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TECH TODAY

TikTok Ban: Trump, on Sunday, said he wants to keep TikTok around ‘for a little while’ longer.

Apple Doorbell: Apple is reportedly working on trying to make further headway into households by making its own doorbell to compete with Amazon’s ring.

Elon Flexes: In what appears to be a regular occurrence Elon Musk is making himself known to a new industry, Congressional Politicians.

 🎁 Happy Holidays 🎄

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 🎄 Happy Holidays 🎁🎅🎎🪔🧑‍🎄🤶

HEADLINE NEWS 👀

Two Major Retailers Shutdown Operations

Big Lots is closing its doors. The discount retailer, based in Columbus, Ohio, is holding a Big Lots going-out-of-business sales at all locations after a deal to sell the company fell through.

The chain filed for Chapter 11 bankruptcy in September and had a tentative agreement with Nexus Capital Management to buy most of its assets. On Thursday, Big Lots announced the deal likely won’t happen but is exploring other options, aiming to finalize a sale by January.

Shoppers can find discounts of up to 50% as the stores prepare to shut down. Bruce Thorn, CEO called the decision to begin liquidation “difficult,” citing high inflation, rising interest rates, and fierce competition from Walmart, Sam’s Club, and Costco as key factors in the company’s downfall.

At its peak, Big Lots operated nearly 1,400 stores across 48 states. All locations are now slated to close, marking the end of an era for the once-popular chain.

Party City Closing All Stores Nationwide

Party City announced Friday it will close all its stores and lay off corporate employees effective immediately, as reported by CNN.

CEO Barry Litwin broke the news today in a somber meeting, calling it “the most difficult message I’ve ever had to deliver.” Friday marked the final day for corporate staff, signaling the end of the New Jersey based party supply chain.

The closures come after years of financial struggles. Party City filed for bankruptcy in early 2023, weighed down by $1.7 billion in debt. Though it emerged from bankruptcy in September, shedding nearly $1 billion in debt and keeping most of its 800 U.S. stores open, the reprieve was short lived.

Litwin, who became CEO in August, had spoken of plans to revitalize the business and create a stronger celebration experience for customers. Those plans, it seems, could not outlast the company’s financial turmoil. Party City’s chapter has now reached its final page.

These two closures follow another large retailer filing Chapter 11 bankruptcy.

Joann, the craft and fabric giant, filed for Chapter 11 bankruptcy in March 2024. Despite financial turmoil, the retailer kept its 815 stores open and retained over 18,000 employees, standing firm in uncertain times.

The company is now navigating a financial restructuring, aiming to shed debt and stabilize its business. Joann’s leadership expects the process to conclude soon, with plans to emerge as a privately held company. For now, it’s business as usual, as the brand fights to stitch together a stronger future.

Paramount Media Heiress Has Had Her Hands Full

Shari Redstone’s journey to sell her family’s Paramount empire hasn’t been smooth. CEOs fell on their swords, board members quit, and investors protested. Ms Redstone at 70, is letting go but not disappearing, and yet Paramount’s troubles remain.

In 2025, Skydance Media will take over in an $8 billion deal. The iconic studio behind The Godfather, CBS, and MTV will merge with Skydance, led by David Ellison. Paramount faces steep challenges, streaming struggles, collapsing cable, and a $6 billion write down. Ellison aims to cut $2 billion in costs and integrate Pluto TV into Paramount+.

Redstone didn’t sell easily. She secured perks, with jet leases and a plush New York apartment, but regrets still linger. Talks with Skydance sputtered before reigniting, edging out Apollo Global’s $26 billion bid. In the end, Skydance offered buyouts for nonvoting investors and $1.75 billion for Redstone’s National Amusements.

Leadership changes loom. Ex-Netflix exec Cindy Holland will run streaming, and Co-CEO Brian Robbins will exit. Redstone, and her son Tyler Korff, won’t join the new board, but she insists “I will never disappear.” The heiress still casts a long shadow over Paramount’s uncertain future as did her father before her.

Elf On The Shelf 'Twas the Toy They Said Would Fail’

Not all toys begin their journey to stardom wrapped in shiny paper and bow topped. Some toys, like this holiday underdog, are written off as misfits,

destined for the damaged goods bin, naysayers declared. Yet, like Rudolph finding his glow, this creation defied expectations and soared straight into the hearts of families.

