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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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Oilers keep pace for home ice, but lose Draisaitl

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Oilers keep pace for home ice, but lose Draisaitl

SAN JOSE, Calif. — NHL leading goal scorer Leon Draisaitl left the Edmonton Oilers‘ game against the San Jose Sharks on Thursday night in the second period because of an undisclosed injury and didn’t return.

Draisaitl appeared to be injured midway through the second period and skated gingerly to the bench before leaving for the dressing room. Coach Kris Knoblauch said after the game that he had no update on the severity of the injury.

Jeff Skinner scored the tiebreaking goal shortly after Draisaitl left the game, giving the Oilers a 3-2 victory that kept them within two points of the Los Angeles Kings in the race for second place in the Pacific Division and home-ice advantage in the first round of the playoffs.

“Obviously we’ve had some injuries to key guys,” Skinner said. “It’s a lot of opportunity for other guys to step up and I think guys have done a good job so far. We’re going to have to continue that and keep working together to get the results we want.”

Draisaitl had an assist earlier in the second period. He leads the NHL with 52 goals and is third in the league with 106 points.

Draisaitl sat out four games last month because of an undisclosed injury.

The Oilers are already without star center Connor McDavid, who has been sidelined since colliding with Winnipeg’s Josh Morrissey on March 20. McDavid has resumed skating with the team in a noncontact jersey but there is no timetable for his return.

The playoffs begin in just over two weeks.

“You never want to miss those guys,” Knoblauch said. “You never want your top players not to play because every time they’re not in, it decreases your chances of winning because they are good players, obviously. But what happens is other guys have some opportunities to play, get some confidence, hopefully score some goals, because we’re going to need them.”

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Makar 9th NHL blueliner with 30 goals in season

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Makar 9th NHL blueliner with 30 goals in season

COLUMBUS, Ohio — Avalanche star Cale Makar scored against the Columbus Blue Jackets on Thursday night to become the ninth defenseman in the NHL, and the first with Colorado, to score 30 goals in a season.

The sixth-year player is the NHL’s first defenseman to reach the 30-goal mark since Mike Green of the Washington Capitals had 31 in 2008-09.

Makar put the Avalanche up 5-2 by scoring a power-play goal with 38 seconds left in the second period. He was set up in the left circle for a one-timer by a pass from Nathan MacKinnon. He also had two assists as the Avalanche won, 7-3, to clinch their eighth consecutive playoff appearance.

Overall, NHL blue liners have now combined to reach 30 goals 18 times, led by Bobby Orr, who had five 30-goal seasons. Paul Coffey (four) and Denis Potvin (three) are the only others to have had multiple 30-goal seasons. The list is rounded out by Ray Bourque, Kevin Hatcher, Phil Housley and Doug Wilson.

With the goal and two assists, the 26-year-old Makar also increased his point total to 90, matching the franchise record for defenseman he set last season. In doing so, he became the NHL’s fifth defenseman to produce consecutive 90-point seasons, and first since Coffey (1988-89 to 1990-91) and Al MacInnis (1989-90 to 1990-91).

Information from The Associated Press was used in this report.

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Blues’ Holloway exits with lower-body injury

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Blues' Holloway exits with lower-body injury

ST. LOUIS — St. Louis forward Dylan Holloway left the Blues’ 5-4 overtime victory over the Pittsburgh Penguins in the first period Thursday night because of a lower-body injury.

Blues coach Jim Montgomery had no additional information on the injury after the game.

“We’ll have more, I’m sure, tomorrow,” Montgomery said.

The team announced the injury during the first intermission and said he would not return to the game. It was not clear when Holloway was injured.

Holloway had eight shifts in the first period.

Holloway has been a driving force in the Blues’ 11-game winning streak, which ties a franchise record. He has 26 goals and 37 assists in 77 games this season.

“Obviously, that’s an elite player for us, someone who plays in all situations, and, you know, a really important piece to our team,” forward Jake Neighbours said. “We had to focus on the task at hand. … it sucked losing Dylan, and just hope he’s OK.”

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