"Analysts say as much as a quarter of America’s malls may close in the next five years," per The New York Times. "The pandemic has been devastating for the retail industry," with prominent department store chains closing stores, which "could cause other tenants to abandon malls at the same time as large specialty chains like Victoria’s Secret are shrinking." That, plus the rise of online shopping, could lead to malls that are “'community-based' in smaller markets, with local and regional businesses," according to one analyst..
The Supreme Court ruled Monday that it is within the law for the president to fire the director of the Consumer Financial Protection Bureau without cause.“The ruling puts to rest a decade of doubt over whether the bureau and its leadership structure, in which the director is appointed by the president to a five-year term and cannot be dismissed without a substantial reason, were constitutional,” according to The New York Times.
NPC International Inc., which operates more than 1,600 Wendy’s and Pizza Hut restaurants, filed for Chapter 11 bankruptcy protection Wednesday. The company was struggling before the pandemic. “As our industry has been in the midst of dynamic changes due to shifting consumer preferences and dining behavior, we also have been facing increased labor and commodities costs and a higher level of financial leverage that presents obstacles to achieving our long-term business objectives,” said Jon Weber, president and CEO of NPC’s Pizza Hut division.
Southeastern Grocers, the operator of 366 Winn-Dixie stores, said despite a report to the contrary, there are no current plans to change to drop “Dixie” from its name. “While we have no immediate plans to rename this banner, we have always been and will continue to be responsive to the needs and concerns expressed by the communities we serve,” the company said in a release. In a high-profile move, the country band The Dixie Chicks changed their name last week to The Chicks.
Costco said in a recent post on Facebook that it has stopped selling $20 half-sheet cakes and is pointing customers to 10-inch round cakes, a better option for pandemic-inspired smaller gatherings. “The elimination of sheet cakes comes as public health officials warn people against large gatherings amid the coronavirus pandemic,” per Deseret News. Sheet cakes, which serve about 50 people, are often purchased for large gatherings. Kroger and Sam’s Club also have stopped selling large cakes.
Amazon will not slap its name on the side of the newly purchased KeyArena. Instead, the arena, which will house the city’s incoming NHL franchise and WBNA’s Storm, will be known as the Climate Pledge Arena. Putting its money where its mouth is, Amazon will power the arena 100% by renewable electricity when it opens by late-summer 2021 as it seeks to achieve a zero-carbon footprint.
Gilead Sciences says it will charge U.S. hospitals $3,120 for a typical patient with commercial insurance for the COVID-19 drug remdesivir, which "interferes with the new coronavirus’s ability to replicate within a patient’s cells,” according to The Wall Street Journal. “Under the company’s plans, Gilead will charge a higher price for patients with private insurance in the U.S., and a lower price for U.S. government health programs like Medicare and all other developed countries that insure their patients directly."
Bottled water made by Whole Foods and sold in U.S. stores and on Amazon contains potentially harmful levels of arsenic, according to Consumer Reports. “CR recently tested dozens of bottled water brands and found that Starkey Spring Water, introduced by Whole Foods in 2015, had concerning levels of arsenic, ranging from 9.49 to 9.56 parts per billion (ppb), at least three times the level of every other brand tested.”
The NFL is expected to let teams sell camera-visible signage to local sponsors, sources tell Sports Business Daily. It is expected that at least the first six to eight rows of seating in every stadium will be off limits to fans. “Sources said those seats will be covered by tarps that could include sponsor logos, similar to how EPL teams repurposed empty seating sections for ads during its return to play last week,” per the pub. “There are restrictions designed to protect league sponsors. Team naming rights sponsors, local sponsors that don’t conflict with league sponsors, and local sponsors who ...
Macy’s is cutting another 20% of its corporate workers due to continuing hits to its sales numbers thanks to fallout from the pandemic. “In its first fiscal quarter, when all of its stores were closed for six weeks, sales fell 45% and its operating loss was around $1 billion,” according to Fortune. “While the bulk of Macy's stores have reopened, and business is recovering gradually, the retailer's sales are not likely to return to year-ago levels anytime soon, pressuring the company to further rein in costs.”