Circle K, the international convenience store chain, is donating a meal to those in need with every fuel transaction, even as the company's own sales have fallen precipitously due to coronavirus.
"We've seen local food bank demand just spike throughout this crisis," CEO Brian Hannasch told Cheddar on Monday. "Circle K is committed to being a part of the solution."
Feeding America, an umbrella organization that helps local food banks secure food, projects a $1.4 billion shortfall in supply over the next six months. The spike in demand comes as upwards of 17 million people have lost their jobs since the coronavirus outbreak hit the U.S. At the same time, federal aid is just beginning to reach people's bank accounts, leaving many Americans in a lurch.
Circle K is partnering with Feeding America to help meet that demand.
The charitable initiative comes as Circle K endures a massive drop in sales. Hannasch said customer visits are down 25 percent, and fuel purchases are down 30 to 50 percent.
"We're trying to stay open," he said. "We're taking a lot of steps to make sure that we protect our employees and our customers."
The company has installed clear barriers between clerks and customers and is aggressively cleaning the retail space each day.
Hannasch said that Circle K is hoping to retain as many employees as possible, particularly in nations without a strong social safety net. The chain has 7,000 sites in the U.S. across 48 states and can be found in more than 20 countries.
"We've really tried to keep people," he said. "In some countries, there are very strong social safety nets, so we have furloughed some people, particularly in Europe. In the U.S., we've put in an emergency $2.50 emergency wage supplement and paid sick leave."
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Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
