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Wayfair joins companies investing in Black economic fund

Wayfair said it has committed $30 million to social impact investing, including $20 million for a development fund managed by the Local Initiatives Support Corp.
Wayfair said it has committed $30 million to social impact investing, including $20 million for a development fund managed by the Local Initiatives Support Corp.Jenny Kane/Associated Press


Local firm is latest to bolster social justice vehicle

Online retail giant Wayfair has joined a growing list of big corporate names that are contributing to the Black Economic Development Fund, a national initiative to provide investment in Black-led or owned organizations and businesses. Wayfair on Monday said it has committed $30 million to social impact investing, including $20 million for the development fund, which is managed by the Local Initiatives Support Corp. Wayfair said the remaining $10 million will be invested at a later date. Wayfair joins two other local investors in the development fund: Thermo Fisher Scientific ($20 million) and HubSpot ($12.5 million). These commitments are not grants. Wayfair, for example, is making these investments as part of its cash management strategy and expects to recoup this money but wants to extend the capital to underserved communities rather than have it sit in a bank account. So far, Local Initiatives Support Corp. has raised more than $200 million for the fund. Other businesses that have invested with the development fund include Square, Netflix, PayPal, Dick’s Sporting Goods, Aflac, and Costco. — JON CHESTO



DraftKings buys Israeli company

DraftKings said Monday it has acquired BlueRibbon Software, a Tel Aviv-based company that uses online gaming tools, such as jackpots, to increase customer engagement and retention. The publicly traded Boston sports-betting company plans to integrate BlueRibbon’s jackpot tool with its platform, allowing users to receive personalized promotions and rewards. Paul Liberman, cofounder and president of global technology and product at DraftKings, said the feature will “enable DraftKings to create dynamic incentives for our users as they engage with our products.” The news comes less than a week after the company said it had acquired Vegas Sports Information Network, a broadcasting company focused on sports betting. The financial terms of both deals were not disclosed. BlueRibbon was founded in 2017 by online gambling veterans with “experience working within regulated markets,” according to a press release. DraftKings said it plans to absorb BlueRibbon’s workforce and increase hiring in its Tel Aviv office. DraftKings, founded in 2012, offers sports betting in 14 states, but not Massachusetts. — ANISSA GARDIZY



GameStop to sell more than 3 million shares of stock

Two months after a market phenomenon took shares of GameStop to the moon, the video game retailer said Monday that it will sell up to 3.5 million of its shares. The shares will be sold through an “at-the-market” offering, which lets companies place their stock on the market over a period of time. The GameStop saga has been one of the biggest stories on Wall Street this year. The company had been pummeled as new technology allowed people to download games, rather than buying a physical copy from GameStop or somewhere else. That shift threatened the existence of GameStop and its shares had been more than halved, to $20, by the start of this year. A number of hedge funds, believing the value of GameStop shares would fall further, shorted the company, or bet against its shares. However, a group of smaller investors who communicated largely on Reddit challenged those hedge funds, believing they were wrong or that they could catch them in a “short squeeze.’' — ASSOCIATED PRESS


Congestion continues at West Coast ports

Ship congestion outside the biggest US gateway for Asian imports remained elevated with the wait to offload containers lengthening to eight days, adding costs and complications for companies trying to stay well-stocked in an accelerating economy. A total of 28 container ships were anchored awaiting entry into the neighboring ports of Los Angeles and Long Beach, Calif., as of Sunday, compared with 26 a week earlier though still below a peak of 40 in early February, according to officials who monitor marine traffic in San Pedro Bay. Another 16 are scheduled to arrive over the next three days, with seven of those expected to drop anchor and join the queue. — BLOOMBERG NEWS



Cook doesn’t see 10 more years for him at Apple

Tim Cook has been with Apple Inc. for 23 years and served as its chief executive for nearly a decade, but he used a new podcast appearance to suggest that some kind of an eventual change may be on the horizon. “I feel great right now. And the date’s not in sight,” the 60-year-old told The New York Times “Sway” podcast that was released Monday. “But 10 more years is a long time and probably not 10 more years.” — BLOOMBERG NEWS


Arnolds to donate 5 percent of their wealth every year

Billionaire philanthropists John and Laura Arnold have committed to donate 5 percent of their wealth annually as part of an effort to encourage increased, timelier donations to charities. The Arnolds are the first billionaires to sign on to the advocacy organization Global Citizen’s “Give While You Live” campaign, which calls on the world’s billionaires to give at least 5 percent of their wealth every year to a cause. The Arnolds’ pledge Monday came as part of an alliance between Global Citizen and the Arnold-led Initiative to Accelerate Charitable Giving — a coalition of donors and experts who want Congress to raise giving requirements. — ASSOCIATED PRESS



Another bidder emerges for Tribune Publishing

The company that owns the Chicago Tribune and other major US newspapers said Monday it would discuss a $679 million bid from hotel mogul Stewart Bainum and Wyoming billionaire Hansjörg Wyss that is higher than the $634 million offer from hedge fund Alden Global. The board’s special committee said in a prepared statement that its decision lets Tribune “engage in discussions and negotiations with, and provide diligence information to Newslight,’' which is Bainum’s and Wyss’s group. But for now it continues to recommend that shareholders choose Alden’s offer. The Newslight offer emerged after pushback from journalists at many of Tribune’s paper against the Alden deal. Alden, one of the country’s largest newspaper publishers, has a reputation for cutting costs and jobs in an industry already hollowed out by newsroom layoffs. Bainum had previously sought to buy the Baltimore Sun as part of the Alden deal, but negotiations stalled. — ASSOCIATED PRESS


Thousands of stores could close even after the pandemic ends

US retailers could shutter tens of thousands of stores even after the pandemic subsides, as shoppers continue to turn toward e-commerce, according to a new report. Roughly one in every 11 stores will close in the next five years, with office-supply, sporting-goods, and clothing retailers among the hardest hit, according to the base case in a UBS analysis Monday. In the most dire scenario, more than twice as many stores — about 150,000 in total — could close over that span. US stores shifted focus to online operations as the COVID-19 pandemic forced physical locations to temporarily close. Even upon reopening, visitors were slow to return and shops rushed to offer such services as curbside pickup and virtual shopping to get consumers buying again. Foot traffic at malls has fallen about 30 percent from more than a year ago, according to real estate data firm Green Street. More than two dozen major retailers filed for bankruptcy last year, including household names J.C. Penney and Lord & Taylor. — BLOOMBERG NEWS