Business News and FinanceVIEW IN APPKEY POINTS announced Thursday it will give 425,000 employees a raise, a move that will increase its average pay to above $15 an hour.The discounter is the country's largest private employer with a U.S. workforce of 1.5 million people. Its minimum starting wage will remain $11 an hour. Starting March 13, it will pay store workers who stock shelves or support its e-commerce business $13 to $19 an hour, depending on their role and store location.In an interview with CNBC's  on "," Walmart CEO Doug McMillon said the company supports...…Business News and FinanceVIEW IN APPKEY POINTS announced Thursday it will give 425,000 employees a raise, a move that will increase its average pay to above $15 an hour.The discounter is the country's largest private employer with a U.S. workforce of 1.5 million people. Its minimum starting wage will remain $11 an hour. Starting March 13, it will pay store workers who stock shelves or support its e-commerce business $13 to $19 an hour, depending on their role and store location.In an interview with CNBC's  on "," Walmart CEO Doug McMillon said the company supports...WW…

Key PointsToys R Us has closed the only two stores it had left in the United States.The iconic toy retailer made the decision as a result of the hardships brought on by the and plans to shift resources toward opening new locations where there is better shopper traffic, a spokesperson told CNBC in an emailed statement."Consumer demand in the toy category and for Toys R Us remains strong and we will continue to invest in the channels where the customer wants to experience our brand," the person said., market researcher The NPD Group reported Monday, as families turned to toys to keep kids...…Key PointsToys R Us has closed the only two stores it had left in the United States.The iconic toy retailer made the decision as a result of the hardships brought on by the and plans to shift resources toward opening new locations where there is better shopper traffic, a spokesperson told CNBC in an emailed statement."Consumer demand in the toy category and for Toys R Us remains strong and we will continue to invest in the channels where the customer wants to experience our brand," the person said., market researcher The NPD Group reported Monday, as families turned to toys to keep kids...WW…

Key PointsMyPillow CEO Mike Lindell, who has repeated false claims that President  did not lose the election, said retailers including and are removing his company's products from their stores.Trump's supporters on social media platforms are now calling for boycotts of the retailers, while other consumers are urging people to not purchase MyPillow products."I just got off the phone with Bed Bath & Beyond," Lindell said during an interview Monday evening with the Right Side Broadcasting Network. "They're dropping MyPillow.""Just got off the phone — not five minutes ago. Kohl's, all...…Key PointsMyPillow CEO Mike Lindell, who has repeated false claims that President  did not lose the election, said retailers including and are removing his company's products from their stores.Trump's supporters on social media platforms are now calling for boycotts of the retailers, while other consumers are urging people to not purchase MyPillow products."I just got off the phone with Bed Bath & Beyond," Lindell said during an interview Monday evening with the Right Side Broadcasting Network. "They're dropping MyPillow.""Just got off the phone — not five minutes ago. Kohl's, all...WW…

Key Points has notified the employees at about 45 of its department stores that they will close by the middle of this year, CNBC has learned.The closures are part of , which the retailer outlined last February.a day ago."As previously announced, Macy's is committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls," a spokeswoman told CNBC in a statement."To that end, we announced several store closures today that align to the guidance we provided in February 2020," she said. "These closures bring us closer to...…Key Points has notified the employees at about 45 of its department stores that they will close by the middle of this year, CNBC has learned.The closures are part of , which the retailer outlined last February.a day ago."As previously announced, Macy's is committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls," a spokeswoman told CNBC in a statement."To that end, we announced several store closures today that align to the guidance we provided in February 2020," she said. "These closures bring us closer to...WW…

Key Points shares soared Monday, after the company reported a surprise profit and revenue growth of 10% from a year ago.Its stock was last up more than 33% in after-hours trading.For its fiscal first quarter ended Oct. 31, Stitch Fix reported earnings of 9 cents per share on revenue of $490.4 million, topping estimates for a loss of 20 cents per share on revenue of $481.2 million, according to Refinitiv data.Its base of active clients grew to nearly 3.8 million, up 10.2% from a year ago. Stitch Fix defines active clients as people who have bought an item directly from its website, called a...…Key Points shares soared Monday, after the company reported a surprise profit and revenue growth of 10% from a year ago.Its stock was last up more than 33% in after-hours trading.For its fiscal first quarter ended Oct. 31, Stitch Fix reported earnings of 9 cents per share on revenue of $490.4 million, topping estimates for a loss of 20 cents per share on revenue of $481.2 million, according to Refinitiv data.Its base of active clients grew to nearly 3.8 million, up 10.2% from a year ago. Stitch Fix defines active clients as people who have bought an item directly from its website, called a...WW…

