COST - COST Stock: What to Know About the Costco Patio Umbrellas Recall
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Costco (NASDAQ:COST) stock is in the news today as investors react to news of a patio umbrella recall.
The patio umbrella in the recall is solar-powered. It uses a solar panel puck on the top of the umbrella to power lights on the underside of the umbrella. This puck contains a lithium-ion battery that can be overcharged.
According to the recall notice, this solar power puck has a burn and fire risk. Costco notes that these umbrellas were sold between Dec. 15, 2020, and May 12, 2022. Customers can return the products for a refund.
According to the United States Consumer Product Safety Commission (CPSC), the recall affects about 400,000 umbrellas sold in the United States. In addition to that, roughly 33,000 of the solar-powered umbrellas were sold in Canada.
This recall comes after six incidents concerning the umbrellas were reported. That includes three instances of the puck catching fire while charging via an AC adaptor inside. Two of the cases include the umbrellas catching fire after the puck overheated while in it. The last issue reported by the CPSC is listed as smoke inhalation injury.
Here’s what the CPSC advises owners of the umbrella to do.
“Consumers should immediately stop using the umbrellas, remove the solar panel puck containing a lithium-ion battery from the top of the umbrella, store the puck out of the sun and away from combustible material, and do not charge the puck with the AC adapter.”
COST stock is down slightly as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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