Monday, February 29, 2016

Why Fast Food Is Ridiculously Cheap Right Now - Daily Business

McDonald's

The country's largest fast food chains have been showering customers with deals after years of losing out to newer, higher-end chains. And now, in a battle for customers who remain loyal to old-school fast food, the big chains are engaged in a brutal price war.

Fast food companies have always targeted lower-income consumers. What's different now is that these customers are expected to benefit from lower gas prices, falling unemployment, and rising minimum wages, according to research by investment bank Cowen and Company. And as low-income consumers find more money in their wallets, commodity prices are no longer shooting upward as they did in recent years.

As "forecasts for key restaurant commodities including beef, chicken, pork, dairy and wheat are in-line to below long term averages," restaurants are particularly eager now to take advantage of the lower costs to boost traffic to stores, said Cowen's report.

McDonald's announced that starting Feb. 29, customers could pick two of four "iconic menu items" — a Big Mac, a 10-piece order of Chicken McNuggets, Filet-O-Fish or a Quarter Pounder with Cheese — for $5. This deal replaces the even lower-priced McPick 2 deal launched in January, in which customers could get two items — McChicken, McDouble, mozzarella sticks, or small french fries — for $2.

Meanwhile, Wendy's has been offering a four for $4 deal. Value monger Burger King has an even cheaper five for $4 promotion, as well as an ongoing two for $5 sandwich deal, and 10 chicken nuggets for $1.49. Even Pizza Hut has a $5 "flavor menu."

"All the major chains have jumped on the dollar pricing in an effort to maintain share against competitors," said Darren Tristano, president at restaurant consultancy Technomic.

Dollar-menu pricing is all about the fight within the fast food business, and is unlikely to bring back significant numbers of customers lost to fast casual chains like Chipotle or Shake Shack.

"Although it likely will steal some from fast casual, these are not the quality competitive products that will shift fast casual customers to fast food," said Tristano.


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Sunday, February 28, 2016

Starbucks Will Open In Italy In 2017 - Daily Business

The Seattle coffee chain plans to enter the country that first inspired CEO Howard Schultz decades ago.

Starbucks

Starbucks announced plans on Sunday to open its first Italian coffee shop in Milan in early 2017, with hopes to open more locations throughout the country.

Starbucks will partner with Percassi Group, a Bergamo-based company that has developed other American brands like Victoria's Secret in the country. Percassi will own and operate Starbucks' Italian stores as a licensee of the brand.

CEO Howard Schultz said in a release the partners will bring the "Starbucks Experience" to Italy in a way that "will make you all proud." Schultz said he has been going to Italy since 1983 and Italian coffee makers inspired his vision for the coffee house chain, which now has more than 23,000 stores around the world but not a single outlet yet in Italy.

It is not clear how much demand there will be for Starbucks coffee in Italy. The country has a well-established market and culture for espresso, posing a challenge for the giant U.S. chain.

Matt Rourke / AP


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Friday, February 26, 2016

As Walmart Closes Stores, Facebook Group For Workers Gets Spike In Visits - Daily Business

Inside one of the recently shuttered Walmarts.

Nicholas Eckhart / Flickr / Via Flickr: fanofretail

In January and earlier this month, Walmart shuttered 154 stores in the U.S., affecting 10,000 workers. In the aftermath, worker advocacy group Our Walmart has seen spikes in visits to its Facebook page, one of its main organizing hubs. The group’s posts reached 540,000 people, generating about 66,000 clicks since the announcements, according to internal analytics shared with BuzzFeed News.

The worker group says it's capitalizing on the rush in new visitors. “A lot of these online conversations are turning into offline conversations,”Andrea Dehlendorf, an organizer with the campaign, told BuzzFeed News.

Andrea Dehlendorf / UFCW

The spikes in interest coincide with days around store closures and days relevant to the WARN Act, which entitles workers to 60 days’ pay when they suffer an employment loss due to location closures. Workers who have not yet been placed in new stores began receiving that pay on February 10th, said Walmart spokesperson Kory Lundberg.

The company has “already extended transfer offers to more than 60% of affected associates” in the wake of the store closures, Lundberg said, an it expects "that number to keep growing over the next several weeks.” If workers are not placed by the end of the 60-day period, they are eligible to receive a severance equal to a week of pay for every year of service to Walmart.

Lundberg attributed the spikes in interest in Our Walmart's posts to news coverage about the closures. “There were a lot of stories written, so probably a lot of people heard about it and went to the site,” he said.

Andrea Dehlendorf / UFCW

Formerly backed backed by the United Food and Commercial Workers (UFCW) union, Our Walmart campaigns for higher pay, full hours, and improved working conditions at the retailer. Last year, the group split with the UFCW, leading to a loss of funding; it now supports itself with foundation grants and $5-a-month dues from members.

Lundberg expressed skepticism that Our Walmart is gaining traction with workers, given the schism with the union.

“It sounds to me like what they’re saying, is, ‘When we had millions of dollars from the UFCW, we couldn’t get more than a few hundred people to participate in our group. Now that we’ve been unshackled from the union and their millions of dollars, we have this uptick in interest,” said Lundberg. “That seems off to me, but if that passes your eye-roll test, you’re the reporter.”

When asked whether the increased interest might be a result of the store closures and mass layoffs, Lundberg said that only a handful of visitors to the site explicitly identified themselves as workers by referencing their store numbers.

“It certainly wouldn’t be unlikely and wouldn’t be unprecedented” for non-workers to be engaging with Our Walmart, said Lundberg. “I don’t have any insight into this, and neither do you. It’s possible some of them are [workers.] I just don’t know. Six or seven people out of 540,000? It seems off.”

Nicholas Eckhart / Flickr / Via Flickr: fanofretail



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Big Banks Made 8% Of Their Profits Last Year From Overdraft Fees - Daily Business

Wells Fargo ATM bank machines are shown at one of their new retail banks in Carlsbad, California January 25, 2016. REUTERS/Mike Blake

Mike Blake / Reuters

America's big banks collected over $11 billion in overdraft fees in 2015, according to a new report from the Consumer Financial Protection Bureau, with the charges making up about 8% of their total profits for the year. The banks covered in the report — the 628 U.S. banks with assets of over $1 billion — have a total of $3.9 trillion deposited in consumer checking accounts.

Overdrafts are essentially short-term loans that allow users to access money even if their accounts are at or near zero, and can have incredibly high interest rates.

Regulators have pushed banks to reform their approaches to charging such fees, which are levied in large part on low-income consumers. But they still account for almost two-thirds of all fee revenue from consumer bank accounts, the CFPB said.

New regulations have required banks to have their customers affirmatively opt-in to overdraft services and the fees that come with them, but CFPB is still considering further rules. The Bureau said it was "looking closely at overdraft practices and will continue to analyze this data to better monitor and understand overdraft programs in the market and the consumer experience."

In 2014, a CFPB report found that overdraft and insufficient fund fees were on average over $250 a year, but that only 8% of customers incurred three-quarters of all the fees. The typical overdraft fee, the CFPB found, was $34, while the median transaction size that results in the fee is about $50, while for debit cards it's $24.

A survey by the Pew Charitable Trusts found that overdrafters were disproportionally likely to be young, low earning, and non-white. 25-year olds, the survey found, were 133% more likely to pay an overdraft fee than 65-year olds, while nonwhites were 83% more likely to pay the fees than whites.

Most worryingly, the Pew survey found that in 2012 and 2013, over 50% of overdrafters did not recall opting into an overdraft program.


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Zenefits To Cut 250 Jobs, Mostly From Sales - Daily Business

Zenefits

Zenefits plans to cut about 250 jobs, or 17% of its employees, as the once high-flying startup seeks to remake itself after a period of breakneck growth, according to an internal memo this morning.

The cuts at Zenefits, the San Francisco-based human resources startup, are coming "almost entirely" from the sales organization and will heavily affect the sales development reps, who prospect for leads, CEO David Sacks told employees in the memo. The enterprise sales team, which focuses on the biggest customers, will be eliminated, he said. About a dozen of the cuts will affect the recruiting department, he added.

"We are letting go of many great people today, and it is not their fault," Sacks said in the memo. "It is no secret that Zenefits grew too fast, stretching both our culture and our controls. This reduction enables us to refocus our strategy, rebuild in line with our new company values, and grow in a controlled way that will be strategic for our business and beneficial for our customers."

The layoffs reflect the urgent challenges facing Zenefits, which offers free human resources software to small businesses and collects commissions after selling health insurance policies to those businesses. For much of last year, as Zenefits rapidly hired new sales reps, many reps regularly failed to hit their monthly quotas, former employees say. Sacks has previously said he plans to refocus the company on "the small business market where we have product‐market fit."

In addition to the job cuts, which Sacks called a "reduction in force," Zenefits plans to reset expectations for the sales reps who remain. This afternoon, he said, sales reps would be given new plans and quotas. "By expanding the size of territories and concentrating lead flow, the sales reps who stay will be in a great position to succeed," Sacks said.

Sacks became CEO earlier this month, succeeding Parker Conrad, the Zenefits co-founder, who had resigned in the wake of a number of compliance failures, according to the company. BuzzFeed News has reported that Conrad, early in Zenefits' history, created a program that allowed sales reps to shortchange a broker licensing requirement under California law.


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Don’t settle for ordinary Dan Miller

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Okay where is my money? Dan Miller

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Thursday, February 25, 2016

Gap Says Activewear Might Be The "Most Important" Trend Since Skinny Jeans - Daily Business

Sales and profits are falling and the company is shutting 25% of its full-price stores. But yoga pants are still booming.

Astrid Stawiarz / Getty Images

It was a terrible year at Gap Inc.

But at least it has activewear, which its CEO says could be the industry's "most important" trend since the glorious and historic rise of skinny jeans.

The company reported dismal earnings today as sales fell sharply at Gap and Banana Republic while coming in flat at once-bright Old Navy. In the past year, it lost the president of Old Navy to Ralph Lauren, announced plans to shutter 25% of the full-price Gap stores in North America, and went all wrong on fashion at Banana Republic.

One beacon of hope is the so-called athleisure category — the robust world of workout gear beloved by millions who may or may not actually be wearing it for working out. Gap is expanding its Athleta athleisure brand, starting an Athleta Girl line for 6- to 14-year-old activewear-seekers and seeing strong performance out of such clothes at Old Navy and Gap, CEO Art Peck said on an earnings call today.

"I'm really encouraged frankly across the whole company as I look at it right now," Peck said on today's call, listing the activewear lines. "We are present and accounted for in the mainstream of what its probably the most important ready-to-wear trend that we've seen since skinny denim maybe came on the scene."

youtube.com

It's a significant statement. First, skinny denim was a game-changer for the industry when it started ascending in 2006. It refuses to die no matter how many trend pieces forecast its death by flares or high-waisted jeans every year. And second, Peck's comment shows that one of the country's biggest clothing retailers is still betting hard on athleisure, which has boomed in recent years and led to lots of new competitors.

Peck also promised changes this year in both the Gap and Banana Republic brands, where the company has invested in better quality and smarter fashion buys. Peck highlighted the failings at Banana Republic, which posted a comparable sales decline of 10% over the year.

Things got so bad that the company "had blazers in Banana Republic's women's assortment where it was extremely difficult for the average woman to actually get her arm into the armhole," he said.

"If you just take those out and get back to the common sense quality that our customers expect, that is going to register with our customers," he said.

Gap Inc.'s sales fell to $15.8 billion, from $16.4 billon the prior year, partly due to exchange rates, while gross profit also tumbled.


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A Federal Court Is Taking A Closer Look At On-Call Shifts At Victoria's Secret - Daily Business

Charley Gallay / Getty Images

The court system is one step closer to deciding whether retailers should compensate store workers whose call-in shifts are cancelled at the last minute.

Victoria's Secret and lawyers for two of its ex-employees finished submitting briefings this week to a federal appeals court, as part of a lawsuit centered around on-call scheduling. The core question at hand is whether workers whose shifts are cancelled by phone — often within hours of starting time — are covered under a California law that requires employers to pay staff who "report for work" but are sent home early. Retailers contend the law only extends to people who physically show up to work.

Victoria's Secret argued in its Feb. 8 briefing that "not once in its more than 70-year history has the reporting time pay regulation been interpreted to require employers to pay employees for calling in before showing up for work."

Employees "must do more than make a phone call from a distant location
two hours prior to a 'call-in' shift in order to 'report' for work," they said. Workers "could be in any state of unreadiness at the time of the call: they could be in their pajamas, far away from the workplace, actively engaged in some other pursuit, or attending to some other commitment."

But the plaintiffs say the call-in system has the same effect as sending people home after they physically show up — and is used by retailers for the same reason.

"The whole purpose of the reporting time law was to regulate over-scheduling practices," David Leimbach, a lawyer for the former employees, said in an interview. Whether it's physical attendance or a phone call, "the principle is the same — you're over-scheduling employees with a frequency that exceeds your staffing needs for optimal employee overhead costs," he said.

Call-ins, which often appear alongside regular shifts on store workers' schedules, typically require them to phone in two hours before start-time to find out if they're needed or not.

If the answer is yes, they must go in, meaning they can't commit to college classes, child care or other work for the time covered by the shift. But if they're not needed, they go unpaid. Arranging childcare and eldercare around these "maybe" shifts, which can eat up 20 hours of a week, can wreak havoc on the lives of low-wage employees.

Example of how call-in shifts can be scheduled, from the Victoria's Secret lawsuit.

Court filings

Retailers have come under fire for this kind of scheduling in the past two years, especially after the New York State attorney general began looking into the practice last year. After a BuzzFeed News story about such policies and the lawsuit against Victoria's Secret last June, the lingerie chain ended the policy. Afterwards, Gap Inc., Urban Outfitters, Abercrombie & Fitch and J.Crew also announced plans to stop using call-ins following conversations with the New York attorney general.

The "report for work" question before the appeals court, which arose from a class-action lawsuit filed by former Victoria's Secret sales clerk Mayra Casas in July 2014, could remove the financial incentive for retailers scheduling employees this way in California. It could also influence rules in eight other states, plus Washington D.C., that have similar laws around "report for work" payments.

The question made it to the U.S. Court of Appeals for the 9th Circuit after a California district judge in the Casas case was stumped over whether the phrase "report for work" requires physical attendance at a scheduled start time — the law doesn't specify. While he concluded it does require physical attendance and dismissed the call-in reporting time claim, he permitted the employees' lawyers to appeal that decision.

The appeals court, which covers multiple states including California and Arizona, granted the petition to appeal last summer. With briefings in, the next step is waiting for the court to set oral argument dates or potentially involve the California Supreme Court, then wait for a definitive interpretation of the rule.

Will Varner/BuzzFeed News

In filings related to the lawsuit, Victoria’s Secret “conservatively” estimated that if the company were required to shell out at least two hours in wages for every call-in shift that a part-time employee in California wasn’t permitted to work between July 2010 and August 2014, it would cost $25.1 million. And that's just in a single state across four years.

Even though Victoria's Secret and its sister company Bath & Body Works stopped using call-in shifts last year, Leimbach said it doesn't affect the appeal.

"We're certainly thrilled they stopped using the policy as that's one of the fundamental goals of this case, but there's nothing stopping them from doing it again if they so chose," Leimbach said, noting he's seeking a permanent injunction against the practice. The other issue is getting former Victoria's Secret employees "compensation for having had to comply with this policy and getting denied the opportunity to earn those wages in the first place."

"This is not just some little inconvenient scheduling practice," he said. "This is fundamentally usurping people's personal autonomy, their ability to earn a living wage."

LINK: Making Victoria’s Secret Pay For Keeping Staff On Call



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SeaWorld Bans Employees From Posing As Animal Rights Activists - Daily Business

Handout / Getty Images

SeaWorld chief executive officer Joel Manby said today on a call with analysts to discuss the company's financial results that it would no longer allow employees to pose as animal rights activists.

"Our board of directors," Manby said, "have directed management to end the practice in which certain employees pose as animal rights activists. This activity was undertaken in connection with efforts to maintain the safety and security of employees, customers, and animals in the face of credible threats." A SeaWorld spokesperson did not respond to a request for comment.

In July, People for the Ethical Treatment of Animals, or PETA, accused SeaWorld of having an employee named Paul McComb, who worked in human resources for the company in San Diego, pose as "Thomas Jones" and sign up for PETA's Action Team.

PETA said that Jones "repeatedly tried to incite animal advocates to act illegally" and said he encouraged protestors to “get a little aggressive" and “grab your pitch forks [sic] and torches." PETA did not immediately respond to a request for comment.

Manby said that "all personnel matters pertaining to those involved had been handled internally" and that McComb "remains an employee of SeaWorld and has returned to work at SeaWorld in a different department and is no longer on administrative leave."

The announcement came at the end of a call to discuss another disappointing quarter for the company, whose public image took a hit from the CNN documentary Blackfish, which accused the company of mistreating the orcas it keeps in captivity. SeaWorld has phased out orca performances at its California locations and the state has banned the breeding of Orcas in captivity. SeaWorld has challenged the Commission's decision.

The company's chief financial officer Peter Crage said the company had seen reduced attendance in California which "primarily relates to continued SeaWorld brand challenges at this location." Crage also said, however, that earnings and revenues started to turn around in the second half of last year, specifically that the rate of decline had slowed.

For all of 2015, SeaWorld had total attendance of 22.5 million, up slightly from 22.4 million in 2014. Its revenue was roughly flat at $1.4 billion, while its earnings fell slightly. The company recorded a net loss of $11 million in the last three months of this year. The company's total attendance in 2013 was 23.4 million.

Blackfish premiered on CNN in October 2013 to an audience of 21 million, one of the most successful film airings in CNN's history. SeaWorld was taken public on the New York Stock Exchange by its private equity owner Blackstone in April 2013, raising over $700 million.

SeaWorld said that its sales and administrative expenses had gone up this year thanks to consulting fees and "an increase in marketing costs associated with the company's reputation campaign and an increase in legal fees when compared to the prior year."


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Apartment Hunting Sites Padmapper And Zumper Are Merging - Daily Business

Justin Sullivan / Getty Images

It's 2016. Rooms full of people are strapping virtual reality googles to their faces, automated personal assistants are appearing in our phones, and cars are starting to drive themselves. And yet we still search for apartments on a site that has barely changed since the late 1990s.

Plenty of smart people have tried to dethrone Craigslist, but their efforts have either failed outright or failed to grow big enough to become the new standard. Somehow, Craigslist — ancient, unlovely, and filled with overpriced schlock — remains the indispensable apartment-hunting tool for people in their 20s and 30s.

But hope springs eternal! On Thursday, two apartment-listing startups are expected to announce a merger that, they hope, will help them challenge the website with the purple peace sign.

Padmapper, which puts listings on a map, has been acquired by Zumper, a listings service backed by a big-name venture capital firm, the CEOs of both companies told BuzzFeed News. The price isn't being disclosed, but Zumper CEO Anthemos Georgiades said it's a cash and stock deal worth less than $10 million.

Zumper's mobile app.

Zumper

For anyone trying to challenge the dominance of Craigslist, getting bigger is a logical strategy. Combined, Padmapper and Zumper had about 4 million visits in January, or about 2 million unique visitors, with each service contributing roughly half the total, according to Georgiades.

But the combined company is pinning its fortunes on more than just numbers. The San Francisco-based Zumper, which Georgiades started in 2011 between years at Harvard Business School, doesn't just show listings; prospective tenants can apply to listings through the Zumper app, and landlords can run background and credit checks through Zumper as well. Padmapper, which will keep its name and continue to exist separately, will incorporate the Zumper services into its own app later this year, Georgiades said.

"Craigslist has marketplace and liquidity. It's really hard to disrupt that by just having a pretty user interface," Georgiades told BuzzFeed News. "The only way you can beat Craigslist is if you change the paradigm."

Padmapper, which started in 2009 and was based in Mountain View, has gained fans for a simple but powerful reason: It shows you a map of apartment listings. (Craigslist introduced its own mapping tool in 2012.) Padmapper took listings data from Craigslist until last summer, when it agreed to stop doing that as part of a legal settlement with Craigslist; it now gets all of its listings from other sources.

Two of Padmapper's three full-time employees — the CEO and CTO — have joined Zumper.

The Padmapper mobile app.

Padmapper

Zumper, which has raised money from venture capital firm Kleiner Perkins Caufield & Byers, has a slicker-looking interface and has focused heavily on its mobile app from the beginning. Georgiades said Zumper's customers skew toward higher-income young professionals, compared with Padmapper's base of college seniors or others moving into a first or second apartment. (Padmapper is also apparently big in Canada.)

"There was very little overlap" between the two groups of users, Georgiades said. Padmapper, he said, "had a very much younger demographic that we were interested in working with."

The thing that really distinguishes Zumper is its extra services for prospective tenants and landlords. The company makes money not only from promoted listings but also from the application process, by charging renters a $30 application fee. Some of that money goes to the credit check and background check providers, but it's "almost pure profit," Georgiades said. (He added that "it's still cheaper for renters than the current $40 they pay for paper-based systems.")

The goal, Georgiades said, is to make the process of renting an apartment more like the process of booking a hotel or an Airbnb: easy, seamless, and performed entirely on a mobile device.

"That's where we're really interested in exploring, and where no one is doing anything," Georgiades said. He paused, then added, "Definitely not Craigslist."


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Wednesday, February 24, 2016

The Owner Of T.J. Maxx And Home Goods Keeps Beating Macy's - Daily Business

Paul Morigi / Getty Images

The owner of T.J. Maxx, Marshalls and Home Goods has officially taken the throne from Macy's.

TJX, which first passed Macy's in revenue last year, just reported annual sales of almost $31 billion, compared with $27 billion at the department-store company. The gap has widened significantly from last year, when Macy's, which has higher profit margins, posted $28.1 billion in sales while TJX brought in $29 billion.

BuzzFeed News

The diverging fortunes illustrate America's ongoing love affair with off-price retailers, which comes at the expense of traditional retailers. Off-pricers like T.J. Maxx and Ross, usually located away from the mall, supply their stores with a constantly updated array of excess merchandise and specially-made goods from brands and factories. They're more akin to outlets, selling everything from shoes to shirts to picture frames at major discounts from department store prices.

Their popularity has grown rapidly, especially since the recession, spurring the rise of competitors like Nordstrom Rack and Saks Off 5th. Macy's has been closing regular stores while expanding its own new off-price chain called Macy's Backstage, mostly placing them within existing Macy's locations. The company also opened several Bloomingdale's outlet stores last year.

Macy's, which operates 870 mostly U.S.-based namesake and Bloomingdale's stores, is trying to drum up foot traffic with Backstage and in-store experiences like makeovers, executives said on an earnings call this week.

The weak traffic and the company's expenses tied to its digital initiatives "gives us cause for concern," Richard Jaffe, an analyst at Stifel, said in a Feb. 23 note. Meanwhile, TJX will keep thriving as its flexible business model allows it to "respond to the state of the economy in real time" and consumers keep seeking value even in good economic times, he said in a separate note.

TJX operates roughly 3,600 stores in the U.S., Europe and Canada, using names like T.K. Maxx and HomeSense internationally.






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Amazon's New Fashion Labels Follow The "Noun & Noun" Trend - Daily Business

Amazon.com / Via amazon.com

Amazon has apparently jumped into the business making its own in-house clothing labels, and in the process it has become the latest retailer to succumb to the "something-and-something" naming formula that is everywhere these days, particularly in the world of private-label fashion.

The company filed trademark applications in Europe for seven fashion labels, including Scout + Ro, James & Erin, Franklin & Freeman and Lark & Ro, according to a Feb. 21 note from analysts at KeyBanc Capital Markets. Back in October the company hinted at its plans to make its own clothing labels, and it has recently been listing jobs for the project, according to WWD.

Amazon's pick of brand names, loaded to the brim with their pluses and ampersands, is right in line with what lots of other retailers have been doing in the past few years with their own in-house brands.

Gilt Groupe has created private labels with names like Alex + Alex, Ava & Aiden, Stone & Aster and kip + lola. Nordstrom's include Tucker + Tate and Melrose and Market. Target has Ava & Viv, Loft has Lou & Grey, and Rent the Runway has Slate & Willow. (RTR also briefly sought a trademark for the name Cinder + Charm.)

The founder of Lululemon and his family just started a "technical luxury" brand called Kit and Ace. It was reportedly named for two imaginary "muses" dreamed up by his wife and son.

Ann Taylor / Via loft.com

It's no coincidence that all these newly-conceived brands use the same formula.

"The names they're picking sound like names you should recognize," said Allen Adamson, the founder of BrandSimple Consulting. "It's an easy, low-risk marketing technique to create names that try to emulate authentic designers and provide a bit of spin to a generic label."

While newly invented, they imply some history, a designer background, and an originality that you probably wouldn't get from, say, Shoes By Amazon, or Amazon Plaid.

Even if it's not the names of people, these pairings give brands a "much more artistic feel," Adamson told BuzzFeed News. "The ampersand is a subtle way to say fashion."

Target / Via target.com

There's nothing new in tying together two names — think corporations that began as partnerships, like Johnson & Johnson or Black & Decker — and the construction has long been popular for bars and restaurants, from historic English pubs to trendy Brooklyn restaurants. It's common in clothing stores too, from Abercrombie & Fitch to Lord & Taylor.

But the use in private-label clothing is a new trend and a clear bid to appeal to young people, says Lee Peterson, the EVP of brand strategy and design for WD Partners.

"The ampersand or the plus sign, especially like a little tiny plus sign, it's insinuating we do things together," he said in an interview. Beyond that, "all those first names or names of places, those are young people's names. It's not Bob and Bill get together or Steve and John. It's Willow and Stone. I can't even think of those names."

He added: "They sound a little more outdoorsy, organic, they don't somehow sound as industrial, as grimy as Steve and Bob and Tony. You go back to the classic marketing traits for young people and it applies to that. A lot less forward, light, airy, breezy, soft, sunshiny — there's no Revenant in that stuff."

20th Century Fox

Amazon, which didn't respond to requests for comment on the analyst note or its clothing brands, does appear to be targeting a modern customer with its offerings.

Amazon / Via amazon.com

Its Lark & Ro brand is "for women constantly on the move, who want to look stylishly pulled together from day to night," according to its website. It goes on to say that the clothes are "the perfect solution for those navigating busy mornings, a hectic work schedule, and a full roster of after-hours and weekend events."

Adamson said the two names mimic how bigger fashion brands are marketed, and can throw off the "illusion that there's a real design company making these shirts and making these fashion items."

"Millennials are not buying big brands today, they're looking for smaller brands that are a little more authentic and are attracted to niche stories," he said. "Retailers are playing off that trend."

With, of course, brands they made themselves.

Gilt / Via gilt.com


LINK: Amazon Is Considering Making Its Own Private Label Clothing Lines



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Tuesday, February 23, 2016

Former CFPB Lawyer Joins Goldman Sachs Online Lending Unit - Daily Business

LinkedIn

A former attorney for the Consumer Financial Protection Bureau has joined Goldman Sachs as the head of compliance for its new online consumer lending business.

Mitch Hochberg was a senior counsel at the CFPB from mid-2011 to mid-2013, working on new mortgage regulations tied to the implementation of the Dodd-Frank financial reform laws. He left the regulator to join Fenway Summer, a consumer finance investment and advisory firm founded that year by former CFPB deputy director Raj Date. He joined Goldman last month, according to LinkedIn; a Goldman Sachs spokesperson declined to comment.

Web-based financial services companies have taken off in recent years, with billions poured into the sector by venture capitalists. The industry exists in a regulatory niche, as the companies make loans to consumers but are not treated as banks by authorities. Startup lenders like SoFi, Lending Club and Prosper have originated billions of dollars of loans over the past few years, and regulators are still working on their approach to the fast-growing market.

Last summer the Treasury Department put out a request for information on the industry; the CFPB's interest in online lenders has so far been focused on internet companies offering so-called payday loans. Goldman’s online business will be run through its chartered bank, GS Bank.

Hochberg is one of many new hires made in the past few months as Goldman Sachs builds up its online lending program. In May, the bank hired Harit Talwar from Discover to run the new business. It has since hired employees from companies like Lending Club, the publicly traded online lender, American Express, and Citi. A source familiar with the matter told BuzzFeed News that Goldman has hired dozens of people to work on the lending business.

In a memo last year announcing the hiring of Talwar, Goldman's chief executive Lloyd Blankfein and president Gary Cohn said that they had "identified digitally led banking services to consumers and small businesses as an area of opportunity" for the company. Goldman Sachs analysts said in a separate report that $4.6 billion worth of bank profits were at risk of being lost to online lenders, and that digital upstarts could capture up to 15% of the $843 billion worth of outstanding consumer loans.

For nearly its entire existence, the CFPB has been criticized by conservative groups and the financial industry, saying the regulator is stifling the growth of financial services and introducing rules that make it harder for people to get loans. Last year, the American Action Network, a conservative non-profit, ran an ad depicting the agency as an officious, Soviet-style bureaucracy dedicated to denying loan applications.

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When Date and other CFPB employees left the Bureau to found Fenway Summer — which says it invests in business that "drive consumer-friendly innovation in financial services" — several Republican House members wrote a letter raising questions about the move. The letter expressed concerns that the CFPB under Date's leadership had written new rules on consumer finance, and Date and others now planned to work on lending businesses that could operate around the regulations written by the CFPB.

Just last week, the CFPB rolled out a process intended to reduce regulatory uncertainty for newer financial services products and companies.


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Monday, February 22, 2016

Why Venmo And Paypal Are Blocking Donations To Syrian Refugees - Daily Business

Syrian Refugee children outside a school at the refugee camp in Osmaniye, Turkey.

Adem Altan / AFP / Getty Images

In December, Adnan Akil, a 26-year-old working in tech in San Francisco, sent money to his aunt over Venmo. His family is Syrian-American, and his aunt was raising funds to help Syrian refugees. Akil was happy to help. But a few weeks later, he received an email from Venmo asking him to explain his transaction, which he had described as “for Syria” in the required note field. Venmo wanted more details about who it was going to. Eventually, Venmo did allow Akil’s his transaction to go through — but not before a long and, for Akil, frustrating process.

“I was trying to do a good thing and was then talked to like I did something wrong,’ Akil told BuzzFeed News. “I started worrying about how much evidence they would need to believe me. If there ever could be enough.”

Akil is not alone – many people informally raising money among friends, family, or school groups for refugees have run into this problem. Clint Lalonde, a Canadian citizen, had his payment delayed by PayPal when he collected donations from relatives for his 8-year-old daughter’s school fundraiser. He got an email from PayPal asking him to clarify the donations, which had “Maggie’s Syrian fundraiser” in the notes. He wrote back a detailed explanation about the school fundraiser, but two of the payments were rejected and two were suspended in limbo for over a month.

Another person — who requested anonymity for the sake of the safety of her friends working with refugees overseas — had a similiar experience. She had friends send her donations over PayPal and Venmo, which then passed along to contacts overseas who used the funds to purchase warm clothing and medical supplies for displaced children and women. Friends who sent her payments with “Syrian refugee donation” or “Syrian medical supplies” had their payments suspended and eventually canceled by PayPal.

It appeared that any transaction with the word “Syria” or Syrian” triggered an investigation, even when the note seemed clearly to be for refugees or charity.

According to a spokesperson for PayPal, this is a result of the company’s obligation to abide by U.S. government rules about financial transactions going to Syria. “In this particular case, processing funds is not compliant with the laws set forth by the OFAC (Office of Foreign Assets Control), which controls Syrian Sanctions,” the spokesperson explained. (PayPal and Venmo are owned by the same parent company and have the same policy on these transactions.)

The U.S. government has sanctions against doing business with Syria, similar to the ones we have with Cuba or Iran. However, there is an exemption for charities and humanitarian aid for Syria. Here’s where it’s tricky: charitable non-governmental organizations (NGOs) can send money and supplies to Syria, but individual people can’t – unless that individual gets a special license to do so. According to the Office of Foreign Asset Control, “U.S. persons can give a charitable donation to U.S. or third-country NGOs, but U.S. persons cannot send such a donation directly to Syria or a Syrian entity without a specific license in order to try to protect the donations from being misused.”

An email from PayPal describing why a Syrian refugee donation is being held for review. This particular payment ended up being rejected.


Basically, if you’re taking up a collection among friends to write one big check to Doctors Without Borders, that’s fine. But it wouldn’t be legal, at least without that special license, to pool money to send directly to a hospital in Syria. When PayPal sees “Syrian medical supplies” in the notes, it doesn’t know which one you’re trying to do, so it’s obligated to ask.

The frustration of course, is that people who are trying to do a truly good deed are getting blocked from doing so. And moreover, it looks like what PayPal is doing is some sort of hamfisted terrorism screening where they think anything that mentions Syria must be code for giving money to ISIS.

The idea that PayPal or Venmo are essentially racially profiling transactions with any sort of Muslim or Arabic words in them isn’t exactly a paranoid delusion. This fall, Gizmodo reported about a transaction on Venmo that was investigated after someone jokingly wrote “iced coffee obama nsa inside job syria” as the note.


In 2014, another Venmo user had her account frozen after she made a transaction with a note simply listing the name “Ahmed”. Venmo said this may have been a mistake, and they were reaching out to the customer to apologize.

For well meaning people who want to help the refugee crisis, or make your donations directly to an organization like UNICEF, write a check, or just write “for the drinks last night” in the note.


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Apple CEO Calls On Feds To Drop iPhone Unlock Order - Daily Business

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Apple's war of words with the FBI continues apace with no end in sight. Early Monday morning, CEO Tim Cook sent an all-hands memo to Apple employees reiterating the company's stance on a federal court order that told the company to help the government bypass security functions on an iPhone used by one of the attackers who gunned down 14 people in San Bernardino, California, in December.

The memo — obtained and verified by BuzzFeed News — thanks Apple employees for their support and notes an outpouring of public support from "thousands of people in all 50 states" as well. And it goes on to again lay out Apple's reasons for challenging the court order, before calling on the government to withdraw it entirely.

"We feel the best way forward would be for the government to withdraw its demands under the All Writs Act and, as some in Congress have proposed, form a commission or other panel of experts on intelligence, technology and civil liberties to discuss the implications for law enforcement, national security, privacy and personal freedoms," Cook writes.

Apple, Cook states, would happily participate in such an effort — one conducted with an eye towards preserving our privacy and the other freedoms and liberties government is intended to protect.

"This case is about much more than a single phone or a single investigation," Cook writes. "At stake is the data security of hundreds of millions of law-abiding people, and setting a dangerous precedent that threatens everyone’s civil liberties."

Cook's letter serves as a preface to a public Q&A for Apple customers meant to answer questions about the facts of the case, its stakes, and Apple's position. It also works to rebut arguments recently put forth by the FBI, which over the weekend argued that what it is asking Apple to do isn't that big a deal.

"We don't want to break anyone's encryption or set a master key loose on the land," FBI Director James Comey wrote in a blog post Sunday night, adding that crucial decisions about public safety and privacy shouldn't be left to "corporations that sell stuff for a living."

Apple's Q&A asserts that while the FBI might claim to not want a master key to the iPhone, that is exactly what it would get. "In the physical world, it would be the equivalent of a master key, capable of opening hundreds of millions of locks," the company explains. "Of course Apple would do our best to protect that key, but in a world where all of our data is under constant threat, it would be relentlessly attacked by hackers and cybercriminals. As recent attacks on the IRS systems and countless other data breaches have shown, no one is immune to cyber attacks."

Cook's letter, the Q&A that accompanies it, and the speed with which Apple is working to rebut the government's arguments show a company unwavering in its position and resolute in fending off a mandate that it believes would set a dangerous precedent. This is a pitched battle already, and Apple is girding up for the long haul. Indeed, the company's recent hiring of Gibson, Dunn & Crutcher partner and former U.S. Solicitor General Ted Olson as outside counsel suggests Apple is prepared to take this fight all the way to the Supreme Court if things should go that way.

"We have done everything that’s both within our power and within the law to help in this case," Apple explains in its Q&A. "As the government has confirmed, we’ve handed over all the data we have, including a backup of the iPhone in question. But now they have asked us for information we simply do not have."

Read Cook's full all-hands memo to Apple employees:

Team,

Last week we asked our customers and people across the United States to join a public dialogue about important issues facing our country. In the week since that letter, I’ve been grateful for the thought and discussion we’ve heard and read, as well as the outpouring of support we’ve received from across America.

As individuals and as a company, we have no tolerance or sympathy for terrorists. When they commit unspeakable acts like the tragic attacks in San Bernardino, we work to help the authorities pursue justice for the victims. And that’s exactly what we did.

This case is about much more than a single phone or a single investigation, so when we received the government’s order we knew we had to speak out. At stake is the data security of hundreds of millions of law-abiding people, and setting a dangerous precedent that threatens everyone’s civil liberties.

As you know, we use encryption to protect our customers — whose data is under siege. We work hard to improve security with every software release because the threats are becoming more frequent and more sophisticated all the time.

Some advocates of the government’s order want us to roll back data protections to iOS 7, which we released in September 2013. Starting with iOS 8, we began encrypting data in a way that not even the iPhone itself can read without the user’s passcode, so if it is lost or stolen, our personal data, conversations, financial and health information are far more secure. We all know that turning back the clock on that progress would be a terrible idea.

Our fellow citizens know it, too. Over the past week I’ve received messages from thousands of people in all 50 states, and the overwhelming majority are writing to voice their strong support. One email was from a 13-year-old app developer who thanked us for standing up for “all future generations.” And a 30-year Army veteran told me, “Like my freedom, I will always consider my privacy as a treasure.”

I’ve also heard from many of you and I am especially grateful for your support.

Many people still have questions about the case and we want to make sure they understand the facts. So today we are posting answers on http://ift.tt/1Vz0c4A to provide more information on this issue. I encourage you to read them.

Apple is a uniquely American company. It does not feel right to be on the opposite side of the government in a case centering on the freedoms and liberties that government is meant to protect.

Our country has always been strongest when we come together. We feel the best way forward would be for the government to withdraw its demands under the All Writs Act and, as some in Congress have proposed, form a commission or other panel of experts on intelligence, technology and civil liberties to discuss the implications for law enforcement, national security, privacy and personal freedoms. Apple would gladly participate in such an effort.

People trust Apple to keep their data safe, and that data is an increasingly important part of everyone’s lives. You do an incredible job protecting them with the features we design into our products. Thank you.

Tim




LINK: San Bernardino Victims Will Weigh In On Apple-FBI Dispute

LINK: Apple Helped The Government Extract Data Before. Here’s Why Things Are Different Now

LINK: FBI Admits It Urged Change Of Apple ID Password For Terrorist’s iPhone



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Starbucks Changed Its Rewards Program And People Are Not Happy - Daily Business

Luiz Filipe Carneiro Machado / Via Flickr: luizfilipe

Starbucks announced Monday morning that starting in April, customers in the U.S., Canada, and Puerto Rico who participate its rewards program will start earning points per dollar spent, and no longer per visit as in the current program.

The new system incentivizes higher spending and larger orders. Previously, customers earned one point, or "star" as they are called in the Starbucks system, per visit or transaction, and received a free food or drink item per 12 visits, no matter how much they spent. So if you ordered a $2 coffee every day, you could earn a reward after spending about $24.

Starting April, customers will earn two stars per dollar spent and will only receive a free item after accumulating 125 points, or spending more than $62.

Starbucks said it currently has about 11 million active rewards customers. Nationwide, its U.S. cafes receive 75 million customers each month.

Starbucks global chief strategy officer Matthew Ryan told investors this was "the number one customer-requested update" and "as we switch the mechanics of the program, we are not using it as an opportunity to opaquely weaken the rewards proposition." He added that most customers spend about $5, and "there are a small minority of people who would either be advantaged or
disadvantaged" by the change.

That disadvantaged group, however, is not pleased.

"If customers simply continue to engage as they currently do, instead of engaging more as we believe they will, the vast majority of our customers will earn rewards just as fast as or faster than they would today," a Starbucks spokesperson told BuzzFeed News.

Starbucks has been responding to consumer complaints on Twitter and Facebook.

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America's Most Valuable For-Profit College Has A New Plan To Go Non-Profit - Daily Business

Grand Canyon University

The country’s most valuable publicly-traded for-profit college has hatched a complex and unprecedented plan to become a nonprofit. Grand Canyon Education told investors this week that it was trying to pull off a scheme that would essentially split the company in two — one part a nonprofit college, Grand Canyon University, and the other half a for-profit service provider.

The move, if it gets past eagle-eyed regulators, would put the company in almost wholly uncharted territory: no for-profit university, much less one valued at $1.6 billion, has ever even attempted something like it.

"This is really something new," said Trace Urdan, an analyst with Credit Suisse.

Grand Canyon's move is a sign of the times for the for-profit college business, whose publicly traded companies have taken a beating amid a regulatory crackdown in recent years. Among the largest operators, one was taken private and the other was wiped out altogether.

There are now just three listed for-profit college companies valued above $1 billion: Apollo Education, Grand Canyon, and DeVry. And Apollo, which owns the University of Phoenix, is in the process of being taken private itself. "Once Apollo and Grand Canyon go away, you're just left with the cats and dogs," Urdan said.

Grand Canyon has been trying to become a nonprofit college since late 2014, saying its reputation and ability to compete for students were being harmed by its for-profit status. But the company's first plan to accomplish that goal, by taking out a huge bond to buy itself from shareholders, would have proved far too expensive.

So the company came up with a cheaper alternative: turning the university itself into a nonprofit, but leaving the businesses that recruit students and power the school's online courses as part of a for-profit company.

The new plan requires a much smaller loan, since much of Grand Canyon's value, executives say, is tied up in the machinery that supports the school. If the newly-created nonprofit has to pay only for the value of Grand Canyon University, the price tag is much smaller.

The for-profit company would work as a contractor for the university. In an ideal world, the company would soon sell its software and know-how to other universities as well. And Grand Canyon University would lose the black mark on its reputation — its for-profit status.

"We now believe it is in the best interest of our students, faculty, and staff, the community, and our investors that we pursue a not-for-profit model," the company's president, Brian Mueller, said on the company's earnings call Wednesday. Grand Canyon's stock jumped 16% after the call.

In some ways, Grand Canyon, which bills itself as a "private Christian school," already looks a lot like a nonprofit college. It was in fact founded as one, but when the nonprofit was on the verge of bankruptcy, it was bought out by investors and turned into a for-profit. It has no history of investigations by states or the federal government, a relative rarity in the industry. It doesn't offer the technical or career-education programs that have typically gotten for-profits in trouble with the government, and that would subject it to regulation under the Obama administration's new gainful employment rules, which were set to cripple some other for-profits unless they stripped away many of their offerings.

Grand Canyon's 60,000 online students subsidize a robust and quickly-growing campus of 15,000 young people, with sleek new dorms, greens spotted with palm trees, and even a planned golf course. The university even has Division 1 sports teams; its mascot is the antelope.

That means it competes not with the likes of Phoenix and DeVry but with nonprofit schools like Arizona State University, which sits in its backyard, and Liberty, a Christian school founded by Jerry Falwell that is the country's largest private nonprofit university.

For on-campus students, Grand Canyon's tuition is about the same as ASU's in-state cost. But because it is a for-profit school in a time when many for-profits are so unpopular, the university is fighting a "public relations battle," said Urdan: "they have real difficulty with marketing to high school students." The president of ASU, Michael Crow, vaunted as an innovator in education circles, has gone on something of a crusade against Grand Canyon, barring ASU's sports teams from playing against the Antelopes.

"They are a service industry — a profit-seeking service industry. We are an education and research enterprise," Crow told the Phoenix Business Journal. "They're not the same, and I want to be very clear about that."

But some investors are skeptical of Grand Canyon's plan. At the company's annual investor day Thursday, many worried that the new company formed after the split, a student-services company, would not be nearly as lucrative, said Jeffrey Silber, an analyst at BMO Capital Markets, in a note. The only publicly traded company that would be comparable to the new Grand Canyon, 2U, has seen its stock slide since December.

Perhaps more threatening to Grand Canyon's plan is the authorities, namely the IRS, which will examine the new, nonprofit university to make sure it is fully independent of the for-profit company. That could be a tough sell, given that it will be providing the bulk of the university's services. The deal would also have to get by the Education Department, which has indicated it would be heavily skeptical of any plans for for-profits to go non-profit.

"My view is that it's a lot more complex than investors realize," Urdan said.


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Friday, February 19, 2016

Here's The Script Walmart Used To Threaten Staff Who Strike - Daily Business

Demonstrators march and block traffic outside a Walmart store in 2013.

Chip Somodevilla / Getty Images

“Thanks for visiting with us,” a Walmart store manager says to a worker who has recently been on strike. “I need to talk with you about an attendance issue. As you can see, I will be using my notes.”

These are the first lines of an intimidating script read to striking Walmart workers, which a judge found to be "coercive" and illegal late last month. The full script (reproduced below) was included in the judge’s published decision, despite its label of "confidential," along with other accounts of threats and retaliation by the retailer.

"It is very important for you to understand that the Company does not agree that these hit-and-run work stoppages are protected, and... it will not excuse them in the future,” managers were instructed to tell workers.

Joe Raedle / Getty Images

Administrative law judge Geoffrey Carter ultimately found the 2013 strikes were protected and Walmart broke the law in disciplining and firing employees for taking part in them. Carter ordered the reinstatement of 16 workers with full backpay, and Walmart spokesperson Kory Lundberg told BuzzFeed News the company is in the process of appealing the findings.

“We disagree with the Administrative Law Judge's recommended findings and we will pursue all of our options to defend the company because we believe our actions were legal and justified," he said in a statement.

Here's what a difficult conversation with your boss at Walmart can look like, according to court documents.

"Thanks for visiting with us."

In February of 2013, Walmart managers were issued a script to read to workers who took part in strikes that past fall. The company had store managers contact each striker individually during one of their shifts and read from it, verbatim:

  1. Thanks for visiting with us _________ .
  2. I need to talk with you about an attendance issue from this past [October and/or November]. As you can see, I will be using my notes.
  3. You may remember that the United Food and Commercial Workers union and its subsidiary OUR Walmart orchestrated a series of hit-and-run work stoppages last October and November.
  4. As you know, you participated in ____ of those work stoppages on _______ .
  5. It is [that/those] work stoppage[s] that I need to talk to you about.
  6. The Company believes that those union-orchestrated hit-and-run work stoppages are not protected by federal labor law.
  7. Given that, the Company would normally give you [an occurrence or ___ occurrences] under the attendance/punctuality policy for the unprotected absence[s].
  8. However, because of the numerous places and times that the union orchestrated its intermittent work stoppages during October and November, it took the company several weeks to collect all the information from across the country about the work stoppages and several more weeks to analyze all the legal issues involved in that activity.
  9. All that adds up to about ____ weeks since your last intermittent work stoppage.
  10. And that creates a concern because the Company works very hard to give associates timely feedback on time and attendance issues that could affect their work record.
  11. So in this case, the Company has decided that it will not apply the attendance policy to your work absence(s) because of the time it took to collect and analyze all this information from across the country.
  12. But it is very important for you to understand that the Company does not agree that these hit-and-run work stoppages are protected, and now that it has done the legal thinking on the subject, it will not excuse them in the future.
  13. Should you participate in further union-orchestrated intermittent work stoppages that are part of a common plan or design to disrupt and confuse the Company’s business operations, you should expect that the Company will treat any such absence as it would any other unexcused absence.
  14. Having said that, let me emphasize that the Company respects your right to support a union and to engage in other protected, concerted activity. It also respects your right to not engage in such activity.
  15. But the Company does not believe that these union-orchestrated hit-and-run work stoppages are protected activity.
  16. Please remember that you can use the Open Door policy at any time to address questions, concerns, and ideas. I cannot guarantee you that you will get exactly what you want, but I can guarantee that you will get a thoughtful, well-researched, and timely response.
  17. OK? Any questions?”

In effect, Walmart managers told staff the company believed they had broken the law by striking, that they would be let off with a warning this time, but any future strikes would lead to discipline or termination. The judge found that the talking points were "illegal coercive statements" that "crossed the line."

Chip Somodevilla / Getty Images

"The Company considers your failure to report your absences to management as a no call/no show."

In late June 2013, Walmart decided to discipline and fire workers who had strike-related absences. For this, they used two scripts, depending on whether workers gave notice that they would be striking.

Most notably, if a worker asserted that their strike was protected by labor law (as Judge Carter would later find), managers were instructed to respond, "I can't comment on anything that would happen in the future; just that we don't believe labor law protects what happened during the period covered by this [coaching/termination]."

In his ruling, Carter noted that "the act of going on strike is protected concerted activity, regardless of whether the employer had been given notice of the strike."

Kevork Djansezian / Getty Images

What's next?

Should the judge's ruling withstand Walmart's appeal, the company will be required to not only reinstate fired workers, with full backpay, but also hold meetings in 29 stores to inform employees of their rights to strike. The company must also vow not to threaten or discipline employees for striking and must post notices in stores informing staff of their rights.

Carter found Walmart’s “misconduct at these stores was sufficiently serious and widespread” to warrant a reading aloud of employee rights — an "extraordinary measure" in Labor Board cases. He concluded that Walmart "took swift action against associates after they returned from strike, and thereby sent message to all associates at the store that similar protected activity would lead to disciplinary action."

The ruling "sends a message to Walmart that its workers cannot be silenced," said Jess Levin, communications director for the union-backed Making Change at Walmart campaign. Until the labor board's final ruling, however, the strikers remain uncompensated for the years of lost pay since they were fired.

"A lot of folks are still scared because of what happened," Colby Harris, one of the workers fired for striking, told BuzzFeed News. "Not everybody knows about ruling, so they think if they strike or participate then something will happen to them."

Joe Raedle / Getty Images


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How can I be more confident? Dan Miller

How can I be more confident?  From scared to start to $10,000/month After 25 years with my current company, I am burned out. Should I “burn the boats” and just quit my job without having a new one? I dream of being successful but I am frequently hesitant, unsure, negative about my chances of success… Do you have any ideas on how to rent a space (cheap) for about 30 students? “Nothing builds self-esteem and self-confidence like accomplishment.” – Thomas...

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