Retail

Bloomberg With the pandemic intensifying the plight of US retailers, companies from J Crew Group Inc to the owner of Ann Taylor are using Chapter 11 bankruptcy filings to quickly get out of costly, long-term leases and shutter thousands of stores. By seeking court protection, firms like Neiman Marcus Group Inc and the parent company of Men’s Wearhouse avoid the …

Bloomberg Macy’s Inc was targeted in one of the first lawsuits against users of the controversial facial-recognition software made by startup Clearview AI. An Illinois woman filed a proposed class action against Macy’s in federal court in Chicago, alleging the department store chain violated the state’s Biometric Information Privacy Act by using Clearview software to identify shoppers from security-camera footage. …

Bloomberg Mall operator Simon Property Group Inc. has been in talks with Amazon.com to turn some empty store space formerly occupied by anchor tenants such as JC Penney Co Inc and Sears Holdings Corp into Amazon fulfillment centres, Dow Jones reported, citing people familiar with the matter. The discussions started before the coronavirus pandemic, with the two companies exploring the …

Bloomberg As landlords struggle to find tenants for a glut of empty commercial spaces, businesses that have fared relatively well through the pandemic now have the upper hand in America’s real estate landscape. With thousands of stores closing permanently, the dislocation is creating a buyer’s market to the benefit of Shake Shack Inc, Levi Strauss & Co, Target Corp and …

Bloomberg Britain’s troubled PizzaExpress chain announced a rescue plan that’s likely to close scores of restaurants, put hundreds of pizza chefs and waiters out of work and hand control of the business to creditors. As part of the proposals, the company will implement a legal process known as a company voluntary arrangement that may permanently close about 15% of UK …

Bloomberg The debt market is showing concern about Seven & i Holdings Co’s $21 billion deal to buy Marathon Petroleum Corp’s gas-station business, even as equity investors grew more positive on the purchase. The credit rating of the world’s largest convenience store operator was cut by Moody’s Investors Service from A1 to A2, the sixth-highest level, citing “an expected spike …

Bloomberg Tyson Foods Inc is replacing its top boss just as the pandemic boosts costs and clouds the outlook for America’s top meat producer. Noel White, 62, will step down as chief executive officer after just two years on the job, but will remain at the company as executive vice chairman, Tyson said in a statement. He will be replaced …

Bloomberg Clothing retailers, including department stores, have raised $36 billion from banks to help weather store closures and lost revenues during the coronavirus pandemic. German apparel brand Hugo Boss AG has joined more than 100 similar companies from Europe and US in seeking financing support. Boss has drawn down part of its existing credit line, borrowed additional funds supported by …

Bloomberg DW Sports, founded by former English soccer player David Whelan, filed for administration after the company had to close dozens of its gyms and retail stores due to the Covid-19 pandemic. BDO LLP was appointed administrator of the UK retailer and said all the company’s approximately 1,700 jobs are “at risk of redundancy,” according to an emailed statement. DW …

Bloomberg Seven & i Holdings Co, the world’s largest convenience store operator, is betting $21 billion on the future of quick-stop shopping in the US, reviving a once-abandoned deal to make sure the target didn’t fall into the hands of a competitor. The global operator of the 7-Eleven franchise agreed to buy Marathon Petroleum Corp’s gas-station business, adding 3,900 Speedway …