Retail

BLOOMBERG China’s biggest consumer brands like sneaker makers say they’ve seen a boom in demand as the country leaves the dark days of Covid Zero behind. But beneath the surface, a lingering sense of caution about the sustainability of the rebound points to a potentially rocky year ahead. A recovery in business since the Lunar New Year is still going ...

BLOOMBERG Americanas SA, the embattled Brazilian retailer, proposed a plan to restructure its 42.3 billion real ($8.1 billion) debt load some two months after obtaining bankruptcy protection that includes losses for unsecured creditors, a capital injection and asset sales. The plan, released in a securities filing, foresees a capital injection of 10 billion reais and potential asset sales including its ...

BLOOMBERG Walmart Inc is cutting staffing levels at some e-commerce fulfillment centres in the US as the nation’s largest private-sector employer steps up investment in automation. The retailer is working with the affected employees to find other positions at Walmart, according to a company statement. In a regulatory filing, Walmart provided advance notice of the cuts to 201 employees in ...

BLOOMBERG Sports Direct, the sporting goods retailer owned by Frasers Group Plc, is seeking to expand in Europe, including with a possible acquisition of France’s Go Sport chain. Buying the business out of administration would allow Frasers to grow in France “with some authority rather than opening store by store,” said CEO Michael Murray. Sports brands are consolidating across Europe, ...

BLOOMBERG GameStop Corp reported a surprise profit in the fourth quarter and beat analysts’ estimates for revenue, sending the shares soaring about 42% in premarket trading and heading for their biggest intraday move in two years. Net income was $48.2 million, the first profit in two years, and compared with a loss of $147.5 million a year earlier, the Grapevine, ...

BLOOMBERG  Amazon.com Inc is laying off an additional 9,000 employees, adding to cuts that were already the largest round of firings in the company’s history. CEO Andy Jassy announced the cuts internally, saying they would occur in the coming weeks and primarily affect Amazon Web Services, human resources, advertising and the Twitch livestreaming service groups. “Given the uncertain economy in ...

BLOOMBERG  Foot Locker Inc’s new chief executive officer has unveiled a turnaround plan for the shoe retailer that hopes to break $9.5 billion in annual sales by 2026. Mary Dillon, who took the top job in September, and her senior executives told investors and analysts in a presentation that they will open new store formats away from shopping malls, push ...

BLOOMBERG  Nestle SA said a third of its sales missed an independent definition of healthy as it applied a nutritional rating test across its portfolio. The finding shows that Nestle has room to improve as it aims to be the top health and wellness food company. Nestle said that according to the Health Star Rating (HSR) system, 30% of the ...

BLOOMBERG Starbucks Corp said Laxman Narasimhan has assumed the role of chief executive officer, two weeks earlier than planned. Narasimhan, 55, has also joined the company’s board of directors, Starbucks said in a statement. He began working at the coffee giant in October and has spent the last few months getting to know the operations at more than 30 stores, ...

BLOOMBERG John Lewis Partnership Plc is considering selling a minority stake, diluting its employee-owned structure, as the cost-of-living crisis puts pressure on the UK retailer to seek new investment. The company, which owns the high-end grocery chain Waitrose as well as its eponymous department stores, may explore a change in the company’s mutual structure so it can raise at least ...