{"id":13387,"date":"2024-10-04T19:21:17","date_gmt":"2024-10-04T19:21:17","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/the-weekly-closeout-belk-unveils-fresh-board-of-directors-and-finish-line-to-disappear\/"},"modified":"2024-10-04T19:21:17","modified_gmt":"2024-10-04T19:21:17","slug":"the-weekly-closeout-belk-unveils-fresh-board-of-directors-and-finish-line-to-disappear","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/the-weekly-closeout-belk-unveils-fresh-board-of-directors-and-finish-line-to-disappear\/","title":{"rendered":"The Weekly Closeout: Belk unveils fresh board of directors and Finish Line to disappear"},"content":{"rendered":"

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It\u2019s been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week and what we\u2019re still thinking about.\u00a0<\/p>\n

From Amazon\u2019s Business Prime Rewards to The Beachbody Company reducing its workforce by 33%, here\u2019s our closeout for the week.<\/p>\n

What you may have missed<\/h3>\n

Beachbody drops MLM business model<\/span><\/em><\/span><\/span><\/span><\/span><\/span><\/p>\n

The Beachbody Company this week announced it is <\/span><\/span><\/span><\/span><\/span><\/span><\/span>transitioning from a multi-level marketing business model to a single-level affiliate program<\/span><\/span><\/span><\/span><\/span><\/span><\/span>, effective Nov. 1. Existing members in the company\u2019s Team Bodi Partner Network in the U.S. and Canada will move to the new affiliate program \u201cfocused on being more productive and rewarding for a larger group of sellers,\u201d according to a Monday press release. Beachbody expects to fully wind-down its MLM network by Jan. 1.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

As a result, the company is expanding its direct-to-consumer, Amazon and partnership-driven sales channels.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

\u201cThe first phase of our turnaround is centered on lowering our infrastructure costs and re-architecting our financial model. We have successfully accomplished that goal \u2014 we\u2019ve lowered our revenue break-even point by more than $400 million, have reduced our net losses and generated positive Adjusted EBITDA over the last three quarters,\u201d Executive Chairman of Bodi Mark Goldston said in a statement. \u201cThe organizational challenges and complexity of the MLM approach has weighed on the Company\u2019s turnaround and the ability of Partners to optimize their potential.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

At the same time, the company said its restructuring plan \u2014 which includes laying off 33% of Bodi\u2019s workforce and eliminating network marketing support functions \u2014 will result in overhead savings of $54 million on an annualized run-rate basis.<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

Amazon gets down to business <\/span><\/em><\/span><\/span><\/span><\/span><\/p>\n

Amazon on Tuesday <\/span><\/span><\/span><\/span><\/span><\/span>announced Business Prime Rewards<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span> and a discounted Business Prime membership.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

Business Prime members can now earn up to $1,000 annually on qualifying purchases while shopping on Amazon Business. Additionally, Amazon Business members with a personal Prime membership can obtain the first tier of Business Prime for free, or elect to upgrade to the next tier for $9.99 their first year \u2014\u00a0a discount of nearly 95%.\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

\u201c[S]mall and medium-sized businesses are the heart of communities across the country and Amazon Business is committed to championing their growth through our unmatched selection, deep discounts and rewards, and smart capabilities,\u201d Todd Heimes, vice president of Amazon Business, said in a statement. \u201cOur customers have been asking for a rewards program, and we\u2019ve listened.\u201d\u00a0<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

New payment, delivery option at Family Dollar<\/span><\/em><\/span><\/span><\/span><\/span><\/p>\n

Family Dollar is partnering with Instacart to accept Supplemental Nutrition Assistance Program\u2019s Electronic Benefit Transfer payments for online orders.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

Although Family Dollar stores previously accepted SNAP and EBT in person, the retailer said in a Thursday announcement that <\/span><\/span><\/span><\/span><\/span><\/span>customers can now use Instacart<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span> to buy SNAP-eligible items through Family Dollar\u2019s mobile app and online storefront. Instacart can then deliver the products to customers\u2019 homes.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

Nearly 98% of SNAP eligible families nationwide can now shop for groceries on Instacart with same-day delivery, according to Sarah Mastrorocco, Instacart\u2019s vice president and general manager of health. \u201cBy expanding our partnerships with retailers like Family Dollar, we\u2019re making it easier for families to get what they need from their preferred stores,\u201d Mastrorocco said.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

Retail therapy<\/h3>\n

Build-A-Bluey!<\/span><\/em><\/span><\/span><\/span><\/span><\/p>\n

Build-A-Bear Workshop in partnership with BBC Studios released <\/span><\/span><\/span><\/span><\/span><\/span>Bluey and Bingo plushies<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span> from the beloved Australian kids animated series.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

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Image courtesy of Build-A-Bear Workshop<\/p>\n

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For the plushies, Build-A-Bear also introduced Granny Janet and Granny Rita costumes, a sleeper and T-shirt and the ability to add the Bluey theme song or character phrases. The initial collection is expected to sell out quickly, with nearly 50,000 people already on the waitlist.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

The Krabby Patty comes to Wendy\u2019s<\/span><\/em><\/span><\/span><\/span><\/span><\/p>\n

Looks like someone finally let the secret Krabby Patty formula out! In celebration of the 25th anniversary of \u201cSpongeBob SquarePants,\u201d and in collaboration with Wendy\u2019s, Nickelodeon and Paramount, fans can <\/span><\/span><\/span><\/span><\/span><\/span>finally taste the finest Bikini Bottom cuisine<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span> in its new meal offering, the Wendy’s Krabby Patty Kollab Meal.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

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Image courtesy of Wendy\u2019s<\/p>\n

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The meal comes with a Krabby Patty burger and a pineapple Under the Sea Frosty.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n