Hello Omni Talk Fans! One company, Ulta Beauty, jumped onboard the digital marketplace train right before the holidays. And the man in charge of it, Josh Friedman, stopped by for 5 Insightful Minutes to tell us how it has been going.
In today’s Retail Daily Minute:
- Saks Global files for Chapter 11 bankruptcy with $1.75 billion financing package, as former Neiman Marcus CEO Geoffroy van Raemdonck takes over and reshapes leadership to rebuild vendor relationships.
- The Credit Card Competition Act gains President Trump’s endorsement, as bipartisan legislation seeks to break the Visa-Mastercard duopoly and give merchants routing alternatives for payment processing.
- Fanatics launches Fanatics Studios with OBB Media, expanding into content creation with Olympic partnerships, celebrity documentaries, and projects across ESPN, WWE, and MLB.
Plus, a movie quote from a man with a beautiful mind.
👇 Listen now
Today’s Top Headlines
1. Saks Global Files Chapter 11 Bankruptcy After $2.7B Merger
Saks Global filed for Chapter 11 bankruptcy following its $2.7 billion merger of Saks Fifth Avenue and Neiman Marcus Group. Former Neiman Marcus CEO Geoffroy van Raemdonck assumes leadership with $1.75 billion financing. The company faces vendor payment issues but stores remain open despite expected closures. (Read More)
2. Bipartisan Credit Card Competition Bill Gains Trump Support
Senators Roger Marshall and Dick Durbin reintroduced the Credit Card Competition Act, requiring large banks to offer merchants payment processing alternatives to Visa and Mastercard’s duopoly. The bipartisan bill, endorsed by President Trump, aims to reduce interchange fees. Industry groups oppose it as government overreach. (Read More)
3. Fanatics Launches Media Studio in Joint Venture with OBB
Fanatics launched Fanatics Studios, a joint venture with OBB Media, to create sports and culture content including films, documentaries and live events. CEO Michael Ratner will lead the studio, which expects nine-figure first-year revenue. Projects include 2028 LA Olympics partnership and partnerships with ESPN, WWE and MLB. (Read More)
4. Amazon Plans First Big-Box Store in Illinois Near Chicago
Amazon plans a nearly 225,000-square-foot big-box retail store in Orland Park, Illinois, offering groceries and general merchandise. The first-of-its-kind concept, comparable to Walmart supercenters, will be located next to Costco. Approved by the Planning Commission, it awaits village board approval, promising broad selection and low prices. (Read More)
5. TGI Fridays Unveils Strategic Vision for $2 Billion Growth
TGI Fridays unveiled its “1-2-3 Strategic Vision” turnaround plan targeting $2 billion revenue and 1,000+ restaurants by 2030. Currently with $1.4 billion in sales and 380+ locations globally, the strategy focuses on brand activation, flexible growth formats, franchise support, and people investment following November 2024 bankruptcy filing. (Read More)
Upcoming Live LinkedIn Event
Why Ulta’s “Slower” Marketplace Strategy Is Actually Moving Faster Than Competitors
Be careful out there,
— Chris, Anne, and the entire Omni Talk team
Omni Talk® is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk® in 2017 and have quickly turned it into one of the fastest growing blogs in retail.