Business news 2024

[Rewind]

In 1948, John Cotter formed Cotter & Company, a wholesaler that supplied products to hardware stores in the Chicago area. In 1962, after purchasing hardware wholesaler Hibbard, Spencer & Bartlett, which manufactured products under the True Value name, Cotter & Company rebranded as True Value Company. There are now more than 4,500 True Value retail stores worldwide.

Chicago-based True Value hardware files for bankruptcy, agrees to sell to Do it Best
The hardware retailer’s 4,500 member stores are independently owned and will continue day-to-day operations.

https://chicago.suntimes.com/money/2...lls-do-it-best

[Rewind]

CVS Pharmacy was founded in 1963 in Lowell, Massachusetts, as Consumer Value Stores. There are 9,292 CVS Pharmacies in the United States and its territories. Shares of Parent Company CVS Health Corporation closed today at 60.34, a drop of 3.33 (5.23%).

CVS names new CEO in the wake of layoffs and poor stock performance

https://www.cnn.com/2024/10/18/busin...ceo/index.html

[Rewind]

Harold Butler and Richard Jezak founded Danny's Donuts in 1954 in Lakewood, California. The chain quickly expanded and became Danny's Coffee Shops, open 24 hours. In 1969, Danny's was renamed Denny's to avoid confusion with Coffee Dan's, a chain of 24-hour diners in Los Angeles and San Francisco. Shares oif Denny's closed today at 5.47, a drop of 1.17 (17.62%)

Denny's is closing 150 restaurants

https://www.cnn.com/2024/10/22/food/...res/index.html

[Rewind]

Beyond Inc., the parent company of Overstock, Zulily and Bed Bath & Beyond, declared in a filing with the Securities & Exchange Commission that this "reduction in force" will "create a more variable, leverageable cost structure and create a more streamlined organization to align to its asset-light business that supports an affinity and data monetization model with a strong technology focus." Uh, what?

Bed Bath & Beyond parent company to slash workforce by about 20%

https://chainstoreage.com/news-brief...force-about-20

[Rewind]

The fine of 20,000,000,000,000,000,000,000,000,000,000,000 rubles isn't as bad as it sounds. Right now a ruble is equal to $0.0102752. In U.S. dollars, the fine is only $194,643,410,000,000,000,000,000,000,000,000.

Russia fines Google 20,000,000,000,000,000,000,000,000,000,000,000 rubles

https://www.cnn.com/2024/10/31/tech/...sia/index.html

[Rewind]

Alan Stillman opened the first TGI Fridays in 1965 in New York City. At its peak, the chain had 890 locations worldwide – and then came the COVID-19 pandemic.

TGI Fridays files for Chapter 11 bankruptcy protection

https://www.huffpost.com/entry/tgi-f...b0c69b94984627

[Rewind]

Jeffrey Horowitz opened the first Vitamin Shoppe in 1977 in New York City. There are now 696 Vitamin Shoppes in the United States. The company went public in 2009. Shares reached a high of $64.76 in February 2013. In May 2023, when the company went private, shares had fallen to $29.92. In November 2024, we know there are no vitamins that can prevent bankruptcy.

Vitamin Shoppe owner files for bankruptcy
Franchise Group, which also runs Pet Supplies Plus and Buddy's Home Furnishings, will shut down American Freight starting this week.

https://www.retaildive.com/news/vita...-group/731857/

[Rewind]

In 2018, President Trump imposed tariffs of 10% on imported aluminum, 25% on imported steel, 20% on washing machines and 30% on imported solar panels. Trump believed the tariffs would be paid by China and other nations who export goods to the United States. He was wrong. Americans paid these tariffs in the form of dramatically higher prices. Trump, who never admits to being wrong about anything, is planning to impose more tariffs after be assumes the Presidency in January – and, once again, Americans will wind up paying for them.

Retailers are already preparing for Trump’s tariffs that threaten to upend the economy
The Independent, Nov 7 2024

Donald Trump has proposed adding a tariff of 10 to 20 percent on all imports – and a 60 to 100 percent tariff on imports from China. These tariffs would put a significant burden on shoppers, according to National Retail Federation CEO Matthew Shay. "The adoption of across-the-board tariffs on consumer goods and other non-strategic imports amounts to a tax on American families," Shay told Fox Business. "It will drive inflation and price increases and will result in job losses." The tariffs could lead to as much as $7,600 in additional costs annually per household.

https://www.independent.co.uk/news/w...-b2643504.html

[Rewind]

"Daughter, you can have your Galinda doll. I want some of these living dolls on this porn site!"

Mattel says it 'deeply' regrets misprint on 'Wicked' dolls packaging that links to porn site

https://abcnews.go.com/Entertainment...inks-115734922

[Rewind]

A majority of the items sold on Amazon Haul will cost $10 or less. A majority of shoppers will likely refer to those items as "junk." Shares of Amazon closed today at 214.10, a gain of 5.19 (2.48%).

Amazon's new $20 and under store is here top challenge Shein and Temu

https://www.theverge.com/2024/11/13/...rgain-webstore