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ATLANTA, Aug. 10, 2021 /PRNewswire/ — The Home Depot® has opened three new distribution centers in Sparrows Point’s revitalized Tradepoint Atlantic development. The 1.5 million square-foot campus will bring nearly 500 new full- and part-time jobs to Baltimore and provide even faster delivery options to customers in the region.

“We’re focused on creating an easier and more convenient shopping experience for our customers’ home improvement needs, whether they shop in stores or online,” said Stephanie Smith, senior vice president of supply chain for The Home Depot. “By investing in our supply chain, we’ll continue to meet the changing expectations of our Pro and DIY customers – getting us closer to our goal of offering same day and next day delivery to 90 percent of the U.S. population.”

The Baltimore market is a key hub for The Home Depot’s delivery and supply chain strategy. The newly opened facility is an 812,000-square-foot building that extends the aisles of the stores by offering fulfillment for online orders, providing a broader range of products directly to customers. It features a zero-emission hydrogen fuel cell charging station that offers a sustainable and more efficient way to power material handling equipment.

Last year, the company opened a 698,000-square-foot facility that serves Pro customers, as well as DIYers, with oversized and bulk flatbed delivery directly to their job sites – whether that’s a bunk of lumber, pallet of pavers, or other oversized materials – as well as a delivery location that expands The Home Depot’s appliance delivery to customers in the Baltimore area.

In 2017, the company announced a $1.2 billion investment in its supply chain and is in the process of building out its network with about 150 new facilities nationwide. They include a variety of formats to meet the unique needs of different customers in the dynamically changing world of retail. Currently, The Home Depot operates five distribution centers across the state of Maryland, servicing 42 stores.

Hiring is ongoing for warehouse and driver roles, as the company’s supply chain expansion continues. Interested jobseekers should visit careers.homedepot.com for a quick and easy application – or, text JOBS to 52270 for a link to apply to local positions. The Home Depot is committed to giving back to its associates and communities and provides tailored benefits for any stage of an associate’s life – from tuition reimbursement to backup dependent care for children and elders. The company was recently recognized as one of Forbes’ Best Employers for Diversity and is regularly recognized as one of the best companies to grow a career: In fact, last year, the company celebrated 120,000 internal career moves.

ABOUT THE HOME DEPOT
The Home Depot is the world’s largest home improvement specialty retailer. The Company operates a total of 2,298 Home Depot retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. In fiscal 2020, The Home Depot had sales of $132.1 billion and earnings of $12.9 billion. The company employs approximately 500,000 associates. The Home Depot’s stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor’s 500 index.

Certain statements contained herein constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among other things, implementation of interconnected retail and supply chain initiatives; the impact on our business, operations and financial results of the COVID-19 pandemic and the related recovery; our business plans, strategies, initiatives and objectives and their expected execution and impact; management of relationships with our associates, suppliers and vendors; capital allocation and expenditures; and our assumptions and expectations regarding any of the foregoing.

Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, those described in Item 1A, “Risk Factors,” and elsewhere in our Annual Report on Form 10-K for our fiscal year ended January 31, 2021, and in our subsequent Quarterly Reports on Form 10-Q.

SOURCE The Home Depot

CONTACT: For more information, contact: Financial Community, Isabel Janci, Vice President of Investor Relations and Treasurer, 770-384-2666, isabel_janci@homedepot.com; News Media, Sara Gorman, Sr. Director, Corporate Communications, 770-384-2367, sara_gorman@homedepot.com

Related Links
http://www.homedepot.com

CINCINNATI, May 21, 2021 /PRNewswire/ — The Kroger Co. (NYSE: KR) today announced that certain associates within the Fred Meyer and QFC divisions have ratified an agreement with four local unions for the transfer of liabilities from the Sound Retirement Trust to the UFCW Consolidated Pension Plan. This new arrangement will help secure the pension benefits of more than 10,600 Kroger Family of Companies’ associates and is expected to minimize the organization’s exposure to market risk going forward while also reducing administrative costs.

“I am delighted we have reached an agreement to address the underfunding of the Sound Retirement Trust, which is ineligible for relief under the Emergency Pension Plan Relief Act of 2021. This agreement is a great outcome for our associates as it better protects previously earned benefits and will stabilize future benefits,” said Gary Millerchip, Kroger’s CFO.

“As with previously announced pension restructuring agreements, this agreement allows us to minimize future exposure to market risk, produces a return on investment above our internal hurdle rate by mitigating future costs and provides a more secure future for our associates’ pension benefits. The proactive steps Kroger has taken over many years to address the significant underfunding challenges faced by multi-employer pension plans, puts us in a position of strength to continue to deliver strong and sustainable total shareholder return,” continued Millerchip.

This agreement has been approved by the UFCW Consolidated Pension Plan, the Pension Benefit Guaranty Corporation, Sound Retirement Trust, and the local unions. As a result, Kroger will transfer approximately $400 million in net accrued pension liabilities, on a pre-tax basis, to fulfill obligations for past service for associates and retirees from the Sound Retirement Trust to the UFCW Consolidated Pension Plan. On an after-tax basis, approximately $310 million would be needed to execute this transaction. This agreement will be satisfied by installment payments to the UFCW Consolidated Pension Plan and is expected to be paid evenly over the next six years. Benefits for future service for these associates are expected to accrue in a newly created variable annuity pension plan administered by the Sound Retirement Trust.

As a result of this agreement, the organization will incur a charge to net earnings during the first quarter of 2021. The charge to net earnings is estimated to be approximately $0.40 per diluted share on a GAAP basis. This does not affect adjusted earnings per diluted share results for 2021, which are provided on a basis that excludes adjustment items such as this contribution.

Capital Allocation Strategy
The organization continues to generate strong free cash flow and remains committed to investing in the business to drive long-term sustainable earnings growth, maintaining its current investment grade debt rating, and returning excess free cash flow to shareholders via share repurchase and a growing dividend over time.

About Kroger
At The Kroger Co. (NYSE: KR), we are dedicated to our Purpose: to Feed the Human Spirit™. We are, across our family of companies nearly half a million associates who serve over nine million customers daily through a seamless digital shopping experience and 2,800 retail food stores under a variety of banner names, serving America through food inspiration and uplift, and creating #ZeroHungerZeroWaste communities by 2025. To learn more about us, visit our newsroom and investor relations site.

TORONTO, May 18, 2021 /CNW/ – The Canadian Marketing Association (CMA) and AMA Toronto, a part of the American Marketing Association, are joining forces to champion the mentoring and development of young marketers.

“Our collaboration enhances our ability to support marketers at various stages of their careers, deepen their knowledge and strengthen their career paths,” says John Wiltshire, president and CEO, CMA. “This aligns with the CMA’s strategy to work with a variety of organizations in Canada to embolden marketers to make a powerful impact on business.”

Associations partner to champion mentoring and development. (CNW Group/Canadian Marketing Association)
Associations partner to champion mentoring and development. (CNW Group/Canadian Marketing Association)
The two industry associations are teaming up to cross-promote complementary programs to support and accelerate the careers of entry- and mid-level marketing professionals.

The partnership links AMA Toronto’s Career Accelerator mentoring program with the CMA’s Chartered Marketer (CM) designation program, and the CMA NXT program. The combination of these programs provides a more holistic and career defining experience for today’s emerging marketers.

These distinct marketing programs complement each other and present a powerful suite of career development offerings. The Career Accelerator is a popular one-on-one mentoring program. CMA NXT houses an extensive library of marketing information, learnings and observations. And the CMA’s acclaimed Chartered Marketer (CM) program offers specialized courses and an important industry-recognized professional designation.

“AMA Toronto is dedicated to helping young people and empowering business growth and leadership within the marketing community,” says Miglena Nikolova, president of AMA Toronto. “Our new partnership with the CMA will see our associations work together to help the next generation of marketers advance and navigate their career journey from student to senior executive.”

Both associations recognize the quality and benefits of the Chartered Marketer program. Recent research found that more than 80 per cent of senior marketing leaders agree that an applicant with an industry-recognized professional designation will have access to better job opportunities and a higher starting salary, promotion or raise.

Similarly, the associations highly value the calibre and benefits of Career Accelerator, noting the important role that formal mentoring and networking can play in career development.

To encourage program participants to network and explore the opportunities afforded by each organization, discounts and cross-promotions are being offered to members and young marketers in each association.

About the Canadian Marketing Association
The Canadian Marketing Association (CMA) strengthens marketers’ significant impact on business in Canada. We provide opportunities for our members from coast to coast to develop professionally, to contribute to marketing thought leadership, to build strong networks across all economic sectors, and to shape positions advocated by the CMA to strengthen the regulatory climate for business success. Our Chartered Marketer (CM) designation signifies that recipients are highly qualified and up to date with best practices, as reflected in the Canadian Marketing Code of Ethics and Standards.

About AMA Toronto
The Toronto Chapter of the American Marketing Association (AMA Toronto) is a volunteer-run, not-for-profit organization that has empowered business growth and leadership within its community for more than 70 years. AMA Toronto provides opportunities to build professional connections, develop leadership, and accelerate professional knowledge and growth. With more than 20,000 members and 70 chapters across North America, the AMA is the largest marketing association in the world.

SOURCE Canadian Marketing Association

CONTACT: Shane Madill, Kaiser & Partners Inc., shane.madill@kaiserpartners.com, 647.725.2520 x207; Robert MacLean, VP, Public Relations, AMA Toronto, rob.maclean@ama-toronto.com, (416) 817-4259

Related Links
https://thecma.ca

IRVING, Texas, May 14, 2021 — 7-Eleven, Inc. (“7-Eleven”), the largest chain in the convenience-retailing industry, announced today the successful completion of its acquisition of Speedway, a leading convenience store chain, from Marathon Petroleum Corp. (NYSE: MPC). Speedway’s high-quality portfolio includes approximately 3,800 stores located in 36 states across the U.S.

“We are very excited to welcome Speedway into the 7-Eleven family,” said Joe DePinto, President and Chief Executive Officer of 7-Eleven. “Speedway is a great brand and a strong strategic fit for our business that significantly diversifies our presence throughout the North American market, particularly in the Midwest and on the East Coast. Together, we have the opportunity to redefine and enhance the customer convenience experience nationwide. This is a groundbreaking moment in our company’s proud history.”

7‑Eleven, Inc. announced today the completion of its acquisition of Speedway from Marathon Petroleum Corp. (NYSE: MPC).

