SYDNEY — Woolworths has finally expanded its in-store soft plastics recycling program to more than 700 stores across five states, giving millions of Australian households a convenient way to tackle household waste nearly four years after the collapse of the REDcycle scheme left thousands of tonnes of plastic stockpiled.

The rollout, announced Thursday, marks a major milestone in the supermarket giant’s efforts to restore consumer confidence in recycling. Shoppers can now drop off clean, dry soft plastics — including chip packets, bread bags, frozen food wrappers and bubble wrap — at dedicated bins near the entrance of participating stores.

Since the scheme’s phased reintroduction in 2024, Australians have already recycled an estimated 40 million pieces of soft plastic, equivalent to roughly 310,000 kilograms, according to Woolworths. The program began as a small trial in five Victorian stores in February 2024 and has steadily expanded amid strong public demand.

“About time,” said one Melbourne shopper who dropped off a bag of plastics at her local Woolworths on Thursday morning. Social media erupted with similar sentiments as news of the expansion spread, with many expressing relief after years of uncertainty following REDcycle’s 2022 collapse.

From Crisis to Comeback

The REDcycle program once operated at more than 1,500 supermarket locations but shut down abruptly in late 2022 after revelations of massive stockpiles — estimated at up to 12,000 tonnes — that could not be processed due to limited domestic recycling capacity. The scandal eroded public trust and left many wondering what to do with everyday soft plastics that cannot go in household recycling bins.

In response, Woolworths, Coles and ALDI formed the Soft Plastics Taskforce, later evolving into Soft Plastics Stewardship Australia (SPSA). The collaborative effort aims to build a more sustainable, industry-led system with better end-market solutions for recycled material.

Woolworths’ latest expansion covers stores in New South Wales, Victoria, Queensland, South Australia and the Australian Capital Territory. Additional locations in Adelaide joined this week, with plans for further growth. The program remains a trial in some areas as infrastructure catches up, but participation has exceeded expectations.

How It Works and What Can Be Recycled

Customers are asked to bring clean and dry soft plastics in a single bag. Acceptable items include plastic bags, food packaging films, cling wrap, biscuit trays and outer packaging from toilet paper or nappies. Items must be free of food residue to avoid contamination.

Collected materials are sorted and sent to specialized recyclers. Woolworths says the plastic is processed into new products such as outdoor furniture, building materials and even new soft plastic packaging, closing the loop where possible. The company is working with partners to develop stronger domestic markets for recycled content.

Participation is voluntary, and not every Woolworths store has bins yet. A full list of locations is available on the Woolworths website. The supermarket encourages shoppers to check before heading out, as availability varies by state and store size.

Environmental and Community Impact

The expansion comes as Australia grapples with broader plastic waste challenges. Soft plastics make up a significant portion of household waste, much of which previously ended up in landfill or was exported. The new scheme aims to divert thousands of tonnes annually while educating consumers on proper preparation.

Environmental groups have welcomed the move but caution that collection is only one part of the solution. Calls continue for stronger national targets on plastic reduction, better product design and investment in advanced recycling technologies. Critics note that without sufficient processing capacity, collected plastics could still face storage issues.

Woolworths has committed resources to scaling infrastructure. The company is investing in collection logistics and partnering with processors to ensure material doesn’t pile up again. Government support, including funding for new facilities, has helped accelerate progress.

Customer Reactions and Broader Retail Response

Public response has been overwhelmingly positive. Many shoppers say the convenience of dropping plastics at their regular supermarket removes a major barrier. Online forums and social media groups dedicated to waste reduction have shared tips and celebrated the return of bins.

Coles and ALDI are also expanding their own collections through the joint taskforce, though Woolworths has moved fastest with the largest number of stores. The coordinated approach aims to provide nationwide coverage over time, though remote areas like Tasmania, the Northern Territory and Western Australia remain challenging due to logistics and processing limitations.

