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Transition period: Joann, the largest retailer for sewing and fabric supplies, announced it will become a privately owned company in the aftermath of its bankruptcy filing. The company filed for bankruptcy in mid-March with the expectation that it would reemerge from the court-supervised process by the end of the following month. Read more from WAFB-TV.
Getting faster: Amazon says it is getting more packages to customers in one day or less, a metric the e-retailer is promoting to customers as it faces heightened competition in online shopping. The company said on Monday that nearly 60% of orders placed through Prime in the top 60 U.S. metro areas in the first quarter arrived the same or next day—up from roughly 50% in the second quarter of 2023. Read more from CNBC.
An inside look: Financial details of Shell’s vast oil and gas trading business are some of the company’s closest-held secrets. However, testimony by a former head of Shell’s U.S. crude trading division filed in a Texas state court has offered a rare look at the huge profits of its trading operations and the multimillion dollar bonuses bestowed on traders. Documents filed in the lawsuit revealed Shell’s U.S. crude trading regularly earns around $1 billion every year. Read more from Reuters.