This acquisition accelerates 7-Eleven’s growth trajectory while also strengthening the company’s financial profile for continued success. The addition of Speedway brings 7-Eleven’s total North American portfolio to approximately 14,000 stores and diversifies 7-Eleven’s presence to 47 of the 50 most populated metro areas in the U.S., as well as expands our company-operated store footprint.

The acquisition combines the best of 7-Eleven’s premier convenience brand with Speedway’s convenience and fuel brands that will create innovative and world-class experiences for our customers. 7-Eleven will also work to maximize efficiencies and optimize relationships with vendors and business partners to ensure a continued legacy of innovation and success.

About 7-Eleven, Inc.
7–Eleven, Inc. is the premier name in the convenience-retailing industry. Based in Irving, Texas, 7–Eleven operates, franchises and/or licenses nearly 77,000 stores in 16 countries and regions, including nearly 16,000 in North America. Known for its iconic brands such as Slurpee®, Big Bite® and Big Gulp®, 7–Eleven has expanded into high-quality sandwiches, salads, side dishes, cut fruit and protein boxes, as well as pizza, chicken wings and mini beef tacos. 7–Eleven offers customers industry-leading private brand products under the 7-Select™ brand including healthy options, decadent treats and everyday favorites at an outstanding value. Customers can earn and redeem points on various items in stores nationwide through its 7Rewards® loyalty program with more than 40 million members, place an order in the 7NOW® delivery app in over 1,300 cities, or rely on 7–Eleven for bill payment service, self-service lockers and other convenient services. Find out more online at www.7–Eleven.com, via the 7Rewards customer loyalty platform on the 7–Eleven mobile app, or on social media at Facebook, Twitter and Instagram.

SOURCE 7-Eleven, Inc.

CONTACT: 7-Eleven, Inc., Corporate Communications, media@7-11.com

Related Links
http://www.7-eleven.com

AUSTIN, Texas, April 21, 2021 — A new Oracle Utilities survey shows that US consumers are eager to ‘go green,’ but don’t necessarily know where to start. Nearly half (45%) of respondents said fighting climate change is personally important, and 54% want to reduce their carbon footprint. The trouble is that 39% of people surveyed have never even heard the word ‘decarbonization’ and 67% have no or only a vague idea where their carbon dioxide (CO2) emissions come from. Sixty percent of people said they would look to advice from their utility to help reduce energy consumption, but just 20% have taken advantage of these energy-saving insights so far.

“A growing number of utilities have set ambitious net-zero carbon emission goals. Influencing customers to act – on a scale we’ve never seen – is critical to achieving those targets quickly and affordably,” said Paul McDonald, senior director, Oracle Utilities Opower. “The research shows a lot of people recognize the challenge and want to take action. It’s our job to make it obvious and easy for them to do so. Some utilities are already engaging customers in this journey, and they’ve seen that even small actions from a lot of people can make a big impact on achieving their decarbonization targets.”

“Consumers are eager to be part of a clean, resilient energy system and want to work with their utility to promote positive change.”

The results were part of an Oracle Utilities global study conducted by Untold Insights in February 2021. The survey polled 515 US residents and an additional 2,069 consumers in the United Kingdom, Canada, France, and Spain to understand their thoughts on climate change and desire to help. Download the decarbonization report here.

Consumers want to go green

52% of consumers said that reducing air pollution is personally important.
41% said they want to reduce reliance on “dirty energy” by transitioning to renewable energy sources.
37% noted they have or would shift energy consumption to off-peak times
45% already have or would heat or cool their home at more optimal times
37% already have or would take steps to reduce their energy use to help avoid blackouts.
“With extreme weather events increasing and electrification bound to put more strain on the grid, utilities need people to understand that when they use energy can be just as important as conserving it,” added McDonald. “The great thing the survey shows is that consumers are eager to be part of a clean, resilient energy system and want to work with their utility to promote positive change.”

Consumers see utilities as a trusted advisor and are looking for help
While 21% of respondents recognized their utility for offering helpful energy reduction tips and advice, others added that their provider should:

61% – help reduce their home energy usage.
57% – help them use energy at the most efficient times of the day.
56% – help them access more renewable electricity.
“For your typical consumer, knowing is half the battle when it comes to making meaningful changes to energy use. The unmet consumer demand for outreach and help from energy providers is striking, and the business opportunity for utilities to meet that need is real,” noted McDonald.

Younger generations leading the green charge, willing to pay more

80% of Millennials1 and 73% of Gen Z consumers said they were willing to pay more for clean energy; compared to 36% of Baby Boomers.
16% of Millennial respondents have already bought or leased an electric vehicle, and 42% of Millennials and 35% of Gen Z consumers plan to do so in the next five years.
29% of Gen Z and 26% of Millennials plan to install solar panels in the next 2-5 years.
23% of Gen Z and 41% of Millennials noted they have already or in the next year would buy a smart thermostat and let it be controlled by their utility to curb energy use and costs.
41% of Millennials noted they have already or in the next year would install a home battery or energy storage device, compared to 18% of Gen Z respondents.
“Younger generations are more willing to invest in cutting edge home technology, but coming out of the pandemic, cost remains a significant consideration,” said McDonald. “Utilities will need to balance the longer-term potential of these technologies with energy efficiency programs, which many utilities have adopted and deliver proven energy-savings results.”

More than 175 utilities around the globe have used Oracle Utilities Opower to meet their aggressive customer engagement and decarbonization goals. Oracle was also recently named #1 in the “Guidehouse Insights Leaderboard: Home Energy Management Providers” report. Learn more here.

Gen Z defined as (18-24); Millennials 25-39); Gen X (40-54); Baby Boomers (+55)
About Oracle
Oracle offers suites of integrated applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at oracle.com.

Trademarks
Oracle, Java and MySQL are registered trademarks of Oracle and/or its affiliates.

SOURCE Oracle

CONTACT: Kristin Reeves, Oracle, +1.925.787.6744, Kris.reeves@oracle.com

PITTSBURGH, April 5, 2021  — DICK’S Sporting Goods (NYSE: DKS), the largest U.S.-based, omni-channel sporting goods retailer, will expand its nationwide footprint with the grand opening of its first-ever DICK’S House of Sport, a new concept store, in Victor, NY on April 9, two Warehouse Sale locations and experiential Soccer Shops in select locations in April.

https://www.multivu.com/players/English/8858253-dicks-sporting-goods-grand-opening-house-of-sport-golf-galaxy/

This month, the retailer will also debut nine newly redesigned Golf Galaxy locations and expanded technology offerings in 62 additional Golf Galaxy locations in select cities across the country.

These new additions will bring approximately 260 collective jobs to communities through the hiring of full-time, part-time and temporary associates for the stores.

DICK’S House of Sport will explore the future of retail through multi-sport experiences inside and outside the store, broad integration with the community, elevated customer service that will rely on passionate and skilled employees and enhanced technology for ease of connection with the brand.  The store will feature a 17,000 sq. ft. outdoor turf field and running track, a rock-climbing wall, a batting cage with HitTrax™ technology, golf hitting bays with TrackMan™ simulators, a putting green, the company’s first-ever “House of Cleats” that will seasonally rotate product, a health and wellness destination to help customers with recovery and well-being, and a consolidated service area for breaking in gloves, stringing lacrosse sticks and building/repairing bikes.  Further, it will showcase best-in-class athletic and outdoor apparel brands, a vast selection of footwear, the latest gear for team sports and top-of-the-line equipment for golf and fitness. Later this year, the Company will open its second DICK’S House of Sport location in Knoxville, TN.

DICK’S Sporting Goods Warehouse Sale locations will offer deep discounts on customer-favorite footwear and apparel brands with hundreds of items 70% off or more.

The redesigned Golf Galaxy stores will offer golfers of all levels an immersive golf experience, providing access to industry-leading TrackMan™ and BioMech™ Golf technologies, state-of-the-art hitting bays, custom fittings, golf lessons from Class A Certified PGA and LPGA Professionals and the best equipment, apparel and footwear from top golf brands such as Callaway, TaylorMade, PING, Titleist, Nike, adidas, Under Armour, PUMA and more. The retailer will open additional remodeled locations later this year.

DICK’S Soccer Shops will offer a high level of service from in-store soccer experts who are specially trained to help customers find the equipment they need and the right fit for their cleats to excel at the game. The Soccer Shops will feature a variety of updated in-store elements including an elevated cleat shop, licensed jersey cubes and soccer trial cages in select locations. All Soccer Shops will open on April 5.

DICK’S House Sport, Golf Galaxy store locations and select Soccer Shops will host ribbon cutting ceremonies to kick off their opening weekend celebrations and customers will have the opportunity to win giveaways. Visit dicks.com/HouseOfSportROC and golfgalaxy.com for full details on the Grand Openings.

Following the store openings, DICK’S will have 730 DICK’S Sporting Goods stores nationwide in 47 states.

About DICK’S Sporting Goods, Inc. 
Founded in 1948, DICK’S Sporting Goods is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As of January 30, 2021, the Company operated 728 DICK’S Sporting Goods locations across the United States, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a combination of its dedicated teammates, in-store services and unique specialty shop-in-shops dedicated to Team Sports, Athletic Apparel, Golf, Outdoor, Fitness and Footwear.

Headquartered in Pittsburgh, DICK’S also owns and operates Golf Galaxy and Field & Stream specialty stores, as well as GameChanger, a youth sports mobile app for scheduling, communications, live scorekeeping and video streaming. DICK’S offers its products through a dynamic eCommerce platform that is integrated with its store network and provides athletes with the convenience and expertise of a 24-hour storefront. For more information, visit the Investor Relations page at dicks.com.

About Golf Galaxy
Golf Galaxy, LLC is a specialty golf retailer offering a broad assortment of golf equipment, apparel and footwear from leading brands like Callaway, Taylormade, Titleist, Ping, Nike, Under Armour and more, and a complete range of golf services from PGA and LPGA professionals, certified fitting experts and club technicians. As of January 30, 2021, Golf Galaxy operated 98 stores. For more information, visit GolfGalaxy.com.

