CrossFit founder Greg Glassman stepped down from his role as CEO after telling gym owners on a private Zoom call that, "We're not mourning for George Floyd — I don't think me or any of my staff are," according to a recording of the meeting obtained by BuzzFeed. “The call was held hours before Glassman responded to a tweet on Saturday night that called racism a public health issue, writing, ‘It’s FLOYD-19,’” according to Buzzfeed. “His tweet drew immediate backlash from gym owners and caused Reebok to end a partnership deal with the company.”
3M has filed a lawsuit "alleging that an Amazon seller sold fake, damaged and defective versions of its prominent N95 masks." according to The Street. The suit alleges that "Mao Yu and affiliated companies falsely advertised as third-party sellers on Amazon under the 3M brand." The defendants allegedly charged customers as much as 20 times 3M’s list prices for N95 masks. The complaint demands money damages and an order requiring the defendants to stop selling the products. 3M said it would donate any damages it receives from the suit to nonprofits.
Herbert Diess is relinquishing his title as head of VW brand in response to “the botched launch of the latest Golf, the company’s top-selling model, and persistent troubles readying the new all-electric ID-3 set to go on sale this summer,” according to The Wall Street Journal. He remains CEO of the Volkswagen company that includes the VW, Audi, Porsche, Lamborghini and Bentley brands. Ralf Brandstätter, currently No. 2 at the VW brand division, will become CEO of the division on July 1 while Diess will focus on steering the group.
General Motors is donating $10 million to organizations that promote inclusion and racial justice. The first $1 million will go to the NAACP Legal Defense and Educational Fund. “Through today’s donations, GM is taking action in helping root out intolerance — and that means racism, bigotry, discrimination and any other form of hatred,” said GM CEO Mary Barra. “We want to be part of meaningful, deliberate change and we will not allow ourselves the passivity of urging others to act. We are taking action.”
Lexus released a teaser last week and was scheduled to hold an online global premiere of its 2020 Lexus IS today. The Japanese luxury automaker issued a brief press release delaying the event until further notice due to “the recent global situation,” which is likely the multi-city protests worldwide focusing on racial injustice as well as the continuing pandemic. “There are simply too many more important things happening in the world at the moment than the reveal of a new vehicle,” Carbuzz opined. “Lexus made the respectful and right decision.”
New York's annual BookExpo, which recently ran virtually on Facebook offered lessons for many industries "as future prospects for mass gatherings remain clouded," according to The New York Times. “We went for quality over quantity,” said Jennifer Martin, the event director. “We wanted to pick out the pillar events and do them really, really well. That was better than scrambling to do all we usually do, when we have eight panel rooms and three stages on the conference floor and so on.”
No big surprise -- the pandemic lockdown has increased digital banking, with 30% fewer visits to live bank locations, a trend documented by financial-services researcher Novantas. That That "could speed plans to close more branches," notes The Wall Street Journal.
Private equity firm Sycamore Partners is in first talks to buy J.C. Penney, which is "also in touch with some of its landlords, including Brookfield Asset Management Inc and Simon Property Group, about possible transactions," according to Reuters. The retailer filed for bankruptcy protection in May.
Tiffany and Co. stock values plunged after Women’s Wear Dailyreported
LVMH’s $16 billion deal to buy the jeweler is uncertain. “The economic fallout from the pandemic has disrupted or derailed a number of prominent deals, including L Brands Inc.’s agreement to sell a majority stake in Victoria’s Secret to private-equity firm Sycamore Partners,” per Bloomberg
. “If the LVMH-Tiffany tie-up falls apart, it would be one of the largest so far related to Covid-19.”
Adidas posted about racism on social media while simultaneously shutting down U.S. outlets because of protests across the country.“Together is how we move forward,” one of the company’s statements read, under the word RACISM crossed out. “Some followers praised the German sportswear retailer,” according to The New York Times. “Others noted that the post didn’t mention Mr. Floyd or police brutality, containing mostly unspecific aphorisms. ‘You did it adidas you stopped racism’ one follower sarcastically replied.”