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The News, Commentary & Events that Shaped Commerce This Week
week of 2/7/2020 |
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| Macy’s Closing 125 Stores, Shuttering Offices in Realignment |
| Macy’s Inc. announced plans to close 125 stores within three years in an effort to find profitability amid an ongoing shopper flight from malls and department stores, while consolidating its headquarters in New York and cutting 2,000 corporate jobs. This will leave 400 Macy’s stores in place; about 30 will close in 2020.…» |
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| OnTrac Updates to Master Contractor Model in Wake of AB5 in California |
| The effects of California’s AB5 law are widespread, requiring thousands of gig workers and independent contractors to be reclassified as employees. This means delivery firms doing business in California are updating their operating models to adhere to the law. One such firm is OnTrac, going to a master contractor model.…» |
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| Visa Swipe Fees Going Up for Ecommerce, Down in Grocery Stores |
| Visa plans significant changes to rates merchants pay each time a consumer makes a purchase with its cards, Bloomberg reported, both online and in store, citing a document Visa sent to banks. According to Bloomberg, brands can expect to pay more for ecommerce transactions, while fees in grocery stores will decline.…» |
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| Forever 21 to Be Sold for $81 Million to Its Major Landlords |
| Forever 21 has struck an $81 million deal to sell its assets to a group of mall owners and management operations, including Simon Property Group, Brookfield Properties and brand development/marketing venture Authentic Brands Group. It includes all of Forever 21's assets and must be approved by a bankruptcy court judge.…» |
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| FTC Sues to Block Schick Owner from Acquiring Harry’s |
| The Federal Trade Commission is suing to block the $1.37B acquisition of affordable razor brand Harry’s Inc. by Schick owner Edgewell Personal Care. The FTC complaint alleges the acquisition would eliminate one of the most important competitive forces in the shaving industry. Edgewell and Harry's say consumers would not be harmed.…» |
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