CONTACTS: DICK’S Sporting Goods, 724-273-5552, press@dcsg.com  
Category: Company

SOURCE DICK’S Sporting Goods

Related Links

http://www.dickssportinggoods.com

LONDON, April 1, 2021 — Enjoy Technology Inc. (“Enjoy”), a technology-powered platform reinventing “Commerce at Home,” announced today that BT Group, the company’s exclusive U.K. partner through the BT and EE brands, has extended their partnership through 2025. BT has also made an investment in Enjoy, strengthening the partnership and demonstrating BT’s continued commitment to providing the most personal and local service in the industry.

Enjoy is a technology company that is reinventing “Commerce at Home” by partnering with the world’s premium consumer brands to provide a personalised, high-touch retail experience in the comfort of home. Co-founded by Apple retail strategist, Ron Johnson, Enjoy has pioneered a new retail experience that brings EE’s in-store experience and trusted support through Enjoy’s full-time, trained Experts directly to a customer’s home.

Enjoy’s partnership with BT Group began in 2018 and today covers nearly 80% of the U.K. population. Enjoy employs more than 600 people in the U.K. with facilities in more than 20 cities across England, Scotland, Wales and Northern Ireland.

“Our work with BT Group has been instrumental in bringing Enjoy’s ‘Commerce at Home’ experience through the door and into the homes of more customers across the U.K.,” said Ron Johnson, CEO and Co-Founder of Enjoy. “BT continues to be an amazing partner and together we reach nearly 80% of the U.K. population. We are pleased to extend our exclusive partnership as we provide a world-class experience for customers and their new BT and EE products and services.”

Marc Allera, CEO, BT’s Consumer division, said, “The value of our partnership with Enjoy is clearer than ever. Over the past year, we’ve been able to continue to offer the most personal and local service in the U.K. despite the closure of our stores during lockdown. We’re showing our commitment to providing the best multi-channel service in the industry by extending our partnership for a further four years and investing to be a part of this mobile retail technology offer.”

BT has created the best and widest customer service network in the U.K., with expert teams providing support in local contact centres, on the high street in over more than 600 stores across the U.K., and in customers’ homes through its partnership with Enjoy. BT customers can also get expert, easy to access help 24/7 through the My BT App.

To learn more about Enjoy visit www.enjoy.com and to learn more about BT visit www.bt.com.

About Enjoy:
Enjoy is a technology-powered platform reinventing “Commerce at Home” by providing a personalised, high-touch retail experience in the comfort of home. Enjoy partners with some of the world’s premium consumer brands to deliver the products their customers love, when and where they want them. Co-founded by Apple retail strategist, Ron Johnson, Enjoy has pioneered a new retail experience that can do everything a traditional retail experience offers through its Mobile Store. Enjoy has served millions of customers, changing how they have experienced purchasing new products and currently operates in the U.S., Canada, and the UK. Headquartered in Palo Alto, CA Enjoy has raised more than $350 million, and has become the leader in the re-emergence of “Commerce at Home.” To learn more about Enjoy, please visit: www.enjoy.com.

About BT Group:
BT Group is the UK’s leading telecommunications and network provider and a leading provider of global communications services and solutions, serving customers in 180 countries. Its principal activities in the UK include the provision of fixed voice, mobile, broadband and TV (including Sport) and a range of products and services over converged fixed and mobile networks to consumer, business and public sector customers. For its global customers, BT provides managed services, security and network and IT infrastructure services to support their operations all over the world. BT consists of four customer-facing units: Consumer, Enterprise, Global and its wholly-owned subsidiary, Openreach, which provides access network services to over 650 communications provider customers who sell phone, broadband and Ethernet services to homes and businesses across the UK. For the year ended 31 March 2020, BT Group’s reported revenue was £22,905m with reported profit before taxation of £2,353m. British Telecommunications plc is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on the London Stock Exchange. For more information, visit www.bt.com/about.

GUANGZHOU, China, March 31, 2021 /PRNewswire/ — LED CHINA 2021 will be held during 14-16 April at Shenzhen Convention & Exhibition Center, to provide more precise and comprehensive service for overseas VIP buyers, the organizer launched VIP Buyer Program and provide 1 to 1 online business matching service.

Founded in 2005, LED CHINA is the initiator of international LED exhibition in the world and has been recognized as the benchmark of the global LED industry. The exhibition features 7 main topics and presents an “all-in-one” trading platform that comprises the vertical sectors extending from LED and LED displays, including LED display, LED lighting, pro sound & light, conference integrated systems, AV integration, digital signage, commercial displays.

To meet the challenge of global travel restrictions, LED CHINA 2021 will be held both virtually and psychically. At LED CHINA Live virtual platform, online visitors will be able to enjoy the same visiting experience as offline visitor. To learn more information about the online show, please click: www.ledchina.com/en/virtual-led-china/

Besides the virtual platform, the organizer also improved VIP buyer service for 2021, VIP Buyer Program is exclusively designed for key buyers and senior decision makers from the show related industry. For those who have specific sourcing needs or purchasing plans. the organizer offers 1 to 1 customized service to help buyers fast connect with suppliers/exhibitors. Free privileges and amenities will be served to accelerate their sourcing efficiency.

As the core service from VIP Buyer Program, 1 to 1 Online Business Matching will be able to Free overseas buyers from the hassles of finding, evaluating, and arranging meetings with potential suppliers. As the leading Industry show, LED CHINA provides a FREE customized business matching service which will help overseas buyers to save time and connects overseas buyers with verified suppliers that fit their sourcing requirements.

With the customized business matching service, overseas buyer can just sit back and relax as our dedicated team will handle the time-consuming work for overseas buyer – from screening suppliers to arranging meetings. Through the new online service, overseas buyer can do business in no time and without boundaries.

To join 1 to 1 Online Business Matching, click https://informamarkets.wjx.cn/vj/wFUCbeE.aspx to submit sourcing demands.

About LED CHINA:

Established in 2005, LED CHINA is the initiator of international LED exhibition in the world. Being the benchmark of the global LED industrial chain, LED CHINA· Shenzhen is devoted to build a one-stop trading platform with a wide range of LED related products, LED applications in different industrial fields. (For more, visit: www.LEDChina.com)

Check LED CHINA 2021 Exhibitor List: http://public.informamarketstrust.com/en/exhibitor_list/sz2021/9.html

About the Organiser:

Informa Markets Trust, a joint venture of Informa Markets. Informa Markets is a leading B2B information services group and the largest B2B event organizer in the world. It has over 11,000 staff and provides business service to over 40 countries for more than 50 different industries. Over 500 leading exhibitions across the globe are organised by Informa Markets

HOFFMAN ESTATES, Ill. — Kmart Pharmacy today announced that it is partnering with ScriptDrop to introduce a service to provide home delivery of prescriptions within a 10-mile radius of the pharmacy, Monday through Friday.

“The need for prescription delivery has never been greater,” said Jennifer Speares Lehman, registered pharmacist and Divisional Vice President for Kmart Pharmacy. “Vulnerable patients need a way to get their essential medications without leaving home, as all Americans have been cautioned to continue social distancing for the time being.”

With ScriptDrop’s service, Kmart Pharmacy customers can remain safe at home while continuing to receive the medications they need to maintain their health. In addition, all deliveries will be contact-free for the near future. Prescriptions will be dropped off at the patient’s door, and patients will not need to sign for the delivery.

“Our first priority is the health of our members, so we’re pleased to be able to provide customers with their necessary prescriptions without the added risk of having to leave their homes,” Speares Lehman said. “Our collaboration with ScriptDrop marks the start of a new era for Kmart Pharmacy, with regards to both convenience and health.”

“We’re pleased to team up with Kmart Pharmacy to enable same-day delivery for its customers,” ScriptDrop CEO Amanda Epp said. “It’s important to increase prescription access for vulnerable patients right now.”

Taking advantage of the ScriptDrop service at Kmart Pharmacy is easy for customers. Here’s how it works:

Customer will receive a “Ready for Pickup” text message once their prescription is ready, indicating a delivery option with a link to follow.
Customer will confirm delivery information and pay the $8 delivery fee*.
Same Day delivery is available for customers within 10 miles and Next Day delivery is available up to 150 miles.
If the customer requests delivery before 11 a.m., they will receive their prescription the same day, after 2 p.m. If the request comes after 11 a.m., they will receive their prescription the next business day. Orders placed after 11 a.m. on Friday will be delivered on Monday.
*The fee may vary depending on your pharmacy location.

Patients and pharmacists can learn more about ScriptDrop by visiting https://scriptdrop.co/.

About Kmart
Kmart is a leading integrated retailer offering quality products through a portfolio of exclusive brands that include Jaclyn Smith, Joe Boxer and Route 66. Kmart is part of Shop Your Way, a rewards shopping platform where members can earn points and receive benefits both in stores and online. Kmart is also home to Kmart Pharmacy, which features best-in-class patient care for its members and customers. Kmart is a proud corporate partner of St. Jude Children’s Research Hospital. For more information, visit the Kmart website at www.kmart.com.

About ScriptDrop
ScriptDrop’s team of healthcare experts has revolutionized prescription delivery by seamlessly connecting pharmacies and patients to a network of trained, professional couriers & delivery drivers through their proprietary technology. Established in 2017, ScriptDrop partners with pharmacies, health systems and couriers to ensure patients get their needed medication as safely and efficiently as possible. With delivery options across all 50 states, ScriptDrop is the first prescription delivery that provides two avenues for patients to get their prescriptions, including a pharmacy-initiated and patient-initiated solution, which covers all bases when working to reduce abandonment and improve outcomes. ScriptDrop is based in Columbus, Ohio with a mission to help one billion patients, one prescription at a time.

NEW YORK — Macy’s, Inc. (NYSE:M) today announced details of a restructuring that will align its cost base with anticipated near-term sales as the business recovers from the impact of the COVID-19 pandemic, including the closure of stores from March 18 through May 4, 2020 and gradual re-opening.

The company will reduce corporate and management headcount by approximately 3,900. Additionally, Macy’s, Inc. has reduced staffing across its stores portfolio, supply chain and customer support network, which it will adjust as sales recover.

“COVID-19 has significantly impacted our business. While the re-opening of our stores is going well, we do anticipate a gradual recovery of business, and we are taking action to align our cost base with our anticipated lower sales,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “These were hard decisions as they impact many of our colleagues. I want to thank all of our colleagues – those who have been active and those on furlough – for helping us get through this difficult time, and I want to express my deep gratitude to the colleagues who are departing for their service and contributions. We look forward to welcoming back many of our furloughed colleagues the first week of July.”

