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In what the Wall Street Journal says may be the biggest retail liquidation ever in America, one of the nation’s most well-known chains for shoes on the cheap is closing all of its stores here. A spokesman says all of Payless’ 2,100 or so US locations are expected to…
Amazon.com Inc.’s sales and earnings last quarter — which included the busy holiday season — beat analysts’ estimates, showing that the world’s biggest web retailer can maintain rapid growth while improving profitability and fending off online competition from rivals such as Walmart Inc.
Macy’s Inc. didn’t have as merry a Christmas as it expected, and now all of retail is under the microscope.
The department store giant released disappointing holiday sales results Thursday, with comparable sales rising 0.7% — or 1.1% including licensed departments — from the year-earlier quarter….
As Claire Talerico videotaped her daughter Mia finalizing baby adoption paperwork with a nurse, two things stood out.
For one thing, Mia is just 10 years old. For another, Mia’s baby resembled a pink lacrosse ball with a tiny body attached.
This wasn’t a real adoption. The fictional nurse was an…
Major online retailer Overstock expects to finalize a deal to sell its retail operations by February. The Utah-based company is selling the business so it can solely focus on the cryptocurrency and distributed ledger technology (DLT) sector.
Also Read: Bitcoininfo.ru Wins Court Case Against Ban
Overstock Expects to Soon Sell Retail Business
According to The Wall Street Journal, the chief executive officer of Overstock, Patrick Byrne, has indicated that the company expects to soon finalize a deal pertaining to its retail business. In 2014, Overstock was reported to have become the first online retailer to accept bitcoin payments, through a partnership with Coinbase. Later recalling the move, Byrne stated: “We were the first. The largest company accepting Bitcoin then was an $ 800,000 a year restaurant diner in Western Australia. We stepped up and started taking it — we were $ 1.4 billion.”
Now the company appears to be going all-in on crypto, entirely devoting its energy to such ventures. “Being the guy who pedals along and makes $ 10 to $ 20 million a year wasn’t sustainable,” Byrne said, adding his belief that Medici Ventures, Overstock’s DLT venture, owns “maybe several multibillion-dollar properties.”
Overstock Bets Big on Tzero
Among the company’s major crypto ventures is Tzero, an upcoming securities token exchange owned by Medici Ventures. First unveiled in April 2015, Tzero is currently slated to launch during the first quarter of 2019, but it has already failed to meet several planned start dates. At launch, it will solely facilitate the trading of its own security token.
Tzero currently loses millions of dollars each month, but Byrne remains confident of the company’s decision to invest significant resources in the project. “I don’t care whether Tzero is losing $ 2 million a month,” he stated. “We think we’ve got cold fusion on the blockchain side.”
Medici Ventures has also made investments in Bitsy, Chainstone Labs and Ripio, among other crypto and DLT companies. But despite Byrne’s “multibillion dollar” predictions, the Overstock subsidiary posted a loss of $ 39 million for the first three quarters of 2018, and a $ 22 million loss for 2017.
Do you think that Overstock’s plan to sell its retail business and focus on crypto ventures will pay off? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, tZero
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Low unemployment and rising wages are giving shoppers an extra reason to make the annual pilgrimage to the mall on Black Friday, but below that cheerful veneer, chains from Walmart to Macy’s are struggling with rising costs as more shopping shifts online.
WSJ.com: US Business
Juul Labs, the fast growing e-cigarette company, has decided to stop selling most of its flavored nicotine liquids at bricks-and-mortar retail stores, according to people familiar with the matter.
WSJ.com: US Business
Juul Labs Inc., the maker of a hot-selling vaping device that is increasingly popular with teens, will stop selling most flavored e-cigarettes in retail stores, according to a person familiar with the matter.
The decision follows word that U.S. health officials are preparing to step up efforts…
The Thai billionaire owner of Leicester City died in a helicopter accident, the English Premier League club has confirmed. He was 60 years old.
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