Tag Archives: business

Iconic NYC Grocery Chain To Shutter All Locations

The New York Post reports: Legendary Big Apple grocer Fairway Market is getting ready to call it quits, The Post has learned. The New York City chain — known for its wide selection of cheeses and cheap produce — is planning to file for a Chapter 7 bankruptcy, which means the grocery chain does not currently have a plan to …

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Macy’s To Shutter 30 Locations In First 2020 Quarter

Business Insider reports: Macy’s is closing 30 stores in early 2020. In 2016, Macy’s said it would close 100 stores after it reported six consecutive years of declining sales. Since then, it has been closing these locations as their leases expire. A representative for the company did not comment on whether this recent wave of closures was included in the …

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New Year To Bring New State Taxes On Electric Cars

The Associated Press reports: The new year will bring new charges for some owners of electric vehicles, as an increasing number of states seek to plug in to fresh revenue sources to offset forgone gas taxes. In Hawaii, the charge will be $50. In Kansas, $100. In Alabama and Ohio, $200. For the first time, a majority of U.S. states …

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Saturday Shopping Sales At All-Time Record $34B

Bloomberg News reports: Holiday shopping set records over the weekend, with Super Saturday sales reaching $34.4 billion, the biggest single day in U.S. retail history, according to Customer Growth Partners. “Paced by the ‘Big Four’ mega-retailers — Walmart, Amazon, Costco and Target — Super Saturday was boosted by the best traffic our team has seen in years,” said Craig Johnson, …

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Boeing Fires CEO Amid Safety Scandal

The New York Times reports: Boeing on Monday fired its chief executive, Dennis A. Muilenburg. It said Dave Calhoun, the chairman, would replace Mr. Muilenburg, on Jan. 13. Until then, Boeing’s chief financial officer, Greg Smith, will serve as interim chief executive, the company said. Boeing said in a statement that its board of directors “decided that a change in …

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Hallmark Channel Reverses, Apologizes On LGBT Ads

CNN reports: The Hallmark Channel is reversing its decision to pull advertisements featuring same-sex couples and apologizing for removing them in the first place, a network spokeswoman told CNN Business. The decision comes after Hallmark parent company Crown Media Family Networks faced calls for viewers and advertisers to boycott its television channel. The ads, from online wedding planning company Zola, …

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Forecast: Credit Card Delinquencies Near 10-Year High

Bloomberg News reports: Americans are projected to fall seriously behind on their credit card bills at the highest rate in a decade as banks push a record number of people to get plastic. The share of credit card borrowers who are at least 90 days past due on their accounts will probably tick up to 2.01% next year, the highest …

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London Yanks Uber’s License Over “Fake” Drivers

The Guardian reports: Uber has lost its licence to operate private hire vehicles in London after authorities found that more than 14,000 trips were taken with more than 40 drivers who had faked their identity on the Uber app. Transport for London announced the decision not to renew the ride-hailing firm’s licence at the end of a two-month probationary extension …

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Chick-Fil-A: No More Donations To Anti-LGBT Groups

As you surely recall, they’ve said this before: As Chick-fil-A expands globally and into more liberal parts of the U.S., the chicken chain plans to change which charities it donates to after years of bad press and protests from the LGBT community. Beginning next year, Chick-fil-A will move away from its current philanthropic structure, Bisnow has learned. After donating to …

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McDonald’s Cans CEO Over “Consensual Relationship”

The Associated Press reports: McDonald’s chief executive officer has been pushed out of the company after violating company policy by engaging in a consensual relationship with an employee, the corporation said Sunday. The fast food giant said former president and CEO Steve Easterbrook demonstrated poor judgment, and that McDonald’s forbids managers from having romantic relationships with direct or indirect subordinates. …

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REPORT: Dick’s CEO Mulls Third-Party White House Bid

Politico reports: Ed Stack, the CEO of Dick’s Sporting Goods and a longtime Republican donor, is testing the waters for a possible third-party presidential bid that could scramble the dynamics of the 2020 general election. Various messages were presented to a focus group in southern Wisconsin this week centering on the billionaire businessman, along with possible three-way match-ups against Donald …

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New Bernie Plan: Tax Companies With Highly-Paid CEOs

Politico reports: Bernie Sanders has a new plan to reduce the widening gap between the rich and poor. The presidential candidate and decades-long crusader against income inequality unveiled a proposal Monday to raise taxes on businesses whose CEOs make at least 50 times more than their median workers. The boost in corporate taxes would be imposed on companies that bring …

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Corporations Advise Investors On Mass Shooting Risks

CBS News reports: When publicly listed companies disclose risks for shareholders in their filings with the Securities and Exchange Commission, they typically cite business factors such as potential economic downturns, labor costs and currency fluctuations. But a new threat is starting to appear in annual earnings reports: The danger of getting shot. The Cheesecake Factory and Dave & Buster’s Entertainment …

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Equifax To Pay Up To $700M Over Massive Data Breach

USA Today reports:  Credit-reporting company Equifax will pick up the tab in a deal with the Federal Trade Commission, Consumer Financial Protection Bureau and 50 states and territories to settle allegations that it did not implement sufficient security measures to protect its network. The deal calls for Equifax to pay at least $575 million, including $300 million for free credit …

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Kohl’s Stores To Accept And Process Amazon Returns

The New York Times reports: It says volumes about the challenges facing brick-and-mortar stores that the “single biggest initiative” out of Kohl’s this year, according to the national retailer’s chief executive, is that it will now accept and process unwanted orders from Amazon. Kohl’s said on Monday that it was now accepting Amazon returns at its more than 1,100 stores …

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Auto Industry Icon Lee Iacocca Dead At 94 [VIDEO]

CNBC reports: Lido Anthony Iacocca, the automobile industry legend best known as “Lee,” died at the age of 94 on Tuesday morning, his family confirmed. A child of Italian immigrants who grow up in humble conditions, Iacocca became one of the most powerful — and best known — executives in Detroit. Iacocca rose to become president of Ford Motor in …

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Grubhub Under Fire For Making 34,000 “Copycat” Sites That Masquerade As Homepages For Restaurants

The New York Post reports: Grubhub has created thousands of Web sites that masquerade as the sites of restaurants — a practice that can jack up prices for hungry customers, The Post has learned. The online food-ordering giant, which also owns Seamless and Menupages, has scooped up more than 34,000 URLs since 2010 with names that are similar to restaurants’ …

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Ex-Wife Of Jeff Bezos Pledges $17 Billion To Charity

Vox reports: Less than two months after finalizing her divorce from the world’s richest person, MacKenzie Bezos has indicated that she intends to be a far more generous philanthropist than her husband has ever been. MacKenzie Bezos announced in a letter on Tuesday that she had signed the Giving Pledge, a commitment to give half of her $35 billion in …

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Walmart To Roll Out Free One-Day Delivery Program

The Verge reports: Walmart will offer free one-day delivery on up to 220,000 items on its online store with orders over $35. Walmart is currently offering the new service in Phoenix and Las Vegas, and will come to Southern California in the coming days. The retailer expects the service to be available to 75 percent of the US by the …

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Party City To Shutter 45 Stores Due To Helium Shortage

USA Today reports: Amid a global helium shortage, Party City announced Thursday it will shutter 45 stores in 2019. The New Jersey-based party supplies company did not release a list of affected stores but said the closures will take place throughout the year. Party City said it is working to secure a new helium source and a contract, which is …

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