Nike teams up with New York
Sneaker giant Nike will sell New York City-branded merchandise under a two-year licensing agreement.
The deal reached last week will allow Beaverton-based Nike to sell apparel with the logos of the NYPD or other iconic city institutions.
A Nike spokeswoman said the deal is the company’s first agreement for a merchandise license with a city in North America.
The agreement gives 5% of Nike’s revenue on the branded merchandise to NYC & Company, New York City’s tourism bureau.
Nike has come under criticism for its labor practices in the past. But Jane Meyer, a spokeswoman for Democratic Mayor Bill de Blasio, said Nike has agreed to the ethical standards typical in the city’s licensing contracts.
Tesla sued over solar panel fires
Walmart filed suit against Tesla’s energy division Tuesday, alleging breach of contract stemming from a string of at least seven solar panels fire at stores around the country.
The retail giant alleged in the suit that Tesla breached contracts in deploying solar panels on the roofs of hundreds of stores, displaying “widespread, systemic negligence,” including inadequate inspections and safety properties.
“Why were multiple Walmart stores located all over the country suddenly catching fire?” the suit asks. “The answer was obvious and startling: the stores all had Tesla solar panels installed by Tesla on their roofs.”
Tesla derives a small portion of its revenue from its energy division, which generated $368 million in revenue in the second quarter of 2019, the most recent data available. That compared to automotive revenue of nearly $5.4 billion.