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close video US economy is in a very complex environment: Bob Nardelli

Former Home Depot CEO Bob Nardelli joined Cavuto: Coast to Coast to weigh in on France raising the retirement age to 64 and retail sales falling more than expected in March.

Former Home Depot CEO Bob Nardelli issued a grim warning over the U.S.'s "very complex" economy, cautioning consumers that middle market companies are under "tremendous pressure."

"I think we're going to see a lot of bankruptcies. Like Bed, Bath and Beyond. We got Walmart not only laying people off, but closing stores. We got Accenture laying people off. We got Amazon closing distribution centers. So I think there's a tremendous-mixed message," Nardelli said during an appearance on "Cavuto: Coast to Coast."

WALMART CLOSING THREE TECH HUBS, ASKING EMPLOYEES TO RELOCATE

The former CEO continued, saying that the "complexity" of the U.S. economy is "different than anything I have seen in my 52 years."  Image 1 of 2

According to the U.S. Commerce Department, retail sales in March are up 2.9% year-over-year. | Fox News

According to UBS analysts, more than 50,000 retail locations could permanently shut their doors over the next five years. Those closures would cut the current U.S. store count of about 940,000 by around 5% by the end of 2027.

50K STORES COULD CLOSE IN FIVE YEARS DUE TO A SLOWDOWN IN CONSUMER SPENDING, ECOMMERCE DEMAND

The number of shuttered stores is "already up significantly" in 2023 compared to last year, due to heavy hitters like Bed Bath & Beyond, Foot Locker and bankrupt Tuesday Morning trimming their footprints. 

“We’re in a very complex environment. And, of course, this debt issue only adds to that,” – Bob Nardelli, former Home Depot CEO

Over the past year, Bed Bath & Beyond has initiated a turnaround plan that involved shuttering hundreds of stores. Last month, Foot Locker announced it plans to shutter more than 400 low-performing stores in shopping malls by 2026 as it shifts its focus to new concept stores.  close video Retail sales expected to get worse in 2023: Stacey Widlitz

Stacey Widlitz, the founder of SW Retail Advisors, reacts to Novembers retail sales coming in worse than expected at a 0.6% decline on Mornings with Maria.

According to Nardelli, Congress' inability to come together and raise the debt ceiling limit has placed an unprecedented burden on businesses, sharing with host Neil Cavuto that he is "definitely worried."

"I'm seeing inventory builds in a lot of the businesses, both public and private. Neil, you remember when we spoke in ‘07, ’08 and '09, there was a singular focus on the banks, right? Their meltdown took everything down," Nardelli continued, Friday.

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"Today, the banks are doing great. But now we have this mixed messaging. Retail is not doing so well. Banks are doing well. Transportation is up 13.9% over the last 12 months. I think we're in a very complex environment. And, of course, this debt issue only adds to that. It adds to the certainty of uncertainty, what's going to happen," he concluded.

FOX Business' Daniella Genovese contributed to this report.

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Kemi Badenoch does not rule out local coalitions with Reform after next week’s council elections

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Kemi Badenoch does not rule out local coalitions with Reform after next week's council elections

Kemi Badenoch has not ruled out forming coalitions at a local level with Reform after the council elections next week.

Speaking to Sunday Morning with Trevor Phillips, the Conservative leader did however categorically rule out a pact with Nigel Farage’s party on a national level.

“I am not going into any coalition with Nigel Farage… read my lips,” she said.

However, she did not deny that deals could be struck with Reform at a local level, arguing that some councils might be under no overall control and in that case, “you have to do what is right for your local area”.

“You look at the moment, we are in coalition with Liberal Democrats, with independents,” she said. “We’ve been in coalition with Labour before at local government level.

“They [councillors] have to look at who the people are that they’re going into coalition with and see how they can deliver for local people.”

She added: “What I don’t want to hear is talks of stitch-ups or people planning things before the results are out. They have to do what is right for their communities.”

More on Electoral Dysfunction

A total of 23 councils are up for grabs when voters go to the polls on Thursday 1 May – mostly in places that were once deemed Tory shires, until last year’s general election.

It includes 14 county councils, all but two of which have been Conservative-controlled, as well as eight unitary authorities, all but one of which are Tory.

Ms Badenoch has set expectations low for the Tories, suggesting they could lose all the councils they are contesting.

The last time this set of councils were up for election was in 2021, when the Conservative Party was led by Boris Johnson who was riding high from the COVID vaccine bounce.