“We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward. Our lower cost base combined with the approximately $4.5 billion in new financing will also make us a more stable, flexible company,” Gennette continued.

Financial Impact

The company expects the actions announced today to generate expense savings of approximately $365 million in fiscal 2020 and approximately $630 million on an annualized basis. These savings will be additive to the anticipated $1.5 billion in annual expense savings announced in February, which the company expects to fully realize by year-end 2022.

For fiscal 2020, the company expects pre-tax costs of approximately $180 million for these restructuring activities, the majority of which will be recorded in the second quarter and all of which will be in cash.

First Quarter Earnings Call

The company will release its final first quarter earnings results on July 1, 2020. A webcast of Macy’s, Inc.’s call with analysts and investors will be held that day at 8:00 a.m. ET. The webcast, along with the associated presentation, is accessible to the media and general public via the company’s investor relations website at www.macysinc.com/investors. Analysts and investors may call in on 1-800-458-4148, passcode, 4021974. A replay of the conference call and slides can be accessed on the website or by calling 1-888-203-1112 (same passcode) about two hours after the conclusion of the call.

About Macy’s, Inc.

Macy’s, Inc. (NYSE: M) is one of the nation’s premier omni-channel fashion retailers. The company comprises three retail brands, Macy’s, Bloomingdale’s and Bluemercury. Macy’s, Inc. is headquartered in New York, New York.

NEW YORK– Macy’s, Inc. (NYSE:M) today announced the closing on approximately $4.5 billion of new financing, including its previously announced $1.3 billion of 8.375% senior secured notes, as well as a new $3.15 billion asset-based credit agreement. In addition, the company has amended and substantially reduced the credit commitments of its existing $1.5 billion unsecured credit agreement. The company intends to use the proceeds of the notes offering, along with cash on hand, to repay the outstanding borrowings under the existing $1.5 billion unsecured credit agreement.

With the closing of these financings, the company expects to have sufficient liquidity to address the needs of the business, including funding operations and the purchase of new inventory for upcoming merchandising seasons, resolving its accrued payables obligations, and repaying upcoming debt maturities in fiscal 2020 and fiscal 2021.

“We are pleased with the strong demand from new investors in our notes issuance, which allowed us to tighten pricing and increase the size of the offering. The high quality of our real estate portfolio positioned us well to execute this offering. Additionally, the continued commitment from our bank group allowed us to more than double the size of our existing revolving credit facility. Together, the notes offering and asset-based credit agreement provide Macy’s, Inc. with approximately $4.5 billion of borrowings and commitments, giving us sufficient flexibility and liquidity to navigate our current environment and fund our business for the foreseeable future,” said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc. “Combined with our ongoing Polaris initiatives, we are confident this liquidity will ensure Macy’s, Inc. remains a strong company to work for, invest in and partner with.”

Closing of Senior Secured Notes Offering

Macy’s, Inc. today closed on its previously announced 8.375% senior secured notes offering of $1.3 billion. The notes will mature in June 2025. The notes were issued by Macy’s, Inc. and are secured on a first-priority basis by (i) a first mortgage/deed of trust in certain real property of subsidiaries of Macy’s that were transferred to subsidiaries of Macy’s Propco Holdings, LLC, a newly created direct, wholly-owned subsidiary of Macy’s (“Propco”) and (ii) a pledge by Propco of the equity interests in its subsidiaries that own such transferred real property. The notes are, jointly and severally, unconditionally guaranteed on a secured basis by Propco and its subsidiaries and unconditionally guaranteed on an unsecured basis by Macy’s Retail Holdings, LLC., a direct, wholly owned subsidiary of Macy’s, Inc.

Closing of New Asset-Based Credit Agreement

In addition, the company today closed on a new $3.15 billion asset-based credit agreement. The asset-based credit agreement will mature in May 2024 and includes a short-term facility of $300 million that will mature in December 2020. The asset-based credit agreement also contains an accordion feature that will enable the company to request increases in the size of the facility up to an additional aggregate principal amount of $750 million. The new asset-based credit agreement is secured by all assets and common equity of the newly formed Macy’s Inventory Funding LLC, which has purchased the vast majority of the company’s inventory, and which is the borrower under the new asset-based credit agreement.

Amendment of Existing Revolving Credit Agreement

In conjunction with these financing activities, the company has substantially amended its existing $1.5 billion unsecured revolving credit agreement to reduce the available credit commitment and modify the agreement’s covenants. The amended revolving credit agreement provides the company with unsecured revolving credit of up to $75 million.

Advisors

The company was advised on these transactions by Lazard, Kirkland & Ellis and Jones Day. Additionally, Eastdil Secured served as the company’s real estate advisor.

Credit Suisse and JP Morgan served as joint physical book runners on the company’s senior secured notes issuance. Bank of America and Goldman Sachs served as book runners on the notes issuance.

Bank of America is serving as the Administrative Agent and Lead Arranger on the company’s asset-based credit agreement.

This news release shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Macy’s, Inc.

Macy’s, Inc. (NYSE: M) is one of the nation’s premier omni-channel fashion retailers, with fiscal 2019 sales of $24.6 billion. The company comprises three retail brands, Macy’s, Bloomingdale’s and Bluemercury. Macy’s, Inc. is headquartered in New York, New York.

HOFFMAN ESTATES, Ill — Transformco, parent company of Sears and Kmart, announced that in response to the Coronavirus (COVID-19), it will temporarily close all Sears stores effective April 4 at end of day through at least April 30, 2020. Sears.com, distribution centers and customer care will remain open, fulfilling online orders and answering customer inquiries. Sears Home Services will continue to repair essential appliances. Except where required to close by law or government order, Kmart stores and Kmart Pharmacy locations will remain open to provide essential products and services.

“Our top priority is the health and safety of our associates, members and the communities we serve,” the company said. “We remain committed to helping slow the spread of the virus, while also meeting the needs of our members. However, COVID-19 is having a serious impact on the entire retail industry, including our company. Therefore, to ensure the future viability of the company, we have made the decision to temporarily close all Sears stores. We believe that taking these temporary steps now will position Sears to continue to serve our members and customers when the COVID-19 crisis passes. We continue to serve our members at Sears.com and through our mobile app and hope they and their loved ones remain safe and healthy.”

The company has also made the difficult decision to temporarily furlough most Sears store hourly, salaried associates and the majority of its associates in Hoffman Estates and other corporate locations around the country.

The company will cover 100% of the premium costs through April 30 for all furloughed associates currently enrolled in Transformco’s benefits programs during this period. Many impacted associates are also eligible to receive state unemployment benefits, which were recently increased with the passage of the federal stimulus bill.

Transformco will continue to follow guidance from local, state, and federal officials as it anticipates gradually reopening Sears stores and corporate offices when it is safe to do so.

Members who had Shop Your Way points that expired in March have had these reinstated and the company has extended the expiration through the end of April.

About Transformco

Transform Holdco LLC is an integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve its members – wherever, whenever and however they want to shop. Transformco is home to Shop Your Way®, a social shopping platform offering members rewards for shopping at Sears, Kmart and other retail partners. Transformco operates through its subsidiaries with full-line and specialty retail stores across the United States.

About Sears
Sears is an integrated retailer providing a wide range of home merchandise, apparel and automotive products and services through Sears-branded and affiliated full-line and specialty retail stores, as well as through Sears.com. Home to some of the most trusted and preferred brands in the U.S., Sears product offering includes Kenmore, Craftsman and DieHard. Sears is part of Shop Your Way, a social shopping program where members can earn points and receive benefits both in stores and online. Sears is a proud corporate partner of St. Jude Children’s Research Hospital. For more information, visit the Sears website at www.sears.com. For more information, visit the Sears website at www.sears.com.

About Kmart
Kmart is an integrated retailer offering quality products through a portfolio of exclusive brands that include Jaclyn Smith, Joe Boxer and Route 66. Kmart is part of Shop Your Way, a rewards shopping platform where members can earn points and receive benefits both in stores and online. Kmart is also home to Kmart Pharmacy, which features best-in-class patient care for its members and customers. Kmart is a proud corporate partner of St. Jude Children’s Research Hospital. For more information, visit the Kmart website at www.kmart.com.

HOFFMAN ESTATES, Ill. — Transform Holdco (TFCO) announced today that Costco (NASDAQ: COST) has acquired Innovel Solutions, its middle mile and final mile delivery and installation business, for $1 billion. Key components of the agreement include a long-term commercial arrangement whereby Costco provides TFCO warehousing, delivery and installation services to Sears and Kmart members and Costco will retain over 1,500 Innovel employees on a go-forward basis. Additionally, Costco will enter into a long-term commercial agreement whereby Costco will leverage TFCO’s Service Live platform to source technicians for complex installations across the country.

This transaction will provide Innovel and its employees with the resources to continue to build out a best in class logistics platform and the proceeds from the sale will allow TFCO to repay all of its non-real estate debt. It also positions TFCO to pursue other transformative actions to fully leverage its core assets and capabilities to realize maximum value for all stakeholders.

Over the past year, during an extremely challenging retail environment, TFCO’s associates have worked tirelessly to restore vendor relationships and to maintain financial support from its lenders with a focus to return the company’s retail operations to profitability. Despite these efforts, the support TFCO received fell well short of its needs. As a result, the Sears and Kmart store formats have experienced declining sales and continued losses, consistent with trends for department store and other legacy retailers.

TFCO plans to further streamline retail operations over the next several months and focus on those stores with a strong record of success or meaningful real estate value. Although the Company will reduce its store footprint, TFCO is committed to fulfilling its obligations to all of its vendors.

TFCO currently owns or leases over 500 retail properties and supporting facilities. The Company will focus its efforts on creating value from this significant real estate portfolio and intends to continue to evolve its small store format as a complement to the other core businesses.

TFCO intends to put additional focus and emphasis on its Kenmore and DieHard brands. In December 2019, TFCO sold the DieHard brand to Advance Auto Parts. That agreement provided for TFCO to retain DieHard branded non-automotive categories as a royalty-free licensed business in perpetuity. TFCO intends to build these iconic brands globally, in partnership with manufacturing leaders, distributors and retailers.

In addition, TFCO will continue to evolve its Shop Your Way membership program and its associated Shop Your Way 5-3-2-1 credit card to create value from the vast membership base and creative marketing capabilities. TFCO will also continue to operate its Home Services business and grow its Home Warranty, Protection Agreement and Service Live businesses.

