New AI-powered fashion app promises to learn your shopping habits

Erwin Oropesa

The latest bankruptcies of big-name retailers – J. Crew, J.C. Penney, Neiman Marcus – are the most recent example of the epic struggle traditional retail has been enduring for years.

The stay-at home orders and business shutdowns across much of the U.S. forced the issue. Consumers turned to online shopping with stores closed in much of the U.S. According to data from Adobe’s Digital Economy Index, U.S. e-commerce jumped 49% in April, compared to the period in early March before shelter-in-place restrictions went into effect. While online grocery sales drove the bulk of that surge, online apparel sales increased by 34% as prices fell.

The launch of The Yes may be fortuitous. The Yes, launched this month by Julie Bornstein, former COO of Stitch Fix, is an AI-powered shopping platform that gives users a personalized shopping experience.

“We use AI and humans to build an experience that

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How taxpayers stand to benefit from federal support for big business amid COVID-19

Erwin Oropesa

Finance Minister Bill Morneau provided details about the federal government’s Large Employer Emergency Financing Facility (LEEFF) on Wednesday. The program, announced last week, gives financial support to big businesses that need help get them through the COVID-19 pandemic.

Companies with annual sales of at least $300 million can apply for the program designed to protect businesses and jobs.

“These terms ensure that this financing facility provides financing to bridge through this difficult time, but not bailouts,” Morneau said during a news conference.

Public companies must issue warrants with the option to purchase the borrower’s common shares totalling 15 per cent of the principal amount, or receive cash consideration equivalent to the value of the warrants.

“The idea behind the warrant is to make sure that if a firm does well, that Canadians and Canadian tax payers share in that upside,” Morneau said.

Morneau also said Ottawa won’t sit on

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For minority-owned businesses shut out of coronavirus loans, an ongoing push for access

Erwin Oropesa

Rahama Wright has been in business for 15 years, but the experienced entrepreneur could never have foreseen the impacts of a pandemic coming her way.

“It has been an up and down rollercoaster,” Wright told ABC News. The owner of Shea Yeleen, a social impact business that sells shea butter products made by women in rural west African villages, Wright says one of the lowest points was being unable to secure a Paycheck Protection Program loan from the government’s coronavirus emergency response.

Wright applied in early April, but by the end of the month, she said she had received no response.

“I was very disillusioned. I felt I would not have an opportunity to access any funding because I had not heard back.” Wright laid off her five employees and began to consider shuttering her store in Washington, D.C.

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