Indigo creates environmental fund for collected bag fees
Toronto In response to the City of Toronto imposing a minimum five-cent fee for all plastic bags requested by shoppers, Indigo Books & Music said Friday that it will create the Indigo Environment Fund and donate all collected to fees to local environmental initiatives.
The city’s bag fee law is effective as of June 1. While the chain offers shoppers the opportunity to purchase reusable bags for $1.99, Indigo realizes that some shoppers still want to use plastic. To ease the burden of an imposed fee, the chain plans to use its Indigo Environment Fund as a holding account for all fees. The money will be donated to established environmental groups.
Costco 3Q income down, comps flat
ISSAQUAH, Wash. Costco announced that net sales for the third quarter of fiscal 2009 declined 5%, to $15.48 billion, from $16.26 billion during the third quarter of fiscal 2008.
Total U.S. comparable-store sales (excluding fuel) were flat.
Net income for the third quarter of fiscal 2009 was $209.6 million, or 48 cents per diluted share, compared to $295.1 million, or 67 cents per diluted share, during the third quarter of fiscal 2008.
Best Buy to invest in digital media fund
Best Buy is investing a new digital media investment fund, managed by Fuse Capital, in the hopes of finding the next digital media start-up.
According to The New York Times, Best Buy is investing in the start-up to better position itself in the digital entertainment space.
“We’re trying to change what the solutions are for our customers and change the direction of our company and get involved a lot more in what’s happening in digital entertainment as an active participant, rather than a passive participant,” sMichael Vitelli, EVP customer operating groups at Best Buy, told The Times.
Fuse Capital is said to be looking for start-ups that offer games, mobile applications, photo and music sharing, online video and personal media management, the report said.