TFCO will continue to work with its financial and legal advisors to adjust its capital structure and to pursue partnerships and transactions with third parties to maximize the value of its assets.

These transformative actions allow TFCO to focus on its core assets and capabilities to deliver service excellence for its members and customers. The company believes this roadmap, which primarily focuses on its Real Estate, Home Services, Brands and Shop Your Way membership program, gives it the best chance to grow value and to maintain a meaningful retail presence in the United States to support the expansion of its core businesses.

Guggenheim Securities, LLC served as financial advisor and Wachtell, Lipton, Rosen & Katz and DLA Piper served as legal counsel to Transform Holdco in connection with this transaction.

About Transformco

Transform Holdco, LLC is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve its members – wherever, whenever and however they want to shop. Transformco is home to Shop Your Way®, a social shopping platform offering members rewards for shopping at Sears, Kmart and other retail partners. Transformco operates through its subsidiaries with full-line and specialty retail stores across the United States.

About Costco

Costco currently operates 786 warehouses, including 547 in the United States and Puerto Rico, 100 in Canada, 39 in Mexico, 29 in the United Kingdom, 26 in Japan, 16 in Korea, 13 in Taiwan, 11 in Australia, two in Spain, and one each in Iceland, France, and China. Costco also operates e-commerce sites in the U.S., Canada, the United Kingdom, Mexico, Korea, Taiwan, Japan, and Australia.

RALEIGH, N.C. & HOFFMAN ESTATES, Ill –Advance Auto Parts, Inc. (NYSE: AAP) has acquired the DieHard brand from Transform Holdco LLC (“Transformco”), for $200 million utilizing cash on hand.
This asset acquisition will give Advance the right to sell DieHard batteries, the most trusted brand in the automotive battery category, and enables Advance to extend the DieHard brand into other automotive and vehicular categories. In addition, the deal allows Transformco to sell DieHard brand batteries through its existing channels pursuant to a supply agreement with Advance. Advance is also granting Transformco an exclusive royalty-free, perpetual license to develop, market, and sell DieHard branded products in non-automotive categories.
“We are excited to acquire global ownership of an iconic American brand. DieHard will help differentiate Advance, drive increased DIY customer traffic and build a unique value proposition for our Professional customers and Independent Carquest partners. DieHard has the highest brand awareness and regard of any automotive battery brand in North America and will enable Advance to build a leadership position within the critical battery category,” said Tom Greco, president and CEO, Advance Auto Parts. “DieHard stands for durability and reliability and we will strengthen and leverage the brand in other battery categories, such as marine and recreational vehicles. We also see opportunities to extend DieHard in other automotive categories. We remain committed to providing our customers with high-quality products and excellent service. The addition of DieHard to our industry leading assortment of national brands, OE parts and owned brands will enable us to differentiate Advance and drive significant long-term shareholder value.”
“DieHard is among the most successful and one of the most widely trusted brands in the auto industry, and we have long believed that the brand has even more potential,” said Peter Boutros, President of Transformco’s Kenmore, Craftsman and DieHard business unit. “DieHard revolutionized the automotive battery category when it launched in 1967, and has continued to be a leader in the category. Advance Auto Parts’ acquisition of this iconic American brand will complement our plans to introduce new DieHard products in non-automotive categories such as sporting goods, lawn and garden, authentic work wear and other exciting new categories.”
About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of October 5, 2019, Advance operated 4,891 stores and 152 Worldpac branches in the United States, Canada, Puerto Rico and the U.S. Virgin Islands. The Company also serves 1,260 independently owned Carquest branded stores across these locations in addition to Mexico, the Bahamas, Turks and Caicos and British Virgin Islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at www.AdvanceAutoParts.com.
About Transformco
Transform Holdco LLC is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve its members – wherever, whenever and however they want to shop. Transformco is home to Shop Your Way®, a social shopping platform offering members rewards for shopping at Sears, Kmart and other retail partners. Transformco operates through its subsidiaries with full-line and specialty retail stores across the United States.

SEATTLE – Amazon today announced the U.S. launch of Counter, a new network of staffed pickup points that gives customers the option to pick up their Amazon packages in-store at a partner location. Starting today, customers will have access to more than a hundred Counter locations across the U.S., with thousands of additional locations coming soon. Delivery to a Counter location is available for the tens of millions of items sold on Amazon.com and works with Same-Day, One-Day, Two-Day and Standard Shipping. The service is available to all customers at no extra cost.

Amazon designed and built the technology for Counter from the ground up, resulting in a quick and simple package pickup experience for customers. For store partners, Counter’s straightforward pickup flow and user-friendly technology helps ensure store associates can serve customers without disrupting their daily activities. Counter originally launched in the UK with NEXT and in Italy with Giunti Al Punto Librerie, Fermopoint and SisalPay stores. The service has been positively received, driving strong customer engagement and additional foot traffic for partners.

Counter goes live today in more than a hundred Rite Aid stores across the U.S. By the end of the year, the service will roll out across 1,500 Rite Aid locations —from Oyster Bay, N.Y., to Chula Vista, Calif.Amazon is actively looking to bring additional partners onboard, including small to midsize businesses and other large chains.

“Amazon is always looking for innovative and convenient ways for customers to ship and receive their orders,” explains Patrick Supanc, Worldwide Director of Amazon Hub. “With Counter, we’ve leveraged our growing logistics network and invested in new, easy to use technology to give customers yet another delivery option rooted in flexibility and control. We are excited to partner with national businesses like Rite Aid, and local businesses in the future, to create an outstanding experience for our shared customers.”

“Creating a seamless, convenient customer experience is a key element of our strategy and digital transformation,” said Jocelyn Konrad, Executive Vice President, Pharmacy and Retail Operations of Rite Aid. “Being the first store partner for Counter in the U.S. is a differentiator for Rite Aid and we believe our partnership with Amazon, that includes Locker, creates a stronger in-store experience for existing customers and new customers that come in to pick up their packages.”

Shipping to a Counter pickup point is easy and secure. After shopping on Amazon.com, customers proceed to checkout and select one of the Counter pickup points available in their zip code as their delivery location. As soon as their package arrives at the store, customers receive an e-mail notification with a unique barcode as well as a reminder of the address and the business hours of their selected store. At the store, customers provide the barcode to store staff, who will scan it, retrieve the package, and hand it to the customer. Customers have 14 days to collect their package.

To download high resolution images of Counter and b-roll video of a customer experiencing the service, visit: https://press.aboutamazon.com/images-videos.

Counter is part of the Amazon Hub family, which includes Locker, Locker+ and Apartment Locker, designed to bring the ultimate convenience to customers via pickup and return points. Locker is available in more than 900 cities and towns across the U.S., offering an alternative, secure, and convenient delivery option available at no additional cost. Locker+ locations are secure and convenient locations in neighborhoods, cities and campuses across the U.S., staffed with helpful associates and self-serve kiosks. For apartment buildings, Apartment Locker gives residents an opportunity to receive all their packages —from Amazon and beyond —safely, securely, and at a time of their choosing.

For more information on Counter, or to find a location near you, visit amazon.com/Counter.

About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

HOFFMAN ESTATES, Ill., April 4, 2019 — For more than 125 years, Sears has been part of the local fabric of American homes and lives. Today, as part of a new era, Sears announced plans to open three new Home & Life stores in May.

Located in Anchorage, Alaska; Lafayette, Louisiana and Overland Park, Kansas, the new Home & Life stores will offer appliances, mattresses*, home services and connected home products. The stores were developed based on insights from Sears Appliances & Mattresses stores that opened in 2017 in Ft. Collins, Colorado; Pharr, Texas; Honolulu, Hawaii and Camp Hill, Pennsylvania. The store sizes will range in size from 10,000 sq. ft. – 15,000 sq. ft., primarily driven by availability of stores and the needs of the local community.

“The exciting new Sears Home & Life stores will carry power categories where Sears has a real strength: Appliances, mattresses and our home services business,” said Peter Boutros, chief brand officer for Sears and Kmart and president of Kenmore, Craftsman and DieHard brands. “We are here to serve these communities and this is part of our strategy to maintain a presence in markets where we have right-sized our footprint. Sears Home & Life supports our strategic plan to become a stronger, more profitable business and these test stores will enable us to learn and improve as we move forward,” Boutros added.

The Sears Home & Life stores will be dedicated to the following categories:

Major appliances, including Kenmore® and other leading appliance brands, displayed in kitchen and laundry vignettes.
Mattresses* that members can try out from top brands, including: Tempur-Pedic®, Beautyrest, Sealy, Serta, Simmons and Stearns & Foster.
Small kitchen appliances and an assortment of vacuums, floor care and home environment products.
Connected Home Products– a curated assortment of smart products that are relevant to members, who also will be able to learn how to set up a smart home with reliable appliances that are compatible with Alexa and Google+.
Sears Home & Life stores will offer the power and capability of leading integrated retail services for which Sears is known, including:

A “Welcome” Service Desk: Members can meet with Home & Life experts to explore how new appliances would look in a full-scale kitchen. Artwork and photos in the stores will include images of the local community.
Sears Buy Online “Search Bar” Kiosk: Members will have access to the entire Sears ecosystem of products and services offered through the in-store “Search Bar” kiosk, where they will be assisted by a Home & Life expert. Their purchases can be picked up in store or delivered to their home.
Free Store Pickup on any item purchased on sears.com: Merchandise can also be returned to these stores if purchased on sears.com.
In-Vehicle Pickup**: Become a Shop Your Way member, shop online or in the Sears app and select in-vehicle pickup. We’ll send you an email when your item is ready. Park in a reserved spot at the store and an associate will be out with your order in five minutes or less – guaranteed.
Sears Home Services: This area will offer appliance repair, parts and accessories, as well as convenient solutions for members to shop replacement parts for any appliance. Members can also consult with experts about their Home Improvement needs and purchase products like windows, roofing, kitchen cabinets, countertops, flooring and more.
Join Sears on social media to hear more about the latest news – “Like” Sears on Facebook, and “follow” Sears on Twitter and Instagram.

*Mattresses not available at the Anchorage, Alaska store.
**In-vehicle pickup available at the Overland Park and Lafayette Home & Life stores.

