Retail

Bloomberg Competition to buy retailer Brooks Brothers Group Inc will allow the company to fund its reorganisation in bankruptcy with an $80 million loan that carries a zero interest rate and no closing fees. ABG-BB LLC, a partnership between Authentic Brands Group LLC and mall landlord Simon Property Group Inc, will provide the loan. The generous terms reflect competition between ...

Bloomberg Gap Inc will work collaboratively with its vendors to compensate them in full for finished goods and goods in production that were canceled or subject to pack and hold. The owner of the Old Navy and Banana Republic apparel chains has also extended payment terms on certain orders and is providing low-cost financing to suppliers, according to a statement ...

Bloomberg Ascena Retail Group Inc, the owner of mall brands that occupy almost 3,000 stores in the US, is preparing to file for bankruptcy and shutter at least 1,200 of those locations, according to people with knowledge of the plan. The company, which owns brands such as Ann Taylor and Lane Bryant, could enter Chapter 11 as soon as this ...

Bloomberg For Swiss running shoemaker On AG, whose proprietary cushioning technology has attracted Roger Federer as an investor, the global coronavirus lockdowns had positive side effects. Online sales more than tripled in the three months through May as consumers itching for a good workout but wary of gyms turned to outdoor running, according to Chief Executive Officer David Allemann. Demand ...

Bloomberg Boohoo Group Plc shares plunged after a report in the Sunday Times about poor working conditions at a factory the newspaper described as a supplier of the UK online fashion retailer. Boohoo said it will review its supply chain after the report, which focused on a garment workshop in Leicester, England, the site of a recent flareup in coronavirus ...

Bloomberg Harrods opened its first outlet store only days after announcing hundreds of job cuts — moves that the London luxury emporium’s managing director said are necessary to adapt to the realities of a post-lockdown retail landscape. “I don’t think people understand how painful the last 90 days has been,” Michael Ward said in an interview while walking through the ...

Bloomberg Lucky Brand Dungarees and affiliates, known for jeans and other apparel, filed for bankruptcy in Delaware after the coronavirus pandemic scuttled restructuring efforts. The closely-held company has entered into an asset purchase agreement with SPARC Group, which operates brands including Aéropostale and Nautica, for the sale of “substantially all” of its operating assets, according to a company statement. ABG-Lucky, ...

Bloomberg Health insurer Humana Inc is expanding access to Covid-19 testing at hundreds of new drive-through sites at Walmart Inc stores, as well as offering at-home tests to members. The initiatives come amid reports of hours-long waits for tests in new hot spots like Houston as coronavirus cases surge in many southern and western states. While testing in the US ...

Bloomberg Steinhoff International Holdings NV’s annual advisory fees climbed 35% last year, pushed by costs related to a deal the retailer reached with creditors to skip debt repayments. Steinhoff’s shares collapsed in late 2017 when the owner of Conforama in France and Pep stores in Europe and Africa became engulfed in an accounting scandal. Locked in a battle for survival, ...

Bloomberg Nike Inc is cutting jobs as the world’s largest athletic brand refocuses on selling directly to consumers, pushing further away from a traditional retail channel that’s been ravaged by the pandemic. CEO John Donahoe, a longtime Silicon Valley executive who took the helm at Nike in January, announced a new phase in its e-commerce push called the Consumer Direct ...