Best Buy said Thursday that it laid off 5,000 workers this month and is planning to close more stores this year as more consumers buy electronics online. The news comes at a time when big chains face growing competition from Amazon and other sites that sell items like TVs and laptops. Fry’s Electronics said Wednesday…… MORE
Costco will raise its starting rate for hourly store workers in the United States to $16 an hour, putting its starting wage above rivals such as Amazon, Target and Best Buy. Costco has around 180,000 US employees, and 90% of them work hourly. It will hike its minimum wage to $16 beginning next week, chief…… MORE
Digital currency exchange Coinbase has officially filed to go public, riding a wave of bitcoin enthusiasm that has sent the cryptocurrency markets soaring. Founded in 2012, Coinbase helps users buy, sell, and store cryptocurrencies such as bitcoin and ethereum. The digital brokerage, which competes with Coinmama, CEX.IO and Gemini, announced plans to go public in…… MORE
Call it a Mac mini: Target is opening scaled-down versions of Apple stores at some of its US outlets this year, furthering the two companies’ relationship. Target said an “enhanced Apple shopping experience” is rolling out to 17 stores in the coming months, with redesigned sections that include new lighting and displays for shoppers to…… MORE
The US economy fared ever so slightly better in the fourth quarter of 2020 than initially thought. The nation’s gross domestic product grew at an annualized and seasonally adjusted rate of 4.1%, the Commerce Department reported in its second reading of the data on Thursday. That’s up from the annualized and seasonally adjusted 4% growth…… MORE
Another 730,000 American workers filed for first-time unemployment benefits, adjusted for seasonal swings, last week, the Labor Department reported Thursday. That was far fewer than economists had predicted, and a massive 111,000-claim drop from the prior week’s number of applications. The decline was mostly due to sharp drops in applications filed in California and Ohio.…… MORE
PepsiCo isn’t joining the hard seltzer trend just yet. But it wants to be part of your at-home cocktail experience with a new line of mixers. Neon Zebra, which launches on March 1, comes in four non-alcoholic flavors: citrus-flavored Margarita mix, strawbery-lime-flavored Strawberry Daiquiri mix, lime-mint-flavored Mojito mix and a lemon-flavored Whiskey Sour mix. Each…… MORE
After a quick bout of nerves, Wall Street is ready to restart the party. What’s happening: In testimony before Congress this week, Federal Reserve Chair Jerome Powell reassured lawmakers that the central bank doesn’t plan to raise interest rates or taper bond purchases any time soon. His remarks allowed investors to brush aside their recent…… MORE
Victoria’s Secret is continuing to shrink its store count. Its parent company L Brands announced that it plans to permanently close between 30 to 50 stores in the United States and Canada this year. The reduction comes after it closed 241 stores in 2020, leaving it with 848 stores across the two countries. This time…… MORE
GameStop shares rallied as much as 85% in early trading Thursday, following another blockbuster day for the stock. On Wednesday, the gaming retailer’s stock closed nearly 104% higher. Investors gained interest in the stock once again a few days after the company announced its chief financial officer would resign next month to help “accelerate GameStop’s…… MORE
