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Fast food sandwich chain Subway expects to close about 500 stores in North America this year.But it's also hoping to open as many as 1,000 stores overseas.The company has 44,000 locations globally -- more than any other retailer. The National Retail Federation put its US store count at nearly 27,000 as of 2016, compared to 17,500 for Yum Brands, which runs Pizza Hut, Taco Bell and KFC, and the 14,000 locations for McDonald's.The company said Wednesday it expects stores to close after it rolls out a revitalization plan, announced last summer, that will require franchise owners to invest more in their operations. All Subway stores are franchise owned, rather than owned by the company. The plans to revamp locations include adding self-service kiosks, more comfortable seating and Wi-Fi and USB charging ports. In February, Subway also announced plans for a loyalty program to win back customers and stem slumping sales.Store closings are new for Subway. It had a net loss of more than 350 US stores in 2016, the first year in the company's history that it trimmed rather than increased its number of stores. The privately held company has yet to disclose its 2017 store count, but there were reports of hundreds of store closings."Looking out over the next decade, we anticipate having a slightly smaller, but more profitable footprint in North America and a significantly larger footprint in the rest of the world," the company said on Wednesday.Many of Subway's locations are smaller compared to other fast food rivals. That's one of the reasons there are so many of them -- it's much less expensive for a franchisee to open a Subway storefront rather than one for McDonald's or Burger King.Many traditional brick-and-mortar stores have been closing locations in recent years, as people buy more goods online. But that hasn't been the case for fast food, where there is virtually no competition from online competitors.Fast food sales on the other hand are getting hit by the drop in retail foot traffic in the places like malls, as well as the growing demand for healthier food.Subway also took a public relations hit in 2015 when Subway spokesman Jared Fogle pleaded guilty to charges of child pornography and crossing state lines to pay for sex with minors. He was sentenced to more than 15 years in prison. The company had not used him in a television commercial since 2013, and it quickly cut ties with him when his legal problems became public. 2512

Estée Lauder announced significant changes as it looks to recover financially from the coronavirus pandemic.On Thursday, the company announced they were closing between 10-15% of its freestanding stores and lay off 1,500-2,000 employees, about 3% of the workforce.A list of the stores closing has not been announced.The cosmetic giant said the pandemic had affected the bottom line; therefore, they were announcing a 2-year plan called the Post-COVID Business Acceleration Program to adjust its investments.The plan will go into effect in the first quarter of next year. "Our strategic priorities for fiscal 2021 rightly balance investment in these engines with cost discipline amid the ongoing pandemic," Fabrizio Freda, President, and Chief Executive Officer said in the press release. "Through the Post-COVID Business Acceleration Program announced today, we are better aligning our brick-and-mortar footprint to improve productivity and invest for growth. We are well-positioned to drive growth as the market dynamics support it, yet remain equally mindful of the effects of COVID-19 on consumers, the retail sector and economics, in general, as well as geopolitical uncertainty."The company added they would focus on digital capabilities, advertising, and promotions.The company said the plan is expected to save the company, before taxes, about 0 million to 0 million. 1388

Fashion designer Hubert de Givenchy, a pioneer in high-end ready-to-wear clothing and famous for styling Audrey Hepburn's little black dress in "Breakfast at Tiffany's," has died at the age of 91, the House of Givenchy confirmed on Monday via its official Twitter account."The House of Givenchy is sad to report the passing of its founder Hubert de Givenchy, a major personality of the world of French Haute Couture and a gentleman who symbolized Parisian chic and elegance for more than half a century. He will be greatly missed," the company announced.His longtime partner, former haute couture designer Philippe Venet, revealed in a statement to AFP that Givenchy died in his sleep on Saturday.Givenchy entered the world of fashion in 1944 at the age of 17, training under Parisian designer Jacques Fath.Before long, he had moved on to designing for several major fashion houses including Robert Piguet, Lucien Lelong and Elsa Schiaparelli.Givenchy was in his mid-20s when he threw caution to the wind and launched his eponymous label in 1952. He maintained low overhead costs to keep down the prices of his designs.His first collection -- which championed the concept of separates and featured flawlessly detailed embroidered pieces, chic silk prints and sophisticated ball gowns -- immediately drew international recognition.From the off, he blazed a trail of innovation in the industry starting with his "Bettina blouse," named for popular French 1950s supermodel Bettina Graziani, which reintroduced tailored shirts into high fashion.But Givenchy was perhaps best known for his decades-long friendship with his muse Audrey Hepburn, which blossomed while she was filming her 1954 hit "Sabrina."Givenchy continued to style her outfits for "Breakfast at Tiffany's," "Funny Face" and "How to Steal a Million" and their friendship would endure until Hepburn's death from cancer in 1993."It was a kind of marriage," Givenchy told the UK's Daily Telegraph newspaper in 2015. "Little by little, our friendship grew and with it a confidence in each other," he added."There (was never) any criticism of the other person, no upsets."Enduring legacyOver the years, the haute couturier became a firm favorite of some of the world's most glamorous and highly admired A-listers.When Jackie Kennedy accompanied her husband to Paris in 1961, she turned to Givenchy to help dress her."It was not the same relationship or friendship that I had with Audrey," the couturier said in 2012 of his work with Kennedy. "The American people felt emotion for Jackie, but they preferred to have an American couturier design her dresses when they came to France for a state visit. Jackie asked for more than 10 or 15 pieces, saying 'I don't know if I can be dressed by a French designer.'"He continued: "We did all the fittings in secret. Then after the event at Versailles, Jackie sent me a little postcard to tell me that General de Gaulle gave her a very nice compliment. He said, 'Madame, this evening you look like a Parisienne.'"During his illustrious career, Givenchy also styled the likes of Elizabeth Taylor and Princess Grace of Monaco.Today, his label continues to be relevant and innovative, remaining incredibly popular with celebrity fans including Beyoncé, Kanye West and Rihanna. Beyoncé's love of the fashion house's style is well-known, with her having worn its creations to the last five Met Galas she attended between 2012 and 2016 (she didn't attend the gala in 2017). Fashion elite mourn 3498

Facebook CEO Mark Zuckerberg has arrived on Capitol Hill. What happens next could be big.Zuckerberg will spend two days answering lawmakers' questions about the powerful social network he helped create more than a decade ago, and whether the company is doing enough to protect users' privacy.It's the first time Zuckerberg will personally sit for questions from Congress, instead of sending a deputy. 408

Facebook is rolling out a series of changes to give people better control of their privacy settings and data.The company's redesigned security settings let people control what personal information the social network and third-party apps keeps. Facebook used to display security tools and settings across 20 different tabs."Last week showed how much more work we need to do to enforce our policies and help people understand how Facebook works and the choices they have over their data," Facebook wrote in a blog post.Facebook responded to the global outcry after an explosive report that a third-party personality quiz harvested 50 million Facebook profiles. Data company Cambridge Analytica used that information to sway the 2016 presidential election.The company is also adding two more tools, including a Privacy Shortcuts menu, where people can add two-factor authentication and control the ads they're served. Facebook's new "Access Your Information" button allows people to delete anything from their timelines or profiles that they no longer want on Facebook, the company says."It's also our responsibility to tell you how we collect and use your data in language that's detailed, but also easy to understand," Facebook concluded in the blog post. "These updates are about transparency -- not about gaining new rights to collect, use, or share data."The past week has been brutal for Facebook. The company?lost billion in market value and faced global backlash about how the company uses personal data. On Tuesday, CNN first reported that CEO Mark Zuckerberg might soon testify in front of the U.S. congress. 1647