The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BENTONVILLE, United States — Walmart Inc said on Tuesday it would spend another $428 million on bonuses this year, to compensate its US employees for catering to a surge in demand for essential goods during the Covid-19 pandemic.
The United States' largest employer said the new spending brings the total expenditure on employee bonuses to $1.1 billion this year.
Walmart, like other essential retailers, has seen a spike in demand for groceries and has had to add hundreds of thousands of new hourly workers to keep up. However, those costs as well as the expenditure to keep stores operating safely have pressured its profit margins.
The company said full-time hourly employees will get a $300 bonus, while part-time and temporary employees will get $150, adding that drivers, managers and assistant managers will also receive a bonus.
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The world's largest retailer also said it would close its own and Sam's Club outlets on Thanksgiving day this year.
By Uday Sampath; editor: Amy Caren Daniel.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.
Manhattanites had little love for the $25 billion megaproject when it opened five years ago (the pandemic lockdowns didn't help, either). But a constantly shifting mix of stores, restaurants and experiences is now drawing large numbers of both locals and tourists.