E-commerce companies don’t have to collect sales tax from customers who live in states where they have no physical presence, which could be anything from their headquarters to a distribution center. That’s been one of the advantages that Jet has had in the marketplace over its chief rival Amazon, which has facilities in 28 states, including the most populous ones. Jet customers in most states don’t have to pay sales tax. However, that could change soon, after Walmart’s acquisition of the young e-commerce company. [More]
When the CEOs of Walmart and of Jet met for the first time, they fell in corporate love. The two men couldn’t stop envisioning the future of their companies together, sketching out their dreams of combining Walmart’s inventory and supplier relationships and Jet’s e-commerce algorithm. The companies announced their engagement this week, and Walmart CEO Doug McMillon explained what it was he ever saw in the startup, which has barely been selling to the public for a year. [More]
As the market for physical discs or cartridges with games on them goes away, that leaves mall retailer GameStop without much of anything to sell. Fortunately, the company was able to see this change coming, and is pursuing business in two directions that are related to gaming in indirect ways: selling the mobile phones and tablets where most people play games, and selling geeky merchandise that often features video game characters. Now the company is expanding its mobile empire even farther. [More]
In an effort to gain a foothold in the $3 billion razor market, Unilever has purchased monthly razor subscription service Dollar Shave Club for one billion razors. Excuse me, I meant to say, in a deal worth $1 billion. [More]
What’s a global beauty brand to do when it’s time to get a new look? Revlon decided to go shopping for something to change up its routine, picking up fellow cosmetics company Elizabeth Arden in a deal worth $870 million. [More]
You might not know the name JAB Holding, but it could be behind your morning’s breakfast: the company already owns coffee brands like Peet’s Coffee & Tea, Caribou, and Keurig Green Mountain, and now it’s folding a doughnut brand into its ranks with a just-announced acquisition of Krispy Kreme. [More]
Sometimes you don’t know if you’re interested in something until you hear about it. It’s like realizing you are craving a cheeseburger the moment your friend asks if you’d like a cheeseburger. Such is the case for Virgin America, which is reportedly mulling the idea of selling itself after receiving takeover interest. [More]
Luggage company Samsonite is taking on some extra baggage — on purpose. The company confirmed Thursday that it’s agreed to buy rival Tumi for around $1.8 billion. [More]
More than a year after announcing that it’d be selling off its appliance division to Swedish company Electrolux for a few billion dollars, General Electric is pulling the plug on the deal.
If you’re not an outdoorsy type, it’s understandable that you might think Cabela’s and Bass Pro Shops are the same store. They’re both big-box stores that are almost more of a tourist destination than a place to shop. Maybe you won’t have to stop and figure out what the difference is: the privately held Bass Pro Shops is considering taking over its publicly traded rival. [More]
Consumers have made their preferences known: their tastes are turning more toward fresh, organic, and minimally processed food. Large food manufacturers like Hormel and Campbell Soup Company are solving this problem by going out and acquiring smaller independent brands in the “fresh and organic” sector that people already like. The Campbell Soup Company announced today that it’s buying Michigan-based Garden Fresh Gourmet for $231 million. [More]
What’s a little retail merger romance without a love triangle thrown in for good measure? After the news yesterday Hot Topic was buying online retailer ThinkGeek’s parent company GeekNet in a deal worth $122 million, the purveyor of sci-fi curiosities and comic book inspirations says another suitor has thrown in a bid to buy it.
Mall staple Hot Topic is taking another chain under its umbrella for a $122 million price tag, announcing that it’s acquiring Geeknet, Inc., parent company of online retailers ThinkGeek and ThinkGeek Solutions, for $122 million. Commemorative T-shirts with cheeky sayings for everyone!
The first major marriage of two companies in 2015 may be taking shape just five days into the new year after reports surfaced Monday that Verizon Communications has approached AOL about a possible joint venture or acquisition. [More]
Great news if you can’t tell the difference Chicken of the Sea and Bumble Bee, two of the major tuna brands that you’re likely to see on the shelf at your local grocery store. Pending regulator approval, the two brands will combine into one as the owner of Chicken of the Sea, Thai Union Frozen Products PCL, recently announced that it plans to acquire Bumble Bee [More]
Earlier this year, Google sold Motorola Mobility to Lenovo for $2.91 billion in cash and stock. Just three years ago, Google bought the company for $12.5 billion, but this isn’t as terrible a business deal as it might appear: while Lenovo gets the phone business, Google gets to keep the company’s valuable library of patents. [More]
Last year, HSBC unloaded its credit card division on Capital One, and most of its retail bank branches in the Northeast to upstate New York’s First Niagara Bank. They’ve also been selling off their retail banking operations in other countries. Regular people just aren’t as profitable as we used to be. The thing is, while those branches and all of their customers have been sold, not all of their customers are making the change. George, who lives near a branch but had opened his HSBC accounts online for the sake of convenience, didn’t know this. He’s not associated with a branch, so his account stays with HSBC. He just won’t have a branch to go to.
AT&T Wireless has made its next move in the race against Verizon for nationwide mobile phone domination: it’s acquiring fellow GSM carrier T-Mobile from Deutsche Telekom for a combination of cash and AT&T stock currently valued at $39 billion. DT will then have an 8% stake in AT&T, and AT&T will gain 33.7 million current T-Mobile USA customers.