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Consumer & Retail Report #8: 8/28 Recap

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Weekly Recap

Consumer & Retail Report #8: 8/28 Recap

Summary of the Week in Consumer and Retail

Paul Cerro
Aug 28, 2022
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Consumer & Retail Report #8: 8/28 Recap

www.cedargrovecm.com

Welcome to our Consumer and Retail recap where we share noteworthy headlines, updates, and insights. Never spam.


Table of Contents:

  1. Company Announcements

  2. Corporate Shakeups

  3. M&A Updates

  4. Financing Updates

  5. Insider Buying/Selling

  6. Regulatory Updates

  7. Macro Updates


Company Announcements

  • Tattooed Chef (TTCF) announced an expanded distribution agreement with Walmart (WMT) (Global Newswire)

  • Thorne HealthTech (THRN) announced that its OneDraw™ Blood Collection Device has been certified in Japan as a medical device (PRN Newswire)

  • Ben & Jerry's loses bid to halt sales in West Bank (Reuters)

  • Amazon (AMZN) halts expansion of self-checkout supermarkets (UK Times)

  • GNC announced that it has deepened its partnership with The Honest Company (HNST) (PRN Newswire)

  • Electronic Arts (EA) aims to extend its partnership with MLS (Sportico)

  • Bed Bath & Beyond (BBBY) Some suppliers are restricting or halting shipments as BBBY fell behind on payments (Bloomberg)

  • Peloton (PTON) strikes a deal to sell fitness equipment and apparel on Amazon (AMZN) (CNBC)

  • myQ Smart Technology Will Soon Expand Walmart+ (WMT) InHome Deliveries to the Garage (Refinitive)

  • GameStop (GME) is boosting compensation for some store employees (WSJ)

  • Callaway Golf (ELY) announces plans to change its name to "Topgolf Callaway Brands Corp." (PRN Newswire)

  • Chipotle (CMG) workers in Michigan vote to form a union (Reuters)

  • Hanesbrands (HBI) and University of Michigan announce multi-year extension of current apparel partnership (Businesswire)


Corporate Shakeups

  • Adidas AG (ADDYY) announces CEO Kasper Rorsted to leave the company during the course of 2023 (Bloomberg)

  • Arhaus (ARHS) appoints Tim Kuckelman to new role of COO, effective at the end of September (PRN Newswire)

  • Johnson & Johnson (JNJ) names Larry Merlo as Non-Executive Chair Designate of planned new consumer health company (Businesswire)

  • Amazon (AMZN) is closing a telehealth service (WSJ)

  • McDonald’s (MCD) announced a shake-up of its board of directors (NYT)

  • Dollar Tree (DLTR) Jeffrey A. Davis will be joining the organization as Chief Financial Officer (Businesswire)


M&A Updates

  • eBay (EBAY) to acquire collectible card marketplace TCGplayer for up to approx. $295 mln (TechCrunch)

  • eBay (EBAY) acquires myFitment group of companies, a platform provider that helps sellers drive sales and avoid expensive returns (PRN Newswire)

  • Hasbro (HAS) lower today after reports the company is considering the sale of its entertainment assets, including Entertainment One (eOne) (Bloomberg)

  • Richemont to sell online retailer stake to Farfetch (FTCH), takes 2.7 bln euro writedown (Reuters)

  • Keurig Dr Pepper (KDP) is looking for further deals after ending discussions with Bang Energy, possible target includes C4 Energy (Axios)


Financing Updates

  • Keurig Dr Pepper (KDP) files mixed securities shelf offering (SEC Filing)

  • The Beauty Health Company (SKIN) files for 65,618 share common stock offering by selling shareholders (Filing)

  • Bed Bath & Beyond (BBBY) nears $375 million loan deal with Sixth Street (Bloomberg)


Insider Buying/Selling

Buys

  • Nerdy (NRDY) CEO Cohn bought 5.0 mln shares (Filing)

  • Six Flags (SIX) 10% owner, A. Ruchim, bought 500K shares (Filing)

  • Kohl’s (KSS) Director bought ~10k shares (Filing)

Sells

  • Kraft Heinz (KHC) EVP sold ~30k shares (Filing)

  • Lowes (LOW)

    • EVP Merchandising sold ~98k shares (Filing)

    • Chief Information Officer sold ~12k shares (Filing)

  • Kellogg (K) EVP sold ~146k shares (Filing)

  • Celsius (CELH)

    • CEO sold 70k shares (Filing)

    • Director sold ~5k shares (Filing)

  • e.l.f. Beauty (ELF) CEO sold ~5k shares (Filing)

  • Albertson’s (ACI) Chief HR Officer sold ~12k shares (Filing)

  • Walmart (WMT) Jim Walton sold ~3.3 mln shares (Filing)


Regulatory Updates

  • Judge rejects Revlon (REV) shareholders' demand for a bankruptcy equity committee (Reuters)


Macro Updates

  • Economists are concerned that student loan forgiveness will trigger higher inflation (Financial Times)

Like what you read? Subscribe to get premium C&R research straight to your inbox.


Until next time,

Paul Cerro | Cedar Grove Capital

Personal Twitter: @paulcerro

Fund Twitter: @cedargrovecm

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Disclosure: All information provided herein by Cedar Grove Capital Management, LLC (“Cedar Grove Capital”) is for informational purposes only and does not constitute investment advice or an offer or solicitation to buy or sell an interest in a private fund or any other security. An offer or solicitation of an investment in a private fund will only be made to accredited investors pursuant to a private placement memorandum and associated documents.
Cedar Grove Capital may change its views about or its investment positions in any of the securities mentioned in this document at any time, for any reason or no reason. Cedar Grove Capital may buy, sell, or otherwise change the form or substance of any of its investments. Cedar Grove Capital disclaims any obligation to notify the market of any such changes.
The enclosed material is confidential and not to be reproduced or redistributed in whole or in part without the prior written consent of Cedar Grove Capital. The information in this material is only current as of the date indicated and may be superseded by subsequent market events or for other reasons. Statements concerning financial market trends are based on current market conditions, which will fluctuate. Any statements of opinion constitute only current opinions of Cedar Grove Capital which are subject to change and which Cedar Grove Capital does not undertake to update. Due to, among other things, the volatile nature of the markets, and an investment in the fund/partnership may only be suitable for certain investors. Parties should independently investigate any investment strategy or manager, and should consult with qualified investment, legal and tax professionals before making any investment.
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Consumer & Retail Report #8: 8/28 Recap

www.cedargrovecm.com
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