The FTC's big win, Kroger and Albertsons big beef, and Costco's membership fee hikes: Retail news roundup
On Jan. 1, 2025, millions of U.S. workers will see a boost in their paychecks as the minimum wage increases in 21 states, according to the National Employment Law Project (NELP). In a major victory for the Federal Trade Commission (FTC), a federal judge temporarily blocked the $25 billion Kroger-Albertsons merger. This led Albertsons to sue Kroger, accusing it of failing to make the “best efforts” to complete the deal, ultimately calling off the merger. Meanwhile, U.S. online grocery shopping continues to grow, with sales nearly reaching $10 billion in November. Check out those stories and more retail news highlights from this week.
The minimum wage will increase in 21 states next year. Here’s what to know
On Jan. 1, 2025, millions of workers across the U.S. will see their paychecks grow as the minimum wage rises in 21 states. — Francisco Velasquez
The Kroger-Albertsons grocery merger was blocked in a big win for the FTC
In a major victory for the Federal Trade Commission (FTC) and the Biden Administration, a federal judge has temporarily blocked the $25 billion merger between grocery giants Kroger (KR) and Albertsons (ACI), citing concerns over the impact on competition.
Costco earnings top expectations as membership fees climb
Costco (COST) reported better-than-expected earnings on Thursday, fueled by solid revenue growth, strong e-commerce performance, and increased membership fees. The results extend a strong year for the retailer, whose shares have climbed nearly 50% in 2023, compared to the S&P 500's 27% gain. The stock closed at $988.39.
Albertsons is suing Kroger and calling off their grocery mega-merger
Albertsons (ACI) has filed a lawsuit against Kroger (KR), accusing the grocery giant of failing to uphold its contractual obligations during their planned $24.6 billion merger, prompting Albertsons to back out of the deal.
Amazon’s $25 flight deal is back. Here’s what you need to know
Amazon’s (AMZN) popular $25 flight deal is back.
Small businesses could face $10,000 fines for missing a key reporting deadline
Small business owners who fail to meet a new federal reporting requirement could face fines of up to $10,000.
Walgreens shares jump 20% on talks of sale to private equity firm
Walgreens (WBA) stock jumped more than 20% on Tuesday after reports surfaced that the pharmacy giant is in talks to sell its business to private equity firm Sycamore Partners.
Online grocery sales surge to nearly $10 billion in November, study shows
The U.S. online grocery market reached a staggering $9.6 billion in sales in November, marking a 17.8% increase over the previous year.