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Amazon purchases naming rights of Seattle’s NHL arena

Kika Angelic

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The world’s richest man, Founder and CEO of Amazon Jeff Bezos, announced that the company has purchased the naming rights of the venue that will host Seattle’s NHL team.

Seattle’s expansion team will play their inaugural season during the 2021-22 NHL season. They do not currently have a name, but the name of their arena was announced today.

Seattle will play in the “Climate Pledge Arena”.

This is a 10 year naming right deal at an undisclosed rate. This will certainly remind hockey fans of the current climate crisis our world is facing.

“It will be the first net zero carbon certified arena in the world, generate zero waste from operations and events, and use reclaimed rainwater in the ice system to create the greenest ice in the NHL.” – Jeff Bezos

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Europe top court rules Amazon should not sell third party knock-off Louboutin shoes 

Kika Angelic

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Amazon could be held responsible when third-party sellers misuse trademarks on its site.

The European Court of Justice (ECJ) made the ruling on Thursday, after courts in Belgium and Luxembourg asked for its opinion on a case raised by French shoemaker Christian Louboutin in 2019.

Louboutin argued that Amazon was breaching trademark rights by capitalising on its trademark red sole and enabling third-party sellers to offer “identical” products without the brand’s consent.

“Amazon itself makes use of the sign registered by Louboutin where the user of its site has the impression that it is Amazon which is marketing, in its name and on its behalf, shoes of the trademark,” said an ECJ press statement.

The ruling could cause more brands to challenge Amazon.

While the ECJ has made its stance clear, it does not decide the final result of the case, which is being taken back to the courts in Luxembourg and Belgium.

The verdict does not decide the Louboutin case, which will revert back to the courts in Luxembourg and Belgium. But the opinion is binding in the EU from now on.

Despite still awaiting the final outcome, Louboutin chief Alexis Mourot seems to be taking it as a win anyway.

“This is a victory for all the brands that defend their expertise,” he said in a statement.

The result will likely have repercussions for how Amazon displays products from third parties on its site, in the wake of many major brands’ ongoing concerns about counterfeit products.

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Amazon obtained a $8 billion term loan

Kika Angelic

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Amazon said in an official press statement it had reached an agreement with certain lenders to provide their company an $8 billion unsecured loan.

The term loan will mature in 364 days, with an option to extend for another 364 days and the proceeds would be used for general corporate purposes.

“Given the uncertain macroeconomic environment, over the last few months we have used different financing options to support capital expenditures, debt repayments, acquisitions, and working capital needs,” an Amazon spokesperson told in a statement.

Amazon has been bracing for likely slower growth, as soaring inflation forces businesses and consumers to cut back spending. That, coupled with a strong greenback, dragged Amazon’s shares about 50% lower in 2022.

It had also flagged workforce reductions in early 2023, without specifying the number. A source informed in November that the company was targeting about 10,000 job cuts.

Amazon had about $35 billion in cash and cash equivalents and long-term debt of about $59 billion at the end of the third quarter ended Sept. 30.

Toronto Dominion was the administrative agent for the loan agreement in which DBS Bank and Mizuho Bank were among lenders, Amazon said.

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Amazon employee is charged with stealing over $300K worth of merchandise while working in a FBA warehouse

Kika Angelic

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Memphis Police Department arrested an Amazon employee for allegedly stealing over $300,000 worth of merchandise.

According to the affidavit, Devan Thomas, 26, stole $325,325 worth of merchandise: Apple and Samsung phones, Nintendo consoles, cellular phone accessories, jewelry, watches, computer parts, and gaming consoles. 

Thomas was caught after Amazon’s loss prevention team began investigating theft in the area where Thomas was generally assigned during his workday.

Digital evidence linked Thomas to the thefts and Thomas gave the loss prevention team a written statement saying he “made a choice of taking items away from the customers and outside the building,” according to his arrest affidavit.

Thomas was charged with theft of property greater than $250,000.

MPD says the suspect gave a written confession stating he decided to steal the items.

Thomas started working at Amazon’s warehouse on New Allen Road in Nov. 2020.

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