It’s a tale as magical as Santa’s sleigh ride. Once dismissed as a flop, the toy's creators tinkered like Christmas elves, fine-tuning every detail. With a sprinkle of innovation, a dash of resilience, and perhaps a bit of holiday luck, their product transformed into a phenomenon as beloved as a roaring yule log. Brandy and eggnog flowed in celebration.

Now, shelves are emptied faster than Santa's sack on Christmas Eve, and the toy is the season's must have gift. Proof even underdogs can shine brighter than the North Star.

💰️ Smart Money Matters 💰️ 

Culture Corner

MLB Mourns Rickey Henderson all time stolen base king

Over 25 seasons Henderson swiped 1,406 bases, and obliterated Lou Brock’s record. He stole 100+ bases in three seasons and set the single season mark with 130 steals in 1982. He wasn’t just fast, Henderson hit 297 homers, drove in 1,115 runs, and smashed 81 leadoff home runs, a record still untouched.

“Rickey was the gold standard,” MLB Commissioner Rob Manfred said. “Speed, power, and pure excitement.”

Born in Oakland, Henderson debuted with the A’s in 1979. A (10) time AllStar, he won two World Series titles and entered the Hall of Fame in 2009.

“Rickey was a legend, on and off the field,” said his wife, Pamela.

Baseball has lost a giant. Henderson, 65, died of complications from pneumonia. Ricky’s legacy endures.

SMALL BUSINESS OWNERS NEWS

Corporate Transparency Act (CTA)

Federal Courts Hit Pause on Beneficial Ownership Filings—For Now

UPDATE Dec 22, 2024: Businesses just got a reprieve, or maybe a ticking time bomb. For now, the federal government isn’t enforcing the Beneficial Ownership Information (BOI) filing requirement under the Corporate Transparency Act (CTA). But the situation remains fluid.

What Happened: The CTA, effective January 1, 2024, requires over 30 million businesses to report ownership details to FinCEN by January 1, 2025, under threat of fines and jail time. Its aim is to Combat money laundering and terrorism. But lawsuits challenging its constitutionality quickly followed.

Alabama and Texas Rulings: In March 2024, an Alabama court ruled the CTA unconstitutional, allowing local plaintiffs to skip compliance. On December 3, 2024, a Texas court escalated matters with a nationwide injunction, calling the CTA an overreach. FinCEN has since halted enforcement, sparing businesses penalties, at least for now.

What’s Next: On December 13, the DOJ appealed to overturn the injunction, with a ruling expected by December 27. A reversal could force businesses into a last minute scramble before the January 1 deadline, or prompt FinCEN to extend it.

What Should Businesses Do?

Here are your options:

1. Monitor Developments: Hold off filing until the legal dust settles.

2. Prepare Documents: Gather BOI data to stay ready.

3. File Early: Avoid uncertainty and meet potential deadlines.

The Unknowns: The incoming administration might abandon the appeals, shelving the CTA entirely. Until then, the courts have offered businesses a temporary reprieve—but no certainty. Stay tuned.

ECONOMY

How To Avoid Tariffs A Play By Play

U.S. Customs agents uncovered a Malaysian warehouse stuffed with cabinets labeled alternately as “Made in China” and “Made in Malaysia.” The operation, linked to Chinese firm Qingdao Haiyan Group, is suspected of dodging U.S. tariffs through transshipment a tactic to mask goods’ origins.

Cabinets To Go owner Tom Sullivan sounded the alarm in 2021 after discovering Chinese cabinets disguised as Malaysian imports. His lawsuit against Haiyan revealed a scheme that cost his company $650,000 in tariffs. Other U.S. cabinet giants, including American Woodmark, cut ties with Haiyan’s Malaysian subsidiary following the allegations.

Transshipment isn’t confined to cabinets, U.S. Customs blocked $500 million in duty evasions last year across products like solar panels and nails. Industry watchdogs say such schemes undercut domestic manufacturers. The U.S. Commerce Department recently ruled Chinese-made plywood cabinets shipped via Malaysia or Vietnam still fall under tariffs, intensifying a bitter trade dispute.

Haiyan denies wrongdoing. The Investigations continue.

FINANCE

Luxury On Sale The RealReal

Inflation is hitting everyone, including the wealthy. Shoppers are skipping new luxury bags and shoes. The RealReal, a secondhand platform, thrives on it. Sales are up three quarters in a row. Most items, from Chanel bags to Rolex watches, sell within 90 days.

