News

Report: Walmart holds $76 billion in tax havens
Walmart has created 78 subsidiaries and branches in 15 offshore tax havens in a bid to cut the corporate giant's taxes on its foreign operations, according to Bloomberg.

The company holds at least $76 billion in assets through shell companies based in the low-tax havens of Luxembourg and the Netherlands, said Bloomberg, who quoted a report by Americans for Tax Fairness, an organization backed by national, state and local labor and community groups.
Alibaba's next bet is robots
Alibaba wants to put a robot, specifically one named Pepper, in your home — or store.

Happily Eva after for New York & Co.

Customers have responded so well to New York & Company’s collaboration with Eva Mendes that the retailer has extended its deal with the Cuban-American actress.

Launches in 2013, the Eva Mendes Collection features five seasonal assortments and 11 unique deliveries a year, which feature apparel and accessories.
CVS Health’s new digital innovation lab focuses on customer experience

Boston -- Imagine a world where access to any health information or services you needed was available at any time through your digital device. We are not there yet, but CVS Health is doing its best to create that world with its new Digital Innovation Lab located in Boston.
Ace is the place with the coolest hardware stores

Home Depot and Lowe’s have nothing on four Ace Hardware operators who were recipients of the retail cooperative’s annual “Coolest Hardware Stores’” awards.

The award is quite a distinction considering there are roughly 4,800 Ace Hardware stores worldwide. This year’s honorees included Henkle’s Ace Hardware (Webb City, Mo.), Islands Ace Hardware (Savannah, Ga.), Miner’s Ace Hardware (San Luis Obispo, Calif.) and Rocking R Ace Hardware (Harrisonburg, Va.).
Rite Aid Q1 profit falls; sees big gain ahead

Camp Hill, Pa. -- Rite Aid's first-quarter earnings plunged 55%, mainly on costs tied to a $2 billion acquisition. The chain also lowered its full-year profit outlook.

The drugstore chain in February announced that it would buy pharmacy benefits manager EnvisionRx. Rite Aid said it expects the deal, expected to close by the beginning of July, to increase its annual revenue by as much as 18.6%.

The retailer earned $18.8 million in the quarter that ended May 30, down from $41.4 million in the year ago period.
Report: Target cuts nearly 200 positions

The Minneapolis Star-Tribune is reporting that Target laid off 140 staffers and eliminated 50 open positions at its headquarters on Wednesday.

According to the newspaper, the eliminated positions were in places “we identified redundancies or opportunities for greater efficiencies,” Molly Snyder, a Target spokeswoman, wrote in an e-mail.

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CVS Health opens tech hub in Boston

CVS Health is aiming to develop cutting-edge digital services and personalized capabilities that will revolutionize health care, and it's all starting with its new lab in Boston.

The CVS Health Digital Innovation Lab, which is now open, will serve as a vital hub for the rapidly growing digital team at CVS Health, which will remain headquartered in Woonsocket, R.I.
Ex-Walmart exec is new co-owner of N.Y. retailer

A former Walmart executive has joined with a real estate executive to expand New York City-based luxury home décor retailer Gracious Home.
Rite Aid gunning for CVS, Walgreens

On the heels of big news from rival drugstore CVS this week, Rite Aid says it is expecting its EnvisionRx acquisition to increase the company's annual revenue by as much as 18.6%.