Retail

Bloomberg Neiman Marcus Group Inc, the luxury retailer that’s making its way through bankruptcy proceedings, said it will permanently close its store in New York City’s Hudson Yards along with three other US locations. Its planned exit from Hudson Yards comes just over a year after the mall at the mega-project opened to much fanfare in March 2019. The three-story …

Bloomberg Ascena Retail Group Inc, the struggling owner of the Ann Taylor and Lane Bryant clothing chains, is seeking $150 million of new capital from its lenders to fund operations during a bankruptcy reorganisation, according to people with knowledge of the plans. The retailer is closing in on a restructuring plan that would also let creditors install new board members, …

Bloomberg Canadian retail sales have rebounded sharply after historic declines in March and April, with vendors making up almost all of their pandemic losses, Statistics Canada reported. Receipts rose 19% in May, the agency said in its first full release for the month. June looks to have recorded another strong gain, with a flash estimate predicting another 25% increase. That …

Bloomberg Even in a world of retail upheaval, J Jill Inc has had a more dramatic ride than most — and that was before the pandemic. Just three years after a highly anticipated initial public offering, J Jill’s stock is flirting with zero and the company is trying to fend off bankruptcy. The women’s clothing chain warned its survival was …

Bloomberg ASOS Plc, Marks & Spencer Group Plc and Walmart Inc’s Asda are among retailers calling for greater protection of garment factory workers in Britain in the wake of labour abuse reports at a site supplying Boohoo Group Plc. More than 90 retailers, lawmakers and investors signed an open letter to Home Secretary Priti Patel urging immediate action. The joint …

Bloomberg CBL & Associates Properties Inc, the owner of more than 100 shopping malls across the US, is preparing to file for bankruptcy, according to people with knowledge of the plans. The company has been negotiating with its lenders in an effort to enter Chapter 11 with a consensual restructuring agreement in place, said the people, who asked not to …

Bloomberg Burberry Group Plc said it will cut 500 jobs globally to cut costs after lockdowns caused sales to plunge by almost half in the past quarter. The British fashion house said comparable retail sales fell 45% in the quarter and predicted that the pandemic will continue to hurt performance in the current period. Covid-19 prompted luxury boutiques to shut …

Bloomberg Lojas Americanas, the Brazilian retailer controlled by billionaire trio Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira, raised at least $1.1 billion in a share sale, four people familiar with the transaction said. The firm sold preferred shares at 34.50 reais ($6.43) each, the people said, asking not to be named because the information isn’t public yet. It …

Bloomberg Thrasio, an acquirer of private label businesses on Amazon.com, has raised $260 million in a series C funding round led by private equity firm Advent International. The deal values the company at $1 billion, according to a joint statement from the company and Advent. Thrasio, among the top 25 sellers on Amazon, has more than $300 million in pro …

Bloomberg Swatch Group AG cut 2,400 jobs, a record cull, and trimmed its store network as the Swiss watchmaker became unprofitable for the first time. The maker of Omega and Longines timepieces said on Tuesday it accelerated plans to shut stores permanently in Hong Kong as well as shops that sell its colorful namesake brand and Calvin Klein timepieces. Sales …