HEADLINES IN THE SPOTLIGHT
FRIDAY IS THE BEST DAY TO SCORE A DISCOUNT FOR ONLINE SHOPPERS Coupons have come a long way from Sunday circulars. And for consumers stretching to make ends meet, they are as indispensable as ever. Now, with online codes, browser extensions, and mon- ey-saving apps, there are more ways to find significant discounts at any time — but how good the deals are still depends on the day. Overall, Friday is the best day for consumers to save mon- ey while shopping online, according to a recent study by SimplyCodes. The site assessed coupon release pat- terns in marketing emails from 30,000 merchants be - tween March and July. As payday approaches, there is a notable uptick in cou- pon activity, especially for women’s clothing, skin care, and alcohol, SimplyCodes found. Roughly 52% of coupon codes are released between Wednesday and Friday, before the weekend lull, when fewer new coupons are sent out. On Friday alone, the number of coupons released jumps 19%.
AUTOMAKERS ARE GETTING BACK INTO SHARING THE SCREEN WITH THE NFL Automakers are rushing back into advertising during the National Football League season after a slowdown in re- cent years. Toyota Motor Corporation, Hyundai Motor Company and the Detroit automakers are among those expected to capitalize on the NFL and its games as main advertising platforms in the coming months. Toyota in particular is entering football season as the “Official Automotive Part - ner of the NFL,” a first for the world’s largest automaker. The automotive industry has significantly pulled back ad - vertising and marketing budgets in recent years because it does not have enough vehicles to sell. The Covid-19 pandemic and supply chain problems caused historical- ly low vehicle inventory levels. However, vehicle inven- tory levels have been growing amid high interest rates and economic fears, and automakers are turning to live sports, especially the NFL, to help promote new prod- ucts.
RED LOBSTER CLEARED TO EXIT BANKRUPTCY PROTECTION
NFL SEASON EXPECTED TO RECORD $35 BILLION IN WAGERS Football is back, and as the players hit the gridiron, it’s ex- pected to bring with it record-breaking betting. U.S. adults alone will wager $35 billion this NFL season, according to projections from the American Gaming As- sociation (ASA). That would mark more than 30% growth over the $26.7 billion Americans wagered over the course of last year’s season of the National Football League, according to the AGA, and would set a fresh record. Since last NFL season, Maine, North Carolina, and Ver- mont have allowed sports betting operators to launch in their states. And court decisions have permitted Hard Rock International to relaunch sports betting in Florida. Today, sports betting is live and legal in 38 states and Washington, D.C. as licensed sportsbooks like Draft- Kings, FanDuel and ESPN Bet are working to claim a big- ger share of the action.
A bankruptcy court approved Red Lobster’s plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy. The company, known for its seafood offerings and ched- dar biscuits, filed for bankruptcy protection in May. Red Lobster had struggled with increased competition, ex- pensive leases, last year’s disastrous shrimp promotion and a broader pullback in consumer spending. As part of the restructuring plan, a group of investors un- der the name RL Investor Holdings will acquire Red Lob- ster by the end of the month. Once the acquisition closes, former P.F. Chang’s CEO Damola Adamolekun will step in to lead Red Lobster. Current CEO Jonathan Tibus, who led the company through bankruptcy, will leave Red Lob- ster. RL Investor Holdings includes TCW Private Credit, Blue Torch and funds managed by affiliates of Fortress Invest - ment Group. Red Lobster will operate as an independent company. After slimming down its restaurant portfolio, the chain currently operates 544 restaurants across the U.S. and Canada.
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