Key PointsIn this article shares fell Tuesday after the company reported fiscal third-quarter earnings that fell short of expectations, as higher spending on marketing offset sales gains at Old Navy and Athleta, while the company's namesake and Banana Republic brands reported double-digit declines.Under CEO Sonia Syngal, the retailer has centered investments around new advertising to clearly define each of its core brands. The effort kicked off with recent holiday-themed commercials, in a bid to gain market share in key categories such as women's workout apparel and denim.While the global...…Key PointsIn this article shares fell Tuesday after the company reported fiscal third-quarter earnings that fell short of expectations, as higher spending on marketing offset sales gains at Old Navy and Athleta, while the company's namesake and Banana Republic brands reported double-digit declines.Under CEO Sonia Syngal, the retailer has centered investments around new advertising to clearly define each of its core brands. The effort kicked off with recent holiday-themed commercials, in a bid to gain market share in key categories such as women's workout apparel and denim.While the global...WW…

Key PointsLuxury mall owner has agreed to a lower price to merge with the biggest mall owner in America, , the companies announced Sunday, evading what could have been a heated legal battle during the holidays.Under the new deal, Simon will now pay $43 per share for Taubman, down roughly 18% from an original price of $52.50.The companies also said that they have settled their pending litigation. Simon and Taubman were set to face each other in Oakland County Superior Court in Michigan, beginning Monday, to negotiate the contested deal.In February, prior to the coronavirus pandemic arriving...…Key PointsLuxury mall owner has agreed to a lower price to merge with the biggest mall owner in America, , the companies announced Sunday, evading what could have been a heated legal battle during the holidays.Under the new deal, Simon will now pay $43 per share for Taubman, down roughly 18% from an original price of $52.50.The companies also said that they have settled their pending litigation. Simon and Taubman were set to face each other in Oakland County Superior Court in Michigan, beginning Monday, to negotiate the contested deal.In February, prior to the coronavirus pandemic arriving...WW…

Key Points is getting ready to bulk up its presence in Manhattan next year, taking over a massive space that is being vacated by .The home improvement retailer has signed a lease for a Gazit Horizons-owned asset on Manhattan's Upper East Side, at 410 E. 61st St., which spans more than 120,000 square feet over four floors.Bed Bath & Beyond's current lease expires in 2021. The deal by Home Depot marks one of the largest retail leases, by both size and total annual rent, on record to have been reached in Manhattan in recent years.Home Depot will be paying roughly double in rent what Bed...…Key Points is getting ready to bulk up its presence in Manhattan next year, taking over a massive space that is being vacated by .The home improvement retailer has signed a lease for a Gazit Horizons-owned asset on Manhattan's Upper East Side, at 410 E. 61st St., which spans more than 120,000 square feet over four floors.Bed Bath & Beyond's current lease expires in 2021. The deal by Home Depot marks one of the largest retail leases, by both size and total annual rent, on record to have been reached in Manhattan in recent years.Home Depot will be paying roughly double in rent what Bed...WW…

Key PointsIn this articleTeen spending hit its lowest levels in two decades, according to a new survey, as teens spent less money on food, concerts and events during the , and worry about the economy getting worse. Teens reported spending about $2,150 this year, according to Piper Sandler's 40th biannual "Taking Stock with Teens" report. That's a drop of about 9% year over year. Reported annual spending by teens peaked at about $3,023 in the spring of 2006. Piper Sandler surveyed 9,800 consumers with an average age just under 16 from 48 states, with an average household income of...…Key PointsIn this articleTeen spending hit its lowest levels in two decades, according to a new survey, as teens spent less money on food, concerts and events during the , and worry about the economy getting worse. Teens reported spending about $2,150 this year, according to Piper Sandler's 40th biannual "Taking Stock with Teens" report. That's a drop of about 9% year over year. Reported annual spending by teens peaked at about $3,023 in the spring of 2006. Piper Sandler surveyed 9,800 consumers with an average age just under 16 from 48 states, with an average household income of...WW…

Key PointsToys R Us has a new owner — again.The brand management company WHP Global announced Monday it has acquired a controlling interest in Tru Kids, the parent company of the Toys R Us, Babies R Us and Geoffrey the Giraffe brands."We're in the brand business, and Toys R Us is the single most credible, trusted and beloved toy brand in the world," Yehuda Shmidman, chairman and chief executive officer of WHP, said in an interview. "We're coming off a year where toys are just on fire. ... And for Toys R Us, the U.S. is really a blank canvas."Shmidman has been serving as vice chair of Tru...…Key PointsToys R Us has a new owner — again.The brand management company WHP Global announced Monday it has acquired a controlling interest in Tru Kids, the parent company of the Toys R Us, Babies R Us and Geoffrey the Giraffe brands."We're in the brand business, and Toys R Us is the single most credible, trusted and beloved toy brand in the world," Yehuda Shmidman, chairman and chief executive officer of WHP, said in an interview. "We're coming off a year where toys are just on fire. ... And for Toys R Us, the U.S. is really a blank canvas."Shmidman has been serving as vice chair of Tru...WW…