Business News

Outdoor Retailer REI to sell sprawling new and unused headquarters to shift to remote work

Outdoor Retailer REI to sell sprawling new and unused headquarters to shift to remote work

It’s the beginning of the end for office culture. Outdoor retailer REI is selling its newly completed — and currently unused — 8-acre corporate campus in Bellevue, Washington, instead shifting to a “less centralized approach to its headquarters presence in the Seattle area.” “The dramatic events of 2020 have challenged us to reexamine and rethink…

Why Meghan Markle wanted to interview The 19th*’s Emily Ramshaw

Why Meghan Markle wanted to interview The 19th*’s Emily Ramshaw

One of Meghan Markle’s first public appearances since stepping back from the British royal family in January will be as an interviewer. In effect Her Royal Highness the Duchess of Sussex will be giving a stamp of approval to The 19th*, the new nonprofit newsroom that covers the intersection of women and politics. On Friday,…

AMC is reopening its theaters next week with 15-cent tickets

AMC is reopening its theaters next week with 15-cent tickets

AMC is finally reopening its theaters, and guests will need to spend just 15 cents to get in. The world’s largest movie theater chain will reopen more than 100 US theaters on August 20, the company said on Thursday. In order to commemorate its centennial, AMC is offering “movies in 2020 at 1920 prices” on…

3 warnings on travel that point to a slow economic recovery

3 warnings on travel that point to a slow economic recovery

The biggest question facing investors is how quickly the global economy can recover from the coronavirus pandemic. Longer than expected may be the answer, if new data and forecasts from the travel and energy sectors are any indication. (For the latest on America’s recovery, check out our dashboard here.) First, energy: The International Energy Agency…

First-time jobless claims fall below 1 million for the first time since March

First-time jobless claims fall below 1 million for the first time since March

Another 963,000 Americans filed for regular first-time unemployment benefits last week on a seasonally adjusted basis — the first time in five months that number has dipped below 1 million, the Department of Labor said Thursday. It was the lowest number of weekly initial claims since mid-March, when the pandemic shut down the US economy.…

Burger merger: Fatburger owner is buying Johnny Rockets for $25 million

Burger merger: Fatburger owner is buying Johnny Rockets for $25 million

Burger lovers, rejoice: FAT Brands, the owner of Fatburger, is buying the 1950s diner-themed chain Johnny Rockets for $25 million. Like much of the restaurant industry, FAT Brands has been hit hard by the Covid-19 pandemic: The company said last week that sales for the second quarter plunged nearly 50%, and its stock was down…

Europe isn’t going on vacation. That spells trouble for millions of workers

Europe isn’t going on vacation. That spells trouble for millions of workers

Europe’s summer tourist season may be officially past saving. There are early signs that attempts to restart travel and draw tourists back to the world’s most visited region are floundering, placing millions of jobs at risk and reducing the chance of a quick economic recovery from the coronavirus pandemic. TUI, the world’s largest tour operator,…

Without college football, sports networks will have to fill a whole lot of airtime

Without college football, sports networks will have to fill a whole lot of airtime

College football doesn’t draw the same ratings as the behemoth NFL. But the sheer volume of college games — which fill sports networks every Saturday — means a potential cancellation or postponement blows a huge hole into the fall TV calendar. Two major NCAA conferences, the Big Ten and Pac-12, announced this week that they…

Sudden sewing boom has sewing machine sellers scrambling

Sudden sewing boom has sewing machine sellers scrambling

The Clorox wipes shortage continues to hog the attention, but there’s another product that’s been hard to find on store shelves over the past four months because of coronavirus: sewing machines. Sellers are doing everything they can to keep up with a sudden surge in demand, but they still can’t keep pace. While homebound families…

Emirates and Siemens promise to help Lebanon with an airlift and free power

Emirates and Siemens promise to help Lebanon with an airlift and free power

Emirates and Siemens have pledged to help the people of Lebanon recover from the cataclysmic explosion that rocked Beirut last week and pushed the country’s crisis-ridden economy towards the abyss. The flag carrier of the United Arab Emirates committed on Thursday to establishing an “air bridge” that will move critical aid to Lebanon. The airline…

Romantic Cartier ad featuring two men stirs censorship debate in China

Romantic Cartier ad featuring two men stirs censorship debate in China

A Chinese advertisement for Cartier has reignited discussion about the country’s taboo around LGBTQ rights. The French luxury jeweler released a minute-long ad Monday to promote its wares — including its iconic Trinity ring — ahead of China’s Qixi Festival on August 25, the country’s answer to Valentine’s Day. The ad features couples in romantic…

Meat prices are finally falling — except for hot dogs

Meat prices are finally falling — except for hot dogs

Americans finally got some relief in the grocery store last month as prices fell. Food prices overall fell a seasonally adjusted 0.4% in July, the first decrease since April of last year, the Bureau of Labor Statistics reported Wednesday. Prices of food for the home fell 1.1% in July, compared to an increase of 0.7%…

Stein Mart files for bankruptcy and will close most of its 300 stores

Stein Mart files for bankruptcy and will close most of its 300 stores

Discount retailer Stein Mart has filed for bankruptcy and plans to close most of its nearly 300 stores. The 112-year-old company blamed its failure on changing consumer habits and the pandemic, both of which “have caused significant financial distress on our business,” Stein Mart CEO Hunt Hawkins said in a release on Wednesday. Like other…

Why stores need to pay more attention to the air we breathe

Why stores need to pay more attention to the air we breathe

During the coronavirus pandemic, supermarkets and retail stores have added a variety of safety features. Workers have been required to mask up and, more recently, most customers too. But most have yet to tackle what could be another important safety measure — changes to the systems that keep the stores hot and cold, and that…

Black women with natural hairstyles are less likely to get job interviews

Black women with natural hairstyles are less likely to get job interviews

Black women with natural hairstyles including curly afros, twists or braids are less likely to get job interviews than White women or Black women with straightened hair, new research shows. Participants in the studies, carried out by researchers from Duke University’s Fuqua School of Business, perceived natural Black hairstyles as less professional, and the effect…

Britain finally has something ‘world beating.’ A deep recession

Britain finally has something ‘world beating.’ A deep recession

Britons woke up this morning to news that the UK economy shrunk by 20.4% in the second quarter, the worst slump on record and the biggest drop of any major global economy. The crash follows a 2.2% contraction in the first quarter, meaning the economy is officially in recession. The country’s finance minister, Rishi Sunak,…

Sumner Redstone, billionaire media mogul, dead at 97

Sumner Redstone, billionaire media mogul, dead at 97

Sumner Redstone, a media titan and billionaire who, as chairman of Viacom and National Amusements, drew headlines both for his deal-making as well as his turbulent personal life, died on Tuesday. He was 97. At his peak, Redstone’s sprawling empire included CBS and Viacom, corporations that were the parents of a host of subsidiaries ranging…

The Red Bull heir, a crashed car and the scandal that angered Thailand

The Red Bull heir, a crashed car and the scandal that angered Thailand

Before dawn on September 3, 2012, a roaring black Ferrari struck a police motorcycle in downtown Bangkok, knocking the officer to the ground and dragging his body down the darkened street before speeding away. According to police, a trail of oil leaking from the sports car led investigators to the luxury home of one of…