The secret, AI. Machines now authenticate handbags faster than humans, spotting fake zippers and logos with precision. AI also writes item descriptions, sets real time prices, and speeds up cataloging. Prices adjust based on clicks, balancing speed and profit. Costs are down 10% from last year.

The RealReal’s model is lean, sellers get paid only after their items sell. It cut unprofitable categories like home goods and focused on high value wares. Shoppers chasing deals on $7,000 Chanel bags for $4,000 keep business booming. Analysts agree, secondhand luxury is here to stay.

POLITICS

Congress Avoids Government Shutdown

The Senate passed a bill early Saturday to keep the government open for three months, narrowly avoiding a shutdown. The vote which was 85-11, followed the House’s approval hours earlier. The house measure passed 366-34 despite opposition from 170 Republicans. President Joe Biden signed it Saturday.

The stopgap bill funds the government at current levels through March 14, provides $100 billion in disaster aid, and extends the farm bill by a year. Notably, it excludes a debt limit hike demanded by President elect Donald Trump earlier in the week.

Trump’s threats primary to Republicans who defied him didn’t stop 170 GOP members from voting for the bill. House Speaker Mike Johnson called the bipartisan deal a win, vowing significant changes once Trump returns to office and Republicans regain the Senate next year.

Trump and Elon Musk had derailed an earlier deal by insisting on addressing the debt limit. A stripped down version of their plan failed in the House. Left with few options, Johnson pushed forward with a compromise, cutting “pork” and setting the stage for future spending cuts and debt ceiling negotiations. For now, federal workers will get paid, and the lights stay on.

THE GRIND FACTORY ⚙️

UNIQUELY INTERESTING

💡 Epiphany Moments

Santa Claus origination story: (SPOILER ALERT) The story of Santa Claus began centuries ago, rooted in the legend of Saint Nicholas, a 4th century bishop from what is now Turkey. Known for his generosity and secret gift giving, Saint Nicholas became the stuff of folklore, especially in Europe. Over time, his legend merged with local traditions, enter the Dutch Sinterklaas, who brought treats to children.

When Dutch settlers arrived in America, Sinterklaas evolved into the jolly, gift giving Santa we know today. By the 19th century, writers like Clement Clarke Moore ('Twas the Night Before Christmas) and cartoonist Thomas Nast added key details, the sleigh, reindeer, and, of course, that iconic red suit and hat.

Today Santa Claus is a global icon, balancing a day job at the North Pole with his world famous Christmas Eve delivery service. All thanks to a kind bishop, a little imagination, and a lot of holiday cheer 🎅 

 🍎 One Smart Apple

Kay Jewelers began in 1916 when two brothers, Sol and Edmund Kaufmann, opened a quirky little shop in Reading, Pennsylvania. Back then, Kay sold more than jewelry, think eyeglasses, radios, and even silverware. But diamonds, as it turns out, really are forever, and the brothers soon pivoted to focus exclusively on fine jewelry.

Fast forward, Kay grew into a national darling for engagement rings 💎 and sparkly sentimentality, powered by its catchy slogan, “Every kiss begins with Kay.” In 1987, it joined the Signet Jewelers family, leveling up into a jewelry giant. Now, with stores everywhere and a thriving online shop, Kay remains America’s go to for marking life’s big moments, one kiss (and diamond) at a time. 🍏 

 HEALTH & LONGEVITY •ᴗ•

Two Life Anchors That Support Longevity

The two most important components of achieving longevity are physical health and mental well being. To successfully achieve your goals of attaining longevity place these two lifestyle components at the top of the priority list.

1. Physical Health: Consistent exercise, a balanced diet rich in whole foods, adequate sleep, and preventive healthcare are essential. These habits reduce chronic diseases, improve cardiovascular health, and support the body’s resilience over time.

2. Mental Well-Being: Stress management, meaningful social connections, and a sense of purpose are critical. A positive mindset and emotional health significantly influence longevity, as they help reduce stress related illnesses and improve overall quality of life.

Together, these components create a balanced foundation for a longer, healthier, more enjoyable life.

🎁 Happy Holiday’s  🎄

Run CTV Ads on Roku This Q5

Peak shopping season isn’t over yet! Two thirds of consumers plan to shop the week after Christmas, and “Q5” – the period between Christmas and mid-January – has become a significant shopping window.* Roku Ads Manager makes it easy to run self-serve CTV ads and reach shoppers where they’re streaming post-holidays. Get started for as little as $500 and find your next customers on the big screen. (*National Retail Federation, 2023)

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