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Market Buzz& Industry News

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Job growth slowed well below expectations in November

12/04/2020

Economists were looking for 440,000 new jobs in November and not the 245,000 that were added to the economy. The unemployment rate, which fell to 6.7 percent from 6.9 percent in October, is also seen as misleading as around half-a-million people left the workforce in November and are no longer counted in the government’s statistics.

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Walmart paying hourly associates one-time bonus

12/04/2020

Walmart will pay full-time hourly workers in the U.S. a one-time bonus on Dec. 24 of $300 and part-timers $150. The bonus will be the fourth the retail giant will pay out this year. Critics of the chain say the bonuses do not sufficiently reward hourly workers for pay rates that are below significant retail…

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JBS sends at-risk meatpacking plant workers home with pay

12/04/2020

JBS USA Holdings said it removed 202 workers from a meatpacking plant in Greeley, CO, after determining that they were at-risk to COVID-19 based on their age and other health factors. The workers will continue receiving full pay and benefits while they are off the job.

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Employers wonder if they can require workers to get immunized against the virus

12/04/2020

Employers are looking into how they can encourage employees, or possibly issue mandates, to make sure they are immunized for COVID-19 now that delivery of vaccines are on the horizon. “You’re going to have a lot more people who are lacking comfort about safety” said Brett Coburn, a lawyer at Alston & Bird. “Add on…

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Mall Santas say vaccines could help them save Christmas

12/04/2020

Men who portray Santa Claus for a living are hoping they can get put at the front of the line to get immunized against COVD-19. Ric Erwin, himself a professional Santa, testified before the Centers for Disease Control’s Advisory Committee on Immunization Practices and pointed to the H1N1 vaccine in 2009 that allowed others like…

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Kroger raises its 2020 profit forecast

12/04/2020

Kroger said that it expects its digital sales growth rate to slow in 2021 after posting very strong numbers in 2020. The grocery giant forecasts its annual same-store sales will grow around 14 percent, higher than its previous guidance of 13 percent. Kroger also is expecting to post earnings per share between $3.30 and $3.35,…

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Francesca?s files for Chapter 11 and announces store closings

12/04/2020

Francesca’s announced that it has filed for Chapter 11 bankruptcy protection and plans to close about 140 of its 700 stores. The women’s clothing chain also said it plans to renegotiate some of its leases while going through the Chapter 11 process and may be forced to close additional locations if it is unable to…

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One-time pure play e-tailer continues to open stores

12/04/2020

Stoney Clover Lane, which began as an online-only seller of customizable accessories, opened its first store in Palm Beach in 2018. Since then, the retailer, founded by sisters Kendall and Libby Glazer, has opened stores in East Hampton, Manhattan and Newport Beach, CA. Plans call for more store openings as the company has seen sales…

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UPS is not picking up orders from Gap, L.L. Bean, Macy?s and others

12/03/2020

United Parcel Service has told workers across the country not to pick up orders from retailers and consumer-direct brands including Gap, Hot Topic, L.L. Bean, Macy’s and Nike. The message to drivers was that there are “no exceptions” to this rule as they impose temporary restrictions due to the current unprecedented volume online orders. A…

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Walmart CEO says retailer is focused on growing Walmart+ subscriptions

12/03/2020

Walmart CEO Doug McMillon is well aware that growing membership numbers for its Walmart+ same- and next-day home delivery subscription program will require more attention be made to customer service details. The retailer has dropped its $35 purchase minimum for deliveries after it “heard loud and clear from customers that had purchased a Walmart+ membership…

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