Walmart announced Friday that longtime CEO Doug McMillon will retire at the end of January — which came as a surprise to some given the company’s success in a rapidly evolving retail landscape. John Furner, Walmart’s U.S. CEO, will assume the role of overall CEO on Feb. 1, the company said. McMillon will continue to
More than 1,000 unionized Starbucks workers went on strike at 65 U.S. stores Thursday to protest a lack of progress in labor negotiations with the company. The strike was intended to disrupt Starbucks’ Red Cup Day, which is typically one of the company’s busiest days of the year. Since 2018, Starbucks has given out free,
U.S.-based companies announced more than 153,000 job cuts in October, the research firm Challenger, Gray & Christmas reported Thursday. “This is the highest total for October in over 20 years, and the highest total for a single month in the fourth quarter since 2008,’ the firm said in a news release. From January through the
Yum Brands said on Tuesday it was exploring strategic options for its Pizza Hut chain as the unit struggles to keep pace in a highly competitive fast-food industry vying for sales from a stressed consumer. “Pizza Hut‘s performance indicates the need to take additional action to help the brand realize its full value, which may
Kimberly-Clark said on Monday it will buy Tylenol maker Kenvue KVUE.N in a cash-and-stock deal valued at about $48.7 billion, to create one of the biggest consumer health goods companies in the United States. Shares of Kenvue were up 18% in premarket trading, while Kimberly-Clark‘s shares were down 12.5%. Kenvue has been under a strategic
HONG KONG — China outlined new curbs on exports of rare earths and related technologies on Thursday, extending controls over use of the elements critical for many high-tech and military products ahead of a meeting in about three weeks between President Donald Trump and Chinese leader Xi Jinping. The regulations announced by the Ministry of
Thousands of U.S.-bound packages shipped by UPS are trapped at hubs across the country, unable to clear the maze of new customs requirements imposed by the Trump administration. As packages flagged for customs issues pile up in UPS warehouses, the company told NBC News it has begun “disposing of” some shipments. Frustrated UPS customers describe
LendingTree CEO and founder Doug Lebda died in an all-terrain vehicle accident over the weekend, the online loaning platform said Monday. In a company announcement, LendingTree confirmed that Lebda unexpectedly died on Sunday and that its leadership “deeply mourns his passing” while extending condolences to the executive’s loved ones. “Doug was a visionary leader whose
MILAN — Giorgio Armani has appointed deputy managing director Giuseppe Marsocci as chief executive with immediate effect, the Italian fashion house said on Thursday, confirming media reports. Marsocci, who has been with the company for 23 years, serving as global chief commercial officer for the past six years, steps into the role previously held by
Customers of the athletic shoe company On have filed a class action lawsuit alleging that some of the brand’s sneakers squeak embarrassingly loudly when they walk. The class action suit, filed in the U.S. district court in Portland — where On’s U.S. headquarters is located — on October 9, targets On’s shoes made with ‘CloudTec’ technology.