Walmart to close on Thanksgiving, offer bonuses
Walmart will close its stores on Thanksgiving this year and offer another round of cash bonuses to workers totaling $438 million for their work during the coronavirus pandemic, the retail giant announced Tuesday. Full-time workers will receive $300, and part-time workers will get $150, John Furner, Walmart’s US president and chief executive, said in a memo to employees Tuesday. The new bonuses, to be paid Aug. 20, bring Walmart’s total special bonus contributions to $1.1 billion for 2020, the company said in a news release. Walmart will also close 5,355 of its stores for the Nov. 26 Thanksgiving holiday so workers can be with their families, Furner said in the memo, which noted that the idea came from a Texas employee. Walmart has fared better than most retail outlets in the pandemic. Online sales rose 74 percent and same-store sales were up 10 percent at the end of the first quarter as Americans in lockdown turned to the nation’s biggest retailer for essentials, furniture, electronics and groceries. The company’s profits rose 4 percent to $3.99 billion in the same period. — WASHINGTON POST
EMPLOYMENT
LinkedIn to lay off nearly 1,000
LinkedIn is laying off nearly 1,000 employees, approximately 6 percent of its workforce globally, with unemployment in the United States above 13 percent and national economies from Europe and Asia, to the Americas, shrinking due to the pandemic. The outbreak has disrupted commerce globally, closing thousands of businesses while forcing others to furlough large numbers of employees as they await a recovery. Hiring has slowed dramatically. — ASSOCIATED PRESS
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Marriott to require guests to wear masks
Marriott hotels will require guests to wear masks in lobbies and other public spaces starting July 27. The Bethesda, Md.-based hotel giant — which has more than 7,300 hotels worldwide — has been requiring employees to wear masks for several months. But in a video message released Monday, CEO Arne Sorenson said the mandate is being extended to guests. — ASSOCIATED PRESS
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ONLINE COMMERCE
eBay sells classified ad business to Norwegian company
EBay Inc. is selling its classifieds business to Norway’s Adevinta in a deal worth $9.2 billion that will create the world’s largest online classifieds group, the companies said Tuesday. Under the terms of the deal, eBay will get $2.5 billion in cash and become the largest shareholder in Adevinta, with a 44 percent equity stake and a third of the voting rights. The combined company will have classified ad websites in 20 countries, covering 1 billion people and receiving about 3 billion monthly visits. — ASSOCIATED PRESS
ABC news executive cut loose after investigation into racist remarks
The Walt Disney Co. said in an internal memo Monday that it had cut ties with a top ABC News executive after an investigation backed complaints that she had made racist remarks in the workplace. The executive, Barbara Fedida, 52, had worked at ABC for most of her roughly two-decade career, save for a five-year stint as the head of talent development at CBS News from 2006 to 2011. As the senior vice president of talent relations and business affairs at ABC News, she had a hand in selecting on-air talent for programs like “Good Morning America,” “ABC World News Tonight With David Muir,” and “Nightline.” Last month HuffPost reported that Fedida had made insensitive statements, including racist comments, at work. During a salary negotiation with “Good Morning America” anchor Robin Roberts, who is Black, Fedida said the company was not asking her to “pick cotton,” according to the article. — NEW YORK TIMES
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CORPORATE LEADERSHIP
Leading Black executive resigns, cites past relationship
Jide Zeitlin, the chief executive of Tapestry and one of only four Black chief executives in the Fortune 500, resigned on Tuesday. The unexpected move came after the company’s board was made aware of a misconduct allegation involving Mr. Zeitlin and hired a law firm to investigate, according to a person familiar with the situation who spoke on the condition of anonymity. Though Tapestry, which owns Coach and Kate Spade, announced that Mr. Zeitlin was stepping down for “personal reasons,” he later acknowledged in a statement that the exit was related to a past relationship. “In the past month, a woman I photographed and had a relationship with more than 10 years ago reached out to various media organizations to express her concerns about what had occurred,” Mr. Zeitlin said in the statement. “I felt compelled to resign today because I do not want to create a distraction for Tapestry, a company I care deeply about.” The Wall Street Journal reported on the statement earlier Tuesday. — NEW YORK TIMES
Giant retailers team up to find alternative to plastic bags
The world’s biggest retailers are trying to replace the plastic shopping bag. Target, Walmart, and CVS unveiled a $15 million joint initiative on Tuesday to replace plastic bags with something else over the next three years. The companies, which each contributed $5 million, aim to create a global competition to find a way to change plastic bags or make them unneeded. Walgreens and Kroger plan to be involved. Called “Beyond the Bag,” the companies want to spark research about new materials for bags or technology and delivery systems that can render them obsolete. — BLOOMBERG NEWS
Coca-Cola’s revenue plummets with no games or movies
Coca-Cola’s revenue plunged 28 percent in the second quarter, though sales had begun to improve last month as lockdowns eased globally. The pandemic has since gained momentum in parts of the US, India, and elsewhere in the developing world. Surging infections across the US Sunbelt have forced businesses to close again and potentially delayed a return to activities that fuel half of Coca-Cola’s sales. Those sales come from stadiums, movie theaters, and other places where people gather in large numbers, venues that have closed in the pandemic. Major League baseball will begin playing this week, but to empty stadiums with piped in crowd noise. — ASSOCIATED PRESS
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UBS looks to share buybacks with pandemic behind it
UBS chief executive Sergio Ermotti is looking at more share buybacks as a way to reward investors while keeping flexibility during the economic uncertainty caused by the coronavirus pandemic. The Swiss bank signaled the worst hit of the crisis on its balance sheet may already be over, raising the prospect that shareholder payouts will resume as early as next quarter after freezing returns under pressure from regulators. UBS is firing one of the first salvos in the controversial debate in Europe surrounding bank dividends and share repurchases after lenders were given various regulatory breaks to help them weather the crisis. — BLOOMBERG NEWS
Pakistan threatens TikTok over content it considers ‘immoral’
Pakistan has threatened China’s TikTok and blocked the Singapore-based Bigo Live streaming platform, citing what the regulating authority called widespread complaints about “immoral, obscene and vulgar” content on the apps. The move was promptly decried by Pakistani rights activists who saw it as a potential precursor to an even greater censorship in this conservative Muslim nation. Both TikTok, a video-sharing app owned by Beijing tech giant ByteDance, and Bigo Live, a live streaming platform owned by a Singapore company, are popular among Pakistani teens and young adults. In 2008, Pakistan banned YouTube over videos depicting the Prophet Muhammad. — ASSOCIATED PRESS
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July 22, 2020 at 08:08AM
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Walmart to close on Thanksgiving, offer bonuses - BetaBoston
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