BUSINESS

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From its peak as one of the largest pharmacy chains in the US with 5,000 stores, Rite Aid's fortunes have dramatically reversed. Founded in 1962, the company has faced financial struggles and a Justice Department investigation in recent years. Following bankruptcy filings in October 2023 and May 2025, data on Friday showed that fewer than 100 stores remain.

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As part of a cost-cutting initiative, Starbucks plans to eliminate about 900 jobs in the US and close its weakest stores there, along with some closures in the UK. The company’s CEO highlighted that the revamp will reduce wait times and support a sales turnaround. This comes after Starbucks cut 1,100 jobs and streamlined its US menu earlier this year to address sluggish sales.

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In a significant move, Shein, the Asian fast-fashion leader, is branching into traditional retail by opening its first permanent physical stores in France. Initial locations will be department store concessions in Paris, with further expansion planned to Dijon, Reims, Grenoble, Angers, and Limoges. Shein highlighted France's stature as an "influential global fashion market" as the key factor in its decision. Though it has operated temporary pop-up stores before, this represents a new phase for the digitally native brand.

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Electronic Arts (EA), one of the world’s most recognizable gaming companies, has agreed to a monumental $55 billion (£41bn) sale — a deal set to become the largest leveraged buyout in history.

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Jaguar Land Rover's production standstill continues, with the company confirming its UK factories will remain shut down until at least October 1st following a major cyberattack. This extended closure underscores the severity of the incident, prompting a visit from the business secretary and industry minister to the West Midlands on Tuesday.

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On Friday, Turkish Airlines announced an agreement to purchase up to 225 Boeing aircraft, coming just a day after President Recep Tayyip Erdogan’s first visit to the White House since 2019. During the more than two-hour meeting between Erdogan and President Donald Trump, Ankara expressed hope that Washington might lift sanctions imposed since 2020, which have prevented Turkey from acquiring American F-35 fighter jets. These sanctions were introduced in response to Turkey's acquisition of the Russian S-400 missile defense system.

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Porsche's stock plummeted over 7% on Monday, a direct result of last week's profit warning. The luxury carmaker attributed the reduced profit margin projection—down from as high as 7% to 2% or less—to several factors including US import tariffs, a weakening Chinese luxury market, and delays in its electric vehicle rollout. These delays will also see a postponement of new EV launches and a continued production run of combustion engine models, despite the looming 2035 ban on new petrol and diesel car sales in Europe.