News

Retailers and Consumer Companies See Growth

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Andrew R. Michaud

• August 21, 2023

In the world of consumer goods, retail companies and others have experienced significant gains. The rise in consumer discretionary shares has outweighed losses for consumer staples stocks, signaling a positive trend in the market.

Roark Capital Nears Deal to Acquire Subway

Roark Capital is currently in advanced negotiations to acquire the renowned Subway sandwich-shop chain for approximately $9.6 billion. According to sources familiar with the matter, the closely held company could reach a final agreement on this deal by the end of the week. This announcement follows an intense and competitive bidding process.

Sweetgreen Welcomes Former Chipotle Executives

In an effort to expand its presence beyond major metropolitan areas on both the east and west coasts, Sweetgreen has brought in two seasoned executives from Chipotle Mexican Grill. These new hires will assume leadership positions in marketing and culinary development within the salad chain. By leveraging the expertise of these former Chipotle executives, Sweetgreen aims to propel its growth and reach even more customers.

Nikola Faces Challenges with Electric Vehicle Recall

Nikola, the electric vehicle manufacturer, provided an update regarding its recent voluntary recall of over 200 electric vehicles. This recall was prompted by an investigation into the battery packs used in their vehicles. The company informs shareholders that it "may incur significant expenses" due to this recall and cannot currently provide a timeline for when it will resume production of its BEV trucks.

Macau's Casinos Thrive Despite Economic Struggles

In an interesting turn of events, Chinese tourists are flocking back to Macau's casinos despite China's economic difficulties. Macau has reclaimed its title as the world's most lucrative gambling hub, surpassing Las Vegas once again. In July alone, approximately 1.9 million tourists from mainland China visited Macau, with numbers reaching pre-pandemic levels of around two million per month in late 2019.