The retailer, which also owns Kmart, reported a loss of $454 million in the third quarter. The massive loss is the latest in 10 years of declining same-store sales. Sears’ comparable sales declined 9.6% in the third quarter, while Kmart’s declined 7.5%.
2. One of the most popular toys of the holiday season is plagued by counterfeits and safety concerns
Many counterfeit brands are taking over the market.
Less than 1% of online marketplace listings that make reference to the IO Hawk hoverboard brand name are genuine.
More than 20 companies, many of which are located in China, manufacture and sell these scooters as cheap as $350.
A restaurant industry trade group is suing New York City’s Board of Health to stop it from enforcing a new rule requiring many chain restaurants to post warnings on menu items that are high in sodium. Backed by Mayor Bill de Blasio, the rule, believed the first of its kind nationally, requires restaurants to post a salt shaker encased in a black triangle as a warning symbol next to any menu item with more than 2,300 milligrams (0.08 ounce) of sodium
Shake Shack continues to expand. The fast casual burger chain announced plans to open a location in Darien, Connecticut and one in Lexington, Kentucky. It will be the first Shake Shack for Kentucky.
The company, which reported that comparable sales were down 12% for the third quarter of fiscal 2015, reported even worse results for November. Comparable sales were down 19%. On a recent earnings call, Gap Inc. CEO Art Peck expressed he was frustrated with the retailer.
Toys R Us won the Black Friday shopping weekend. The toy store revealed its best-selling toys from Thanksgiving weekend to Business Insider, two of which were Bright Beats Dance & Move BeatBo from Fisher-Price and Shopkins Fashion Boutique Playset from Moose Toys.
Subway has named Joseph Tripodi, a marketing vet who most recently served as Coca-Cola’s chief marketing officer, as its new global CMO, effective immediately. Tripodi replaces Tony Pace, who announced this summer that he would be stepping down after nearly a decade in the position to start his own marketing firm.
As Whole Foods Markets’ shareholders look to 2016 for a positive shift in fortune, it’s an appropriate time to break down near-term issues facing the company. If management can resolve competition and cannibalization, brand differentiation, and square footage expansion it will create a decent foundation for restoring the lost stock appreciation of 2015.
Sam Bompass and Harry Parr are the names behind some of the most bizarre culinary creations in London. But the pair, who own culinary events group Bompass & Parr, are now pushing the boundaries in multi-sensory experiences by allowing customers to drink pasteurised human tears in a cocktail of spirits, herbs, and spices.
Shoppers may be spending less on apparel, but that hasn’t stopped some retailers from thriving. Several retailers came out on top this year, with strong selections that resonated with consumers — and the sales to show it.
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