CNN – Business

Sears hires a bankruptcy expert

Sears hires a bankruptcy expert

NEW YORK (CNN Business) - If Sears wants to avoid bankruptcy, it'll practically have to pull a rabbit out of a hat. The company thinks it found a director who can help do the trick.Sears (SHLD) ann ... Continue Reading
China is buying fewer cars. GM and VW are feeling the pain

China is buying fewer cars. GM and VW are feeling the pain

HONG KONG (CNN Business) - Sales in the world's biggest auto market are falling, causing big problems for top global brands that have come to rely on it for much of their growth.China has been a so ... Continue Reading
Airbus has a new CEO. Can he take the company to new heights?

Airbus has a new CEO. Can he take the company to new heights?

LONDON (CNN Business) - Airbus has named French engineer Guillaume Faury as its next CEO. Managing the potential fallout from Brexit will be his first challenge, but there are plenty of others too. ... Continue Reading
Cash-strapped GE unloads $1 billion of energy investments

Cash-strapped GE unloads $1 billion of energy investments

NEW YORK (CNN Business) - General Electric might be under new management, but its quest to get smaller continues.In the first deal under new CEO Larry Culp, GE (GE) said on Monday it's unloading a ... Continue Reading
Best Buy is cashing in as Americans grow older

Best Buy is cashing in as Americans grow older

NEW YORK (CNN Business) - Americans are getting older. That's an opportunity for Best Buy.In August, Best Buy announced it would buy GreatCall for $800 million. GreatCall makes Jitterbug cell phone ... Continue Reading
Nobel Prize in economics awarded to William Nordhaus and Paul Romer

Nobel Prize in economics awarded to William Nordhaus and Paul Romer

LONDON (CNN Business) - American economists William Nordhaus and Paul Romer have been awarded the Nobel Prize for their work on understanding how economies can grow sustainably. Nordhaus, a profess ... Continue Reading
Who needs brand names? Now Amazon makes the stuff it sells

Who needs brand names? Now Amazon makes the stuff it sells

() - If you search for dog food on Amazon, you'll probably find a bag with a picture of a woman perched on an ocean cliff patting a fluffy, golden dog.It looks like any of the thousands of dog foo ... Continue Reading
Staffing up for the holidays was already tough. Then came Amazon.

Staffing up for the holidays was already tough. Then came Amazon.

WASHINGTON (CNN Business) - For companies trying to staff up for the holidays, Amazon's move to a $15 minimum wage comes at a bad time. "It's causing a lot of buzz with my clients: How do we addres ... Continue Reading
Struggling toy industry braces for next round in US-China trade war

Struggling toy industry braces for next round in US-China trade war

NEW YORK (CNN Business) - Tough times for the toy industry could turn downright miserable next year if the trade war keeps escalating. The American toy industry is trying to recover from Toys "R" U ... Continue Reading
How Casper drove Mattress Firm into bankruptcy

How Casper drove Mattress Firm into bankruptcy

NEW YORK (CNN Business) - Beds-in-a-box have brought the country's largest mattress retailer to its knees.Mattress Firm filed for bankruptcy on Friday to escape hundreds of leases it could no longe ... Continue Reading
Ford will trim jobs in workforce reorganization

Ford will trim jobs in workforce reorganization

NEW YORK (CNN Business) - Ford is cutting staff as it transforms its business.The second largest US automaker said Friday it was reorganizing its global salaried workforce as part of a broader plan ... Continue Reading
General Electric's new CEO could rake in $300 million -- if he can turn GE around

General Electric's new CEO could rake in $300 million -- if he can turn GE around

NEW YORK (CNN Business) - Larry Culp will be a hero on Wall Street if he can revitalize General Electric's lifeless share price. The new GE boss will also be about $300 million richer. Culp secured ... Continue Reading
Mattress Firm files for bankruptcy and will close up to 700 stores

Mattress Firm files for bankruptcy and will close up to 700 stores

NEW YORK (CNN Business) - Online reviews have replaced going to a store to lie down on a mattress. That's why Mattress Firm, America's largest bed store, has filed for bankruptcy.

