The former leader of the Nissan-Renault car alliance has fled Japan, where he was awaiting trial on charges of financial misconduct, to his homeland of Lebanon, essentially forfeiting $14 million in bail. Carlos Ghosn, 65,said Tuesday that he had left Japan "to escape injustice.” It was not clear how Ghosn, who holds Lebanese, French and Brazilian citizenship, had departed Japan. He had been under close surveillance and ordered to surrender his passports. “I am now in Lebanon and will no longer be held hostage by a rigged Japanese justice system where guilt is presumed, discrimination is rampant, and basic human …
Creditors of Toms Shoes have agreed to take over the company in exchange for restructuring its debt. “The group of creditors, led by Jefferies Financial Group Inc., Nexus Capital Management LP and Brookfield Asset Management Inc. will assume the ownership from the shoemaker’s founder Blake Mycoskie and Bain Capital LP,” Reuters reported, citing a company letter sent to its employees and people familiar with the matter. It’s not clear whether Mycoskie will retain a role at the company, given he will no longer be an owner, the report said.
The U.S. Navy said it will spend nearly its entire $33 million ad budget online, with a focus on esports. That means it is dropping TV advertising and skipping the Super Bowl in order to better target 17- to 28-year-olds as potential recruits. A tiny proportion will go to local billboard and radio ads. “That’s a change from just two years ago, when about half the Navy’s ad budget went to TV ads, including the ‘Forged by the Sea’ campaign,” according to Benzinga.
Cannabis-derived CBD oil could be used in beauty products to help fight inflammation, acne and aging, but consumers still need to be educated about benefits. “With more mass retailers looking into the possibilities of selling CBD-based health and beauty care products, the overall industry is ramping up for an explosion of products, not to mention marketing and other support systems to propel the segment,” according to Drug Store News. “Total sales of hemp-derived cannabidiol products are expected to reach $646 million by 2022 from $49 million in 2014.”
Michaels has named its second CEO in just two months. “The nation’s largest arts and crafts retailer named Walmart e-commerce executive Ashley Buchanan as president and chief executive officer. His appointment comes just about two months after Michaels tapped interim CEO Mark Cosby to fill the job,” according to Chain Store Age. Cosby will continue to serve as CEO during a transition period until April 1, and will remain a member of the board after he steps down. Cosby succeeded Chuck Rubin. who left in February.
Ring and Amazon are facing a class action lawsuit claiming the companies were negligent by not providing "robust security" to fend off hackers. “The named plaintiff, John Baker Orange, claims last July someone hacked into his outdoor security cameras and someone started commenting on his kids who were playing basketball, encouraging them to get closer to the camera,” according to TMZ. A video of a hacker talking to a little girl in her bedroom, telling her he was Santa Claus, has gone viral.
Nearly every major tech company had at least one multimillion-dollar embarrassment it would rather forget. Wired compiled the top 10 flops of the 2010s, which includes the exploding Samsung Galaxy Note 7 and Boeing 737 Max, Google+ and HealthCare.gov. “It was supposed to be the centerpiece of the Affordable Care Act, a web-based clearinghouse where American consumers could finally shop for their own healthcare services,” according to Wired. “The site launched on Oct. 1, 2013, and crashed two hours later, surprising no one.”
Despite the abundance of ways to communicate digitally, the paper card industry is experiencing a resurgence. “While the two generational cohorts before them valued the convenience and speed of digital communication, those born between 1981 and 2000 seek a slower and personal way of doing things,” according to Fast Company. “Part of the reason for this is that adults under 40 years of age grew up with the many risks associated with digital information and devices such as fraud, loss of privacy and identify theft. This group has surprised many with their preference for retro technologies such as beautiful pens, paper …
The holiday shopping frenzy is over. But people will be returning gifts — and continuing to shop — well into the new year. Return policies vary with the store.
Transformco, the owner of Sears and Kmart stores, has sold DieHard, one of the company's most well-known brands. Advance Auto Parts has acquired the DieHard brand for $200 million. DieHard auto batteries will continue to be sold at Sears and will be available at the auto supply store chain's more than 4,800 stores, according to the news release.