Welcome to the Five at Five, your late look at the payments and commerce news of the day. Coverage includes a bankruptcy filing by Brookstone, Apple surpassing the $1 trillion market cap milestone, Amazon getting hit by Italian regulators, Kroger launching delivery in key markets and the CSO of Facebook stepping down.
Brookstone, the iconic specialty retailer that sold travel gear, massage chairs and electronics, has filed for bankruptcy protection and will close its 102 shopping mall locations. The retailer, which launched in 1965, has outlived rival retailers like Sharper Image, but finally succumbed to the decline in shopping mall traffic stemming from increased eCommerce purchases.
The iPhone maker became the first U.S. company to reach the $1 trillion threshold when shares surpassed the $207.05 mark on Thursday morning. Apple went over the line after a strong third-quarter earnings report and a strong showing by the iPhone, leading the company to raise sales targets for the mobile device.
Amazon was hit with a fine from Italian regulators after they found the eCommerce giant doing postal delivery without getting prior government approval. The Italian communications regulator, AGCOM, hit Amazon with a fine of $348,360 and also said that it would look into the parcel delivery services that Amazon offers in that country. Amazon has been the subject of a postal delivery Twitterstorm from President Trump.
The supermarket chain launched grocery delivery services using third-party carriers, called Kroger Ship, in several major markets including Houston, Louisville, Nashville and the company’s hometown of Cincinatti. Consumers can buy up to 4,500 private-label items from the retailer that are not otherwise available online, along with 50,000 different grocery and household items.
Alex Stamos stepped down as chief security officer at the social media giant to join Stanford University as an associate professor. Stamos had clashed with other senior executives in recent months as he advocated for a more upfront and public disclosure regarding Russian interference in the U.S. election and Facebook’s role in the campaign.