The FTC's big win, Kroger and Albertsons big beef, and Costco's membership fee hikes: Retail news roundup
Plus, the minimum wage will increase in 21 states next year
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On Jan. 1, 2025, millions of U.S. workers will see a 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 . This led Albertsons to sue Kroger, accusing it of failing to make the “best efforts” to complete the deal, ultimately . Meanwhile, U.S. online grocery shopping continues to grow, with sales nearly reaching . Check out those stories and more retail news highlights from this week.
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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
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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.
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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.
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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.
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Small business owners who fail to meet a new federal reporting requirement could face fines of up to $10,000.
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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.
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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.