Today is National Coffee Day, and major chains such as Caribou Coffee, Sheetz, and Dunkin’ are offering special deals, like a free coffee or latte. Starbucks, meanwhile, is giving members an extra 100 bonus stars when they order a coffee, though it might not be a time for celebration at the coffee giant. The “holiday” comes just a few days after Starbucks announced a $1 billion restructuring, including the closure of 100 cafés and the layoffs of 900 non-retail employees.
Here’s what else is going on in retail this week:
In closures: Furniture outlet At Home set out to close 29 underperforming stores by September 30. The Texas-based retailer filed for Chapter 11 bankruptcy over the summer, citing “broader economic and retail-specific market pressures.” The company is shrinking its footprint as it restructures its debt.
In openings: Eataly is coming to King of Prussia Mall in Pennsylvania on October 2. The 21,000-square-foot Italian marketplace has 16 locations in North America and more than 60 across the globe. This location will feature Eataly’s usual mix of restaurants, quick-service options, a pastry counter, and other made-in-Italy products.
In earnings: Nike is releasing its latest earnings results on Tuesday. The sneaker giant is in the midst of a turnaround, and last week, the company got an attaboy from a major customer. Dominic Platt, CFO of JD Sports, said Nike was “doing all the right things” to bring back demand. The comeback is getting buy-in from investors, as the stock nears a breakeven for 2025.
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