Bed Bath & Beyond Secures $120 Million in Merchandise to Avoid Bankruptcy
April 5, 2023: Bed Bath & Beyond has teamed up with Hilco Global to keep its inventory stocked in a bid to avoid bankruptcy. The home goods retailer has signed a deal with investment manager ReStore Capital, which is part of the Hilco group, to enter a vendor consignment program. ReStore Capital will buy up to $120m worth of pre-arranged merchandise from Bed Bath & Beyond’s key suppliers on a revolving basis to help boost inventory levels at the retailer’s namesake chain and Buybuy Baby.
Bree Clarke, founder and creative director of The Iman Project, shifts her focus to plants and blooms.
April 4, 2023: Bree Clarke, the founder and creative director of Iman + Co., is making a name for herself in the plant and flower industry. The Iman Project, Clarke’s lifestyle brand, centers around authenticity and connecting people while nourishing their roots. The brand features farmhouse tables and Bree Blooms, flower-arranging workshops that have become a safe space for people to discuss difficult topics like race. Clarke doesn’t shy away from discussing her troubled past, including homelessness and jail time, which inspired her to launch The Iman Project after feeling undervalued as a Black woman in the wedding industry.
On declares Cyclon as its sustainability incubator, the Swiss running-shoe company worth $1 billion
April 4, 2023: According to the McKinsey 2023 Sporting Goods report, the athletic footwear market in the US declined in 2022, with revenues falling 6.1% and unit sales dropping 8%. The report also notes that consumer intent to purchase footwear fell in 2022, and that half of those surveyed expect to buy fewer items in 2023.
Shell’s $169 Million Volta Purchase Illustrates Ambiguity in Convenience Store Sector
April 3, 2023: Royal Dutch Shell has announced its acquisition of Volta Inc., an operator of over 3,000 electric vehicles (EV) charging points, for approximately $169 million. Although Volta lost almost $250 million in the last 12 months, this strategic acquisition will help Shell protect its substantial businesses, including its retail fuel distribution network and related businesses such as convenience stores at gas stations. As more consumers opt to recharge their EVs at home, the convenience stores located at gas stations will see a drop in customer traffic.
Philipp Plein Makes Dramatic Entry into Swiss Watch Market with 007-Inspired Parachute Descent onto Lake Geneva.
March 31, 2023: Philipp Plein, the German fashion designer known for his disruptive style, has launched a collection of Swiss-made luxury timepieces. The Crypto King and Queen collection, produced in Lugano, Switzerland, features a double-layer transparent dial and case-back with the brand’s signature skull, double-dome sapphire crystal with an anti-reflective coating, and colourways ranging from red and black to lime green.
Ex-Starbucks CEO Howard Schultz to face tough questioning from Bernie Sanders over alleged union busting.
March 30, 2023: Former Starbucks CEO, Howard Schultz, is expected to face tough questioning from Senator Bernie Sanders regarding the coffee chain’s alleged union busting during a Senate hearing on Wednesday. Sanders, a pro-union independent representing Vermont, has been putting pressure on Starbucks for over a year to recognize the union and negotiate contracts with unionized cafes. Schultz will defend Starbucks’ approach to negotiations, arguing that a direct relationship with workers is best for the company.
Despite a significant drop in demand for Covid tests and vaccines, Walgreens experiences an increase in revenue.
March 30, 2023: Walgreens Boots Alliance, the drugstore chain and healthcare company, reported a decline of more than 20% in quarterly profits due to significantly lower sales of Covid-19 vaccines and tests compared to last winter.
Bad Spaniels dog toy causing harm to Jack Daniel’s brand, company tells Supreme Court
March 23, 2023: The U.S. Supreme Court is set to hear a case that pits Jack Daniel’s, the famous Tennessee whiskey company, against VIP Products, the country’s second-largest dog toy manufacturer. Jack Daniel’s is seeking to stop the production and marketing of a chewy dog toy called Bad Spaniels, which is shaped and decorated like a Jack Daniel’s bottle, but features a spaniel and the name “Bad Spaniels” on the label, instead of the iconic Jack Daniel’s name. Moreover, the toy promises “43% poo by volume, 100% smelly” instead of 40% alcohol by volume.
Starbucks’ CEO to work one shift per month at the company’s cafes, announces CEO.
March 23, 2023: Starbucks CEO Laxman Narasimhan has pledged to work half a day each month at one of the company’s coffee shops to stay close to the culture, customers, and challenges facing the firm. Narasimhan joined the company in October 2021, taking the helm on Monday and leading its shareholder meeting on Thursday. He underwent barista training, including 40 hours of work, and wore the iconic green apron. Narasimhan stated in a letter to staff that he expected each member of the leadership team to stay connected to the realities of the company’s stores to discuss and improve them.
Panera Bread experiments with Amazon’s palm-recognition technology in St. Louis.
March 21, 2023: Panera Bread is partnering with Amazon to pilot its Amazon One palm-scanning technology in two restaurants in St. Louis. The technology offers a faster way for customers to connect to their loyalty program and pay for their purchases. Amazon One has already been implemented in several Amazon-owned Whole Foods locations, Amazon Go stores, and some stadiums and arenas. Panera’s loyalty program has over 52 million members, providing a significant expansion opportunity for Amazon One, which is designed to be both contactless and secure.
