Bowing to pressure from investors, Pitney Bowes has replaced longtime CEO Marc Lautenbach, who is also leaving the board of directors, while a company statement on the news points to the likelihood of a pending sale of the money-losing global ecommerce unit, which investors have also called for. The board named EVP and Group President Jason Dies as interim CEO.
While cryptocurrency can be volatile, for merchants who sell to the tech industry, especially if they deal in blockchain-related technology, and those who want to reach tech-savvy customers looking for the latest digital payment options, accepting cryptocurrency payments can be a great way to build a loyal customer base.
Pitney Bowes will get a board makeover with an installed majority and a new interim CEO, if investor Hestia Capital has its way, actions that have led management to take defensive measures. The hedge fund said it’s taking these hardball measures after the company refused its offer last month to bring in three new outside directors.
A hedge fund which made millions with its stake in GameStop before the struggling retailer became a Reddit-fueled stock phenomenon has invested in Pitney Bowes, believing its assets are undervalued, and suggesting its ecommerce unit could be sold. Hestia Capital may put forward a former Stamps.com executive as a director.
Coresight Research reported a total of 9,275 U.S. store closures by major retailers in 2019, 35% higher than the 6,897 closures recorded in 2018 as the bleeding continues. Closings outpaced store openings more than 2 to 1, Coresight found, with 4,454 new doors in 2019, compared to 4,311 in 2018.
Toys R Us, the on-again, off-again toy retailer, is looking for another reboot, less than four months after closing its remaining stores, according to investors that acquired its assets out of bankruptcy court.
In a surprising move, bpost, the Belgian postal service, announced plans to acquire U.S.-based third-party logistics and ecommerce software firm Radial for $820 million, as it looks to expand its client base here with Radial’s broad omnichannel, logistics, and fulfillment capabilities.
More and more retailers are closing stores and other one joins the list. GameStop is planning to close about 150 of its stores in 2017. See what plans the retailer has going forward for 2017.