And within the next five years, the landscape will be much different than it is today, Perry Mandarino, B.
Riley Securities, via CNBC.
Experts say that well known brands are at risk, including Serta Simmons, Rodan & Fields and Men's Warehouse.
We have potentially a perfect storm brewing, Sally Henry, Professor of Law at Texas Tech Law School, via CNBC.
I wouldnât be surprised to see an uptick in retail bankruptcies, Sally Henry, Professor of Law at Texas Tech Law School, via CNBC.
Experts say it comes down to demand.
Consumers arenât just buying less stuff, they are shopping less, which means a loss of the impulse-shopping moments that are critical to retail growth, Marshal Cohen, NPD Group, via CNBC.
Experts also say that the landscape is becoming increasingly complex.
There are many more variables, Steve Zelin, PJT Partners, via CNBC.
Some see danger signals in an overuse of credit.
Consumers have been willing to spend on credit cards, on mortgages and on buy now pay later programs, David Berliner, Chief of BDOâs Business Restructuring, via CNBC.
Iâm afraid a lot of consumers are are going to be tapping out their credit cards and then theyâre going to be forced into an
abrupt pullback, David Berliner, Chief of BDOâs Business Restructuring, via CNBC
Amazon Cuts Hundreds , of Cloud Computing Jobs.
An Amazon Web Services (AWS)
spokesperson issued a statement about
the job cuts on April 3, CNBC reports. .
Weâve identified a few targeted areas of
the organization we need to streamline
in order to continue focusing our efforts
on the key strategic areas that we
believe will deliver maximum impact, AWS spokesperson, via statement.
We didnât make these decisions
lightly, and weâre committed
to supporting the employees
throughout their transition to new
roles in and outside of Amazon, AWS spokesperson, via statement.
Cuts are being made to the store technology division âas a result of a broader strategic shift in the use of some applications in Amazonâs owned as well as in third-party stores,â the spokesperson said.
The layoffs come after Amazon announced that it was ending its Just Walk Out technology in Fresh stores.
The cashierless technology is overseen
by teams within the AWS unit. .
Beginning in 2022, Amazon started
its largest layoffs in history by letting
go of 27,000 roles company-wide. .
So far in 2024, the retail behemoth has cut jobs at Audible, Buy with Prime, Prime Video, MGM Studios and Twitch, CNBC reports. .
This latest round of cuts will
allow U.S. employees to collect pay
and benefits for a minimum of 60 days.
They will also be offered a severance package.
Credit: Wibbitz Top Stories Duration: 01:30Published
UPS to Become US Postal Serviceâs , Main Air Cargo Provider.
On April 1, United Parcel Service announced
that it will replace FedEx as the primary air
cargo provider for the USPS, CNBC reports. .
On April 1, United Parcel Service announced
that it will replace FedEx as the primary air
cargo provider for the USPS, CNBC reports. .
FedEx is walking away from a
22-year partnership after failing to
secure a better contract with the agency. .
FedEx is walking away from a
22-year partnership after failing to
secure a better contract with the agency. .
In fiscal year 2023, USPS paid FedEx $1.73 billion
for its services, down from the $2.4 billion
FedEx received in fiscal year 2020.
The decrease in payments was partially due
to the postal service using more economical
trucks in place of planes, CNBC reports. .
The parties were unable to reach
agreement on mutually beneficial
terms to extend the contract, FedEx, via securities filing.
Since FedEx will lose nearly $2 billion in annual
business from letting go of the contract, .
hundreds of pilots will likely
lose their jobs, CNBC reports .
Following the announcement, UPS shares
increased 1.4% while FedEx stock dropped 1.6%.
FedEx's current contract is
set to expire on Sept. 29
Credit: Wibbitz Top Stories Duration: 01:30Published
Krispy Kreme to Be Sold , at McDonaldâs Nationwide.
Krispy Kreme to Be Sold , at McDonaldâs Nationwide.
Both food chains made the announcement
on March 26, CNBC reports. .
The rollout will start later this year but will take until the end of 2026 to reach McDonald's nationwide. .
That's because Krispy Kreme will have
to "more than double its distribution"
to meet demand, CNBC reports. .
We think we can service about
6,000 restaurants with our existing
infrastructure, mostly doughnut
shops, which have excess capacity, Krispy Kreme CEO Josh Charlesworth, to CNBC.
