Tipsheet: WM Readies Flipkart IPO | JCP Exits 11 | Target Cookie Fail
Walmart readies for $10 bn Flipkart IPO at Mint. “Work on the IPO (initial public offering) is on in full swing and the advent of the pandemic has only hastened the process, given the spectacular surge in demand on e-commerce platforms,” said one of the two people cited above.” Read more
J.C. Penney’s retail and operating assets to exit Chapter 11 at Reuters. “We … are very pleased to help preserve this iconic institution and save tens of thousands of jobs,” Simon Property Group Chief Executive David Simon said.” Read more
Costco extends special senior shopping hours indefinitely due to COVID spike at Fox Business. “Currently, Costco’s designated senior shopping hour is from 9 to 10 a.m., Monday through Friday. However, there are some exceptions at various locations..” Hours/Read more
A robot is now making Jamba smoothies in a California Walmart in less than 3 minutes at Business Insider. “The Jamba by Blendid kiosk is located in a Walmart in Dixon, California. However, this isn’t Blendid’s only kiosk. The company, founded in 2015, has four other locations: one in a different Walmart in Fremont, California…” Read more
Apparel retailer Francesca’s plans to shut another 97 stores after filing for bankruptcy at CNBC. “The Houston-headquartered company, which filed for Chapter 11 last week, had previously said it planned to close about 140 of its 700 stores — roughly half of which are in U.S. shopping malls.” Read more
Barnes & Noble’s new boss tries to save the chain — and traditional bookselling at Fox Business. “…the company is empowering store managers to curate their shelves based on local tastes. In recent months, (CEO) Daunt has cut the ranks of once-powerful staffers who supervised large groups of stores and fired nearly half of the company’s New York-based book buyers, powerful tastemakers who decided which titles stores should carry.” Read more
Walmart holiday drone light show launches in 8 U.S. cities for the holidays at Fox Business. “The drone light show will kick off in Kansas City Friday…” Dates/Locations/Read more
David’s Bridal CEO says wedding dress demand is resilient even as Covid forces smaller celebrations at CNBC. “Although spending on other merchandise, such as homecoming and prom dresses, has dropped off, brides still spend an average of $600 on their gown — the same amount before the pandemic.” Read more
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Missing dog turns up at Walmart where her owner works at NY Post. “It’s not exactly clear how Abby, who had been missing for 20 days, knew where to find Rountree. She has worked at that Walmart, about 1.5 miles from their home and across two heavily-traveled roads, for 10 years. She had walked the lab-pitbull mix in the parking lot and nearby woods, but Abby had never before been inside the store.” Read more
Native Americans, Micanopy residents gather in protest of proposed Dollar General location at The Independent Florida Alligator. “The store would be located on the site where the Battle of Micanopy was fought in 1836 during the Second Seminole War. Led by Osceola, an influential leader of the Seminole tribe in Florida, the Seminoles retreated from U.S. soldiers after a battle that lasted an hour and 20 minutes.” Read more
Wish plans to price between $22 and $24 per share at up to $14 billion valuation at CNBC. Read more
Florida attorney general announces arrests in ‘brilliant’ multi-million dollar Walmart crime spree at Fox 8. “…the suspects would purchase large, expensive televisions from Walmart for cash, replace the TV in the box with a salvaged TV, return them to the store for cash, and re-sell the new (stolen) televisions.” Read more
CEO of online fashion retailer Zalando resigns to prioritize wife’s career at AP. “…one of the world’s top online fashion retailers with 14,000 employees and net profit of almost 100 million euros ($121 million) in 2019.” Read more
Target’s ‘kinky’ Christmas cookies have moms boycotting — and giggling at NY Post. “I would not send these to school,” mom of two Suzie Fromer told The Post. “Definite design fail!” The jewelry maker from Irvington, NY, added: “I think it might even be disgruntled employee sabotage.” Pics/Read more
Tipsheet Extra
Hundreds in Miami wait in line to receive Publix gift cards
Jeff Bezos shows off Blue Origin’s BE-7 engine — and makes a bold prediction
Ikea ends publication of iconic printed catalog
George Clooney has caused the hair-cutting Flowbee to completely sell out
Panic buyers storm San Francisco Costco amid coronavirus surge
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