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Over 20 Disney stores to be launched inside select Target stores this October

Steve Murphy

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Disney stores

On Sunday, Target Corp announced about its opening 25 permanent Walt Disney shops inside select Target locations in the US on 4 October.

The move comes in as Target aims at building a strong sales base to attract more customers. Previous week, Target’s raised quarterly earnings report beat its expectations for annual earnings, with its stock touching record high figure of USD 106.52.

In a statement, Disney said that the upcoming stores would feature a variety of over 450 products of the company. This includes over 100 items which were previously just available at Disney stores exclusively. Disney currently has over 300 of such retail shops running globally.

Target said that several items would be available under USD 20, with most items ranging between USD 2 to USD 200. Seating areas will also be installed in the small pint-sized Disney stores for the customers to sit and listen to Walt Disney music or watch some Disney movie clippings, the discounter added.

Disney shops will be launched within Target in key cities like Denver, Chicago, and Philadelphia. The company currently has a cluster of stand-alone shops but had shut down its locations in Florida and West Virginia this year.

Meanwhile, Target also has plans of opening 40 additional Disney stores by October 2020. The big-box retailer would also be unveiling a Disney-focused experience online starting this Sunday where shoppers will be able to find products from brands such as Star Wars, Marvel, Pixar among others.

Expanding its collaboration with Disney even further, Target will also be launching its store close to the Walt Disney World Resort, Florida by the year 2021.

According to Brian Cornell, CEO of Target, Disney is among the most admired and largest relationships of the company. The tie-up of Disney’s storytelling and entertainment with Target’s omnichannel platform would help create unique experiences for the customers, he added.

Steve Murphy has handled various businesses throughout his career and has a deep domain knowledge. He founded Report Door in an attempt to bring the latest news to its readers. He is glued to the stock market most of the times and just loves being in touch with the developments in the business world.

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Fiat Chrysler to list robot-making business after Peugeot merger

Michael Leahy

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Fiat Chrysler to list robot-making business after Peugeot merger

Fiat Chrysler said it planned to list its robot-making business, giving new details on Monday about the future of Turin-based Comau, which it already planned to spin off.

Comau will be spun off shortly after FCA completes its merger with Peugeot maker PSA and its shares distributed to shareholders of the new group.

The deal to create the world’s fourth-largest carmaker is expected to be finalized in the first quarter of next year.

FCA said that it had appointed Paolo Carmassi as Comau’s new chief executive to pursue the listing.

For the past four years Carmassi ran scientific equipment maker Malvern Panalytical, a unit of Britain’s Spectris, and previously worked for more than 20 years at Honeywell, it said.

It also appointed Alessandro Nasi, a board member of Exor, the holding company of Italy’s Agnelli family which controls FCA, as Comau’s new chairman.

Exor is set to become the largest single shareholder of the combined group after FCA’s merger with PSA, and Comau’s top shareholder after its listing.

“The appointments … are a significant step forward for Comau as it prepares for life as a public company,” FCA Chief Executive Mike Manley said in a statement.

Fiat Chrysler shares were up 3.9 percent, at $9.18, in mid-afternoon trading.

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Pfizer shares tumble after setback with breast cancer treatment

Michael Leahy

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Pfizer shares tumble after setback with breast cancer treatment

Shares of Pfizer fell nearly 7 percent on Monday after an independent data monitoring committee determined the drugmaker’s breast cancer treatment was unlikely to meet the main goal of a late-stage study.

The treatment, Ibrance, was being tested along with the standard of care for early breast cancer in men and women, against standard of care alone, the company said on Friday.

The study was broadly seen to have a high probability of success readout, but the early failure represents a meaningful setback for Pfizer, JP Morgan analysts said in a note, cutting its price target on the stock by $1, to $37.

At least three other brokerages cut their price targets on the stock.

Ibrance, approved by the US Food and Drug Administration in 2015 for metastatic breast cancer, brought in sales of $4.96 billion in 2019.

Shares of Pfizer were trading down $2.58, to $35.60 in mid-afternoon trading.

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Supreme Court halts bid to block Madoff trustee lawsuits

Michael Leahy

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Supreme Court halts bid to block Madoff trustee lawsuits

The US Supreme Court on Monday refused to hear a bid by major banks and companies including Koch Industries to prevent a trustee chasing money for victims of imprisoned Ponzi scheme swindler Bernard Madoff from recouping funds that were transferred overseas.

The justices left in place a lower court’s ruling that revived dozens of lawsuits filed by Irving Picard, the trustee liquidating Madoff’s firm, aimed at recovering the foreign transfers. The defendants in the litigation had said the ruling improperly extended the reach of US bankruptcy law beyond the country’s borders.

The Manhattan-based the 2nd US Circuit Court of Appeals had overturned a bankruptcy judge’s decision to dismiss the lawsuits. President Donald Trump’s administration agreed with the 2nd Circuit ruling.

The dispute is part of Picard’s 11-year search for tainted money stemming from the largest Ponzi scheme in history, which Madoff orchestrated through his New York firm, Bernard L. Madoff Investment Securities LLC. The trustee has estimated that Madoff’s customers lost $17.5 billion in the fraud.

Madoff, 82, was arrested in 2008 and pleaded guilty in 2009. He is serving a 150-year sentence in North Carolina. Madoff, whose lawyer has said is dying of kidney failure, has sought “compassionate release,” saying he had fewer than 18 months to live.

The case centers on 88 lawsuits filed against Koch, controlled by the billionaire Charles Koch, HSBC Holdings Plc, UBS and other entities accused of receiving Madoff-linked money indirectly through offshore feeder funds that had directly invested with Madoff.

Picard contends about $3 billion was fraudulently transferred outside the US, taking into account his settlement with the British Virgin Islands-based Kingate feeder funds.

The trustee sued Koch, a privately held industrial conglomerate based in Kansas, in 2012 to recoup $21.5 million Madoff was accused of sending to another British Virgin Islands-based feeder fund and then to a Koch entity in Britain. Koch was not accused of wrongdoing.

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