Retail industry
Chipotle restaurant in Maine files petition for union election
A customer carries a Chipotle bag in front of a restaurant in Santa Clara, California, U.S., on Tuesday, Oct. 19, 2021. David Paul Morris | Bloomberg | Getty Images A Chipotle Mexican Grill location in Augusta, Maine, filed a petition for a union election on Wednesday, becoming the first of the burrito chain’s restaurants to […]
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Nike to fully exit Russia, will scale down over coming months
A man walks past the Nike logo seen in a window of a brand store in Kiev. Pavlo Gonchar | LightRocket | Getty Images U.S. sportswear maker Nike is making a full exit from Russia, three months after suspending its operations there, the company said in an emailed statement Thursday. Nike said on March 3 […]
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Olive Garden’s parent company Darden beats earnings estimates as sales jump
An Olive Garden restaurant in Silverdale. Darden Restaurants, Inc. which owns Olive Garden and other restaurant chains is scheduled to report its fourth-quarter 2022 earnings on June 23. Toby Scott | Lightrocket | Getty Images Darden Restaurants’ quarterly earnings and revenue beat analysts’ expectations, shaking off inflationary pressures as diners returned to LongHorn Steakhouse and The Capital […]
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The retail industry is facing a potential wave of bankruptcies – here’s why
Revlon makeup products are displayed at a CVS store on August 9, 2018 in Sausalito, California. Justin Sullivan | Getty Images The retail industry is up against a potential wave of bankruptcies following a monthslong slowdown in restructuring activity. There could be an increase in distressed retailers beginning later this year, experts say, as ballooning […]
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Here’s what China’s e-commerce giants are telling us about the economy
Across five major e-commerce platforms’ GMV, Alibaba’s market share fell by 6% in the first quarter versus the fourth, according to Bernstein analysis. Str | Afp | Getty Images BEIJING — Alibaba was once the poster child for investing in modern China. Now the e-commerce market that fueled its growth is slowing, while new players […]
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Franchise Group considers lowering Kohl’s bid closer to $50 a share from about $60, source says
People walk near a Kohl’s department store entranceway on June 07, 2022 in Doral, Florida. Kohl’s announced that it has entered into exclusive negotiations with Franchise Group, which is proposing to buy the retailer for $60 per share. Joe Raedle | Getty Images The retail holding company Franchise Group is weighing lowering its bid for […]
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Fanatics CEO Michael Rubin selling ownership stake in Philadelphia 76ers, New Jersey Devils
Michael Rubin attends Fanatics Super Bowl Party on February 12, 2022 in Culver City, California. Shareif Ziyadat | Filmmagic | Getty Images Billionaire Fanatics CEO Michael Rubin announced Wednesday that he is selling his 10% stake in the parent company that owns the Philadelphia 76ers and New Jersey Devils, citing a conflict of interest with […]
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Canada inflation rate gallops to near 40-year high, calls for supersized rate hike mount
The Bank of Canada raised interest rates to 1.5% from 1.0% this month and said it was ready to act “more forcefully” if needed to tame inflation. David Kawai | Bloomberg via Getty Images Canadian consumer prices increased in May at rates not seen since January 1983, surging past analyst forecasts, largely driven by pricey […]
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Online lottery ticket company Jackpot gets funding from top sports executives
Online lottery ticket company Jackpot announced Wednesday that it closed on $35 million in series A funding, led by some of the biggest names in sports who see the promising growth potential in digital lottery sales. The cash infusion could enable Jackpot to start rolling out its website and app later this year in select […]
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Lowe’s expands into the metaverse with a tool to help visualize projects
Lowe’s Metaverse Open Builder. Courtesy: Lowe’s It seems like every company is getting into the metaverse these days. Lowe’s doesn’t want to miss out on the opportunity to use it to help builders imagine projects. But unlike other retailers that chose a particular virtual platform or game like Fortnite or Roblox, Lowe’s metaverse assets – […]
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