Business news in brief
By The Associated Press
Kmart shutters last full-scale
U.S. store
NEW YORK | Attention, Kmart shoppers, the end is near! The erstwhile retail giant renowned for its Blue Light Specials is shuttering its last full-scale store in mainland United States.
The store, located in swank Bridgehampton, New York, on Long Island, is slated to close Oct. 20. That’s according to Denise Rivera, an employee who answered the phone at the store late Monday. That will leave only a small Kmart store in Miami.
The retailer closed its last New Jersey store last year. It has a handful of stores in Guam and in the U.S. Virgin Islands.
In its heyday, there were more than 2,000 Kmarts in the U.S.
Stellantis searching for new CEO
DETROIT | Struggling Jeep and Ram maker Stellantis is looking for a CEO to succeed Carlos Tavares, but the company says it’s just part of a normal leadership succession plan. Tavares has been under fire from U.S. dealers and the United Auto Workers union after a dismal first-half financial performance.
The company was caught off guard with too much high-priced inventory on dealer lots.
As head of PSA Peugeot, Tavares took control of the Netherlands-based company in January of 2021 when it merged with Fiat Chrysler. Its North American operations had been the company’s main source of profits, but have struggled this year. In a statement Monday, Stellantis said it’s not unusual for a board to look for a CEO successor.
Tavares’ five-year contract is just over a year from expiring in 2026.
Jill Biden reveals $500M plan that focuses on women’s health
NEW YORK | First lady Jill Biden has unveiled a new set of actions to address health inequities faced by women in the United States. The plans include spending at least $500 million annually on women’s health research.
The announcement came Monday at the close of the first day of this year’s Clinton Global Initiative annual meeting. The commitment is one of more than 100 expected at the two-day meeting of political, business and philanthropic leaders gathering in New York to address some of the world’s most pressing issues.
Former President Bill Clinton, former Secretary of State Hillary Clinton, and Clinton Foundation Vice Chair Chelsea Clinton have set this year’s theme as “What’s Working,” a way to look for potential solutions and effective programs in tumultuous times.
—From AP reports
