Afternoon Coffee: Illegal palm oil sourcing; Tesla breaks laws; Clothing retailers Forever 21, Rent the Runway face big problems

Palm oil sourced from an illegal plantation inside an Indonesian rainforest has found its way into the supply chains of major consumer brands. The area in the Rawa Singkil Wildlife Reserve is home to the endangered orangutan, reports Reuters.

According to a U.S.-based environmental group, Rainforest Action Network, Asia-based palm oil traders Golden Agri-Resources (GAR) and Musim Mas Group “bought palm oil from two mills that sourced palm fruit from a small, privately-owned plantation on Sumatra island,” according to Reuters.

Judge rules Tesla, Musk broke labor laws

A California judge recently ruled that "Tesla Inc. committed a series of violations of the National Labor Relations Act in 2017 and last year," by illegally threatening and retaliating against employees, among other things, according to reporting by Bloomberg via Industry Week.

Supply chain problems force Rent the Runway to halt new subscriptions

Clothing subscription specialist Rent the Runway has temporarily stopped taking on new customers while it tries to solve inventory and supply chain issues.

The clothing subscription specialist’s chief executive co-founder and chief executive Jenn Hyman emailed customers in the U.S. over the weekend, after many had complained of a lack of stock and late order deliveries.

Teen clothing brand Forever 21 files for bankruptcy

With a plan to overhaul its global business, Forever 21 has filed for Chapter 11 bankruptcy on Sunday, reports CNN.

The chain announced it will be shutting down some stores — reportedly nearly 200 — in the United States, as well as exiting "most of its international locations in Asia and Europe." The company, which has 800 stores worldwide, will continue to operate in Mexico and Latin America.

Blackstone will buy U.S. logistics assets from Colony Capital

Blackstone is all set to acquire Colony Industrial, which is the industrial real estate asset of Colony Capital, Inc., after the latter and Blackstone Real Estate Partners IX, an affiliate of Blackstone entered into definitive agreements for this. According to the release, Blackstone will pay an aggregate purchase price of $5.9 billion. This transaction comprises one of the highest-quality portfolios of last-mile logistics assets in the U.S.

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