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Landeskog scores 1st NHL goal in nearly 3 years

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Landeskog scores 1st NHL goal in nearly 3 years

Perhaps the only detail more emphatic than the goals in the Colorado Avalanche‘s 4-0 win over the Dallas Stars Saturday night, was the impact provided by their captain, Gabriel Landeskog.

Landeskog, who returned in Game 3 of this Western Conference first-round series after missing nearly three seasons while recovering from a knee injury, scored his first goal since June 20, 2022, in a multi-point performance that saw the Avalanche tie the series at 2-2 in Game 4 at Ball Arena. Game 5 is Monday in Dallas.

“It means a lot,” Landeskog told reporters after the win. “Obviously, I’ve envisioned scoring again for a long time. There obviously days when I didn’t know if I was ever going to score again. It obviously feels good. It’s a tight playoff series in a big game here at home. To get to do it here at home in front of our fans obviously means a means a lot. Super exciting. Hopefully more to come.”

A short-handed goal from Logan O’Connor midway through the first period followed by a late power-play goal from Nathan MacKinnon staked the Avalanche to a 2-0 lead entering the second period.

That set the stage for Landeskog, who was in the slot when Brock Nelson fed a pass that the 32-year-old winger launched for a one-timer that beat Stars goaltender Jake Oettinger for a 3-0 lead.

Landeskog, who was playing on the second line, was instantly mobbed by his teammates on the nice such as Samuel Girard, Valeri Nichushkin, Devon Toews and Nelson, who joined the Avalanche at the NHL trade deadline.

As Landeskog returned to the bench, he was congratulated by the entire team which also included a hug from a smiling MacKinnon, who along with Landeskog, have been with the franchise for more than a decade.

“I was just proud of him again,” Avalanche coach Jared Bednar told reporters after the game. “I was proud of him regardless of if he scores or not because I know what he’s gone through, and I know how difficult that was. I think that takes it to another level. You know he wants to come back and contribute like he did in the past and he’s off to a great start.”

Landeskog’s goal was the latest milestone in what’s been a lengthy recovery from a chronically injured right knee. He missed what amounted to 1,032 days since his last NHL game.

In that time, the Avalanche have remained in a championship window but have dramatically altered their roster. The Avs have nine players from that championship team who have remained with the franchise and have since reshuffled a roster that led to them re-acquiring defenseman Erik Johnson, one of Landeskog’s closest friends, in their bid for the fourth title in franchise history.

Even with all the changes, there were still questions about when they could see Landeskog return to the lineup. And if Landeskog did return, what he could look like?

His first professional game in three years came April 11 with the Avalanche’s AHL affiliate where he logged 15 minutes. Landeskog would then score a goal and get an assist in his second and final game.

And much like his AHL stint, all it took was two games for Landeskog to score and have another two-point performance.

While Landeskog’s goal became the most celebrated moment of the evening, what he did to help create the Avalanche’s fourth goal was an example of why he’s so crucial to their title aspirations.

Landeskog played a pass to Nelson who then found a Girard for a shot from the point that gave the Avs a 4-0 lead in the fourth. In the time Landeskog passed the puck, he anchored himself at the net front to gain position on 6-foot-7 Stars defensemen Lian Bichsel to screen goaltender Casey DeSmith, who replaced Oettinger for the third period.

Jockeying with Bichsel, who is six inches taller and 16 pounds heavier, allowed Landeskog to test both his strength and that right knee to gain leverage.

The result? Girard’s shot found space in traffic with Landeskog making it hard for DeSmith to see the puck.

“He’s a big boy,” Landeskog said with a smile. “He’s a big strong guy, a physical player and hard to play against. I was trying to get in front of their goal, and he was trying to get me out of there. It was a good battle.”

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Several killed after vehicle drives into crowd at street festival, police in Vancouver say

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Several killed after vehicle drives into crowd at street festival, police in Vancouver say

A number of people have been killed and multiple others injured after a driver drove into a crowd at a street festival in Vancouver, police have said.

The driver has been taken into custody after the incident shortly after 8pm local time on Saturday, police added.

People were in the area near 41st Avenue and Fraser Street for the Lapu Lapu Day Block Party, named after a national hero of the Philippines.

Vancouver’s mayor Ken Sim said in a post on X: “I am shocked and deeply saddened by the horrific incident at today’s Lapu Lapu Day event.”

He added: “Our thoughts are with all those affected and with Vancouver’s Filipino community during this incredibly difficult time.”

Video posted on social media showed victims and debris strewn across a long stretch of road, with at least seven people lying immobile on the ground.

A black SUV with a crumpled front section could be seen in photos from the scene.

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