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“Best Buy shares soar on upbeat holiday sales forecast” Best Buy on Tuesday forecast a smaller drop in annual sales than it had previously estimated, saying it was confident that a ramp up in deals and discounts will bring in more inflation-weary customers during the holiday season. The retailer’s shares jumped 11% to $79.06, after it also beat…
“Amazon cutting jobs at devices, services units” Amazon on Wednesday said it has laid off some employees in its devices group as a person familiar with the company said it still targeted around 10,000 job cuts, including in its retail division and human resources. The announcement, Amazon’s first since media outlets including Reuters reported its layoff plans on Monday,…
“Walmart offers to pay $3.1 billion to settle opioid lawsuits” Walmart proposed a $3.1 billion legal settlement on Tuesday over the toll of powerful prescription opioids sold at its pharmacies, becoming the latest major drug industry player to promise major support to state, local and tribal governments still grappling with a crisis in overdose deaths. The…
“Amazon to slash 10,000 jobs starting this week: report” Amazon is planning to lay off some 10,000 employees in its corporate and technology sectors beginning this week, according to a report. The culling would be the largest number of job cuts undertaken at any point in the history of the Seattle-based e-commerce giant, which is…
“Amazon to freeze hiring in corporate workforce” Amazon will freeze hiring in its corporate workforce as the e-commerce giant deals with an “unusual macro-economic environment,” a company executive said on Thursday. “We anticipate keeping this pause in place for the next few months, and will continue to monitor what we’re seeing in the economy and the…
“Best Buy cuts hundreds of store jobs to shave costs: report” Best Buy has cut hundreds of store jobs across the United States in the past week, the Wall Street Journal reported on Friday, as the electronics retailer looks to reduce costs in the face of a demand slowdown. The job cuts include some workers who do…
“Walmart cutting 200 corporate jobs amid lower profit forecasts” Walmart confirmed Wednesday it is laying off corporate workers as part of a restructuring process. “We’re updating our structure and evolving select roles to provide clarity and better position the company for a strong future,” a company spokesperson told FOX Business in a statement. “At the same time,…
“Amazon may kill Amazon Basics, other private brands: report” Amazon has started reducing the number of items it sells under its own brands like Amazon Basics amid weak sales, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The company has also discussed the possibility of exiting the private-label business entirely to…
“Back-to-school spending expected to plunge amid inflation” Retailers banking on strong back-to-school sales will feel the pinch this summer as strapped consumers are on track to sharply curtail their shopping sprees, according to new research. The critical back-to-school shopping season, which kicks off after July 4 weekend, will grow by 5.5% this year, compared to…
“Walgreens, Kroger recall pain reliever bottles over lack of child-resistant packaging” Walgreens and Kroger are recalling thousands of bottles of pain reliever pills due to a lack of child-resistant packaging as required by the Poison Prevention Packaging Act. The pharmacy chain is recalling 137,300 units of its extra strength, 500-milligram, 150-count acetaminophen bottles. Meanwhile, Kroger’s recall…