About Sears
Sears is a leading integrated retailer providing a wide range of home merchandise, apparel and automotive products and services through Sears-branded and affiliated full-line and specialty retail stores, as well as through Sears.com. Home to some of the most trusted and preferred brands in the U.S., Sears’ product offering includes Kenmore, Craftsman and DieHard. Sears is part of Shop Your Way, a social shopping program where members can earn points and receive benefits both in stores and online. Sears is the nation’s largest provider of home services, with more than 6,000 expert technicians who make nearly 11 million service calls annually. For more information, visit the Sears website at www.sears.com.

SAN FRANCISCO – February 28, 2019 – Gap Inc. (NYSE: GPS) today announced plans to create two independent publicly traded companies: Old Navy, a category-leader in family apparel, and a yet-to-benamed company (“NewCo”), which will consist of the iconic Gap brand, Athleta, Banana Republic, Intermix and Hill City. Gap Inc. expects to effect the separation through a spin-off that is intended to generally be tax-free to Gap Inc.’s shareholders for U.S. federal income tax purposes. The spin-off will enable each company to maximize focus and flexibility, align investments and incentives to meet its unique business needs and optimize its cost structure to deliver profitable growth.

“Following a comprehensive review by the Gap Inc. Board of Directors, it’s clear that Old Navy’s business model and customers have increasingly diverged from our specialty brands over time, and each company now requires a different strategy to thrive moving forward,” said Robert Fisher, Gap Inc.’s Board Chairman. “Recognizing that, we determined that pursuing a separation is the most compelling path forward for our brands – creating two separate companies with distinct financial profiles, tailored operating priorities and unique capital allocation strategies, both well positioned to achieve their strategic goals and create significant value for our customers, employees and shareholders.”

Art Peck, President and CEO of Gap Inc., added, “We have made significant progress executing on our balanced growth strategy and investing in the capabilities to position our brands for growth: expanding the omni-channel customer experience, building our digital capabilities and improving operational efficiencies across the company. Today’s spin-off announcement enables us to embed those capabilities within two stand-alone companies, each with a sharpened strategic focus and tailored operating structure. As a result, both companies will be well positioned to capitalize on their respective opportunities and act decisively in an evolving retail environment.”

NewCo
NewCo, with approximately $9 billion in annual revenue and a strong balance sheet, will have a unique and differentiated portfolio, with significant opportunity to create value. The company will be well positioned to drive sustainable growth and improve profitability by leveraging its loyal and complementary customer base and an appropriately scaled operating platform with advantaged digital capabilities to deliver distinct products and experiences. With enhanced strategic and operational focus, it can deliver improved results at Gap, Banana Republic and Intermix, while capitalizing on the momentum of B-Corp certified Athleta and newly-launched Hill City. The program announced today to restructure the Gap brand specialty fleet is an important part of the plan to enhance the profitability of that channel. As a stand-alone company, NewCo also will be better positioned to continue to evolve its leadership role in sustainability and social responsibility.

Old Navy
As one of the fastest growing apparel brands in the U.S. with approximately $8 billion in annual revenue, Old Navy will be able to capitalize on its scale, broad customer awareness and unique positioning to extend its category leadership and deliver profitable growth as an independent company. Through this separation, Old Navy will have the flexibility, focus and control needed to increase customer access by further applying its strategic real estate strategy, evolving its omni-channel model and expanding its product categories to continue to successfully resonate with value-focused customers. Old Navy will be well positioned to invest in capabilities and initiatives that will continue to grow its market share.

Management
Both companies will have experienced leadership teams, well suited to lead these organizations on their separate, defined paths.

Gap Inc.’s current President and Chief Executive Officer, Art Peck, will hold the same position with NewCo after the separation. With more than a decade of retail leadership experience, Mr. Peck is well positioned to lead NewCo going forward. Over the last several years, he has led significant improvements at Gap Inc. and reinvigorated growth across several specialty brands by strengthening the supply chain and pivoting quickly to leverage technology and capitalize on new customer trends.

Following the separation, Sonia Syngal, current President and Chief Executive Officer of Old Navy, will continue to lead the brand as a standalone company. Ms. Syngal — who has led Old Navy since 2016 — has a proven track record of leading Old Navy’s transformation and driving product-to-market innovations, as well as deep experience in supply chain and manufacturing in both retail apparel and other industries.

Transaction Details
Upon separation, Gap Inc. shareholders are expected to receive a pro-rata stock distribution and as a result own shares in both NewCo and Old Navy in equal proportion. The transaction is currently targeted to be completed in 2020, and is subject to certain conditions, including final approval by Gap Inc.’s Board of Directors, receipt of a tax opinion from counsel and the filing and effectiveness of a registration statement with the U.S. Securities and Exchange Commission. There can be no assurances regarding the ultimate timing or terms of the separation or that the separation will be completed.

After the separation, NewCo and Old Navy are expected to be appropriately capitalized with sufficient cash to support planned operating and investment plans.

NewCo will be based in Gap Inc.’s current headquarters and Old Navy will remain at its current headquarters, both located in San Francisco.

Marks and Spencer Group Plc (“M&S”), the unique own brand retailer, today announces the creation of a new 50/50 Joint Venture (“JV”) with Ocado Group Plc (“Ocado”), the UK’s leading pure play digital grocer, that will transform online grocery shopping for UK consumers.

Under the JV, M&S is acquiring a 50% share of Ocado’s UK retail business, which will be supported by Ocado Smart Platform (“OSP”), for a total consideration of up to £750m, including a deferred consideration of up to £187.5m, plus interest.

The JV combines the strength of M&S’s brand and its leading food quality and innovation with Ocado’s unique and proprietary technology to create an unrivalled online offer for our customers. In bringing the best together the JV will benefit existing and new UK customers, colleagues and suppliers.

The JV will trade as Ocado.com but benefit from access to M&S’s brand, products and customer database from September 2020 at the latest, following the termination of the current Waitrose sourcing agreement and migration of JV sourcing to M&S.

Joint Venture highlights

A strategically compelling route to unlock growth for M&S Food through a profitable, scalable presence in the online grocery market, the UK’s fastest growing channel;
A fully aligned partnership with complementary skills and assets; M&S, one of Britain’s highest rated food brands with strong product development capabilities, and Ocado’s pioneering OSP technology and operational efficiency;
Long-term value creation opportunities for both M&S and the JV. Customers will benefit from the broadest range in UK food retail and the JV will benefit from access to over 12m M&S Food shoppers;
For the 52 weeks ended 2 December 2018, the newly created JV would have generated revenue1 of £1,468m and EBITDA2 of £34.2m, taking into account the newly created OSP contract and other fees and services. Furthermore, under the new sourcing arrangement the JV will no longer incur sourcing fees payable to Waitrose, which were over £15m in 2018.
Transaction highlights

Significant potential synergies for M&S Food estimated of at least £70m per annum to be achieved by the third year following completion. These are expected to arise from increased buying scale, harmonised buying terms, conversion of M&S customers who currently account for c. one third of online grocery spend, joint marketing, shared innovation, and complementary category and regional mixes;
The transaction will be primarily financed by equity. The Board intends to conduct a Rights Issue to raise up to £600m, which will be launched in due course, and which is fully underwritten on a standby basis by Morgan Stanley;
Concurrently the M&S dividend per share is being reset by 40% to a sustainable level from which to grow in line with earnings over time. As a result, we anticipate paying a final dividend in respect of 2018/19 of 7.1 pence per share;
Current trading remains in line with Board expectations.
Steve Rowe, M&S CEO said:

“I have always believed that M&S Food could and should be online. Combining the strength of our food offer with leading online and delivery capability is a compelling proposition to drive long-term growth.

“Our investment in a fully aligned joint-venture with Ocado accelerates our Food strategy as it enables us to take our food online in an immediately profitable, scalable and sustainable way.

“Combining the magic of M&S Food with Ocado’s leadership in online technology allows us to transform UK online grocery shopping by offering customers the broadest, most innovative and relevant range in UK food retail with award-winning service. Our partnership with Ocado will create shared value for our customers, colleagues, supplier partners and shareholders, operating with a common sense of purpose and values.

“This is a transformational step forward in shaping the future of M&S and in becoming a truly digital first retailer with at least a third of the business online.”

Tim Steiner, Ocado CEO said:

“We are delighted that our UK retail business will become a joint venture with M&S. This is a transformative moment in the UK retail sector with the combination of two iconic and much-loved retail brands set to provide an unrivalled online grocery offer.

“We believe that this is the best outcome for customers, offering even greater range, service, quality and value; the best outcome for our Ocado Solutions partners, creating a stronger platform from which to innovate and develop our unique and proprietary technology; the best outcome for Ocado Solutions with a further endorsement from another leading global retailer; and the best outcome for our financial stakeholders, unlocking the significant value embedded in Ocado Retail.

“The combination of Ocado and M&S will allow us to grow faster, add more jobs, and create more value, as we lead the channel shift to e-commerce here in the UK. We are very excited by the many opportunities ahead.”

Transaction rationale

M&S has embarked on a major transformation programme to reshape its business, organisation and culture. Our objective is to create a profitable, growing family of businesses within three to five years, bound together not only by shared sites but by a shared consumer brand, colleagues, values, technology and customer data. Our Food business is recognised for its strong focus on quality and innovation; but to evolve with the market we need to broaden our offering and to secure access to the fastest growing channel. This partnership represents a unique opportunity within our transformation programme to unlock growth within our Food business.

M&S’s prior online trial was uneconomic due to the high cost of manually picking from store, including costs associated with moving stock from DCs to stores and store replenishment costs. Developing best in class technology and investing in fulfilment centres would delay the implementation of our transformation programme and carry significant execution risk.

The combination with Ocado enables the delivery of a full grocery shop and is the optimal strategy to access online growth, as well as leveraging our existing strengths in food for now and food for tonight through Ocado’s delivery innovations, such as the Ocado ‘Zoom’ trial.

The JV provides M&S with a profitable, scalable presence in online grocery, where currently it has a minimal presence. Online is forecast to be the fastest growing channel, increasing from a £11bn market in 2018 to £17bn in 2023, set to capture over 20% of forecast UK market growth yet still only accounting for 7% of total grocery spending today. The partnership offers a strategically compelling route to accessing this growth channel.

The JV will work as a true partnership aiming to create the UK’s leading online grocery business. Ocado is the leading pure play online grocery player in the UK with a 15%3 share of the online UK grocery market, growing at an average rate of 13% over the last three years. Ocado serves over 700,000 customers, offering over 50,000 products and fulfilling over 290,000 orders a week. The Ocado OSP technology provides an infrastructure solution to automate order fulfilment and improve accuracy, whilst also enabling customers to shop online in the most convenient way for them.

