Consumer and retail news: 10 things you need to know today

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1. Sports Authority files for bankruptcy Sports Authority is filing for Chapter 11 bankruptcy protection. The retailer said Wednesday that it planned to close or sell about 140 stores and two distribution centers.

2. Abercrombie & Fitch reported an unexpected rise in sales and the stock is taking off

Abercrombie & Fitch Co reported a surprise increase in quarterly sales at established stores due to demand for its Hollister branded clothing and strong online sales in the holiday shopping season. The retailer's shares rose about 6 percent to $31.14 in premarket trading on Wednesday.

3. Kellogg and General Mills are paying chefs to make gourmet food out of cereal

As millennials are ditching cereal in favor of more convenient breakfast options, Kellogg and General Mills are turning to trendy chefs for inspiration.

4. Warren Buffett says this small chain of furniture stores is outselling the rest of the industry

Warren Buffet says that Nebraska Furniture Mart,  based in the Midwest, is outselling the rest of the industry. He said that the Omaha store raked in more than $44 million in a single week last year when it was running a promotion tied to Berkshire Hathaway's annual meeting with investors.

5. Biscuits are taking over America

Biscuit-pushing chains such as Popeyes, Bojangles, and Chick-fil-A are on major expansion sprees. The rise of the culinary icon across the US goes hand in hand with the recent explosion of Southern fast-food chains.

6. Wool sneakers might be the next big trend

Everyone seems to be giving wool a try. A sports industry analyst told Bloomberg that natural materials like wool are especially popular among millennial consumers. Nike, collaborated with Pendleton Woolen Mills to make a line of sneakers using wool.  

7. Under Armour just discovered a multi-million dollar opportunity

Under Armour is seeking to become more engaged with the outdoor enthusiast community, including launching a line of trail apparel and running shoes, and expanding geographically from its Maryland roots. 

8. America's greatest grocery store bargains are unattainable for poor shoppers

A study from the University of Michigan indicates that poorer consumers are often stuck buying products at higher prices because they lack the resources to buy in bulk or wait for sales.

9. Starbucks customers hate the new rewards program — and that could be great news for business

Starbucks making changes to its rewards program may actually help both Dunkin' Donuts and Starbucks. Starbucks could shed some people who mostly clog up its stores while Dunkin' could take those users and turn them into decent customers. 

10. Target announced a new clothing line partnership

Target is teaming up with Marimekko, a Finish design company, to bring new patterns to its clothing section beginning April 17. The clothing line will "create a feeling of eternal summer", according to a release.