Kroger's Fred Meyer stores to 'phase out' all guns
Dairy Queen giving away free vanilla cone Tuesday to celebrate spring
Heathrow cancels over 100 flights this weekend - is your flight disrupted
Volkswagen teases five-passenger Atlas for NY debut
Bank of China Ltd Ad (BACHY) Shares Moving On Volume
Walmart buying internet retailer Bonobos for $310M
18 June 2017, 01:07 | Cesar Cruz
Bonobos is facing backlash after news broke Friday that the brand will be acquired by Walmart, but the founder isn't scared of criticism killing the menswear brand.
They added the move underscored even more, how important it was for Walmart to continue expanding into new areas.
For the transaction, Citi is serving as financial adviser to Bonobos, with Fenwick & West LLP acting as its legal adviser, while Weil, Gotshal & Manges LLP and Hogan Lovells are serving as legal advisers to Walmart. The brands will be offered on Jet.com and possibly other Walmart brands in a variety of countries over time, and include Bonobos and recently-acquired ModCloth.
The acquisition is part of Walmart's broader e-commerce strategy to enhance value for customers.
Atari is indeed working on a new console, says CEO
That mini-retro console was a big hit despite only coming with 30 games and having wired controllers with short cables. This is exactly the path Microsoft and Sony took when Xbox One and PlayStation 4 were still in development.
These new brands help Walmart improve the experience for existing customers and extend its reach to new customers, Ravi Jariwala, senior director of public relations at Walmart.com, told Retail Dive last month. Sears and Kmart are just several of the once-highly-successful retail chains that have closed a multitude of stores over the past two years while trying to compete with both Amazon and Walmart. Even as other fashion outlets like J. Crew have seen diminishing returns of late, Bonobos is one of the few brands that continues to grow-around 30 percent year over year, Recode claims-by offering fast, no-hassle shipping and free returns, and making some pretty damn good trousers. The retail giant will buy the men's e-commerce site to join its growing roster of online brands. Now, he says the company can be "transparent" about what will happen - that product quality, design, and customer service will remain unchanged.
The Bonobos deal is another example of Wal-Mart's push to rethink its US e-commerce strategy.
Shortly before Walmart bought Jet, the online retailer had purchased ShoeBuy for about $70 million. Women's online retailer ModCloth drew a similar negative reaction after it was snapped up by Walmart earlier this year. In addition to acquiring existing online retailers like Jet.com and Bonobos, Walmart is building more and larger fulfillment centers to process orders more efficiently and outfitting it's 4,700 stores to work hand in hand with online. The retailer also has rapidly expanded its online assortment to more than 50 million items as well.
But after sitting down with the teams from Walmart and Jet.com and hearing their vision for Bonobos, "my mind exploded", Dunn wrote.
Not much new in Trump's Cuba policy
Cheered by Cuba hardliners in both parties, Trump's new policy is broadly opposed by US businesses eager to invest in Cuba . The president announced changes to Obama-era Cuba policy, and challenged the Castro government to negotiate a better deal.
Dangerous heat wave to scorch the Southwestern US
A less severe heat advisory was issued Friday for the inland cities of Escondido, San Marcos, Poway, La Mesa, El Cajon and Santee. In Southern California, the hottest temperatures will be in the deserts with highs over 110 degrees.
Environmental watchdog group warns of lead in baby food
Vogel noted that even small amounts of exposure can add up and that scientists believe there's "no safe levels of lead in blood". Anyway, changed must be applied immediately, since any exposure to lead is unsafe for children.
India have edge, but Pak have better bowling attack: Tait
India, however, does have an upper hand since Pakistan usually is on the losing side against India in ICC tournaments. The last team to qualify for the Champions Trophy still charts a path that resembles a heartbeat on a monitor.