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Allbirds shoe brand announced on Wednesday that it will close all of its U.S. stores by the end of February (with the exception of two outlets) and go online, turning to e-commerce instead. It will, however, continue to operate two London-based brick-and-mortar locations. Fast Company has reached out to Allbirds for more details about the locations that will be closing. This is an important step for Allbirds, as we drive toward profitable growth under our turnaround strategy, Allbirds CEO Joe Vernachio said in a statement. We have been opportunistically reducing our brick-and-mortar portfolio over the past two years. By exiting these remaining unprofitable doors, we are taking actions to reduce costs and support the long-term health of the business. Famously dubbed the “world’s most comfortable shoes,” Allbirds were all the rage in the late 2010s (yes, I had a pair). They can be described as a combination of sneaker and business casual shoe, made of wool and tree fiber. They felt softin my opinion, almost like walking on airdue to the sugar cane foam sole. The once trendy eco-friendly footwear, which had been a favorite of tech bros in San Francisco and hip New Yorkers, have become less popular in recent years, resulting in less traffic to their store locations. Like many U.S. retailers, they’ve also struggled as consumers cut spending amid growing inflation and higher cost of living, and have flocked online to shop. Allbirds financials Shares of Allbirds Inc. (NASDAQ: BIRD) were trading up 0.08% in midday trading on Wednesday after an early morning spike. The company reported third quarter 2025 earnings in November, including net revenue of $33 million, down 23.3% from $43 million in the same period last year; and negative earnings per share (EPS) of -$2.49, which beat expectations of -$2.64.
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E-Commerce
The national taxpayer advocate is cautioning that the 2026 tax filing season is likely to present challenges for taxpayers who encounter problems with filing their taxes given the exodus of IRS workers since the start of the Trump administration. National Taxpayer Advocate Erin M. Collins released her annual report to Congress on Wednesday, two days after the start of the 2026 season. She finds that while the IRS was able to process returns in 2025 without major disruptions, entering 2026, the landscape is markedly different. The IRS is simultaneously confronting a reduction of 27% of its workforce, leadership turnover, and the implementation of extensive and complex tax law changes mandated by Republicans’ tax and spending measure that President Donald Trump signed into law last summer, Collins said in her report. Collins says most taxpayers should be able to file their returns and receive their refunds without delay, but she notes the success of the filing season will be defined by how well the IRS is able to assist the millions of taxpayers who experience problems. The tax filing season began on Monday, and agency leaders, including Treasury Secretary Scott Bessent and IRS CEO Frank Bisignano, have said they expect a smooth season. Bisignano last week announced new priorities and a reorganization of IRS executive leadership in a letter addressed to the agencys 74,000 employees, saying that he is confident that with this new team in place, the IRS is well-prepared to deliver a successful tax filing season for the American public. Bessent as well as others in Trump’s second administration have also promised American taxpayers substantial tax refunds, as part of the Republican administration’s solution to an ongoing affordability crisis. Still, other IRS watchdogs have outlined major concerns at the start of the 2026 tax season. Diana M. Tengesdal, deputy inspector general for audit at the Treasury Inspector General for Tax Administration, wrote a letter to IRS leadership on Monday and pointed to IRS staffing at October 2021 levels, combined with thousands of unprocessed tax returns and taxpayer correspondence. The IRS started 2025 with about 102,000 employees and finished with about 74,000 after a series of firings and layoffs brought on by the Department of Government Efficiency. While last year IRS employees involved in the 2025 tax season were not allowed to accept a buyout offer from the Trump administration until after the taxpayer filing deadline, this year many of those customer service workers have left. Tengesdal’s office says despite new efforts to modernize tax administration, initiatives to offset staffing losses may not yield expected benefits during the 2026 Filing Season. More than 165 million individual income tax returns were processed in 2025, with 94% submitted electronically. The average refund was $3,167. ___ Follow the AP’s coverage of the IRS at https://apnews.com/hub/internal-revenue-service. Fatima Hussein, Associated Press
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E-Commerce
