6 Most Important Things in Business Today
Walmart Inc. (NYSE: WMT) will begin free delivery of groceries in some cities. According to The Wall Street Journal:
Walmart Inc. will offer home delivery of groceries in 100 cities by the end of the year and launch same-day delivery in New York City, adopting a costly model it previously resisted as Amazon, Kroger and Target invest in similar services.
Under the new program, online grocery orders will be packed in a Walmart store by company workers and then handed off to a delivery company or startup that uses contract workers to bring orders to homes, said a Walmart spokesman
Gunmaker Remington plans to go bankrupt. According to The Wall Street Journal:
A gun maker that Cerberus Capital Management LP spent more than a decade building into an industry giant is now on the brink of failure.
Crushed by a hefty debt load that has gotten harder to manage as gun sales have become increasingly volatile—in part due to the recurring national debate on gun regulations—Remington Outdoor Co. is planning to file for bankruptcy protection as early as March 18.
Volkswagen said it would move ahead of Tesla Inc. (NASDAQ: TSLA) in the electric car business. According to The Wall Street Journal:
Volkswagen AG has pulled into Tesla Inc.’s rearview mirror and vowed to overtake the electric-car pioneer with an extensive rollout of battery and hybrid models over the next five years, as well as new production facilities around the world.
The German car maker—which is the largest world-wide, with sales of 10.7 million vehicles last year—said Tuesday that it would build at least 16 electric-vehicle plants by 2025 in Europe, China and the U.S. The company expects nine of those plants to be in operation by 2020.
Alphabet Inc.’s (NASDAQ: GOOGL) Google said it would ban cryptocurrency ads.
The head of finance at Tesla has resigned. According to Bloomberg:
Tesla Inc.’s corporate treasurer and vice president of finance has left the electric-car maker, according to a person familiar with the matter.
Susan Repo, who had worked at Tesla for about five years, left to become the chief financial officer of another company, said the person, who wasn’t authorized to speak publicly and asked not to be named. Her departure follows Tesla’s disclosure last week that Chief Accounting Officer Eric Branderiz had left for personal reasons. Lyft Inc. also hired away Jon McNeill, former president of global sales and service, to become chief operating officer of the ride-hailing company in February.
Toys “R” Us will finally liquidate its U.S. business after weeks of speculation. According to CNBC:
Toys R Us, the iconic U.S. retailer, is in the process of drafting the court motion for its liquidation plan, a source familiar with the situation told CNBC on Tuesday.
The retailer could file as soon as the end of Wednesday, making the motion official. It will then begin to wind down the storied toy retailer, after more than half a century in business.
A liquidation will most likely result in the closing of all of Toys R Us’ 800 stores in the U.S.