Retail

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 ...

Bloomberg Amazon.com Inc told employees at a New York warehouse, where workers have sued and gone on strike over safety concerns, that they won’t be punished for insufficient productivity or extra time washing their hands. In a message Amazon sent recently to employees and posted in bathrooms at the Staten Island facility, the e-commerce giant said workers wouldn’t be disciplined ...

Bloomberg A long-awaited equal pay lawsuit at the UK Supreme Court could see thousands of mostly female workers obtain better wages from the largest supermarkets and end up costing the chains as much as 8 billion pounds ($10.1 billion). The Supreme Court was expected to scrutinise a discrimination case brought by more than 15,000 employees who work at Walmart’s Asda ...

Bloomberg Beyond Meat is at risk of being part of a food craze that could potentially sputter and continues to face heightened competition, according to a Citi analyst who initiated coverage with a sell rating. Close to one-quarter of Americans are eating less meat now than last year, but they aren’t doing so out of moral opposition to eating animals ...

Bloomberg The US entity of Japanese retailer Muji, known for its minimalist home goods, filed for bankruptcy, adding to a growing list of industry companies reeling from the Covid-19 pandemic. Muji USA Ltd which is operated by Ryohin Keikaku Co, filed for Chapter 11 in Delaware, according to a filing. It listed assets and liabilities in the range of $50 ...