Here is a rundown of Cheddar News' top trending market stories of the day.
Toymaker Hasbro apparently had a rough quarter. Now it's planning to cut 1,000 positions and shake up its c-suite. Head of consumer products Eric Nyman is stepping down after his department underperformed during the crucial holiday shopping season. Meanwhile, other divisions such as Wizards of the Coast are excelling. The maker of Dungeons & Dragons and Magic: The Gathering saw a 22 percent sales increase in the quarter over the previous year.
BED BATH & BEYOND DEFAULTS
Bed Bath & Beyond has defaulted on a large credit line with JPMorgan, escalating an already dire situation for the embattled retailer. In an SEC filing, the company said it was considering all options to stabilize, from negotiating with landlords for rent reductions to a full-scale bankruptcy restructuring. Still, "these measures may not be successful," the company said.
SAM'S CLUB EXPANDS
Sam's Club, Walmart's membership-based warehouse club, said it plans to open 30 new locations across the U.S. over the next several years. The first wave of this expansion will begin with a new location in Florida set to open 2024. The division also announced a multi-year plan to "modernize its supply chain" with a slew of new distribution and fulfillment centers.
Intel's stock sank in extended trading on Thursday after the company reported sizable declines in sales, earnings, and its outlook for the coming year. “Clearly, the financials aren’t what we would hoped,” said CEO Pat Gelsinger. What's behind the downbeat report? Mainly the company is struggling to adjust to an ongoing downturn in the PC and electronics market.