The JV will also have access to the c. seven million members of “Sparks”, M&S’s loyalty programme, and c. three million active M&S Bank customers, together with its growing online database, with the potential to build an integrated loyalty programme with strong insights and personalised rewards.

Building on the strong platform Ocado has developed and leveraging M&S’s highly rated Food brand, there are significant value creation opportunities for the combined businesses. In addition, we expect to generate at least £70m of synergies for M&S by the third year following completion including:

Meaningful scale boost and improved sourcing economics to M&S own label and branded products. This sourcing benefit will grow as the JV scales;
Enable faster testing of new product development and significantly reduce trial and development costs
Other value creation opportunities for M&S include:

Additional sales from attracting new customers to the JV;
Use and rebrand Ocado own label as M&S opening price point product in stores;
Access to the unique range from Ocado’s innovative partners to add to our core offer and provide insight and options for greater innovation;
Spreading M&S’s innovation costs over a larger sales and customer base;
Cross-marketing opportunities for M&S’s Clothing & Home and financial services businesses;
Using M&S’s complementary geographic strengths to develop the JV outside of London and the south of the UK.
Transaction Terms

M&S is paying Ocado up to £750m for its 50% stake in the JV; £562.5m on completion and up to £187.5m, plus interest, payable after five years, conditional on reaching agreed financial and operational targets.

Ocado will transfer retail customers, sales and supplier relationships, some vehicle assets and central retail functions to the JV. The JV will carry out all pricing, category management, marketing and brand communications. Ocado will provide the end-to-end e-commerce platform and access to throughput and service levels from CFC technology in return for an OSP fee paid by the JV under a long-term contract. Ocado will provide third-party logistics services to operate the CFCs and driver management for a management fee from the JV. M&S will provide its product range and development capabilities to the JV at cost from September 2020 at latest.

The board of the JV will be shared 50/50 between M&S and Ocado, with each having the right to appoint two directors. For five years from completion, Ocado shall have the right to appoint the CEO, and M&S one of the JV’s directors as Chair. The management team of the JV, other than the CEO, will be appointed by the JV Board, with Lawrence Hene, currently Ocado’s Commercial Director, being appointed as interim MD of the JV to lead its establishment.

We expect the Transaction to close in calendar Q3 2019.

Delivering the deal negotiated with the EU remains the government’s top priority. This has not changed.

However, the government must prepare for every eventuality, including a no deal scenario. For 2 years, the government has been implementing a significant programme of work to ensure that the UK is prepared to leave the EU on 29 March 2019.

It has always been the case that as we get nearer to that date, preparations for a no deal scenario would have to be accelerated. We must ensure plans are in place should they need to be relied upon.

In the summer, the government published a series of 106 technical notices setting out information to allow businesses and citizens to understand what they would need to do in a no deal scenario so they can make informed plans and preparations.

This technical notice offers guidance for continued planning in the event of no deal.

Also included is an ​overarching framing notice​ explaining the government’s approach to preparing the UK for this outcome in order to minimise disruption and ensure a smooth and orderly exit.

We are working with the devolved administrations on technical notices and we will continue to do so as plans develop.

Purpose
The purpose of this notice is to inform businesses of the implications for the trade in goods between the UK and EU countries and the actions they may want to now consider taking to mitigate the potential impacts in the event that the UK leaves the EU on 29 March 2019 with no agreement in place.

While the UK government is confident that it will agree a deal, as a responsible government it will continue to prepare for all scenarios, including if the UK leaves the EU on 29 March 2019 without a deal.

This is contingency planning for a scenario that the UK government does not expect to happen, but people should be reassured that the government is taking a responsible approach.

At the heart of government’s approach to preparing for a ‘no deal’ scenario is a commitment to prioritise stability for citizens, consumers and business. This is equally true in our approach to customs as elsewhere. We will continue to apply highly automated, risk based and intelligence targeted customs controls when the UK leaves the EU. As they do today, HM Revenue and Customs (HMRC) will work closely with industry to ensure its interventions are conducted in a way which minimises delays and additional burdens for legitimate trade, while robustly ensuring compliance. The approach of continuity does not mean that everything will stay the same, but the priority is maximising stability at the point of departure through the government’s action.

Businesses should consider how a ‘no deal’ scenario could affect them, and may want to begin taking steps to mitigate against such a risk. This technical notice provides further details to support early planning on customs and excise to help businesses understand the potential impacts, and the UK government will provide further details, including specific actions that businesses should take, in due course.

In summary, actions businesses can take now to prepare include the following:

Understand what the likely changes to customs and excise procedures will be to their businesses in light of this technical notice
take account of the volume of their trade with the EU and any potential supply chain impacts such as engaging with the other businesses in the supply chain to ensure that the necessary Planning is taking place at all levels
Businesses should consider the impact on their role in supply chains with EU partners. In the event that the UK and the EU does not have a Free Trade Agreement (FTA) in place in a ‘no deal’ scenario, trade with the EU will be on non-preferential, World Trade Organisation terms. This means that Most Favoured Nation (MFN) tariffs and non-preferential rules of origin would apply to consignments between the UK and EU. Further information on preferential trade under the UK’s existing trade agreements will be captured in the ‘Trade Agreement Continuity’ technical notice
If necessary, put steps in place to renegotiate commercial terms to reflect any changes in customs and excise procedures, and any new tariffs that may apply to UK-EU trade, and familiarise themselves with the key processes of importing and exporting outside of the EU
Consider how they will submit customs declarations for EU trade in a ‘no deal’ scenario, including whether they should engage the services of a customs broker, freight forwarder or logistics provider to help, or alternatively secure the appropriate software and authorisations
register to get EU Exit updates from HMRC
Before 29 March 2019
Businesses can currently move goods freely between EU member states. For customs, this means that businesses trading with the rest of EU do not have to make any customs import or export declarations, and their trade with the EU is not subject to import duty.

Certain goods are subject to excise duty. This is a tax charged on the importation and manufacture of alcohol, tobacco and oils. These goods are currently free to move between the UK and the rest of the EU with excise duty suspended.

What would happen to customs and excise procedures in a 29 March 2019 ‘no deal’ scenario?
If the UK left the EU on 29 March 2019 without a deal there would be immediate changes to the procedures that apply to businesses trading with the EU. It would mean that the free circulation of goods between the UK and EU would cease.

For businesses trading with the EU, the impacts would include:

businesses having to apply the same customs and excise rules to goods moving between the UK and the EU as currently apply in cases where goods move between the UK and a country outside of the EU (customs duty may also become due on imports from the EU – see the separate ‘Classifying your goods in the UK Trade Tariff if there’s a no Brexit deal’ technical notice). This means customs declarations would be needed when goods enter the UK (an import declaration), or when they leave the UK (an export declaration). Separate safety and security declarations would also need to be made by the carrier of the goods (this is usually the haulier, airline or shipping line, depending on the mode of transport used to import or export goods). More detail is provided below
the EU applying customs and excise rules to goods it receives from the UK, in the same way it does for goods it receives from outside of the EU. This means that the EU would require customs declarations on goods coming from, or going to, the UK, as well as requiring safety and security declarations
for movements of excise goods, the Excise Movement Control System (EMCS) would no longer be used to control suspended movements between the EU and the UK. However, EMCS would continue to be used to control the movement of duty suspended excise goods within the UK, including movements to and from UK ports, airports and the Channel tunnel. This will mean that immediately on Importation to the UK, businesses moving excise goods within the EU, including in duty suspension, will have to place those goods into UK excise duty suspension, otherwise duty will become payable
What businesses trading with the EU need to know
This section describes the implications for businesses importing from, or exporting to, the EU, and for UK carriers, for example haulage firms who are transporting the goods.

This technical notice takes each of these groups in turn.

Businesses importing from the EU in a 29 March 2019 ‘no deal’ scenario
After the UK leaves the EU, in the event of a ‘no deal’ scenario, businesses importing goods from the EU will be required to follow customs procedures in the same way that they currently do when importing goods from a country outside the EU. This means that for goods entering the UK from the EU an import declaration will be required, customs checks may be carried out and any customs duties must be paid.

Before importing goods from the EU, a business will need to:

Register for an UK Economic Operator Registration and Identification (EORI) number. Businesses do not need to do anything now. There will be further information available later in the year.
For those businesses that sign up for the EU Email updates, they will be contacted when this service becomes available
Ensure their contracts and International Terms and Conditions of Service (INCOTERMS) reflect that they are now an importer
Consider how they will submit import declarations, including whether to engage a customs broker, freight forwarder or logistics provider (businesses that want to do this themselves will need to acquire the appropriate software and secure the necessary authorisations from HMRC). Engaging a customs broker or acquiring the appropriate software and authorisations form HMRC will come at a cost
Decide the correct classification and value of their goods and enter this on the customs declaration. To help classify the goods correctly, the following may be useful:
HMRC publishes tariff information and guidance alongside the list of commodity codes needed to classify goods together with all the tariff rates, and measures

When importing goods from the EU, a business will need to:
Have a valid EORI number
Make sure that their carrier has submitted an Entry Summary Declaration at the appropriate time (see section 3)
Submit an import declaration to HMRC using their software, or get their customs broker, freight forwarder or logistics provider to do this for them

Pay Value Added Tax (VAT) and import duties including excise duty on excise goods unless the goods are entered into duty suspension (for example a customs or excise warehouse – a financial security will be required to cover the duty liability of the goods whilst they are being moved to the warehouse). Import VAT may also be due and more information regarding paying import VAT can be found in the ‘VAT for businesses if there’s no Brexit deal’ technical notice
Once excise goods leave a customs suspensive arrangement, they may be immediately entered into an excise duty suspension regime. A business will need to declare the goods on EMCS for onward movement via a Registered Consignor. Further information on how to do this can be found in Public Notice 197.

Businesses may also need to apply for an import licence or provide supporting documentation to import specific types of goods into the UK, or to meet the conditions of the relevant customs import procedure. Find out more about importing and licencing requirements – see also other technical notices covering importing goods.

Get more information about VAT for UK businesses importing goods from the EU if there’s no Brexit deal.

Businesses exporting to the EU in a 29 March 2019 ‘no deal’ scenario
After the UK leaves the EU, in the event of a ‘no deal’ scenario, businesses exporting goods to the EU will be required to follow customs procedures in the same way that they currently do when exporting goods to a non-EU country.

