Disney CEO Bob Iger has announced plans to lay off 7,000 workers as part of a companywide effort to reduce costs. There has been speculation about the cuts since Iger returned as CEO last November to take over from Bob Chapek, who had lost the faith of many shareholders. The entertainment giant has faced multiple economic challenges, and Iger took over with a mandate to shake up the organization. Along those lines, Disney is also restructuring itself into three divisions: Disney Entertainment, ESPN, and a Parks, Experiences and Products unit.
TWITTER GLITCH
Twitter experienced a series of technical glitches on Wednesday that cut some users off from their direct messages and forced others to schedule their tweets to post. CEO Elon Musk soon acknowledged the issues, but was fairly vague about their cause, saying there were "multiple internal & external issues simultaneously." As of Thursday, the problems appear resolved, but the incident has stoked fears that Musk's recent firings have left Twitter without necessary resources.
NETFLIX PASSWORD RULES
Netflix has finally revealed its new password sharing rules, laying the groundwork for the end of an era for many streaming users. The company said more than 100 million households share accounts globally, but many are confused about who can (and cannot) share. Users in Canada, New Zealand, Portugal, and Spain will see changes first. Here's a quick breakdown of how it will work:
BED BATH & BEYOND CLOSURES
Embattled retailer Bed Bath & Beyond has announced it's closing 149 stores just one week after shutting down 87 other locations. The company is teetering on the brink of bankruptcy and is pulling out all the stops to stay solvent, including seeking additional capital and paring down its operations. The chain's total number of stores has fallen from 760 to 360.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
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