Shares of Krispy Kreme jumped 22%
following the announcement.
Krispy Kreme is also expanding distribution
to grocery and convenience stores.
That means that the overall efficiency
and productivity of our distribution network will significantly improve over time, not just
because of all those local deliveries. , Krispy Kreme CEO Josh Charlesworth, to CNBC.
Currently, Krispy Kreme typically makes more doughnuts than it can sell, so churning out even more product will take few additional costs. .
Currently, Krispy Kreme typically makes more doughnuts than it can sell, so churning out even more product will take few additional costs. .
Overall, therefore, it makes our system
more profitable to grow the deliver
fresh daily channel, and McDonaldâs
is an accelerator of that, Krispy Kreme CEO Josh Charlesworth, to CNBC.
Overall, therefore, it makes our system
more profitable to grow the deliver
fresh daily channel, and McDonaldâs
is an accelerator of that, Krispy Kreme CEO Josh Charlesworth, to CNBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Boeing CEO Dave Calhoun , to Step Down.
Calhoun will resign at the
end of the year, CNBC reports.
His departure comes amid a broad management shakeup at Boeing following a Jan. 5 incident in which a door flew off an Alaska Airlines flight.
His departure comes amid a broad management shakeup at Boeing following a Jan. 5 incident in which a door flew off an Alaska Airlines flight.
As you all know, the Alaska Airlines
Flight 1282 accident was a
watershed moment for Boeing, Boeing CEO Dave Calhoun, via note to employees.
We must continue to respond to
this accident with humility and
complete transparency. , Boeing CEO Dave Calhoun, via note to employees.
We also must inculcate a total
commitment to safety and quality
at every level of our company, Boeing CEO Dave Calhoun, via note to employees.
Calhoun went on to say that
"the eyes of the world are on us.".
Calhoun went on to say that
"the eyes of the world are on us.".
I know we will come through this moment a
better company, building on all the learnings
we accumulated as we worked together to
rebuild Boeing over the last number of years, Boeing CEO Dave Calhoun, via note to employees.
Larry Kellner, chairman of the board,
will also step down in May.
Boeing director Steve Mollenkopf
will become the new chairman.
Boeing director Steve Mollenkopf
will become the new chairman.
Stan Deal, president and CEO of Boeing Commercial
Airplanes, will step down immediately.
Stephanie Pope, Boeing's Chief
Operating Officer, will take his place
Credit: Wibbitz Top Stories Duration: 01:30Published
Trump Canât Obtain Appeal Bond , in New York Fraud Case.
According to a New York court filing
on March 18, Trump isn't able to secure a
$454 million bond as he appeals a civil business
fraud judgement against him, CNBC reports. .
Trump's attorneys said that getting the bond is "impossible" since it would "effectively" require "cash reserves approaching $1 billion.".
Defendantsâ ongoing diligent
efforts have proven that a bond
in the judgmentâs full amount
is âa practical impossibility.â, Donald Trump's lawyers, via CNBC.
Gary Giulietti, president of the
Northeast division of the Lockton Companies, was hired to help Trump obtain a bond.
Despite scouring the market, we have
been unsuccessful in our effort ... for the
simple reason that obtaining an appeal bond
for $464 million is a practical impossibility
under the circumstances presented, Gary Giulietti, president of the Northeast
division of the Lockton Companies, via CNBC.
Simply put, a bond of this
size is rarely, if ever, seen, Gary Giulietti, president of the Northeast
division of the Lockton Companies, via CNBC.
In the unusual circumstance that a bond of
this size is issued, it is provided to the largest
public companies in the world, not to
individuals or privately held businesses, Gary Giulietti, president of the Northeast
division of the Lockton Companies, via CNBC.
Giulietti went on to say that a private company would need about $1 billion to put up as collateral to receive a bond of that size. .
While it is my understanding that
the Trump Organization is in a strong
liquidity position, it does not have
$1 billion in cash or cash equivalents, Gary Giulietti, president of the Northeast
division of the Lockton Companies, via CNBC.
Meanwhile, Trump secured a $91.6 million bond earlier this month as part of a separate case
brought against him by writer E. Jean Carroll. .
Meanwhile, Trump secured a $91.6 million bond earlier this month as part of a separate case
brought against him by writer E. Jean Carroll.
Credit: Wibbitz Top Stories Duration: 01:31Published
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