Nike to offer big discounts amid a glut of inventory

Inflation-battered shoppers will soon find some huge deals on Nike products. The world’s biggest sportswear company said it was stuck with a glut of out-of-season inventory that will force it to mark down prices going into the all-crucial holiday period. Nike, based in Beaverton, Ore., said it will be “aggressively” liquidating its apparel and sneakers as … Read more

‘Big Short’ investor Michael Burry suggests current economic downturn could be ‘worse than 2008’

Famed investor Michael Burry delivered arguably his most dire warning about the current US economy to date late Thursday – suggesting he is concerned the ongoing downturn could be worse than the Great Recession. Burry, the boss of Scion Asset Management, noted that one of his market analysts said his comments were “spooky” because he … Read more

Rite Aid executives bemoan out-of-control NYC shoplifting at stores

Top Rite Aid executives grumbled about a widespread shoplifting problem in New York City after the retailer reported worse-than-expected quarterly results on Thursday. Rite Aid CEO Heyward Donigan told analysts the company “experienced unexpected headwinds this quarter from front-end shrink, particularly in our New York urban stores.” He noted the company has begun “shrinking our … Read more

AOC says companies favor abortion bans ‘to force poor people to work more’

Corporate America favors bans on abortion in order to “force poor and working-class people to give birth against their will” as a way to “keep a workforce basically conscripted to large-scale employers to work more,” according to Rep. Alexandria Ocasio-Cortez. The NY Democrat who represents parts of Queens and The Bronx said during a House … Read more