Tag: Investing News (Page 3 of 459)

A Massive Crafts Retailer Is Now Lowering Its Prices

April 18, 2024 / Frank Nez / 2 Comments

A massive crafts retailer is now lowering its prices on over 5,000 products to help customers stretch their money according to its CEO.

Michaels has dropped its prices to 2019 levels or lower as it aims to help customers “stretch their dollar,” according to the CEO.

Michaels on Thursday announced that it has lowered prices on over 5,000 products across categories including arts, crafts, DIY and home decor, according to a company press release.

Prices on frequently purchased items including paint, markers and pens have been reduced up to 15%, papers and stickers up to 20%, canvases up to 35% and T-shirts up to 40%, among other reductions.

The price drops are being promoted through in-store signage, advertisements and emails to customers.

Michaels is dropping prices to 2019 levels or lower at a time when customers are looking for deals, according to the company.

“It’s more important than ever to deliver exceptional value for every customer looking to stretch their dollar,” CEO Ashley Buchanan said in a statement.

“By lowering prices on thousands of our most popular items, we’re making creativity more affordable and giving our customers even more reasons to choose Michaels.”

The move comes amid a transformation at the arts and crafts retailer, reports Retail Dive.

“It recently announced its first brand campaign for MakerPlace by Michaels, an Etsy rival that launched in November, along with an in-store pilot of the marketplace.

The company also introduced birthday party planning services in the U.S. for children ages 4 to 13.”

At the start of March, Michaels revealed plans to expand its assortment and distribution of fabric to hundreds of stores, possibly as a way to gain market share as rival craft retailer Joann goes through a Chapter 11 bankruptcy.

Michaels in April received an upgrade from S&P Global Ratings to B- from CCC+ due to improvements in operating margin and cash generation.

Michaels has also enhanced store operations and improved the drag of promotions on profitability, per S&P.

For more news and updates like this, opt-in for push notifications.

Also Read: Retirees Will Now Receive More Money For Social Security

Other Economy News Today

An essential retailer is now making more painful closures nationwide after the giant filed for an unexpected bankruptcy in October.

Rite Aid filed a notice in the U.S. Bankruptcy Court for the District of New Jersey on April 16 seeking to close 13 additional stores located in the East and Midwest, reports TheStreet.

The notice identified six stores in Pennsylvania, three in Ohio, two in New Jersey and one each in New York and Virginia.

The additional store closures bring the amount of shuttered locations to 322 of the original 2,100 stores that were open when the company filed for Chapter 11 bankruptcy on Oct. 15, 2023.

Rite Aid, which listed $3.3 billion in debt in its petition, filed bankruptcy facing tight co from rivals including CVS, Walgreens Boots Alliance, Walmart, Costco, Amazon, and investor Mark Cuban’s CostPlus Drug.

The company was also a defendant in a civil lawsuit filed against it by the Department of Justice in March 2023.

They alleged that the chain’s pharmacists inappropriately filled opioid prescriptions, contributing to the opioid epidemic.

The bankruptcy filing provided an automatic stay of any further legal action against the debtor in the lawsuit.

Rite Aid seeks to negotiate a less expensive settlement, which could have amounted to more than $1 billion without the bankruptcy filing.

The drugstore chain has filed several notices for additional store closures since its Oct. 17 motion to reject store leases and close 154 stores.

In November and December, it filed notices to reject 55 more stores and in late December and early January, it sought another 45 closures.

The Philadelphia-based drugstore chain filed notices on April 2 to close 30 stores, April 3 to close six locations and April 9 to close 17 stores.

In California, 18 of the stores are set to be closed.

The closure list also included 13 in New York, 12 in Pennsylvania, three in New Jersey, two in Michigan, two in Ohio, and one each in Maryland, Massachusetts and Virginia.

For more news and updates like this, opt-in for push notifications.

Also Read: Giant Restaurant Now Makes An Unexpected Closure in South Carolina

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

More Market News 📰

Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.

View Stock Portfolio

Recommended For You ✨

A Massive Retailer Is Now Facing a Disturbing Lawsuit

April 18, 2024 / Frank Nez / 2 Comments

A massive retailer is now facing a disturbing lawsuit for allegedly putting shoppers at risk from its technology collecting deep data.

Target’s surveillance system has landed the company in some hot water, and it’s in the form of a class action lawsuit, reports TheStreet.

Amid Target’s battle against growing theft in its stores, the retailer is being accused of collecting biometric data from its customers through its video surveillance systems without their consent.

Biometric data is personal information that can be used to identify a person’s physical or behavioral characteristics.

This can include fingerprints, facial and voice recognition, etc.

“Target’s stores in Illinois are outfitted with cameras and advanced video surveillance systems that– unbeknownst to customers– surreptitiously collect, possess, or otherwise obtain Biometric Data,” reads the lawsuit.

“Target does not notify customers of this fact prior to store entry, nor does it obtain consent prior to collecting its customers’ Biometric Data.”

The lawsuit, which was filed on March 11 by a woman in Illinois, also alleges that Target does not inform customers what it intends to do with the biometric data it collects.

“Target does not have written, publicly available policies identifying their retention schedules or guidelines for permanently destroying any of these biometric identifiers or biometric information,” reads the lawsuit.

It also highlights that the collection of biometric data can pose a threat to security due to the possibility of it being compromised, which can put individuals at risk for identity theft.

“For example, social security numbers, when compromised, can be changed,” reads the lawsuit.

“Biometrics, however, are biologically unique to the individual; therefore, once compromised, the individual has no recourse, is at heightened risk for identity theft, and is likely to withdraw from biometric-facilitated transactions.”

The plaintiff in the lawsuit alleges that Target has violated Illinois’ Biometric Information Privacy Act, and each violation of the law can result in a plaintiff receiving damages that range $1,000 for negligent violations to $5,000 for intentional or reckless violations, as well as attorneys’ fees, costs and injunctive relief.