Authentic Brands has expanded its portfolio further into shoes with the acquisition of the well known brand, Rockport. Shoshy Ciment reports in Footwear News: Authentic Brands Group has scooped up Rockport, adding another heritage shoe brand to its growing portfolio. The company behind dozens of brand and retailer acquisitions announced on Wednesday that the U.S. Bankruptcy Court for the District of Delaware approved the sale transaction of Rockport, a Newton, Massachusetts-based footwear label. Rockport said in June that it filed for Chapter 11 bankruptcy and would put itself up for sale. … [Read more...]
Oil Majors Looking for Deals
Big oil companies like Exxon and Chevron are looking for acquisition deals that can add value for shareholders. Collin Eaton reports in The Wall Street Journal: Exxon Mobil and Chevron collectively banked nearly $14 billion in second-quarter profits Friday, down from last year’s record-breaking levels but adding to their war chests as they eye acquisitions in the oil patch. Exxon said it earned $7.9 billion in the second quarter, extending its run of strong quarters though its profit was down from the company’s $17.9 billion haul in the same time last year, when Russia’s invasion of … [Read more...]
What Happens When Your Favorite Store Goes Out of Business?
A number of big retail stores, including Bed Bath and Beyond, Tuesday Morning, Christmas Tree Shops, and others have recently gone out of business forever. These stores were heavy promoters and had loyal followings, but still couldn't keep the doors open. What will happen to the vendors and the sales generated by their advertising now that they're gone? Warren Shoulberg discusses the future of retail in The Robin Report, writing: As recently as just a few years ago, Bed Bath & Beyond did over $5 billion in annual retail sales. Tuesday Morning was doing close to $700 million a year before … [Read more...]
BREAKDOWN LANE: Major American Trucking Company About to Go Bankrupt
The major American trucking company, Yellow, is about to go bankrupt thanks to a lack of cash and a failure to reach a deal on a new contract with its union. The Wall Street Journal's Soma Biswas, Paul Page, and Alexander Gladstone report: Trucking company Yellow is preparing to file for bankruptcy, according to people familiar with the matter, heightening the threat that one of the nation’s largest freight carriers will shut down as customers abandon it amid a cash crunch and union negotiations. A bankruptcy filing by Yellow would put it at high risk of a liquidation since its … [Read more...]
Tesla Plans New Distribution Facility in Upstate New York
Tesla is planning a new distribution facility in Newburgh, New York, that will service stores in New York City and the surrounding area. Lana Bellamy reports in the Times Union: NEWBURGH — Tesla plans to open a regional distribution center in the town of Newburgh by the end of this year, promising to offer at the outset more than 100 new jobs at the facility off Route 300. The Orange County Partnership, a nonprofit focused on attracting business development to Orange County, announced Tuesday that Tesla will move into a 927,000-square-foot facility recently built by New Jersey-based Matrix … [Read more...]
Why Can’t America Build Anything Anymore? A Sad Lesson
Stanley Black & Decker, a storied American tool brand, wanted to build wrenches in America, but failed to do so profitably. Here's the sad story of what transpired when the company tried to make wrenches in Texas, as told by John Keilman in The Wall Street Journal: The world’s largest tool company couldn’t figure out how to make a wrench. Stanley Black & Decker SWK -0.08%decrease; red down pointing triangle built a $90 million factory on the edge of Fort Worth, Texas, intending to burnish the Made-in-the-U.S.A. luster of the Craftsman brand by forging mechanics’ tools with … [Read more...]
UNPAID WORK: The Fallacy of Self Checkout
Americans have been duped into doing grocery store work for themselves at self-checkout aisles across the nation. In The Robin Report, Pam Danziger slams the idea and calls for better options. She writes: Nobody likes waiting in line for a checkout lane to open. No one likes waiting in line, period. Self-checkout was supposed to solve for that, but self-checkout comes with its own set of frustrations, not the least of which is customers are doing unpaid work. Grocery store shopping is something most of us must suffer through, if not weekly, at least occasionally. The average consumer … [Read more...]
Swiss Company to Build New Solar Cell Facility in Colorado
Swiss solar cell manufacturer Meyer Burger is building a new production facility in Colorado Springs. Aldo Svaldi reports in The Denver Post: Meyer Burger, a Swiss maker of solar cells and modules, will locate a new manufacturing plant in Colorado Springs as it boosts its U.S. presence, the Colorado Office of Economic Development and International Trade announced Monday. The new plant is expected to bring up to 380 paying an average annual wage of $77,842, which is nearly 130% of the average annual wage in El Paso County. Project managers, operators, facility managers, process engineers, … [Read more...]
Teamsters Strike Averted at Nearly Bankrupt Trucker, Yellow
Teamsters threatening Yellow, a nearly bankrupt trucking company, with a strike have postponed their plans, most likely saving the company from liquidation, for now. Paul Page reports in The Wall Street Journal: The Teamsters union pulled back its threat of a strike this week at financially-ailing trucker Yellow, averting an action the company had said would send the business into liquidation. The union said Sunday that it withdrew plans for the walkout, which could have started as soon as Monday, after a pension fund agreed to continue to extend health benefits to unionized workers at … [Read more...]
America’s Oil Export Epicenter Is Growing Fast
Corpus Christi Bay has turned into America's energy export epicenter after the federal government legalized the export of crude oil in 2015. David Uberti and Beoit Morenne explain the area's growth in The Wall Street Journal, writing: Corpus Christi is the closest deep-draft port to the Permian Basin in West Texas and New Mexico, America’s hottest oil field. Crude extracted from shale rock there, prized by overseas refineries for its light, sweet quality, trades at a premium to many other grades. That oil was confined stateside as the shale boom unleashed unprecedented U.S. … [Read more...]
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