U.S. unemployment rate unexpectedly falls in May at Reuters. “The Labor Department’s closely watched employment report on Friday also showed the jobless rate falling to 13.3% last month from 14.7% in April…Economists polled by Reuters had forecast the unemployment rate jumping to 19.8% in May…” Read more

 

RH Q1 net revenue -19.3% “…we have experienced a strong rebound in the second quarter and are optimistic that these business trends will continue as we reopen our Galleries, Outlets and Restaurants. As of June 3, 2020, we had reopened approximately 74% of our Galleries, 68% of our Outlets and 50% of our Restaurants.” Press release

 

Gap Inc. Q1 net sales -43% Press release

 

‘What we see is a moment here’: Walmart CEO Doug McMillon said nation’s corporate leaders must advance racial equality at CNBC. “On Friday, McMillon said he will have a meeting with Walmart’s employees to talk about the death of Floyd and the protests and conversations it’s sparked across the country. He said the retailer will invest $100 million in efforts related to racial equity and justice.” Read more

 

Brooks Bros., ‘Made in America’ Since 1818, May Soon Need a New Calling Card at NY Times. “In late March, Brooks Brothers was showered with praise after announcing it would use its three clothing factories in the United States to make personal protective equipment…Now those factories may become casualties of the coronavirus, and the future of Brooks Brothers…is uncertain.” Read more

 

JCPenney shutting down 154 stores after coronavirus-driven bankruptcy at Fox Business. Read more

 

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How Tractor Supply Co is using tech to deliver e-commerce to its rural customers and fuel a sales surge at Fortune. “While some people might mistakenly believe rural and exurban shoppers are less focused on fast e-commerce delivery than urban customers, Tractor Supply has made that a priority. Prior to the pandemic, Tractor Supply, which also operates PetSense, the third largest pet store chain, offered same-day delivery from 20% of its stores. Working with delivery service Roadie, the company ramped that up to the rest of its store fleet within three weeks…” Read more

 

Hollywood Spent Years Wooing The King Of Bollywood. It Took Amazon To Land Him. at Forbes. Read more

 

Amazon’s Heavily Automated HR Leaves Workers in Sick-Leave Limbo at Bloomberg. “…the design of Amazon’s HR department…(is) heavily automated, which helps Amazon grow quickly and restrain costs but these days leaves employees hitting dead ends with chatbots, smartphone apps and phone trees…Amazon has added some 2,500 full-time and temporary staffers to the human-resources teams that support its logistics group since the beginning of the year…” Tiered subs.

 

C&S Wholesale Grocer, has partnered with Instacart, bringing the e-commerce and same-day deliverer to more than 3,000 independent grocers at Progressive Grocer. Read more

 

Walmart Buckled on Mexico Tax Claim After Charges Threatened at Bloomberg/Yahoo. Read more

 

Victoria’s Secret’s U.K. Arm Files for Creditor Protection at Wall Street Journal. “The company’s U.K. arm employs over 800 people and operates 25 stores under the Victoria’s Secret and Pink brands, which have been shut for weeks because of the pandemic. The administration process excludes its online business, which will continue to trade.” WSJ subs.

 

Mall owner CBL issues ‘going concern’ warning after skipped interest payment at CNBC. Read more

 

Tipsheet Extra

Minneapolis City Council members look to disband the police department

Chicago Mayor pleads with Walmart to not abandon Chicago

Kids now spend nearly as much time watching TikTok as YouTube

Elon Musk tweets that it’s ‘time to break up Amazon’

Costco buys Oklahoma City Hertz building for new operations center

Read Tipsheet Extra Stories

 

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