Retail analysts say the program helps supermarkets rebuild trust after the REDcycle fallout and aligns with growing consumer demand for sustainability. Woolworths has set ambitious targets for waste reduction across its operations, including goals for circular packaging.

Challenges Ahead

Despite the enthusiasm, hurdles remain. Ensuring consistent quality of collected material is critical. Contamination can render batches unrecyclable. Education campaigns will be key as the program scales.

Supply chain issues and fluctuating global markets for recycled plastics add complexity. Processors need reliable volumes and stable demand to invest in capacity. The SPSA is working on long-term solutions, including potential mandates for recycled content in new packaging.

Some experts argue that true progress requires reducing soft plastic use at source. Brands are being encouraged to redesign packaging for easier recyclability or to shift toward reusable or compostable alternatives where feasible.

Looking Forward

Woolworths says it will continue expanding the network and monitoring results. Further rollout to more stores is expected in coming months, with data from the trial guiding optimizations. The company is also exploring incentives, such as loyalty program points for recyclers, to boost participation.

For Australian households, the return of soft plastics recycling offers a practical step toward reducing landfill waste. While not a complete solution to the plastic problem, it represents meaningful progress after years of frustration.

As bins fill across 700-plus Woolworths locations, the message from shoppers is clear: convenient, accessible recycling works. With continued collaboration between retailers, government and industry, the scheme could evolve into a model for effective circular economy practices nationwide.

The expansion underscores a broader shift in Australian retail toward sustainability. What began as a crisis has spurred innovation and renewed commitment. For now, millions of Australians can once again drop off their soft plastics with hope that they will be turned into something useful rather than buried in the ground.

NEW YORK — GameStop Corp. shares fell more than 3% in morning trading Thursday, trading around $24.41 after closing at $25.17 the previous session, as investors continued to digest skepticism surrounding the video game retailer’s ambitious $56 billion unsolicited takeover proposal for eBay.

The decline extends a pullback that began shortly after the surprise bid announcement earlier in the week. While the offer initially sparked excitement among retail traders and sent both stocks moving, Wall Street analysts quickly highlighted significant hurdles, including GameStop’s much smaller market capitalization and questions over financing.

GameStop, led by CEO Ryan Cohen, proposed acquiring eBay at $125 per share in a mix of cash and stock on May 3, aiming to create a combined powerhouse rivaling Amazon in e-commerce. eBay’s board confirmed receipt of the proposal but has not indicated support, with analysts assigning low odds of success.

Bid Details and Immediate Market Reaction

The all-in offer valued eBay at roughly $56 billion, more than four times GameStop’s market cap at the time. Cohen positioned the deal as transformative, leveraging GameStop’s cash reserves, collectibles business and loyal customer base with eBay’s established marketplace platform.

eBay shares initially jumped on the news, while GameStop experienced volatility typical of meme stocks. By Thursday, both had given back gains amid growing doubts. “Limited deal odds,” one analyst noted, citing the massive size disparity and potential shareholder dilution.

Michael Burry, the investor famous for “The Big Short,” exited his entire GameStop position following the bid announcement, adding to the bearish sentiment. Burry’s move drew attention given his history with the stock.

Company Fundamentals and Recent Performance

GameStop has been transforming under Cohen’s leadership, shifting toward collectibles, digital initiatives and cost-cutting while maintaining a substantial cash pile. In its fiscal fourth-quarter and full-year 2025 results released in March, the company reported net sales of $1.104 billion for the quarter, down from the prior year, but operating income rose to $135.2 million.

Full-year sales declined modestly to $3.63 billion. The company has emphasized efficiency, store optimizations and exploring new revenue streams. Its next earnings report is anticipated around June 9.

Despite these efforts, core retail sales in physical video games continue facing pressure from digital downloads and shifting consumer habits. The collectibles segment has provided some offset, with strength in trading cards and nostalgia-driven merchandise.

