the show was “The Child Animatronic Edition,” a life-like version of Baby Yoda that moves, blinks, coos and giggles…” Read more
Mrs. Dash is dropping ‘Mrs.’ from its name Press release
Tipsheet Extra
Supreme Oreos selling for thousands on eBay
Inside the Philip Morris campaign to ‘normalize’ a tobacco device
Regional grocers have the greatest cheerleaders
Des Moines is arguably the most competitive spot in the U.S. for c-stores
How Sprouts Plans to Avoid ‘BankruptcyGate’
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