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GameStop announced Thursday morning that billionaire activist investor Ryan Cohen would take over as the video game retailer’s chief executive, chairman and president effective immediately — and he won’t be collecting a salary. GameStop’s board, with Cohen abstaining, unanimously voted to appoint the entrepreneur as the retailer’s top executive on Wednesday. Cohen had previously held the title…

E-commerce giant Shopify is now a stakeholder in the wholesale platform Faire, the companies announced Wednesday. The deal establishes Faire as the recommended wholesale marketplace for Shopify and expands Shopify’s B2B offerings, helping drive growth for the brands as well as the independent retailers the two companies serve. “At Faire we have long admired Shopify’s like-minded…

The Federal Trade Commission (FTC) and 17 state attorneys general filed a sweeping antitrust lawsuit against Amazon.com Tuesday seeking to bar the company from allegedly abusing its powers to raise prices for shoppers and levy high fees against businesses that sell on its platform. The lawsuit, filed in Western Washington district court, marks a historic political…

Rite Aid is negotiating terms of a bankruptcy plan that could see a significant number of its more than 2,100 drugstores permanently close, according to a report. People familiar with the company's talks with creditors told The Wall Street Journal that Rite Aid has proposed to close as many as 500 stores in bankruptcy, and either sell…

If you've spent any time at a major retailer recently you know the holiday season is rapidly approaching. Retailers all over the United States are preparing for what's typically their busiest time of the year. However, this year, retailers are finding it difficult to find qualified employees to fill their seasonal hiring needs due to…

Women’s apparel retailer Soft Surroundings last week filed for Chapter 11 bankruptcy and announced plans to close all 44 of its stores. The company’s remaining assets have been acquired by Coldwater Creek under the ownership of Newtimes Group, which plans to continue to sell Soft Surroundings' apparel and accessories online and via catalogs. Soft Surroundings has secured $18 million…

Grocery chains Kroger and Albertsons plan to sell more than 400 stores to C&S Wholesale Grocers for nearly $2 billion, Reuters reported Wednesday. The sale is part of a proposed $24.5 billion merger between the two companies, which are trying to secure U.S. regulatory clearance. Reuters reported the deal would give C&S, a privately held…

Private equity group Consortium Brand Partners announced Wednesday that it has acquired actress Reese Witherspoon’s fashion and lifestyle brand, Draper James, through a majority stake. According to the deal, Consortium Brand Partners acquired a 70 percent stake in the company for an undisclosed amount while Witherspoon remains a partner and board member in the business.…

Rosalind "Roz" Brewer has stepped down as CEO and member of the board at the Walgreens Boots Alliance Inc. (WBA) effective Aug. 31. The decision was a mutual one between Brewer and and WBA, according to a news release. The WBA board has appointed Ginger Graham, the current lead independent director of WBA, as the company’s…

e.l.f. Beauty has signed a definitive agreement to acquire Naturium, a fast-growing, high performance skin care brand for $355 million in a combination of cash and stock, the company announced Tuesday. The deal is expected to double e.l.f. Beauty’s presence in skin care to approximately 18 percent of retail sales. The transaction, which is subject…

As environmental social governance (ESG) grows higher on the agenda for many organizations, fulfilling a moral obligation to consumers is fast becoming a necessity for brand success. And with greenwashing accusations now commonplace, businesses’ ESG programs must go beyond simply ensuring ethical supply chains and using sustainable materials. To avoid irreversible damage to reputation and consumer…

Fast-fashion competitors SHEIN and Forever 21 have joined forces. On Thursday, the retailers announced a deal that will bring together two brands that have a strong following of young shoppers and a reputation for trendy clothing and accessories at low prices. As part of the joint venture, SHEIN will acquire about a third of Forever 21′s…

In its second-quarter earnings report, Lowe's announced it would be doling out over $100 million in discretionary and profit-sharing bonuses to its frontline employees. The home improvement retailer employs roughly 300,000 associates, according to its website. Payscale, a compensation software and data company, estimates the average hourly rate at Lowe's to be $14.74. Shares of…

Dick’s Sporting Goods reported a 23 percent drop in profits and slashed its earnings guidance for the year after it saw an uptick in retail theft. The sporting goods retailer also implemented aggressive markdowns to clear out excess inventory in its outdoor category, reports CNBC. On Tuesday, Dick's announced a “business optimization” plan that includes cutting jobs and streamlining…

Between 2023 and 2028, artificial intelligence in retail markets is expected to grow from $7.3 billion to upwards of $29.45 billion — more than a 400 percent increase. But when most of us imagine how those innovations and implementations will transform the retail world, we tend to only focus on how those technologies benefit consumers. However, the…

Walmart has announced major leadership changes within the company, with Judith McKenna, president and CEO of Walmart International, set to retire after 27 years with the retailer. Effective Sept. 11, Kath McLay will take over as the president and CEO of Walmart International, while Chris Nicholas will assume the role of president and CEO of Sam’s Club U.S., Walmart President and…

Employees are an essential component in any brick-and-mortar store and play an important part in creating a positive customer experience. To stay competitive against online retailers such as Amazon.com, physical stores need to invest in their employees and ensure their satisfaction is at its peak. Given the present job market, this has escalated in importance.…

Tapestry, the fashion conglomerate behind Coach and Kate Spade, will acquire competitor Capri Holdings in a $8.5 billion deal announced Thursday. The transaction will create an American fashion giant that — while still not quite as large as its European competitors — will be better positioned to compete in the luxury market. It brings together six fashion…

Retailers are facing a challenging hiring landscape, putting an added emphasis on benefit offerings as a compelling talent driver. HR leaders in the retail space have come to these conversations with a unique perspective, informed by the specific needs of their workforce. Consider the demographics of retail employees: Women make up the majority of the…

Kim Kardashian’s private equity firm, SKKY Partners, has added former senior vice president of Apple Retail Angela Ahrendts as senior operating adviser, according to an Aug. 7 report in The Wall Street Journal. Ahrendts, who is also the former CEO of British luxury fashion house Burberry, will work with Kardashian, her business partner Jay Sammons, and…