• The BBC reports that Marks & Spencer closed down seven more stores over the weekend, part of its overall closure by 2022 of 100 stores that it says “is ‘vital’ for its future.”
According to the story, “M&S is attempting to re-shape itself at a time when the High Street is under unprecedented pressure … Under its plan, M&S wants to move a third of its sales online and plans to have fewer, larger clothing and homeware stores in better locations.
It says it is facing competition from online retailers, as well as discounters such as Aldi, Lidl and Primark.”
• The Wall Street Journal reports that “activist investor Third Point LLC is pushing for a sale of Campbell Soup Co. with the help of an heir to the soup company’s founder.”
The story says that the investment group, which owns more than five percent of Campbell Soup, has concluded that “‘given the significant obstacles’ facing Campbell, a sale to another food maker is ‘the only justifiable outcome’.” Third Point says that it “has the backing of George Strawbridge Jr. , the grandson of the inventor of Campbell condensed soup,” who owns 2.8 percent of the company” and has expressed discontent about the company’s direction.
The story notes that “Campbell’s soup sales have declined over the past year while its attempts to make more fresh food have backfired. Campbell Chief Executive Denise Morrison stepped down in May, and the company said it would conduct a strategic review.”
• In Minnesota, the Star Tribune writes about how Buffalo Wild Wings is hoping that sports betting - now legal after the US Supreme Court struck down prohibitions on the practice earlier this year - will give the chain an infusion of energy and customers.
While the story says that Buffalo Wild Wings is early in the process, the company said that “as the largest sports bar in America, we believe Buffalo Wild Wings is uniquely positioned to leverage sports gaming to enhance the restaurant experience for our guests. We are actively exploring opportunities, including potential partners, as we evaluate the next steps for our brand.”
According to the story, “M&S is attempting to re-shape itself at a time when the High Street is under unprecedented pressure … Under its plan, M&S wants to move a third of its sales online and plans to have fewer, larger clothing and homeware stores in better locations.
It says it is facing competition from online retailers, as well as discounters such as Aldi, Lidl and Primark.”
• The Wall Street Journal reports that “activist investor Third Point LLC is pushing for a sale of Campbell Soup Co. with the help of an heir to the soup company’s founder.”
The story says that the investment group, which owns more than five percent of Campbell Soup, has concluded that “‘given the significant obstacles’ facing Campbell, a sale to another food maker is ‘the only justifiable outcome’.” Third Point says that it “has the backing of George Strawbridge Jr. , the grandson of the inventor of Campbell condensed soup,” who owns 2.8 percent of the company” and has expressed discontent about the company’s direction.
The story notes that “Campbell’s soup sales have declined over the past year while its attempts to make more fresh food have backfired. Campbell Chief Executive Denise Morrison stepped down in May, and the company said it would conduct a strategic review.”
• In Minnesota, the Star Tribune writes about how Buffalo Wild Wings is hoping that sports betting - now legal after the US Supreme Court struck down prohibitions on the practice earlier this year - will give the chain an infusion of energy and customers.
While the story says that Buffalo Wild Wings is early in the process, the company said that “as the largest sports bar in America, we believe Buffalo Wild Wings is uniquely positioned to leverage sports gaming to enhance the restaurant experience for our guests. We are actively exploring opportunities, including potential partners, as we evaluate the next steps for our brand.”
- KC's View:
