Friday, July 5, 2024

"We have 1000 yrs to leave planet Earth" (Stephen Hawking)/ "Don't panic over mass extinction"

Nov. 18, 2016 "We have 1000 yrs to leave planet Earth": Today I found this story by Peter Holley in the Edmonton Journal:


If humanity survives 

the rise of artificial intelligence, 

the ravages of climate change 

and the threat of nuclear terrorism in the next century, 

it doesn't mean we're home free, according to Stephen Hawking.

The renowned theoretical physicist has gone as far as providing humanity with a deadline for finding another planet to colonize: We have 1,000 years.

Remaining on Earth any longer, Hawking believes, places humanity at great risk of encountering another mass extinction.

“We must ... continue to go into space for the future of humanity,” the 74-year-old Cambridge professor said during a speech Tuesday at Oxford University Union, according to the Daily Express.

“I don’t think we will survive another 1,000 years without escaping beyond our fragile planet,” he added.

During his hour-long speech, Hawking told the audience that Earth's cataclysmic end may be hastened by humankind, which will continue to devour the planet’s resources at unsustainable rates, the Express reported.

His wide-ranging talk touched upon the origins of the universe and Einstein's theory of relativity, as well as humanity's creation myths and God. 

Hawking also discussed “M-theory,” which Leron Borsten of PhysicsWorld.com explains as “proposal for a unified quantum theory of the fundamental constituents and forces of nature.”

Though the challenges ahead are immense, Hawking said, it is a 

“glorious time to be alive and doing research into theoretical physics.”

“Our picture of the universe has changed a great deal in the last 50 years, and I am happy if I have made a small contribution,” he added.

Speaking to audience members in a public Q&A session ahead of the annual BBC Reith Lectures, Hawking also said that leaving the planet behind was our best hope for survival.

The key, he noted, was surviving the precarious century ahead.

“Although the chance of a disaster to planet Earth in a given year may be quite low, it adds up over time, 

and becomes a near certainty in the next thousand or ten thousand years. 

By that time we should have spread out into space, and to other stars, so a disaster on Earth would not mean the end of the human race.”

Researchers have discovered more than 4,600 “candidate” planets and another 2,300 or so confirmed planets, according to the agency.

“The first exoplanet orbiting another star like our sun was discovered in 1995,” according to NASA

“Exoplanets, especially small Earth-size worlds, belonged within the realm of science fiction just 21 years ago. 

Today, and thousands of discoveries later, astronomers are on the cusp of finding something people have dreamt about for thousands of years.”

Before we have a chance to relocate, Hawking says, we'll first need to solve the potential threat created by technology.

While Hawking thinks technology has the capacity to ensure mankind's survival, previous statements suggest the cosmologist is simultaneously grappling with the potential threat it poses. 

When it comes to discussing that threat, Hawking is unmistakably blunt.

“I think the development of full artificial intelligence could spell the end of the human race,” Hawking told the BBC in a 2014 interview that touched upon everything from online privacy to his affinity for his robotic-sounding voice.

Despite its current usefulness, he cautioned, further developing A.I. could prove a fatal mistake.

“Once humans develop artificial intelligence, it will take off on its own and redesign itself at an ever-increasing rate,” Hawking warned in recent months

“Humans, who are limited by slow biological evolution, couldn't compete and would be superseded.”



May 11, 2019 "Don't panic over mass extinction": Today I found this article by Margaret Wente in the Globe and Mail:

Watch out. There’s another apocalypse looming. This time it’s the plants and animals. Our destructive habits, along with global warming, are laying waste to the Earth. According to the experts, we are on the brink of a mass extinction – one that could wipe out a million species.

Is there any silver lining to this story? Maybe. Human beings might be wiped out‚ too, and that, in many people’s view, would be a good thing. One of the top-rated comments for The New York Times’ mass-extinction story was: “... [T]he earth is shaking off the parasite that is man."

The extinction story was one of the top news stories of the week. That’s because predictions about species in decline and the fragility of nature are extremely popular these days. In fact, a lot of people think we are in the midst of the Sixth Great Extinction. Only this one won’t be caused by an asteroid, but by man.

How worried should we be? If history is any guide, the answer is not so much. 

Back in 1980, then-U.S. president Jimmy Carter released a report called Global 2000, which drew the same kind of headlines that this week’s 1,500-page United Nations report has. 

“If present trends continue,” the authors warned, “the world in 2000 will be more crowded … and more vulnerable to disruption than the world we live in now. Serious stresses involving population, resources, and environment are clearly visible ahead. 

Despite greater material output, the world’s people will be poorer in many ways than they are today." 

The report also predicted that millions of plant and animal species would become extinct:

 “Perhaps as many as 20 per cent of all species on Earth will be irretrievably lost as their habitats vanish, especially in tropical forests.”

As the Danish political scientist Bjorn Lomborg points out, none of the report’s dire forecasts panned out. 

By the year 2000, the proportion of the world’s poor had shrunk significantly. 

Food supplies were more abundant. 

It’s true that there was some species loss, maybe too much. But according to Mr. Lomborg, the documented species loss from 1980 to 2010 was 872. That’s 872 in a global population of several million.


I don’t want to minimize species loss – or species depletion, which is an even bigger problem.

Our oceans have been stripped bare. 

The remaining elephants and rhinos in Africa are endangered, not by climate change but by poachers

These issues demand urgent attention. 

Wouldn’t it be better to focus on the real challenges that exist right now, 

rather than the ones that are hypothetical?

Unfortunately, the people who issue these reports believe that catastrophizing is the only way to get our attention. That’s why there’s so much of it. We have only 12 years to bring the planet back from the brink! More than two degrees of warming would devastate the Earth!

The numbers lend an air of urgency to the problem, as well as a reassuring touch of scientific precision. 

But they have more to do with marketing than science. 

They are supposed to inspire us to take action. 

But in fact, they inspire disaster fatigue. 

The problems seem too big to tackle, especially if the solutions require all the nations of the world to get together and act in concert. So when might that happen? The answer is never.

But it’s futile to try to have a rational conversation about climate change. That’s because at root it is a theological subject. Climate change is the modern version of original sin. And only sacrifice and penance might persuade Mother Nature to redeem us.

Among the current leaders of the climate crusade is a 16-year-old Swedish student named Greta Thunberg. 

Ms. Thunberg has inspired students around the world to hold climate strikes. 

She has appeared at the UN, at Davos and at TED talks, where she says, “I want you to panic.” She doesn’t eat meat or dairy, and she tries not to fly on planes.

Ms. Thunberg, who has autism, learned about the starving polar bears in school. By the time she was 11, she had begun to absorb the enormity of climate-change sin. “I became ill. I fell into depression, I stopped talking and I stopped eating. In two months, I lost about 10 kilos of weight. Later on, I was diagnosed with Asperger syndrome, OCD and selective mutism. That basically means I only speak when I think it’s necessary,” she told one TED audience. Naturally, she has already been nominated for a Nobel Peace Prize.

So what’s so wrong with all this?

Quite a lot, argues the British writer Brendan O’Neill. Green alarmism, of the type peddled by Ms. Thunberg and many others, is instilling a message of hopelessness in an entire generation of kids. 

These people believe the world is divided between the righteous (them) and the damned (everybody else). But the worst part is that their worldview is deeply anti-human.

The kids need some good news for a change. So here’s some. It is exceedingly unlikely that the planet’s plants and animals (the vast majority of them, at any rate) are going to disappear any time soon. Maybe we could tell them that.

https://www.theglobeandmail.com/opinion/article-dont-panic-over-mass-extinction/

There are 154 comments.


Jun. 30, 2024 My opinion: I have always been an environmentalist since I was a kid.  I always recycle.  

I love to reduce, reuse, and recycle.

I don't buy things to own.

When you save the environment, you are saving money.

That's because you're not buying a lot of things.



These are the other 2 blog posts:

"Dollar Tree to close 1,000 stores in bid to shore up profits"/ "Dollar Tree is closing nearly 1,000 U.S. stores a decade after 'botched' acquisition"



"Bed Bath & Beyond warns it may go out of business"/ "Bed Bath & Beyond has nothing but itself to blame for impending bankruptcy"





My week:


Jul. 1, 2024 Canada Day long weekend: I mainly spent a few hours outside sitting on my lawn chair in the backyard with my tablet.

I also watched my DVR recordings of FBI: Most Wanted.

Heather McPherson events: She is the NDP MLA and there are these events at these parks and you get a free frozen treat.  I went to one in 2021 because it was really close by and I could walk there.  I got a ice cream sandwich.

I got a newsletter of these events.  There's one today and I have to take 2 buses (30 min) to go there.  I didn't sleep very well the night before.  

I then thought: "Do I really want to take the bus to get a frozen treat?"

I didn't.

Canada Day party: I was at my friend's party.

We sat on the patio.  We ate some:

- Turkish bread with cheese on it
- tortilla chips with salsa

We played Century: Golem edition: I remember playing the Spice Road edition with them in the Hexagon Cafe a couple of years ago.  This is a 5 player game.


Century: Golem Edition is a re-themed version of Century: Spice Road set in the world of Caravania. In Century: Golem Edition, players are caravan leaders who travel the famed golem road to deliver crystals to the far reaches of the world. Each turn, players perform one of four actions:

  • Establish a trade route (by taking a market card)
  • Make a trade or harvest crystals (by playing a card from hand)
  • Fulfill a demand (by meeting a victory point card's requirements and claiming it)
  • Rest (by taking back into your hand all of the cards you've played)

The last round is triggered once a player has claimed their fifth victory point card, then whoever has the most victory points wins.

We played Telestrations: I played a game like this at the Centre of Spiritual Living Game Night:


From the publisher's press release:

"Each player begins by sketching a TELESTRATIONS word dictated by the roll of a die. The old fashioned sand timer may limit the amount of time they get to execute their sketch, but it certainly doesn't limit creativity! Time's up! All players, all at the same time, pass their sketch to the next player, who must guess what's been drawn. Players then simultaneously pass their guess -- which hopefully matches the original word (or does it??) -- to the next player who must try to draw the word they see -- and so on."


"Telestrations contains eight erasable sketchbooks and markers, a die, a 90 second sand-timer and 2,400 words to choose from."



I then met Marta and Lukas.  Marta made these croissants with almonds on them.

Fireworks: We then saw the fireworks from the top floor.  This was a great view of the beautiful fireworks.  The show was 20 min. long.

We then had to wait for like 40 min. before we went out onto the road because of the traffic.  Shiya was looking on Google to time when is a good time to drive. 

I thanked Amir and Shiya for driving me home.

I was there from 6:30pm -12:30 am. 

"Bed Bath & Beyond warns it may go out of business"/ "Bed Bath & Beyond has nothing but itself to blame for impending bankruptcy"

Jan. 5, 2023 "Bed Bath & Beyond warns it may go out of business": Today I found this article by Jeannette Neumann, Eliza Ronalds-Hannon and Reshmi Basu,on BNN Bloomberg:


Bed Bath & Beyond Inc. has begun preparations for a bankruptcy filing that would likely come during its first operating quarter of the year, according to people with knowledge of the moves who asked not to be named discussing confidential plans. 

The Union, New Jersey-based company on Thursday called off a proposed debt exchange and said that it might not be able to continue as a going concern. The company’s shares slumped as much as 25 per cent to US$1.27 in New York trading Friday. 

Bed Bath & Beyond added in a filing that it’s taking steps to improve its cash position, but that recurring losses and negative cash flow in the nine months ended Nov. 26 leave “substantial doubt” that it can stay in business. 

The company said it’s pursuing options including 

restructuring debt, 

selling assets 

or filing for bankruptcy, 

but added “these measures may not be successful.” 

A representative for Bed Bath & Beyond said in a statement that “no determinations have been made as of this time” regarding the company’s bid to regain market share and enhance liquidity. 

The debt exchange offer would have given creditors the chance to swap unsecured bonds for a lower face value amount of new secured obligations. 

Moving forward with the plan, which aimed to trim the company’s overall debt load, could have complicated a potential bankruptcy. 

Some suppliers had begun to halt shipments to the retailer in recent months, citing concerns about the company’s outlook. 

That aggravated its already tenuous financial situation, accelerating a downward spiral that has been nearly a decade in the making. 

Bed Bath & Beyond, which for decades has been a mainstay of malls and shopping centers around the US, was plagued by years of 

management missteps 

and a dysfunctional corporate culture 

that left it ill-equipped to compete against Amazon.com Inc. and other online retail juggernauts. 

Following the announcements, Bed Bath & Beyond’s bonds fell to new lows. Its 2024 notes traded down to around 8 cents on the dollar Friday, from around 12 cents Thursday. 

Bed Bath & Beyond warned on Thursday that it expects to report third-quarter revenue of $1.259 billion — below the $1.404 billion analysts had estimated and a steep decline from the $1.878 billion the company reported a year ago. Losses are also mounting, with Bed Bath & Beyond expecting a net loss of about $386 million for the three months that ended Nov. 26 — about 40 per cent larger than the loss reported a year earlier.  

The drop in third-quarter sales and the widening losses indicate that the holiday shopping season was worse for Bed Bath & Beyond than executives at the company had anticipated. 

“My best guess is that they will go into bankruptcy,” said Lauren Greenwood, president of kitchen storage and organization company YouCopia, which has sold merchandise to Bed Bath & Beyond in the past. She expects the retailer to close additional stores and emerge from a potential bankruptcy filing as a smaller company. 

“I just think there is so much value in the Bed Bath brand,” Greenwood said. At the end of August, the company already said it was closing about 150 poorly-performing stores and cutting 20 per cent of jobs across its corporate and supply-chain operations.

Other suppliers said that Bed Bath & Beyond is more likely to try to restructure its debts rather than liquidate because the company is well known across the US — an advantage that gives it an edge over other struggling retailers. 

The company needs to harness that name recognition to improve its e-commerce operations, which are lackluster compared with competitors’, and encourage shoppers to buy online and pick up in-store, for example, to boost foot traffic, some suppliers said. 

“Many students made their first major purchase at Bed Bath when they were going to college and many individuals signed up for the wedding registry when they were getting married,” said Steve Greenspon, chairman of the International Housewares Association trade group. “I believe they have an ongoing position in retail,” he added.

PRIVATE-LABEL SHIFT

During the pandemic, Bed Bath & Beyond increased its offering of private-label products — a change that deterred many loyal customers who were looking for their favorite brands. Earlier this year, as part of a broader turnaround plan, Bed Bath & Beyond said it was pivoting back to selling well-known national brands such as as Oxo, Ninja and SodaStream.

“Despite more 

productive merchandise plans 

and improved execution, 

our financial performance was negatively impacted by inventory constraints,” Bed Bath & Beyond Chief Executive Officer Sue Gove said in a statement. But, she added, “we have already leveraged the liquidity gained from the holiday season to immediately pursue higher in-stock levels with support from our key vendors. We have seen trends improve when in-stock levels have increased.”


The company said it will report its third-quarter results on Jan. 10, which is delayed compared with previous years. Executives will hold a conference call with analysts at 8:15 a.m. New York time that day.

Bed Bath & Beyond warns it may go out of business - BNN Bloomberg


Feb. 6, 2023 "Bed Bath & Beyond has nothing but itself to blame for impending bankruptcy": Today I found this article by Jeannette Neumann and Eliza Ronalds-Hannon on the Financial Post:


Bed Bath & Beyond Inc., facing a crisis in late summer as sales plunged and suppliers revolted, insisted its white-collar workers return to the office four days a week.

Interim Chief Executive Officer Sue Gove told staff at company headquarters in Union, New Jersey, that face time would help quickly address mounting problems facing the retailer, according to six former managers and employees who attended the gathering.

To the employees, however, it felt like just another example of how executives were mired in minutiae as the chain barrelled toward bankruptcy. 

Most staffers had already returned to the office three days a week. One employee spoke up and said an extra day wouldn’t turnaround the struggling company. Many in the room nodded or applauded, according to the former managers and employees.

When other well-known stores spiralled into distress in recent years, the internet often took the blame. But the case of Bed Bath & Beyond is more complicated. While the chain was hurt by online rivals like Amazon.com Inc., its undoing is also a story of how deciding to rip it up and start again can leave a company in tatters.

Layoffs, 

management changes, 

boardroom shake-ups, 

stock buybacks 

and strategic overhauls 

are go-to maneuvers for modern business, and Bed Bath & Beyond tried them all. At nearly every recent turn, the company took steps that led it deeper into a financial quagmire.

Weeks after the return-to-office edict, Gove said the company would 

fire about a fifth of its corporate and supply-chain workforce

 and shut 150 of its nearly 770 Bed Bath & Beyond brand stores in the U.S. 

The retailer had secured new financing, Gove said, and was launching a turnaround plan to prepare for the holiday-shopping season.

The reprieve didn’t last. Bed Bath & Beyond has indicated it is preparing for a potential bankruptcy filing. It has missed payments to banks and bondholders, and former employees say they haven’t been paid severance. 

If the company restructures in bankruptcy by closing more stores, it could emerge as a smaller version of its former self. However, Bed Bath & Beyond’s financial situation is so dire it’s also possible the retailer sells its assets and ceases to operate, Bloomberg News has previously reported.

A Bed Bath & Beyond spokeswoman didn’t respond to requests for comment on this article.

At its peak in 2017, Bed Bath & Beyond had 1,560 stores with 65,000 employees, bringing in $12.3 billion in revenue. 

But in the nine months through November 2022, it posted sales of just $4.2 billion, and its headcount dwindled to fewer than 30,000.

Blind spot

Warren Eisenberg and Leonard Feinstein founded Bed Bath & Beyond in 1971. As it grew, the company shunned retail orthodoxy, giving managers wide discretion in stocking shelves, rather than relying on mandates from headquarters. 

It mostly eschewed warehouses, stacking can openers, coffee pots and bathmats nearly to the ceiling in its stores.

“Everything that we did was for the customer,” Arthur Stark, Bed Bath & Beyond’s longtime president, who left in 2018, said in an interview. “If it meant carrying too much inventory in the store, it was OK. If customers made the commitment to come to our store, we would have it in stock.”

Bed Bath & Beyond also pleased shareholders. Under longtime CEO Steve Temares, it poured billions into repurchasing stock, and acquired Christmas Tree Shops, Cost Plus World Market and Buybuy Baby, founded by Feinstein’s sons.

Still, the company’s executives had a blind spot: the web. As Amazon.com and other online shopping sites appeared on the horizon, Bed Bath & Beyond’s executives prioritized their brick-and-mortar business. Eventually, that caught up with them.

Same-store sales, a closely watched retail metric that excludes new or recently closed stores, began to fall in 2017. Stark, who joined Bed Bath & Beyond in 1977, said that in hindsight, the company should have focused more on online retail.

“Surely we could have done better,” he said. “There’s no question.”

According to Stark, the company’s success made it reluctant to change. It had been profitable for years and seemed to go from strength to strength, expanding across the U.S. and Canada.

“We were confronting the challenge of maintaining our stores, maintaining our profitability and investing in technology and digital,” he said in the interview. Stark, 67, now serves on the senior advisory boards for Jefferies Group and Vintage Investment Partners.

Bed Bath & Beyond should have considered going private, Stark said, to invest in e-commerce at the temporary expense of profits. Management had entertained suggestions to take the company private during his tenure, he said.

As executives struggled to invest for the long term amid short-term market pressures, one of the best-known discounts in U.S. retail history was adding to the strain. Bed Bath & Beyond’s 20 per cent-off coupons, sent to tens of millions of households for years, lured shoppers and boosted sales. But they eroded profits, too.

“Like any form of promotion, it becomes a drug,” Stark said. Over the years, attempts to pull back on the mailings or reduce the discount backfired. 

“Once you’re addicted to it and your customer is addicted to it, it’s a very difficult thing to wean them off of.”

Activist investors

By early 2019, activist investors began agitating for change. Ancora Advisors, Macellum Capital Management and Legion Partners Asset Management wanted Temares to leave. The trio urged asset sales, more investment in private-label brands and online commerce, and more buybacks.

In a 168-page document making their case, the investors noted that the first time Bed Bath & Beyond executives said the word “Amazon” on a conference call was Dec. 21, 2016, a sign they weren’t “embracing industry change.”

Within months, Temares was out.

“We always were well aware of our competitors, respected them, and studied what they did to learn what we could do better,” Temares wrote in a statement in response to questions from Bloomberg.

“I could not have been more proud of the associates I worked with, the quality people they are, and the dedication they exhibited,” he added. “That was then. Ultimately, as we see over and over again, arrogance and ineptitude are deadly.”

The board, with four new members selected as part of an accord with the activists, named former Target executive Mark Tritton CEO in October 2019. As Target’s chief merchandising officer, Tritton had overseen a private-label overhaul credited with helping speed up growth at the discount giant.

Tritton and his team, which included former senior executives from TrueValue, Walgreens and Macy’s, moved fast to tackle the falling profitability and revenue they inherited. They wanted a third of Bed Bath & Beyond products to be private-label, up from 10 per cent, within three years.

Tritton also said he planned to get rid of poorly performing labels and double down on well-known brands such as KitchenAid and Oxo. But that effort faltered as major brands faced pandemic-supply chain problems and the company’s worsening cash crunch left it unable to pay for premium products, according to former managers.

Even before Bed Bath & Beyond’s finances took a nosedive, Tritton and his team showcased their new private-label goods in the redesigned stores and downplayed national brands, according to some of the former managers and employees.

In a presentation to investors a year after taking the reins, Tritton compared his revamp to remodelling a home. “Our house is beloved by so many, but a house reliant on positive memories from the past won’t weather any storm,” he said.

Share buybacks

In the first five months of 2021, Tritton pushed to introduce six new private-label product lines — ambitious by retail standards. The degree of difficulty was increased by attempting to design, order and oversee manufacturing of thousands of new items as the pandemic snarled output and shipments from China. Once the private-label brands arrived in stores, most were new to shoppers and didn’t resonate with them.

Tritton also promised to use more cash buying back stock. In October 2020, he and his team pledged to repurchase US$675 million in shares over three years. By November 2021, the amount had increased and the timeframe had accelerated: They would complete the repurchase of US$1 billion shares within about one year. At the time, the retailer had around US$600 million of cash on hand.

Some analysts thought that was aggressive. Executives appeared overly optimistic that strong spending by cooped-up consumers in 2020 and 2021 would endure. Dennis Cantalupo, CEO of Pulse Ratings, a credit-rating and consulting firm, said the company could have survived at least another six months if it hadn’t repurchased shares.

“Rather than take that money and put it in the bank and assume that the tailwinds to the industry are going to subside or normalize, they initiated the buyback campaign,” Cantalupo said.

The timing and magnitude of the buybacks stood out “given the simultaneous rapid decline in the company’s topline and cash flow and the need for the company to reinvest in its business quickly,” Fitch Ratings analysts David Silverman and Monica Aggarwal wrote in an email.

Tritton’s private-label push ended up outstripping the aims of some of the activist shareholders, according to people familiar with their thinking.

Some former Bed Bath & Beyond executives, though, say the pandemic and supply-chain problems made it nearly impossible for Tritton to transform the ailing company.

In March 2022, Tritton and his team welcomed employees back to the company’s renovated headquarters for the first time since the start of the pandemic. The theme was “Together, Happier,” a nod to a marketing campaign launched in 2021, called “Home, Happier.”

As part of the return, employees took part in activities including a scavenger hunt. One of the clues led to a new mural of Bed Bath & Beyond’s history entitled “Our Big Moments (So Far),” according to a photo viewed by Bloomberg News. The chronology included its founding, its 1992 public listing and its 2007 purchase of Buybuy Baby.

While the timeline mentioned Tritton’s appointment in 2019, it didn’t include the names of the founders or his predecessor. That felt fitting to several of the former managers and employees, who said it reflected a disregard for the company’s history and what had made it unique.

The retailer atrophied as the year went on. Tritton was ousted in June. Sales in the three months ended Aug. 27 fell 28 per cent from the previous year. Inventories became increasingly sparse as many suppliers, worried about getting paid, halted or restricted shipments.

That’s meant many shoppers have left stores empty-handed, including the former Bed Bath & Beyond president, Stark.

About a year ago, he said, he went to a store in East Hanover, New Jersey, to shop for wedding registry gifts with his son and the son’s fiancée. The couple wanted Wamsutta bed sheets, once a staple at the retailer. They had no luck.

“They said, ‘Let’s go to Bloomingdale’s,’” Stark said.

Bloomberg.com

Bed Bath & Beyond Inc. has itself to blame for impending bankruptcy | Financial Post

Lots of words, but they forget to mention they aggravated over the half the country by getting into politics. 74 million+ voted for Trump and they vocally disparaged him, then canceled contracts with My Pillow because they wanted to be woke or something. They actually took out ads voicing how stupid people were for voting for Trump. if you play that game in retail, you're shooting your own foot.


You missed a HUGE issue that affected their sales. In a political move, they kicked out the MyPillow brand products made by a Trump supporter. Conservatives openly boycotted their stores after that. When you lose 1/2 your customer base trying to appease the #Woke crowd; you lose the people on the other side. And they used to spend a lot of their money there. #GetWokeGoBroke


My opinion: This store was average.  When it closed down, I wasn't sad.

After you read these articles, people who are in business and retail will learn about how to be successful in this industry.

"Dollar Tree to close 1,000 stores in bid to shore up profits"/ "Dollar Tree is closing nearly 1,000 U.S. stores a decade after 'botched' acquisition"

Mar. 13, 2024 "Dollar Tree to close 1,000 stores in bid to shore up profits": Today I found this article by Jaewon Kang on BNN Bloomberg:

(Bloomberg) -- Dollar Tree Inc. plans to shutter about 1,000 stores in an effort to improve profitability as the discount retailer battles a spate of litigation and other headwinds.

The company expects to close about 600 Family Dollar stores in the first half of fiscal 2024 and shut down an additional 370 Family Dollar and 30 Dollar Tree locations as their leases expire, according to a statement Wednesday. Dollar Tree said it expects a benefit of 15 cents a share to 2024 earnings from the store closures. 

The shares fell as much as 14% at the open of US markets, the most since May.

Dollar Tree, which operated more than 16,770 stores across 48 states and Canada as of last month, said last year that it would review its portfolio of Family Dollar stores to address underperformance. 

The chain has been beset by complaints of miserable working conditions, and fourth-quarter adjusted earnings of $2.55 a share included an impact of about 17 cents a share from general liability insurance claims.

Closing the stores appears to be “a prudent decision, but echoes the move to close 400 stores in 2019,” Bloomberg Intelligence analysts Jennifer Bartashus and Jibril Lawal said in a note. 

“Nearly $2 billion in assorted impairment charges suggests widespread efforts to improve operations have had mixed results and that the right formula remains elusive.”

The earnings for the quarter that ended in February missed analysts’ average estimate of $2.66 a share. Same-store sales rose 3%, more than Wall Street expected. 

(Updates shares.)

©2024 Bloomberg L.P.

https://www.bnnbloomberg.ca/dollar-tree-to-close-1-000-stores-in-bid-to-shore-up-profits-1.2046199


Mar. 14, 2024 "Dollar Tree is closing nearly 1,000 U.S. stores a decade after 'botched' acquisition": Today I found this article on CBC:

Dollar Tree swung to a surprise fourth-quarter loss and will close nearly 1,000 U.S. stores after slashing the value of a rival chain it acquired almost a decade ago.

Dollar Tree plans to close about 600 Family Dollar stores in the first half of this year, along with 370 Family Dollar and 30 Dollar Tree stores over the next several years.

The decision to close the stores came following a portfolio review "to identify and address underperforming stores and invest in improved store standards and growth," a spokesperson for Dollar Tree told CBC News in a statement.

The changes impact the company's U.S. stores. Canadian stores were not part of the review, the spokesperson said.

The discount retailer acquired Family Dollar for more than $8 billion US in 2015 after a bidding war with rival Dollar General, but it has had difficulty absorbing the chain.

On Wednesday, Dollar Tree said that it would record a $950 million US impairment against the trade name Family Dollar, on top of a $1.07 billion goodwill charge. 

Family Dollar will spend more than $594 million closing or rebranding stores, essentially erasing profits from the holiday season.

Family Dollar acquisition 'nothing but hassle': analyst

"This dramatic cull is the coup de grâce in the rather botched acquisition of the Family Dollar chain, which has caused Dollar Tree nothing but hassle since it was completed back in 2015," wrote Neil Saunders, managing director of GlobalData.

"Basically, almost 10 years on, Dollar Tree is still sifting through the mess it inherited and has not been able to completely turn around," Saunders said.

Saunders said in an emailed statement that nearly 12 per cent of current Family Dollar stores will be closing over the next three years.

Shares of Dollar Tree tumbled more than 14 per cent Wednesday. For the three months ending Feb. 3, Dollar Tree lost $1.71 billion US, or $7.85 per share. A year earlier, the Chesapeake, Va., company earned $452.2 million US, or $2.04 per share.

Revenue climbed to $8.64 billion US from $7.72 billion, a bit below Wall Street's estimate of $8.67 billion.

Dollar Tree has been attracting consumers who have been stung by inflation as they seek to cut spending.

During the quarter, sales at Dollar Tree stores open for at least a year climbed 6.3 per cent, with traffic up 7.1 per cent. While more shoppers were heading to stores, they were closely watching how much they spent, with the average transaction down 0.7 per cent.

With files from CBC's Jenna Benchetrit and Shawn Benjamin