As a continuation of President Donald Trump‘s pitch to Americans on affordability and the economy under his administration, the U.S. Treasury and White House are celebrating the upcoming launch of a program they view as a key milestone: Trump Accounts. A provision of Trump’s tax legislation, Trump Accounts are meant to give $1,000 to every newborn, so long as their parents open an account. That money is then invested in the stock market by private firms, and the child can access the money when they turn 18. A U.S. Treasury event Wednesday brings together an assortment of politicians and celebrities from Texas Republican Sen. Ted Cruz to rapper Nicki Minaj to discuss the program and its potential impact on the economy. Backers of Trump Accounts have said they’re a way to help children from low-income households build wealth. Heres what you need to know about Trump Accounts and how to claim them. What is a Trump Account? Its a new savings tool where money is invested in the stock market on behalf of a child. The child cant access the money until they turn 18 and can only use it for specific purposes, such as paying tuition, starting a business or making a down payment on a home. After a parent opens an account, the U.S. Treasury will contribute $1,000 for newborns. Private banks and brokerages will manage the money, which must be invested in U.S. equity index funds that track the stock market and charge the accounts no more than 0.10% in annual fees. Parents can contribute up to $2,500 annually in pretax income, much like they do for retirement accounts. Parents employers, relatives, friends, local governments and philanthropic groups can also pitch in. Yearly contributions are capped at $5,000, but contributions from governments and charities dont count toward that total. Who gets $1,000? As part of the initiatives launch, parents of older children are also encouraged to open accounts, but they wont get the $1,000 bonus. That money is only reserved for babies born during the calendar years of the Trump administration. To qualify for the $1,000 seed money, a baby must be a U.S. citizen, have a Social Security number and be born between Jan. 1, 2025, and Dec. 31, 2028. Any parent can open an account for a qualifying child, regardless of the parents immigration status. Its important to note that the child wont be able to access the money until they turn 18, except in rare circumstances, so it cant help with immediate expenses. And disbursements from the accounts will be subject to taxes. What about older children? Children born before 2025 wont qualify for the $1,000 incentive, but parents can still open accounts for them as long as theyre under 18. Parents can still invest up to $2,500 pretax for those kids. In December, billionaires Michael and Susan Dell announced a $6.25 billion donation that will allow some children who are 10 and under to receive $250 in seed money if their parents open an account. That money is reserved for kids who live in ZIP codes with a median family income of $150,000 or less and who wont get the $1,000 seed money from the Treasury. A few weeks later, hedge fund founder Ray Dalio and his wife Barbara pledged $75 million for kids under 10 in Connecticut, where Dalio lives. That would amount to $250 for 300,000 children in qualifying ZIP codes. Those large contributions are part of an effort by the U.S. Treasury dubbed the 50 State Challenge by Secretary Scott Bessent to encourage wealthy philanthropic donors to pitch in. Other corporations participating in the program include Uber, MasterCard, BlackRock, Visa and Charles Schwab, according to the Trump Accounts website. How do I open a Trump Account for my kids? The accounts wont be open for contributions until July 2026, but parents of eligible kids can sign up using Form 4547 from the Internal Revenue Service. Parents can fill out the form when filing taxes this year or when the administration opens an online portal this summer, according to the Trump Accounts website. Registering for a Trump Account is required for a child to receive the money. In May, parents who sign up will get information about how to finish opening the accounts. Whats the idea behind the accounts? Backers of the accounts say they want to introduce more people to the stock market and give even children born into poverty a chance to benefit from it. Supporters also say the accounts bolster capitalism at a time when openly socialist candidates are growing more popular. About 58% of U.S. households held stocks or bonds in 2022, according to the U.S. Securities and Exchange Commission, though the wealthiest 1% owned almost half the value of stocks in that same year. Before Trump created the accounts, California, Connecticut and the District of Columbia were piloting baby bonds programs that are similar to Trump Accounts in some ways. Several other states, including Maryland, are weighing programs. But those programs are targeted for youth growing up in poverty or foster care, plus children who lost a parent to COVID-19. Wealthier children dont benefit. Theyre also managed by the state, not private investment firms. What do critics say? Critics point out the accounts do little to help children in their early years, when theyre most vulnerable and most likely to be in poverty. The accounts, they say, also fail to offset cuts the Trump administration and congressional Republicans have made to other programs that benefit young people and their families, including food assistance and Medicaid. Republicans created the accounts in the same Trump tax bill that reduced spending for some of those programs. And even with the contribution from the government, critics say the Trump Accounts will widen the wealth gap. Affluent families that can afford to make the maximum pretax contribution to the accounts will realize the greatest benefits. Poor families who cant afford to set aside money for the accounts will benefit the least. Assuming a 7% return, the $1,000 in seed money would grow to roughly $3,570 over 18 years. ___ The Associated Press education coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find APs standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org. Makiya Seminera and Moriah Balingit, AP education writer
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E-Commerce
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