Tipsheet: N.Marcus Trouble | Gamers @ Malls | Michaels Same-Day
Neiman Marcus Skips Bond Payment, Starts Clock Ticking by Soma Biswas & Suzanne Kapner at Wall Street Journal. “The luxury retailer didn’t make several bond coupon payments due on Wednesday, according to people familiar with the matter. The missed payments set in motion grace periods of between five and 30 days for Neiman to make the payment before creditors can take action, these people said.” WSJ subs.
Walmart’s MoneyCard will let you direct deposit your coronavirus stimulus check by Dalvin Brown at USA Today. Read more
Instacart jumps into prescription delivery with Costco at TechCrunch. “…the delivery service is now available from nearly 200 Costco locations in Arizona, California, Delaware, Florida, Illinois, New York, Washington and Washington, D.C. The service, which was initially piloted at several locations in Southern California and Washington, will expand nationally in the coming months.” Read more
Jeff Bezos claims grocery delivery cuts carbon emissions by 43% compared to traditional shopping by Monica Nickelsburg. Read more
1 worker dead, 51 infected with coronavirus at Safeway distribution center in N. California by Daniel Stamos at Sacramento Bee. “The grocery chain confirmed the death and reports of the virus among its roughly 1,700 employees at the 2.2 million-square-foot center, which is 50 miles east of San Francisco and 50 miles south of Sacramento.” Read more
Apple will start reopening its retail stores, beginning with South Korea location at The Verge. Read more
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P&G beats profit estimates as consumers stock up on toilet rolls, detergents at Reuters. “For the third quarter ended March 31, net sales rose about 5% to $17.21 billion…Sales at its health care unit rose 7%, while fabric, home care unit sales rose 8%. The baby and feminine products business logged a 6% rise in sales. Beauty and grooming were the two segments where sales fell.” Read more
Kroger family of companies to accept SNAP benefits for pickup Press release
Saks Fifth Avenue Presses to Change the Product Cycle by David Moin at WWD. “The talks have been with 20 key brands in particular, including Brunello Cucinelli, Burberry, Proenza Schouler and Stella McCartney. So a fall cashmere turtleneck could be introduced in September instead of June; boots arrive close to cold months, and sandals arrive around spring.” WWD subs.
Fresh produce goes to waste as coronavirus wrecks supply chains at The Hill. “I think what it demonstrates is that the food supply chain that we have set up now, it’s not set up to pivot … quickly to address this kind of shock to the system,” Brian Ronholm, director of food policy at Consumer Reports, told The Hill.” Read more
Britain’s competition watchdog has provisionally cleared Amazon’s investment in food delivery start-up Deliveroo at CNBC. Read more
Michaels is launching contactless same-day delivery across the U.S. at Fox Business. “The new service will start April 17 in select stores throughout Texas, Alabama, Georgia, Florida, Louisiana, Mississippi, Tennessee, Oklahoma, South Carolina and North Carolina. By next week, the company will reportedly expand the service nationally.” Read more
Gamers May Have a Cure for Distressed American Shopping Malls by Felix Gilette at Bloomberg. “Not only have mall owners welcomed arenas in Florida, Mississippi and Montana, but they’re putting their money in, too. In January, Allied Esports announced a $5 million investment from Brookfield Property Partners, a global real-estate company that owns numerous malls. Simon Property Group, which owns the Mall of Georgia, is also an investor.” Tiered subs.
EU sees ‘Green Deal’ delays but keeps climate target plan
Farmers are chartering planes to bring in workers and save their crops
J.J. Abrams is producing a Justice League Dark series for HBO Max
How the Virus Transformed the Way Americans Spend Their Money
Land O’Lakes quietly removes image its longtime Native American maiden
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