Before exporting goods to the EU, a business will need to:

register for an UK EORI number. You do not need to take action now but you will want to familiarise yourself with this process
ensure their contracts and International Terms and Conditions of Service (INCOTERMS) reflect that they are now an exporter
consider how they will submit export declarations, including whether to engage a customs broker, freight forwarder or logistics provider (businesses that want to do this themselves will need to acquire the appropriate software and secure the necessary authorisations from HMRC). Engaging a customs broker or acquiring the appropriate software and authorisations from HMRC will come at a cost.
When exporting goods to the EU, a business will need to:

have a valid EORI number
submit an export declaration to HMRC using their software or on-line, or get their customs broker, freight forwarder, or logistics provider to do this for them. The export declaration may need to be lodged in advance so that permission to export is granted before the goods leave the UK (the export declaration also counts as an Exit Summary Declaration – see section 3)
businesses may also need to apply for an export licence or provide supporting documentation to export specific types of goods from the UK, or to meet the conditions of the relevant customs export procedure.
When exporting duty suspended excise goods to the EU, a business will need to continue to use EMCS to record the duty suspended movement from a UK warehouse or premises to the port of export. Find out more about how to move, store and trade duty-suspended and duty-paid excise goods.

Get more information about VAT for UK businesses exporting goods to the EU if there’s no Brexit deal.

Carriers moving goods between the UK and the EU – Safety and Security Declarations
After the UK leaves the EU, in the event of a ‘no deal’ scenario carriers (for example hauliers, and train, vessel or aircraft operators) will need to make a Safety and Security Declaration for goods moving between the UK and EU. There are two types of Safety and Security Declarations: an Exit Summary Declaration (EXS) and an Entry Summary Declaration (ENS).

A carrier is generally required to submit an EXS to the customs authority of the country from which the consignment is being exported. For consignments exported from the UK the EXS generally forms part of the Export Declaration (a customs declaration).

A carrier is required to submit an ENS to the customs authority of the country that the consignment is entering.

Get more information about ENS declarations.

Mitigations businesses may consider in a March 2019 ‘no deal’ scenario
Businesses should now consider the impacts on them in a ‘no deal’ scenario, which would mean a requirement to apply the same customs and excise rules to goods traded with the EU that apply for goods traded outside of the EU, including the requirement to submit customs declarations. Businesses should consider whether it is appropriate for them to acquire software and/or engage a customs broker, freight forwarder or logistics provider to support them with these new requirements.

Businesses may want to consider whether using customs procedures would be beneficial. These allow businesses to delay or relieve the payment of customs duty for goods they import into the EU until goods are ready to be released into free circulation. A customs broker, freight forwarder or logistics provider can advise in the event of a ‘no deal’ scenario whether one of these procedures would be suitable for your business. Customs procedures include the following:

Customs warehousing: this allows businesses to store goods with duty or import VAT payments suspended. Once goods leave the warehouse, duty must be paid unless the business is re-exporting, or moving goods to another customs procedure. The warehouse must be authorised by HMRC

Inward processing: this allows businesses to import goods from non-EU countries for work or modification in the EU. Once this has been completed, any customs duty and VAT due must be paid, unless goods are re-exported or moved to another customs procedure, or released to free circulation temporary admission: this allows business to temporarily import and or/export goods such as samples, professional equipment or items for auction, exhibition or demonstration into the UK or EU. As long as the goods are not modified or altered while they are within the EU, the business will not have to pay duty or import VAT authorised use: this allows a reduced or zero rate of customs duty on some goods when used for specific purposes and within a set time period.

For excise duty purposes, goods are not regarded as imported if they are immediately placed under one of these customs procedures. Businesses need to pay excise duty when these goods are released for free circulation, unless they are immediately placed in excise duty suspension.

As part of considering the potential impacts, businesses should take account of the volume of their trade with the EU and any potential supply chain impacts.

Businesses should now begin to look at the guidance for importing and exporting outside of the EU to familiarise themselves with the key processes. The UK government will provide further information on action to take to prepare for this scenario over the coming months.

As part of the government’s own preparations, the UK has applied to re-join to the Common Transit Convention (CTC) when it leaves the EU. The CTC facilitates cross border movements of goods between contracting parties to the Convention, by enabling any charges due on those goods to be paid only in their country of destination. The negotiations on the UK’s membership of the CTC are ongoing.

The UK government is committed to deliver a functioning customs, VAT and excise system that enables trade to flow, revenues to be collected and for the UK to have a secure border following the UK’s exit from the EU.

Businesses in Northern Ireland importing and exporting to Ireland
The UK government is clear that in a ‘no deal’ scenario we must respect our unique relationship with Ireland, with whom we share a land border and who are co-signatories of the Belfast Agreement. The UK government has consistently placed upholding the Agreement and its successors at the heart of our approach. We recognise the basis it has provided for the deep economic and social cooperation on the island of Ireland.

It is the responsibility of the UK government to continue preparations for the full range of potential outcomes, including ‘no deal’. In such a scenario, the UK would stand ready to engage constructively to meet our commitments and act in the best interests of the people of Northern Ireland, recognising the very significant challenges that the lack of a UK-EU legal agreement would pose in this unique and highly sensitive context. This would include engagement on arrangements for land border trade. We will provide more information in due course.

The Irish government have indicated they would need to discuss arrangements in the event of no deal with the European Commission and EU member states. We would recommend that, if you trade across the land border, you should consider whether you will need advice from the Irish government about preparations you need to make.

More information
The steps and obligations businesses will need to take to continue to trade with the EU if the UK leaves without a deal are broadly the same as those that apply to businesses that trade with countries outside of the EU. Get more information on customs procedures, excise rules and VAT for:

importing from non-EU countries
exporting goods outside the EU
Further information and instructions specifically tailored to cover the actions that businesses would need to take in a ‘no deal’ scenario will be published in the coming months.

This notice is meant for guidance only. You should consider whether you need separate professional advice before making specific preparations.

It is part of the government’s ongoing programme of planning for all possible outcomes. We expect to negotiate a successful deal with the EU.

Norway, Iceland and Liechtenstein are party to the Agreement on the European Economic Area and participate in other EU arrangements. As such, in many areas, these countries adopt EU rules. Where this is the case, these technical notices may also apply to them, and EEA businesses and citizens should consider whether they need to take any steps to prepare for a ‘no deal’ scenario.

CINCINNATI — The Kroger Co. (NYSE: KR) Chairman and CEO Rodney McMullen provided his outlook on the future of retail at the NRF 2019: Retail’s Big Show in New York City during a dynamic keynote presentation themed Restocking the future: Kroger’s insatiable appetite to play and win the long game. CNBC “Squawk on the Street” and “Closing Bell” Anchor Sara Eisen moderated the 30-minute conversation on Sunday.

Kroger Co. Chairman and CEO Rodney McMullen delivers a keynote presentation moderated by CNBC Anchor Sara Eisen in New York City at NRF 2019: Retail’s Big Show.

Here are Mr. McMullen’s five predictions for the future of retail. You can view the full-length keynote presentation here.

Retail Won’t Go Away
The industry experiences disruption and transformation every few years, but it’s happening at a more rapid speed than ever before. Leaders in the industry must be willing to not only accept and react to change, but also transform their growth model.
Retail Will be Digital and Physical
Technology and digital are already mainstays of today’s retail; however, in the future of retail, customers will not spend meaningful time thinking about physical vs. digital. Customers will always choose the shopping modality – whether physical or digital – that will deliver anything, anytime and anywhere.
Retail will Offer New Solutions to Customers
Retailers will create solutions on customers’ terms. That is why Kroger is building an ecosystem that offers a variety of modalities, including brick and mortar, delivery, pick up and ship.
Retail will be Purpose-Driven
Retail will solve problems not only for customers, but also for communities and the planet. Stakeholders are increasingly deciding which businesses to support based on shared values and clarity of purpose. Because of Kroger’s Zero Hunger | Zero Waste commitments by 2025, the company decided to phase out use-once, throw-it-away plastic bags and transition to reusable bags in its stores on the same timeline.
Retail will Disrupt the Ad Industry
Advertisers spend $100 billion annually today, and retailers are uniquely positioned to know how customers behave and react to those marketing messages. That is why Kroger introduced Kroger Precision Marketing, powered by 84.51°. Kroger Precision Marketing provides consumer packaged goods (CPG) advertisers the ability to reach Kroger’s more than 60 million customers through its ecosystem more precisely with measurable results.
While on stage, Mr. McMullen also emphasized Kroger’s Our Brands portfolio, which continues to perform exceptionally well with customers and is one of the most profitable parts of its supermarket business. Kroger recognizes there is an appetite for its Our Brands products like Simple Truth® in markets where the retailer doesn’t have a physical footprint, illustrations include its relationships with Alibaba and Walgreens. Six years ago, Simple Truth didn’t exist, and it’s now the largest natural and organic brand in the country, topping more than $2 billion in sales annually. The retailer’s latest Simple Truth television commercial is now airing in major U.S. media markets.

Mr. McMullen also discussed how the company is at the forefront of shaping the national discussion around the disparity between food waste and hunger in America through Zero Hunger | Zero Waste, Kroger’s ambitious social impact plan designed to end hunger in its communities and to eliminate waste across the entire company by 2025. He acknowledged achieving Zero Hunger | Zero Waste requires partnerships, creative ideas and scalable solutions to help change the food system. He announced Kroger has established a public charity to encourage this kind of innovative thinking. In February, the retailer will issue its inaugural open call and will award up $1 million to for-profit and non-profit innovators developing solutions for food waste prevention to test and scale solutions.

NRF 2019: Retail’s Big Show is a three-day retail event that attracts more than 35,000 attendees. Its 2019 focus is traditional retailers that need non-traditional solutions, online sellers that need a physical presence, and tech start-ups that need scale. With three full-day workshops and 50 exhibitor sessions, it’s the largest retail conference in the world.

At The Kroger Co. (NYSE: KR), we are dedicated to our Purpose: to Feed the Human Spirit™. We are nearly half a million associates who serve over nine million customers daily through a seamless digital shopping experience and 2,800 retail food stores under a variety of banner names, serving America through food inspiration and uplift, and creating #ZeroHungerZeroWaste communities by 2025. To learn more about us, visit our newsroom and investor relations site.