The chain said it plans to remain in business, but it filed for Chapter 11 bankruptcy protection to get out of about 700 unfavorable leases. Mattress Firm said it will quickly close 200 underperforming stores and make decisions about whether to close or maintain the other 500 locations in the coming weeks. There are more than 3,300 Mattress Firm stores in the United States.

Mattress Firm plans to exit bankruptcy in about two months. It hopes that the liquidity gained from the bankruptcy allows it to expand into more favorable markets and even open some new stores in existing markets.

"We will continue to provide unmatched value to our customers by offering the best quality beds at prices that fit any budget today, tomorrow and into the future," said CEO Steve Stagner.

Its parent company, Steinhoff International, is dealing with major problems including accounting irregularities forcing its CEO to resign in December 2017.

Like many retailers, the 32-year-old chain has struggled with overexpansion, including its purchase of Sleepy's in 2016 and Mattress Giant in 2012. The company has many stores in close proximity to one another, cannibalizing sales. It's also grappling with increasing competition from online retailers, including Casper and Amazon.

Casper plans to open 200 stores across the United States in the next three years as part of an ambitious growth plan. The four-year-old company wants to gain exposure with shoppers who prefer trying out a mattress at a store first -- and increase impulse buys that can only come from browsing physical locations.

Stores could help Casper stand out in a crowded mattress market. Digital rivals, such as Purple, Leesa, Tuft & Needle, and Yogabed, have cropped up, while legacy retailers have taken a page from Casper, introducing delivery in a box.

Amazon quietly rolled its own in-house brand of foam mattresses that cost a fraction rivals' beds. For example, an AmazonBasics queen mattress costs $229, compared to $600 at Tuft and Needle and nearly $1,000 at Casper.

A search for a similar bed on Mattress Firm's website yields dozens of results, potentially overwhelming customers. That could push them to online rivals, most of which only offer two or three different kinds of mattresses.

A supermarket is offering to deliver groceries to your fridge while you're out

A supermarket is offering to deliver groceries to your fridge while you're out

LONDON (CNN) - Want your groceries delivered while you're away from home? No problem. A leading UK supermarket chain, Waitrose, is giving customers the option of allowing delivery drivers to enter ... Continue Reading
Apple helps Samsung surge to record profits

Apple helps Samsung surge to record profits

HONG KONG (CNN Business) - Samsung is powering toward record profits thanks in part to Apple's new iPhones.The two tech companies compete aggressively in high-end smartphones, but Samsung also prov ... Continue Reading
Unilever kills plan to move HQ out of UK

Unilever kills plan to move HQ out of UK

LONDON (CNN Business) - Unilever has given up on a plan to move its headquarters out of the United Kingdom after some big investors objected. The global consumer goods company said Friday that the ... Continue Reading
US jobs report; Bumper quarter for Samsung; China tech hit

US jobs report; Bumper quarter for Samsung; China tech hit

(CNN Business) - 1. Jobs, jobs, jobs: The US Labor Department will release its September jobs report at 8:30 a.m. ET.Analysts expect employment growth was strong yet again. Economists surveyed by ... Continue Reading
Amazon eliminates bonuses and stock awards for hourly workers

Amazon eliminates bonuses and stock awards for hourly workers

NEW YORK (CNN Business) - Amazon giveth and Amazon taketh away.The company announced Tuesday that it will raise its minimum wage to $15 an hour for all US employees. But tucked away in the announce ... Continue Reading
Elon Musk mocks SEC amid settlement deal

Elon Musk mocks SEC amid settlement deal

NEW YORK (CNN) - Elon Musk taunted the Securities and Exchange Commission on Twitter Thursday shortly after he reached a deal with the agency to settle a lawsuit over his prior tweets.Musk, who has ... Continue Reading
McDonald's should pay its workers $15 an hour, Bernie Sanders says

McDonald's should pay its workers $15 an hour, Bernie Sanders says

NEW YORK (CNN Business) - Amazon? Check. Disney? Check. McDonald's?The fast food chain is Senator Bernie Sanders' next minimum wage target. He wants McDonald's to give its workers a pay raise to $1 ... Continue Reading

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