Walmart layoffs, McDonald's $5 meal, and Target's Pride merch: Retail news roundup

Plus, Under Armour lays off employees as it braces for a steep sales decline

In the world of retail, McDonald’s $5 meal deal is finally happening, and it includes fries. Walmart had a week: corporate layoffs, remote worker requests, and strong earnings, which were boosted by high-income shoppers. Kraft Heinz is considering selling its iconic hot dog brand Oscar Mayer for up to $5 billion.

Meanwhile, in a bid to avoid another Pride Month backlash, Target still plans to offer all of its Pride merchandise online, but only at select stores in-person, and Red Lobster’s restaurants are being being auctioned off by its liquidator in preparation for bankruptcy. Here’s what else went down this week.

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McDonald’s is moving forward with its plan to launch a $5 meal deal in a bid to win over carefully spending consumers. The fast food chain finally got approval from its franchisees this week.

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A top Walmart executive told employees Tuesday that the retailer would slash hundreds of corporate positions and ask a majority of its remote workers to relocate to one of three of its central hubs, according to a memo sent to staff. That announcement was made just days before Walmart reported strong first quarter earnings, boosted by its high-income shoppers.

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Kraft Heinz is thinking about selling its iconic hot dog brand Oscar Mayer. The packaged foods giant is exploring a sale of the meat brand that could be valued between $3 billion and $5 billion, per the Wall Street Journal.

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Target doesn’t want another Pride Month backlash. The retailer said it plans to offer all of its Pride collection online, but only some of its locations will feature the products in-store.

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Walmart is cutting hundreds of corporate roles and requesting that a majority of its remote workers relocate to some of its central hubs. It also plans to give some employees permission to work remotely, but only on a part-time basis.

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Inflation isn’t so bad for Walmart, as even higher-income shoppers go bargain hunting. Walmart stock rose 6% on Thursday, reaching an all-time high after the retail giant reported strong first quarter earnings.

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Under Armour is laying off a chunk of its workforce as it braces for a predictable decline in sales from its North America market, it said in its latest quarterly earnings report. The athletic apparel company did not disclose how many jobs it would be eliminating.

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McDonald’s wants to introduce a $5 meal deal in an effort to win over cash-strapped consumers. And it’s finally happening this June.

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There’s a small glimmer of hope for U.S. consumers: grocery prices finally fell in April after being up during the two previous months. Eggs and apples saw the biggest sales decline, followed by ham and citrus fruits.

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Fatburger’s parent company Fat Brands is looking to slim down its business. The company has “confidentially” filed for an IPO of its Twin Peaks and Smokey Bones restaurant brands.

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At least one analyst believes McDonald’s plan to bring back price-cautious consumers with a $5 meal deal will work — so long as it’s properly executed. The chain is launching the meal bundle in June.

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Red Lobster’s troubles continue. Its owner, Thai Union Group, is planning to sell its remaining stake in the seafood chain by the end of the year.

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Even more bad news at Red Lobster: Liquidator TAGeX Brands said that as of Tuesday more than four dozen of the seafood restaurants are closed and that it will be selling off their contents to highest bidder.