The company has raised prices on premium packages in the intervening years and said that it will “adjust” prices on many packages Jan. 1.
Investors exit stock and bond funds in August
BOSTON | Investors sought refuge from the market’s volatility in August, withdrawing money from stock mutual funds and bond funds alike. The retreat from stock funds was unusually heavy for the third consecutive month, marking a renewed aversion to risk.
A net $21.4 billion was withdrawn from U.S. stock mutual funds in August, and $10.8 billion from bond funds, industry consultant Strategic Insight said Wednesday.
Last month’s exit from stock funds followed net withdrawals of more than $23 billion in July and $17 billion in June. The three-month trend marks an about-face from the start of the year, when investors consistently deposited more than they withdrew. Now, the year-to-date stock fund flow is negative, with $21.2 billion in net withdrawals.
Popular store expands exclusive toy offerings
NEW YORK | Toys R Us is scaling back on holiday pop-up stores this year and betting that offering more exclusive toys, like Air Swimmers Extreme, a helium-filled radio-controlled shark that floats through the air, will help attract shoppers into its stores during the all-important holiday season.
CEO Jerry Storch said at a press conference Wednesday that the company hasn’t yet determined how many pop-up stores it will open this year. But it will open fewer than the 600 it had in 2010 and more than the 90 it opened 2009. Instead, Toys R Us is adding more exclusive toys and bolstering its online business.
Toys R Us, in Wayne, N.J., still plans to hire about the same amount of seasonal workers as it did 2010, about 45,000.
Avis Budget drops bid for Dollar Thrifty
NEW YORK | Avis Budget Group Inc. said Wednesday that it’s dropping its bid to buy rival rental car company Dollar Thrifty, citing current market conditions.
The Parsippany, N.J.-based company said in a regulatory filing that while it’s made significant progress toward getting antitrust approval for a deal, and thinks it could get a deal approved, buying Dollar Thrifty Automotive Group Inc. isn’t in its best interest anymore.