Analyst and Investor Sentiment

Wall Street remains divided. Some see strategic merit in combining GameStop’s brand with eBay’s infrastructure, but most view the bid as aspirational at best. TD Cowen suspended coverage of eBay citing the offer, while others raised price targets on eBay amid the speculation but expressed caution on execution.

Retail investors, many active on platforms like Reddit’s r/Superstonk, remain enthusiastic about Cohen’s vision. The stock retains meme status, with high short interest that can fuel rapid moves. However, broader market participants cite risks including potential significant share issuance to fund any deal and integration challenges.

GameStop’s cash position and lack of substantial debt provide some flexibility, but analysts question whether it could support a deal of this magnitude without heavy dilution — a move that could disappoint long-term holders.

Broader Context in Retail and E-Commerce

The proposal reflects Cohen’s aggressive approach to repositioning GameStop beyond traditional brick-and-mortar gaming retail. With physical game sales declining industrywide, diversification into marketplaces and collectibles makes strategic sense on paper. Yet eBay itself has faced challenges competing with Amazon and specialized platforms.

The bid comes as GameStop continues store rationalization and invests in areas like retro gaming sections and digital trading cards. Earlier this year, the company launched Power Packs for digital collectibles, signaling a push into Web3-adjacent spaces.

Volatility remains a hallmark. The stock has traded between roughly $20 and $36 over the past year, reacting sharply to news flow, short squeezes and executive moves. Thursday’s decline fits a pattern of “sell the news” following high-profile announcements.

Risks and Potential Outcomes

If the eBay deal advances, it could reshape both companies but faces regulatory scrutiny, shareholder votes and integration risks. If it fails, GameStop must demonstrate progress on its standalone turnaround to justify current valuations.

Short interest hovers around 15%, keeping squeeze potential alive but also exposing the stock to sharp drops on negative sentiment. Upcoming Q1 earnings will provide fresh insight into operational health amid the M&A speculation.

For investors, GameStop represents a high-risk, high-reward play tied as much to narrative and activism as traditional fundamentals. Cohen’s track record with Chewy lends credibility to bold moves, but scaling that success in retail and e-commerce remains unproven at this level.

Market Outlook

As trading continues Thursday, volume remained elevated, reflecting ongoing interest from both sides. Broader market conditions, including tech sector performance and interest rate expectations, add another layer to sentiment.

GameStop has defied skeptics multiple times through retail fervor, but sustaining momentum requires tangible progress. Whether the eBay bid becomes a catalyst for reinvention or a cautionary tale of overreach will unfold in coming weeks and months.

For now, the stock’s dip underscores Wall Street’s preference for proven execution over ambitious vision. Meme stock enthusiasts see it as a buying opportunity, while traditional investors urge caution. The coming days, including any response from eBay’s board, could dictate the next chapter in GameStop’s storied volatility.

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Operator

Good morning, and welcome to FNF’s First Quarter 2026 Earnings Call. [Operator Instructions] I would now like to turn the call over to Lisa Foxworthy-Parker, SVP, Investor and External Relations. Please go ahead.

Lisa Foxworthy-Parker
Senior Vice President of Investor & External Relations

Thanks, operator, and welcome, everyone. I’m joined today by Mike Nolan, CEO; and Tony Park, CFO. We look forward to addressing your questions following our prepared remarks. F&G’s management team, including Chris Blunt, CEO; and Conor Murphy, President and CFO, will also be available for Q&A.

Today’s earnings call may include forward-looking statements and projections under the Private Securities Litigation Reform Act, which do not guarantee future events or performance. We do not undertake any duty to revise or update such statements to reflect new information, subsequent events or changes in strategy. Please refer to our most recent quarterly and annual reports and other SEC filings for details on important factors that could cause actual results to differ materially from those expressed or implied.

This morning’s discussion also includes non-GAAP measures, which management believes are relevant in assessing the financial performance of the business. Non-GAAP measures have been reconciled to GAAP where required and in accordance with SEC rules within our earnings materials available on the company’s investor website. Please note that today’s